Streetbeat News

Equity Actions

GBTC

Bitcoin spot ETFs experienced a net outflow of $15.6439 million on May 7, with the Grayscale Bitcoin Trust (GBTC) seeing a significant outflow of $28.613 million. Despite these outflows, the total NAV of Bitcoin spot ETFs remains high at $52.210 billion. The wider digital asset market also saw net outflows, totaling $251 million for the fourth consecutive week. This trend is particularly concerning for newly issued U.S. ETFs, which saw their first significant outflows since inception. Outflows were mainly concentrated in the U.S., but Canada, Switzerland, and Germany also experienced outflows. In contrast, Hong Kong's digital asset market saw significant inflows, especially in newly launched Bitcoin and Ethereum ETFs.

Portfolio Pulse from Murtuza Merchant

May 08, 2024 | 12:00 pm

ALIT

Alight (NYSE:ALIT) announced leadership changes with Jeremy Heaton becoming CFO, succeeding Katie Rooney who transitions to COO until the Payroll & Professional Services divestiture is complete. Greg Goff is promoted to President, continuing his oversight of product, technology, and delivery.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:56 am

ADN

CDRE

HII

Three industrial stocks, Advent Technologies Holdings, Inc. (ADN), Cadre Holdings, Inc. (CDRE), and Huntington Ingalls Industries, Inc. (HII), are highlighted as oversold with RSI values below 30, indicating potential for short-term gains. ADN recently underwent a 1-for-30 reverse stock split, CDRE reported increased net sales and gross margin, and HII showed strong quarterly revenue growth.

Portfolio Pulse from Avi Kapoor

May 08, 2024 | 11:43 am

BRK

BYDDF

TSLA

Gary Black, a Tesla investor and Future Fund Managing Partner, believes Warren Buffett's Berkshire Hathaway is unlikely to invest in Tesla due to its high valuation and Buffett's preference for value stocks. Black points out that Tesla's estimated earnings per share for 2024 are trading at 70 times, making it an expensive choice for Berkshire. Instead, Buffett's investments in Apple and BYD are highlighted as more aligned with his investment philosophy, with both companies having more reasonable valuations at the time of Berkshire's investment.

Portfolio Pulse from Shanthi Rexaline

May 08, 2024 | 11:40 am

KPTI

Karyopharm Therapeutics has announced a refinancing of its financial obligations, exchanging $148M of its existing convertible notes due in 2025 for $111M of new convertible notes due in 2029, along with warrants. Additionally, the company has issued a new $100M senior secured term loan due in 2028. This strategic financial maneuver is aimed at improving the company's balance sheet and extending the maturity of its debt, potentially easing short-term financial pressures and providing more flexibility for future operations.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:39 am

CING

As of March 31, 2024, Cingulate reported having $1.1M in cash and cash equivalents. The management is actively seeking opportunities to access additional capital as needed.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:34 am

REYN

Reynolds Consumer Products has reiterated its FY24 revenue forecast of $3.53B-$3.64B, aligning with a $3.60B estimate, and adjusted its EPS outlook from $1.57-$1.65 to $1.62-$1.701, compared to a $1.62 estimate. The company also adjusted its net income forecast from $331-$347 million to $341-$357 million, while maintaining its projections for Adjusted EBITDA and Net Debt.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:26 am

REYN

Reynolds Consumer Products Inc. (REYN) has updated its fiscal year 2024 outlook, maintaining its net revenue forecast at $3,530 to $3,640 million but increasing its net income projection from $331-$347 million to $341-$357 million. The EPS forecast has also been raised from $1.57-$1.65 to $1.62-$1.70. For Q2 2024, REYN expects revenues of $875-$900 million, adjusted EPS of $0.42-$0.46, and highlights a $10 million tax benefit impacting net income. The company anticipates stable commodity rates, retail volume growth at or above category forecasts, and cost savings from the Reyvolution initiative to drive EBITDA and net income growth.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:23 am

DIN

Dine Brands has reaffirmed its fiscal year 2024 consolidated adjusted EBITDA forecast to be in the range of $255 million to $265 million. Additionally, the company expects its gross capital expenditures to be between approximately $15 million and $20 million.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:20 am

SNAP

Snap Inc. plans to offer $650 million in convertible senior notes due in 2030 through a private placement. This move could impact the company's financial structure and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:16 am