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Equity Actions

NVDA

RXRX

Recursion Pharmaceuticals' stock (RXRX) is trading lower as traders seem to be taking profits after a significant rally. The rally was triggered by a $50 million investment from Nvidia Corporation (NVDA). Morgan Stanley analyst Vikram Purohit maintained an Equal-Weight rating for RXRX and raised the price target from $8 to $11.

Portfolio Pulse from Erica Kollmann

July 13, 2023 | 4:19 pm

BLK

BRPHF

BTCUSD

Galaxy Digital Holdings Ltd. CEO, Mike Novogratz, predicts a rise in Bitcoin's value by the end of the year and anticipates the approval of Bitcoin ETFs in the U.S. This growth is largely attributed to the anticipation of a potential US approval of a Bitcoin ETF. The approval of a Bitcoin ETF will lead to widespread adoption of Bitcoin by investors through firms like BlackRock Inc. and Invesco. Galaxy, currently listed in Toronto, is working towards becoming a Delaware-incorporated company and plans to list on the Nasdaq, pending an ongoing review by the SEC.

Portfolio Pulse from Murtuza Merchant

July 13, 2023 | 4:09 pm

CVNA

CYRX

NKLA

PANW

PGR

PLUG

VSAT

The US producer price index (PPI) inflation dropped to 0.1% YoY in June, lower than expected. This has led to notable price shifts in various sectors. Investors are betting on the Fed raising rates once in July. Stocks that moved include Plug Power, which surged 8% after securing an order for a green hydrogen project; Progressive Corporation, which fell 10% due to lower-than-expected results; Nikola Corp., which rose 14% after a purchase plan by BayoTech; Cryoport, which plummeted 25% after lowering its revenue forecast; Carvana, which dropped 7% after a downgrade by JPMorgan; Viasat, which collapsed 30% due to a satellite deployment anomaly; and Palo Alto Networks, which rose 4% after a price target lift by JPMorgan.

Portfolio Pulse from Piero Cingari

July 13, 2023 | 3:47 pm

PEP

SPY

Pepsi Co Inc (NASDAQ:PEP) beat Q2 revenue and earnings estimates and raised its full-year outlook, causing shares to rise over 2% in premarket trading. Net sales rose 10.4% to $22.32 billion, and net income rose to $2.75 billion. However, higher prices for Pepsi snacks and drinks resulted in a volume drop of 3%. The company's rival, Coca Cola Company (NYSE:KO), also sees a strong long-term perspective despite a sluggish macroeconomic environment. Both companies are part of the S&P 500 and holdings of its trailing ETF index, SPDR S&P 500 ETF Trust (NYSE:SPY).

Portfolio Pulse from Upwallstreet

July 13, 2023 | 3:14 pm

LEN

A significant investor has taken a bearish stance on Lennar (NYSE:LEN), with 63% of the investors opening trades with bearish expectations. The whales have been targeting a price range from $115.0 to $150.0 for Lennar over the last 3 months. The price of LEN is up 0.82% at $129.33. Citigroup, BTIG, and Wedbush have maintained their ratings on Lennar, while JMP Securities downgraded its action to Market Outperform.

Portfolio Pulse from Benzinga Insights

July 13, 2023 | 3:04 pm

GHBWF

GLASF

Hector De La Torre has resigned from the board of Glass House Brands Inc. due to his recent appointment as executive director of the Gateway Cities Council of Governments. During his tenure, De La Torre provided valuable insights that helped position the company for long-term success.

Portfolio Pulse from Vuk Zdinjak

July 13, 2023 | 3:02 pm

SGMT

Sagimet Biosciences Inc (NASDAQ:SGMT) is set to IPO on July 14, offering shares at an expected price between $15.00 and $17.00 per share. The company is a clinical-stage biopharmaceutical company developing novel therapeutics called fatty acid synthase (FASN) inhibitors.

Portfolio Pulse from Benzinga Insights

July 13, 2023 | 3:00 pm

APGE

Apogee Therapeutics, Inc (NASDAQ:APGE) is set to IPO on July 14, with shares expected to be priced between $15.00 and $17.00. The company, which develops biologics for the treatment of AD, COPD, and related I&I indications, has an insider lock-up period of 180 days ending on January 10, 2024.

Portfolio Pulse from Benzinga Insights

July 13, 2023 | 3:00 pm

MGPI

MGP Ingredients Inc (NASDAQ:MGPI) plans to close its distillery in Atchison, Kansas by January 2024. The distillery produces grain neutral spirits and industrial alcohol products. The closure is part of the company's strategy to address profitability issues in its Distilling Solutions segment. MGP will continue to operate and invest in its Ingredient Solutions business in Atchison, Kansas and its distillery operations in Lawrenceburg, Indiana.

Portfolio Pulse from Shivani Kumaresan

July 13, 2023 | 2:57 pm

CNTMF

Cansortium Inc., operating under the FLUENT brand, has opened its 32nd medical cannabis dispensary in Florida and 35th retail location nationwide. The new FLUENT Crestview store will host its grand opening on July 15th, offering a variety of products including raw flower, pre-rolls, edibles, tinctures, vape cartridges, capsules, extracts, and topicals. The company aims to make medicinal cannabis more accessible and convenient for patients.

Portfolio Pulse from Vuk Zdinjak

July 13, 2023 | 2:49 pm