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Equity Actions

BMY

IMTX

Bristol Myers Squibb has invested $35 million in Immatics, purchasing approximately 2.4 million shares at $14.461 per share.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 11:09 am

SHOP

MoffettNathanson analyst Michael Morton has upgraded Shopify (NYSE:SHOP) from Market Perform to Outperform and announced a price target of $76.

Portfolio Pulse from richadhand@benzinga.com

July 24, 2023 | 11:08 am

FXI

China's forex regulator plans to ease restrictions on upfront costs for overseas direct investment. This move will also facilitate payment and use of equity transfer funds and funds raised from overseas listing under domestic reinvestment of foreign-invested enterprises.

Portfolio Pulse from Charles Gross

July 24, 2023 | 10:56 am

GIB

CGI plans to invest $1B over the next three years to expand its AI services. The investment will be used for expanding AI-related consulting services, responsible and ethical-use delivery platforms, intellectual property AI-enablement, global employee hiring and training, and operational excellence efficiencies.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 10:36 am

GOOGL

META

MSFT

NFLX

QQQ

SPY

TSLA

US stocks are expected to start the week positively, driven by anticipation of tech earnings. The market has already factored in a 25 basis point hike from the Federal Reserve. Last week saw positive market performance from blue-chip and small-cap stocks, while tech stocks experienced turbulence due to earnings reports from Tesla and Netflix. The upcoming week is expected to be dictated by tech earnings, with Microsoft, Alphabet, and Meta Platforms being key. In premarket trading, the SPDR S&P 500 ETF Trust rose 0.24% and the Invesco QQQ ETF gained 0.29%.

Portfolio Pulse from Shanthi Rexaline

July 24, 2023 | 10:35 am

JNJ

KVUE

Johnson & Johnson has announced plans to split off at least 80.1% of the shares of Kenvue through an exchange offer. Johnson & Johnson shareholders have the option to exchange all, some, or none of their JNJ shares for Kenvue shares.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 10:20 am

ARKK

BABA

MELI

TCEHY

Ark Investment Management's flagship ETF, the Ark Innovation ETF (ARKK), has exited Chinese stocks including Alibaba (BABA) amid a crackdown on big tech companies in China. The fund has shifted its focus towards diversification, considering new IPOs and reevaluating previously dropped names. Cathie Wood, the fund manager, expressed disappointment in China’s economic growth and predicted worsening conditions as more companies diversify their supply chains.

Portfolio Pulse from Shanthi Rexaline

July 24, 2023 | 8:12 am

TEVA

Teva Pharmaceuticals has agreed to acquire subordinated convertible bonds issued by Alvotech for $40 million. The investment will be used by Alvotech for the continued development of its biosimilars pipeline.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 8:07 am

CTGO

DPZ

NXPI

VRAY

WHR

Domino's Pizza, ViewRay, Whirlpool Corporation, Contango Ore, and NXP Semiconductors are the stocks to watch heading into Monday. Domino's Pizza is expected to post quarterly earnings of $3.05 per share on revenue of $1.07 billion. ViewRay has commenced Nasdaq delisting proceedings. Whirlpool Corporation is expected to have earned $3.76 per share on revenue of $4.82 billion. Contango Ore reported an underwritten public offering of common stock. NXP Semiconductors is expected to report quarterly earnings at $3.27 per share on revenue of $3.21 billion.

Portfolio Pulse from Lisa Levin

July 24, 2023 | 8:04 am

CVX

PDCE

Chevron Corp. (NYSE:CVX) released a preview of its Q2 results, showing a 47% YoY decline in adjusted earnings, but still beating consensus estimates. The company also announced management changes, including the extension of CEO Mike Wirth's tenure and the retirement of CFO Pierre Breber in 2024. Chevron's Permian Basin production hit a new quarterly record and shareholder distributions rose to a record $72 billion. The company's acquisition of PDC Energy, Inc. (NASDAQ:PDCE) is expected to close in August.

Portfolio Pulse from Shanthi Rexaline

July 24, 2023 | 6:01 am