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FANG

VNOM

Viper Energy Partners LP (VNOM), a subsidiary of Diamondback Energy, Inc. (FANG), plans to convert its legal status from a Delaware limited partnership into a Delaware corporation by December 31, 2023. The conversion is expected to maintain the current ownership structure and tax treatment. Post-conversion, Viper's common stock will be traded on NASDAQ under the existing ticker symbol 'VNOM'. The conversion is aimed at increasing corporate governance rights and positioning Viper for index and benchmark inclusion.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 8:49 pm

LEG

Leggett & Platt has lowered its FY23 guidance, with expected EPS of $1.45-$1.65, down from the estimated $1.63, and revenue of $4.75B-$4.95B, down from the estimated $4.94B. The decrease is primarily due to lower expected volume in residential end markets. The company also expects a gain from net insurance proceeds from tornado damage of ~$0.05 per share.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 8:38 pm

RSG

Republic Services has raised its FY23 guidance, with EPS expected to be $5.33-$5.38, up from the estimated $5.26. Revenue is projected to be $14.775B-$14.85B, slightly lower than the estimated $14.9B. The company's financial guidance is based on current economic conditions and does not anticipate any significant changes in the overall economy in 2023.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 8:33 pm

AMKR

Amkor Tech has provided its Q3 2023 guidance, expecting EPS of $0.53, lower than the estimated $0.59. The company anticipates revenue between $1.725B and $1.825B, which is in line with the estimated $1.78B. Gross margin is expected to be between 13.5% and 15.5%, and net income between $90M and $130M. Full year capital expenditures are projected at around $750M.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 8:25 pm

NKE

A significant bearish stance has been taken on Nike (NYSE:NKE) by a large investor, as observed from publicly available options history. Benzinga's options scanner spotted 13 uncommon options trades for Nike, with 38% bullish and 61% bearish sentiment. Whales have been targeting a price range from $70.0 to $115.0 for Nike over the last 3 months. The price of NKE is up 1.41% at $110.16, and next earnings are expected in 59 days.

Portfolio Pulse from Benzinga Insights

July 31, 2023 | 8:09 pm

GPI

Benchmark analyst Michael P. Ward has reiterated a Buy rating on Group 1 Automotive, Inc. (NYSE:GPI), raising the price target to $340 from $300. Despite price volatility in the used vehicle market and below-trend demand in the new vehicle industry, GPI's margins have exceeded expectations. The company has added $1 billion in annual revenue from acquisitions and share repurchase reduced share count. The analyst expects the variable gross margins to decline over the next two years, but the performance will be above historical levels. The 2023 EPS estimate of GPI has been raised to $44.40 per share from $44.00, and the 2024 estimate has been increased to $44.35 from $44.25.

Portfolio Pulse from Nabaparna Bhattacharya

July 31, 2023 | 7:34 pm

AAPL

Piper Sandler analyst Harsh Kumar has maintained an Overweight rating on Apple Inc (NASDAQ:AAPL) and raised the price target from $180 to $220. Kumar expects Apple to deliver September assumptions that will match or slightly exceed street expectations, driven by strength in India for iPhone sales offset by general macro weakness in China. He also expects Apple to slightly miss street EPS expectations for June. The analyst believes that Apple's iPhone sales in China will meet internal expectations, but is concerned about sales of other products in the country. India is emerging as a rapidly growing market for Apple, with the company likely to reach a 5% share within the country this year.

Portfolio Pulse from Anusuya Lahiri

July 31, 2023 | 7:23 pm

MGPI

Truist Securities analyst Bill Chappell reiterated a Buy rating on MGP Ingredients, Inc. (MGPI) with a price target of $125. The analyst believes the company's recent acquisitions, including high-end whiskey brand Penelope, and the exit from third party manufacturing of vodka, gin and industrial alcohol will boost the company's valuation. The analyst expects MGPI's valuation to move closer to the 20-25X forward EBITDA valuation of its large cap spirits peers versus the current 14.2x EV/EBITDA valuation.

Portfolio Pulse from Shivani Kumaresan

July 31, 2023 | 6:58 pm

ACAX

ACHR

GDRX

SILC

UFAB

YELL

U.S. stocks were mixed with the Dow Jones and NASDAQ slightly up and the S&P 500 slightly down. Energy shares climbed by 2% while health care shares fell by 0.9%. Yellow Corporation shares shot up 91% after terminating its operations. GoodRx Holdings shares rose 38% after an upgrade from TD Cowen. Archer Aviation shares gained 43% after entering into contracts with the US Air Force. Unique Fabricating, Alset Capital Acquisition Corp., and Silicom Ltd. shares dropped after various events.

Portfolio Pulse from Lisa Levin

July 31, 2023 | 6:54 pm

SHOP

A significant amount of unusual options activity has been detected for Shopify (NYSE:SHOP), with 68% of investors opening trades with bullish expectations and 31% with bearish. Whales have been targeting a price range from $12.5 to $90.0 for Shopify over the last 3 months. The price of SHOP is currently up 1.82% at $67.24. Analysts from Evercore ISI Group and Morgan Stanley have downgraded their ratings to In-Line and Equal-Weight respectively, while Credit Suisse and Roth MKM have maintained their Neutral and Buy ratings.

Portfolio Pulse from Benzinga Insights

July 31, 2023 | 6:46 pm