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RIVN

Rivian Automotive Inc (NASDAQ:RIVN) plans to increase its Normal, Illinois factory's annual production capacity to 215,000 vehicles, focusing on the R2 SUV, expected to start at $45,000. The company halted its Georgia plant construction, moving R2 production to Illinois by the first half of 2026. This shift is projected to save Rivian over $2.25 billion in costs. Rivian reported a Q1 revenue of $1.20 billion, surpassing estimates, but its loss per share was wider than expected. The company has adjusted its capital expenditure outlook for 2024 and 2025.

Portfolio Pulse from Anan Ashraf

May 08, 2024 | 10:30 am

AZN

AstraZeneca (NASDAQ:AZN) has announced the global discontinuation of its COVID-19 vaccine, Vaxzevria, citing an oversupply of updated vaccines. The company has begun withdrawing the vaccine, halting production and supply due to reduced demand. This decision follows the acknowledgment of potential blood clotting side effects. Despite this, AstraZeneca reported a 17% increase in first-quarter sales to $12.68 billion, driven by product sales and alliance revenue, and is shifting focus towards respiratory and obesity drugs.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 10:23 am

INFY

Infosys announced a collaboration with Yunex Traffic to accelerate SAP S/4HANA-led digital transformation in 16 countries, including the US, UK, and Germany. This partnership aims to enhance Yunex Traffic's operational efficiencies and innovation capabilities globally.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:20 am

VYGR

Voyager Therapeutics presented data at the ASGCT Annual Meeting showcasing the translational potential of its second-generation, TRACER-generated AAV capsids for CNS gene therapy programs. The data, spanning multiple species and receptor binding, demonstrated preclinical safety and efficacy in Alzheimer's disease and ALS gene therapies. Low IV doses achieved broad CNS biodistribution and robust transduction of key cell types, advancing these programs toward clinical trials.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:12 am

AER

AerCap announced a deal with Safran Aircraft Engines and Shannon Engine Support for the purchase of 150 new CFM LEAP spare engines, valued at around $3B. This significant investment in new engines underscores AerCap's commitment to expanding its spare engine portfolio and enhancing its offerings to clients.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:10 am

RNA

Avidity Biosciences has been granted FDA Breakthrough Therapy Designation for Delpacibart Etedesiran (AOC 1001) aimed at treating Myotonic Dystrophy Type 1. This designation could accelerate the development and review process for AOC 1001, potentially bringing a new treatment option to patients with this genetic disorder sooner.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:07 am

REGN

Regeneron Pharmaceuticals announced preliminary data at an ASGCT presentation, revealing that DB-OTO, a gene therapy, improved hearing to normal levels in one child within 24 weeks. Initial hearing improvements were also observed in a second child at a 6-week assessment.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:03 am

SPNS

Sapiens International (SPNS) reported a solid first quarter with a 7.6% year-over-year growth, reaching $134 million in total revenue. The company saw a 9.5% revenue growth in North America and a 12.7% increase in Annualized Recurring Revenue (ARR) to $168 million. Operating profit was $24 million, with an 18.1% margin. Sapiens is transitioning to a SaaS model, supported by a partnership with Microsoft, enhancing its solutions with GenAI. The company reiterated its 2024 revenue guidance of $550M-$555M and an operating margin of 18.1%-18.5%.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 10:03 am

V

MoneyHash, a key player in the Middle East and Africa's payment sector, has announced a partnership with Visa to deliver secure and enhanced digital payment experiences. This collaboration aims to leverage Visa's global digital payments expertise to benefit MoneyHash's operational regions.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 9:55 am

DIS

Byron Allen publicly supports Disney CEO Bob Iger, expressing confidence in his leadership amid the company's challenges, including a revenue miss and a decline in entertainment revenue. Allen's endorsement comes as Disney faces scrutiny over its future direction and succession plans. Despite these hurdles, Disney is adjusting its streaming and content strategy, with Iger optimistic about securing NBA rights. Disney's stock saw a significant increase, closing up 9.51% at $105.39.

Portfolio Pulse from Benzinga Neuro

May 08, 2024 | 9:05 am