Streetbeat News

Equity Actions

SMFL

Smart for Life, Inc. (NASDAQ:SMFL) has announced a 1-for-3 reverse stock split of its common stock and authorized stock, effective on August 2, 2023. The reverse split is intended to maintain the company's NASDAQ listing compliance and make the bid price more attractive to investors. It is also part of a strategic plan to support future acquisition financings. The company aims to achieve $100 million in annualized revenues and sustained profitability.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 9:36 am

CVX

GS

M

Goldman Sachs has added Chevron and Macy's to its Americas Conviction List, indicating strong confidence in these companies' stock performance.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 9:33 am

HLN

Haleon Inc.'s stock price has dropped by 2.44% in the current market session, but has increased by 4.56% over the past month and 17.74% over the past year. The company's P/E ratio of 28.62 is lower than the Personal Products industry average of 38.24, which could indicate that the stock is undervalued or that it might perform worse than its industry peers.

Portfolio Pulse from Benzinga Insights

August 04, 2023 | 9:29 am

BLK

MSCI

BlackRock Inc (NYSE:BLK) and MSCI Inc (NYSE:MSCI) are under investigation by a U.S. Congressional committee for allegedly facilitating investments to Chinese companies accused of human rights violations or aiding China’s military. BlackRock, with over $9 trillion in managed assets, is scrutinized for investing over $429 million in controversial Chinese companies across five funds with the help of MSCI. The committee alleges that these actions escalate the national security threat and undermine American values.

Portfolio Pulse from AJ Fabino

August 04, 2023 | 9:25 am

AAPL

EPHE

Murata Manufacturing, a supplier for Apple, is expanding its plant in the Philippines to boost production of multilayer ceramic capacitors. The company is investing $78.2 million in a new building at the factory, aiming to meet the rising demand tied to electric vehicles and 6G communications technology.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 9:25 am

FCX

Unusual options activity has been observed for Freeport-McMoRan (NYSE:FCX), with a bearish stance taken by a large investor. The options scanner at Benzinga spotted 10 uncommon trades, split between 30% bullish and 70% bearish. The targeted price range for FCX over the last 3 months is $30.0 to $48.0. The current price of FCX is down -1.85% at $43.83. Citigroup and Morgan Stanley have downgraded their actions to Neutral and Equal-Weight respectively.

Portfolio Pulse from Benzinga Insights

August 04, 2023 | 9:22 am

ICE

Intercontinental Exchange Inc.'s (NYSE:ICE) stock price is currently at $114.75, after a 0.04% decrease. However, over the past month, the stock increased by 2.18%, and in the past year, by 11.39%. The company's P/E ratio of 44.32 is lower than the aggregate P/E ratio of 58.84 in the Capital Markets industry, which could indicate that the stock is undervalued or that shareholders do not expect future growth.

Portfolio Pulse from Benzinga Insights

August 04, 2023 | 9:17 am

CURLF

TCNNF

A recent equity report by Zuanic & Associates reveals the tax payments and liabilities of 16 Multi-State Operators (MSOs) in the cannabis industry during CY22. The MSOs collectively paid $761 million in income taxes, with Curaleaf (OTC:CURLF) and Trulieve (OTC:TCNNF) being the top contributors. The report also highlights the varying income tax to gross profit ratios among the MSOs, suggesting that some companies might be using tax debts as a low-cost funding source.

Portfolio Pulse from Nicolás Jose Rodriguez

August 04, 2023 | 9:10 am

BTCUSD

COIN

ETHUSD

Coinbase's overseas futures exchange recorded nearly $2 billion in volumes for July. The exchange was launched with two contracts, Bitcoin and Ether perpetual futures. In July, Bitcoin futures volumes exceeded $550 billion. Coinbase's new market constitutes a minor segment of the broader crypto futures market. Monthly volumes for Coinbase International's Ether contract reached $770 million in July.

Portfolio Pulse from Murtuza Merchant

August 01, 2023 | 3:30 pm

USPH

U.S. Physical Therapy (USPH) has acquired a 70% equity interest in a five-clinic physical therapy practice for $2.1 million. The current owners will retain a 30% equity interest. The business generates around $2.4 million in annual revenues.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 3:19 pm