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Equity Actions

GBTC

IBIT

BNP Paribas has invested in BlackRock's iShares Bitcoin Trust (IBIT) by purchasing 1,030 shares at $40.47 each, marking a significant shift in the bank's stance towards cryptocurrencies. This move into a spot Bitcoin ETF, a first by a major financial institution, signals growing institutional interest in Bitcoin ETFs despite previous skepticism. The investment comes amid a backdrop of substantial activity in Bitcoin ETFs, with notable inflows and outflows influenced by broader market trends and interest rate decisions by the U.S. Federal Reserve.

Portfolio Pulse from Murtuza Merchant

May 02, 2024 | 4:38 pm

HWM

ITA

MISL

Howmet Aerospace Inc. (NYSE:HWM) shares surged after reporting Q1 FY24 financial results exceeding expectations with a 14% Y/Y revenue increase to $1.82 billion and adjusted EPS of $0.57, surpassing the consensus. The company also raised its FY24 outlook, citing robust demand for air travel and a favorable demand outlook despite lower 737 MAX volumes. Howmet repurchased $150 million of common stock and plans to increase its quarterly dividend. Exposure to HWM can also be gained through IShares U.S. Aerospace & Defense ETF (BATS:ITA) and First Trust Indxx Aerospace & Defense ETF (NYSE:MISL).

Portfolio Pulse from Lekha Gupta

May 02, 2024 | 4:34 pm

SPY

The 'sell in May and go away' strategy, suggesting the stock market underperforms from May through October, is questioned by historical data and market trends. Analysis shows that the S&P 500 index has had positive average returns during these months since 1950, with even higher returns during presidential election years. The strategy might be overly simplistic and potentially disadvantageous, as election years do not necessarily lead to increased market volatility. The SPDR S&P 500 ETF Trust (SPY) rallied over 20% in the six months leading up to the November 3, 2020, presidential election.

Portfolio Pulse from Piero Cingari

May 02, 2024 | 4:18 pm

OLB

OLB Group Inc (NASDAQ:OLB) shares surged 16% to $0.50 after shareholders approved a 1-for-10 reverse stock split, effective May 6. The reverse split aims to reduce the total shares from 18.1 million to 1.8 million, intending to increase the market price per share to maintain its Nasdaq listing. No fractional shares will be issued; instead, they will be converted into cash.

Portfolio Pulse from Henry Khederian

May 02, 2024 | 4:07 pm

SBOW

SilverBow Resources (NYSE:SBOW) received varied analyst ratings, with a consensus leaning towards bullish. The average 12-month price target was slightly adjusted down by 0.35% to $42.6. Analyst actions included ratings and price target adjustments, reflecting dynamic market conditions and company performance. SilverBow's financial indicators show strong revenue growth, net margin, ROE, and ROA, outperforming industry averages, despite a market capitalization below industry averages and a debt-to-equity ratio indicating sound financial structure.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 4:00 pm

BZFD

BuzzFeed announced a 1-for-4 reverse stock split, leading to its shares trading lower.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:36 pm

BZFD

BuzzFeed, Inc. (NASDAQ:BZFD) announced a 1-for-4 reverse stock split effective May 6, 2024, to meet Nasdaq's minimum bid price requirement and ensure continued listing. The split will adjust the number of Class A and B common stock shares, aiming to increase the bid price above $1.00. The total authorized shares remain unchanged, and no fractional shares will be issued, with stockholders receiving whole shares instead.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:31 pm

OLB

OLB Group shares are trading higher after the company announced its shareholders approved a 1-for-10 reverse stock split.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:24 pm

OLB

OLB Group has announced that its shareholders have approved a reverse stock split on a 1-for-10 basis. This means for every ten shares of OLB Group's common stock currently held, shareholders will now own one share.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:17 pm

SYY

Sysco (NYSE:SYY) was analyzed by four analysts, showing a mix of bullish to indifferent ratings. The average 12-month price target is now $85.00, down from $87.50. Analyst actions included both downgrades and an upgrade, with price targets adjusted accordingly. Sysco's financial performance shows strong revenue growth, net margin, ROE, and ROA, but a high debt-to-equity ratio. The company is a major player in the U.S. foodservice distribution market.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 3:01 pm