Streetbeat News

Partnerships

AAPL

FXI

Apple's suppliers, including Foxconn, have invested $16 billion since 2018 to diversify manufacturing away from China due to US/China trade tensions, COVID measures, and power supply issues. TD Cowen's research indicates Apple's revenues were impacted by over $30 billion during the pandemic. Reshoring efforts are aimed at reducing future production disruptions, with investments in India, Mexico, the US, and Vietnam. Apple's operating margins may benefit long-term, despite higher near-term costs. iPhone production remains largely in China, but India is emerging as a significant manufacturing hub. Vietnam is becoming a major hub for Mac and iPad production, potentially meeting 40% of US demand. The reshoring process is expected to take years, with challenges in establishing new plants and organizing supply chains.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:19 pm

PTON

Peloton Interactive's stock is on the rise following the announcement of an exclusive partnership with TikTok, which will introduce Peloton's workout content to TikTok users.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:16 pm

DIS

ESPN and the NCAA have announced a new eight-year media rights agreement starting September 1, 2024, for exclusive coverage of 40 NCAA championships, including international rights to the Division I men's basketball tournament. The deal includes over 800 hours of NCAA Championships on ESPN linear networks and over 2,300 hours on ESPN linear and digital platforms annually. The agreement aims to increase exposure for student-athletes, particularly women, and is expected to impact revenue distribution for the women's basketball tournament. Endeavor's IMG and WME Sports advised the NCAA in the negotiations. The deal extends ESPN's relationship with the NCAA, which began in 1979, and will utilize ESPN's broad platform portfolio, including ESPN+, which has over 25 million subscribers.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:16 pm

AMZN

PYPL

PayPal Holdings, Inc. (NASDAQ:PYPL) stock is trending due to a 7% decline over the past five days. Amazon.com Inc. (NASDAQ:AMZN) announced it will stop accepting Venmo, owned by PayPal, starting Jan. 10. PayPal also appointed Suzan Kereere as president of global markets. Analyst Dominick Gabriele downgraded PayPal from Outperform to Perform, with mixed ratings from other analysts. PayPal's stock has dropped over 22% in 2023 and is trading above its 50-day moving average but below its 52-week high.

Portfolio Pulse from Erica Kollmann

January 04, 2024 | 3:52 pm

RXRX

Recursion Pharmaceuticals (RXRX) stock is up following the announcement of an agreement to in-license a new chemical entity from its fibrosis research collaboration with Bayer AG.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 3:42 pm

AMD

INTC

NVDA

Nvidia Corp (NVDA) stock is up as it prepares to unveil new graphics cards at CES, including the GeForce RTX 4070 Super, RTX 4070 Ti Super, and RTX 4080 Super. Rumors suggest significant upgrades, with the RTX 4070 Ti Super expected to have 16GB GDDR6X memory. Nvidia is also set to begin mass production of AI chips for the Chinese market in Q2 2024, despite U.S. export bans. Additionally, Nvidia's GPUs will be used in India's Shakti Cloud supercomputer project. NVDA shares were up 0.99% at $480.40.

Portfolio Pulse from Anusuya Lahiri

January 04, 2024 | 3:38 pm

ALL

OMGA

Lamb Weston Holdings, Inc. (LW) reported better-than-expected quarterly earnings and sales, leading to a 4.7% rise in its stock price. Other stocks also moved higher, including Omega Therapeutics (OMGA) after a collaboration with Novo Nordisk, and Allstate Corporation (ALL) following an analyst upgrade. Various companies announced public offerings, collaborations, and financial forecasts, contributing to their stock movements.

Portfolio Pulse from Avi Kapoor

January 04, 2024 | 3:12 pm

FSR

Fisker Inc (NYSE:FSR) is developing a Dealer Partnership model in North America and a hybrid model in Europe to expand its sales, delivery, and test drive network. The company plans to add up to 50 dealer partners in the U.S. and Canada, and a similar number in Europe in 2023. This strategy is part of Fisker's asset light business model aimed at scaling up for the acceleration of Fisker Ocean deliveries and future models. Fisker produced 10,142 vehicles and delivered about 4,700 in 2023. FSR shares dropped by 1% to $1.4750.

Portfolio Pulse from Shivani Kumaresan

January 04, 2024 | 2:59 pm

QuantumScape Corp (NYSE:QS) stock surged following a positive update from Volkswagen Group subsidiary PowerCo on endurance testing of QuantumScape's solid-state battery cells. The cells completed over 1,000 charging cycles, retaining 95% capacity, suggesting potential for EVs to drive 500,000 kilometers without loss in capabilities. The news has generated buzz on social platforms, with trading volume exceeding 5 million shares early in the session. Analysts' ratings on QS are mixed, with an average price target of $17.79.

Portfolio Pulse from Adam Eckert

January 04, 2024 | 2:58 pm

ATXI

EJH

MBLY

MINM

OMGA

SLS

U.S. stocks were mixed in the morning with the Dow Jones gaining, while the NASDAQ and S&P 500 fell. Energy shares rose, consumer discretionary shares fell. U.S. initial jobless claims dropped to 202,000, beating estimates. Minim, Inc. (MINM) surged 186%, Omega Therapeutics (OMGA) jumped 108% after a collaboration with Novo Nordisk, and Avenue Therapeutics (ATXI) gained 48% after an FDA agreement. SELLAS Life Sciences (SLS) fell 33% after a public offering announcement, Mobileye Global (MBLY) dropped 26% after preliminary FY23 results and 2024 guidance, and E-Home Household Service Holdings (EJH) declined 28%. Oil and gold prices increased, while silver and copper decreased.

Portfolio Pulse from Avi Kapoor

January 04, 2024 | 2:48 pm