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Equity Actions

AGFY

Agrify's board has approved a 1-for-20 reverse stock split, effective from July 5, 2023. The move is aimed at increasing the per share trading price of the company's common stock to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 11:02 am

DWAC

QQQ

SPY

TSLA

The US stock market is expected to open with caution due to recent strong gains and key events. Despite the Federal Reserve's indication of future rate hikes, the market closed the week, quarter, and half year with solid gains. Analyst Ryan Detrick predicts a strong run for the S&P 500 Index in the second half of the year. In premarket trading, SPDR S&P 500 ETF Trust (SPY) rose 0.14% and the Invesco QQQ ETF (QQQ) gained 0.29%. Tesla (TSLA) rose over 6% after reporting record Q2 deliveries. Digital World Acquisition Corp. (DWAC) gained over 3% amid Twitter's woes.

Portfolio Pulse from Shanthi Rexaline

July 03, 2023 | 11:01 am

ACMR

BABA

FIS

LILM

NIO

TSLA

XPEV

Several stocks are recording gains in pre-market trading. XPeng Inc. shares jumped 10.7% after announcing a significant increase in vehicle deliveries for June and Q2 2023. Lilium N.V. shares gained 9.7% following a 15% jump on Friday. ACM Research, Inc. shares rose 8.5% after Jefferies upgraded its rating from Underperform to Buy. Fidelity National Information Services, Inc. shares climbed 9.7% as private equity groups are exploring buying a majority stake in its Worldpay. Li Auto Inc. shares gained 6.3% as the company reported a 150.1% YoY surge in June deliveries. Tesla, Inc. climbed 6.2% after reporting record Q2 deliveries. NIO Inc. gained 6.1% despite a 17.4% YoY slump in June deliveries. Alibaba Group Holding Limited gained 2.3% amid market expectations of improved U.S.-China relations.

Portfolio Pulse from Lisa Levin

July 03, 2023 | 10:55 am

AAPL

TSLA

UAL

Over the weekend, Tesla reported record Q2 deliveries, Twitter implemented limitations on daily tweet reads, Florida Governor Ron DeSantis' net worth increased significantly due to book royalties, a controversial alimony law was signed in Florida, and US Treasury Secretary Janet Yellen is set to visit China. Reports also suggest that Goldman Sachs is considering ending its consumer lending operation with Apple, and United Airlines is compensating passengers affected by delays and cancellations with frequent flyer miles.

Portfolio Pulse from Benzinga Newsbot

July 03, 2023 | 10:51 am

Morgan Stanley (NYSE:MS) has announced a share appreciation policy, raising its quarterly common dividend per share to $0.85 from $0.775, with a stock dividend expected to be declared in Q3 2023. The company has also reauthorized a multi-year share repurchase program of up to $20 billion without a defined expiration date, beginning in Q3 2023. This follows the Federal Reserve's stress test results, with Morgan Stanley expecting to be subject to a Stress Capital Buffer (SCB) of 5.4% from October 1, 2023, to September 30, 2024.

Portfolio Pulse from Lekha Gupta

July 03, 2023 | 10:21 am

SPY

USO

VGK

According to Reuters, Russia's Novak has announced that Russia will cut its oil production by an additional 500,000 barrels per day.

Portfolio Pulse from Charles Gross

July 03, 2023 | 10:20 am

XXII

22nd Century Group plans to execute a 1-for-15 reverse stock split effective July 5, 2023, to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on Nasdaq.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 10:01 am

AAPL

CCL

NVDA

The S&P 500 and Nasdaq recorded gains on Friday, with Apple Inc. reaching a $3 trillion market capitalization for the first time. The Nasdaq had its strongest first-half performance in 40 years, while the S&P 500 jumped 8.3% for the quarter. Carnival Corporation shares gained 9.7% after Jefferies upgraded the stock from Hold to Buy and raised the price target from $9 to $25. The CBOE Volatility Index rose 0.4% to close at 13.59 on Friday.

Portfolio Pulse from Lisa Levin

July 03, 2023 | 9:54 am

NVDA

The CNN Money Fear and Greed index remained in the 'Extreme Greed' zone on Friday, indicating strong market sentiment. U.S. stocks closed higher, with the Nasdaq Composite recording its best first half since 1983. NVIDIA Corporation (NASDAQ:NVDA) shares gained 3.6% on Friday, bringing its yearly gains to over 189%.

Portfolio Pulse from Lisa Levin

July 03, 2023 | 6:47 am

DIS

Mukesh Ambani's streaming platform, JioCinema, has become a significant competitor to Walt Disney Co. (NYSE:DIS) in India's rapidly expanding streaming market. JioCinema attracted over 400 million viewers to its streams of the Indian Premier League (IPL) cricket tournament in April and May 2023. The platform has acquired rights to shows and films from global networks like NBC, HBO, and Warner Bros. JioCinema's rise began when it outbid Disney Star for the digital rights to stream the IPL until 2028.

Portfolio Pulse from Benzinga Newsbot

July 03, 2023 | 6:22 am