Streetbeat News

Equity Actions

QNRX

Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) shares are trading higher after the company effected an ADS ratio change equivalent to a 1-for-12 reverse stock split. The stock has been trending on StockTwits and Yahoo! Finance, and trading has been halted multiple times due to heavy volume. More than 1.73 million shares have been traded, far exceeding the QNRX 100-day average of 20.42 thousand shares.

Portfolio Pulse from Erica Kollmann

July 21, 2023 | 3:15 pm

SCHL

Scholastic Corporation reported better-than-expected Q4 adjusted EPS results and issued FY24 guidance. The company also approved a $100 million increase in its share repurchase authorization, leading to a rise in its share price.

Portfolio Pulse from Benzinga Newsdesk

July 21, 2023 | 3:14 pm

RDHL

Redhill Biopharma has announced a $3.8M registered direct offering of 1,301,923 shares at $1.35 per share, leading to a decrease in its stock price.

Portfolio Pulse from Benzinga Newsdesk

July 21, 2023 | 3:14 pm

AAPL

AVGO

AXP

BTCUSD

QQQ

The Nasdaq 100 is set to undergo a rebalancing, which will see the weight of seven major stocks, including Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla, reduced. The change in weight will be distributed to other stocks in the index, with Broadcom, PepsiCo, Costco, Adobe, Cisco Systems, and Netflix among the top beneficiaries. The rebalancing, effective from July 24, is expected to cause volatility, especially as it coincides with $2.4 trillion of options expiration. However, Wall Street consensus suggests buying the 'magnificent seven' stocks on any dip caused by the rebalancing.

Portfolio Pulse from The Arora Report

July 21, 2023 | 3:11 pm

FTTUSD

HOOD

FTX (CRYPTO: FTT) is embroiled in a lawsuit accusing Sam Bankman-Fried's father of illegally funding his son's defense through a company loan. The lawsuit seeks to prevent payment or recover hundreds of millions of dollars from Bankman-Fried and other top FTX executives. The complaint also outlines instances of self-dealing involving Bankman-Fried's family, including a $546 million purchase of stock in Robinhood Markets Inc (NASDAQ:HOOD) and transfers to accounts at Morgan Stanley (NYSE:MS).

Portfolio Pulse from Murtuza Merchant

July 21, 2023 | 2:46 pm

GLW

Corning Inc. (NYSE:GLW) is currently trading at $33.17, after a 0.05% drop. Over the past month, the stock fell by 2.02%, and in the past year, by 3.78%. The company's P/E ratio is 31.31, higher than the industry average of 21.48, which could indicate that the stock is overvalued or expected to perform better than its industry group.

Portfolio Pulse from Benzinga Insights

July 21, 2023 | 2:45 pm

FXI

SPY

USO

VGK

Major fossil fuel producers, including Saudi Arabia and Russia, have opposed a proposal to triple G20 countries' renewable energy capacity by 2030, according to three sources.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 2:25 pm

ALV

DWAC

ETSY

EVLO

FOR

HYZN

INTR

MATX

PKX

SCHL

SFBS

SGHT

SIFY

STOK

UHG

WNS

ZTS

Several US stocks traded higher on Friday, with notable gains for Digital World Acquisition Corp. (DWAC), Evelo Biosciences (EVLO), ServisFirst Bancshares (SFBS), Scholastic Corporation (SCHL), Matson (MATX), POSCO Holdings (PKX), Sight Sciences (SGHT), Autoliv (ALV), Stoke Therapeutics (STOK), Hyzon Motors (HYZN), Inter & Co (INTR), Sify Technologies (SIFY), United Homes Group (UHG), Forestar Group (FOR), Etsy (ETSY), WNS (Holdings) (WNS), and Zoetis (ZTS). Reasons for the gains include settlements with the SEC, termination of sublease agreements, upbeat Q2 results, stock repurchase programs, and analyst upgrades.

Portfolio Pulse from Lisa Levin

July 21, 2023 | 2:23 pm

GLMD

CVI Investments, Inc. has increased its stake in Galmed Pharmaceuticals to 9.9% as of July 14, according to a 13D filing with the SEC.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 2:17 pm

TSBX

Turnstone Biologics Corp. (NASDAQ:TSBX) has priced its upsized initial public offering (IPO) of 6.66 million shares at $12 per share, expecting to raise $80 million. The shares are set to begin trading on the Nasdaq Global Select Market under the symbol 'TSBX'. The underwriters have a 30-day option to purchase up to an additional 1 million shares.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 2:11 pm