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Equity Actions

SMSI

Smith Micro Software, Inc. (NASDAQ:SMSI) announced a 1-for-8 reverse stock split effective April 11, 2024, to increase its per share trading price and regain compliance with Nasdaq's minimum bid price requirement. The reverse split will convert every eight shares into one and will not issue fractional shares, rounding them to the nearest whole number instead.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 8:16 pm

LEVI

Levi Strauss & Co has increased its adjusted EPS guidance for 2024 from the range of $1.15-$1.25 to $1.17-$1.27, surpassing the estimated $1.21.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 8:10 pm

TNDM

Recent analyst ratings for Tandem Diabetes Care (NASDAQ:TNDM) show a mix of opinions, with an average 12-month price target of $32.5, reflecting a 34.02% increase from the previous target. Analysts from Citigroup and Stifel have raised their price targets, indicating a positive outlook on the company's performance despite a -10.75% decline in revenue growth and challenges in profitability and debt management. Tandem Diabetes Care, known for its insulin pumps, has a significant market presence but faces financial performance issues.

Portfolio Pulse from Benzinga Insights

April 03, 2024 | 8:00 pm

BSX

In the past three months, 13 analysts have updated their ratings on Boston Scientific (NYSE:BSX), showing a predominantly bullish outlook. The average 12-month price target has been raised to $73.08, indicating a 12.09% increase from the previous target. Analysts from firms like Argus Research, Citigroup, and TD Cowen have raised their price targets, reflecting optimism about the company's future performance. Despite this, Boston Scientific's financial indicators such as ROE and ROA are below industry standards, and its revenue growth, while substantial, lags behind its peers in the Health Care sector.

Portfolio Pulse from Benzinga Insights

April 03, 2024 | 8:00 pm

EAF

Nilesh Undavia and the Undavia Group, holding approximately 5.9% of GrafTech International Ltd. (NYSE:EAF) shares, have issued a letter urging shareholders to vote for Undavia's election to the board at the upcoming Annual Meeting on May 9, 2024. The letter criticizes the current board for poor decision-making, including the appointment of the former CFO as CEO, environmental risk mismanagement, and excessive director compensation despite significant shareholder value destruction. Shares have dropped 90% since the IPO, and bonds trade at 64 cents on the dollar. Undavia aims to add an independent, large shareholder perspective to the board to revive GrafTech's market leadership.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 7:54 pm

PSX

Investors have shown a bearish stance on Phillips 66 (NYSE:PSX) through significant options trading activity, with a split sentiment of 41% bullish and 58% bearish. Uncommon options trades were detected, indicating expectations of price movements between $140.0 to $200.0. Phillips 66, an independent refiner, has seen its stock price increase by 1.11% to $171.37, with analysts giving mixed ratings but generally leaning towards a positive outlook.

Portfolio Pulse from Benzinga Insights

April 03, 2024 | 7:15 pm

DIS

The Walt Disney Company (NYSE:DIS) successfully defended its board against activist investors Trian and Blackwells at its annual meeting, with all 12 directors winning by a substantial margin. CEO Bob Iger received 94% of the vote, highlighting shareholder support for the current leadership and strategic direction. Despite this victory, Disney's stock price fell by 1.8% to $119.85, marking its worst daily performance in a month.

Portfolio Pulse from Piero Cingari

April 03, 2024 | 6:58 pm

MO

Altria Group (NYSE:MO) has seen unusual options activity, with over 9 transactions valued at $518,462, including 6 puts totaling $380,242. Investors target a price range of $35.0 to $47.5 for MO in the next three months. Notable options include bullish calls and puts with expiration dates ranging from 2024 to 2025. Altria, a leading tobacco company, holds a significant market share and interests in various sectors, including cannabis and brewing. The stock is slightly up at $42.99, with an RSI indicating a potential overbought situation. Analysts have a consensus target price of $50.0 for MO, with Stifel recently lowering its rating to Buy.

Portfolio Pulse from Benzinga Insights

April 03, 2024 | 6:46 pm

GLNCY

RIO

SOUHY

Norway's sovereign wealth fund is considering divesting its $2.15 billion stake in Rio Tinto (NYSE:RIO) due to concerns over deforestation in the Brazilian Amazon. The fund, which is the world's largest at $1.6 trillion, has a history of ethical investing and previously divested from Rio Tinto in 2008 over environmental concerns. The Council On Ethics is in discussions with Rio Tinto but has not made a final decision. Glencore ADR (OTCPK: GLNCY) and South32 ADR (OTCPK: SOUHY) are also mentioned as related parties due to their stakes in Mineração Rio do Norte (MRN), a bauxite producer under scrutiny.

Portfolio Pulse from Stjepan Kalinic

April 03, 2024 | 6:23 pm

DINO

HF Sinclair's stock is trading higher after the company announced an agreement to repurchase 5 million shares from a selling shareholder. This move comes as the broader energy sector experiences gains, driven by a recent increase in oil prices.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 6:09 pm