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FYBR

In Q1, Frontier Communications (FYBR) reported significant growth with 322,000 new fiber passings, reaching a total of 6.8 million locations. The company added 88,000 fiber broadband customers, marking an 18% year-over-year increase. Revenue rose to $1.46 billion, a 1.5% increase from the previous year, driven by fiber product growth but tempered by declines in copper-based products. Operating income was $90 million, with a net income of $1 million. Adjusted EBITDA grew by 5.4% to $547 million, attributed to revenue growth and cost savings. The company's total cash capital investment was $1.0 billion, with net cash from operations at $335 million.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 11:16 am

CSTL

Castle Biosciences announced that new data supporting the utility of its DecisionDx-SCC test for patients with high-risk cutaneous squamous cell carcinoma tumors on the head and neck will be shared at the 56th American College of MOHS Surgery meeting.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 11:13 am

AEON

AEON Biopharma announced that its Phase 2 interim analysis of ABP-450 for the preventive treatment of chronic migraine did not meet its primary endpoint. This news could impact investor sentiment and the company's stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 11:09 am

PLUG

Plug Power has signed a Memorandum of Understanding (MOU) with Allied Green Ammonia (AGA) to supply 3GW of electrolyzers for a green ammonia production facility. The agreement includes initiating a Basic Engineering and Design Package (BEDP), with the BEDP expected to advance by mid-May this year. A final investment decision is planned for Q4 2025, and the delivery of the electrolyzers is set to begin in Q1 2027.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 11:04 am

AXIL

AXIL has entered into a distribution agreement with Kinsey's for the distribution of its hearing protection and enhancement products. This partnership aims to expand AXIL's market reach and availability of its products to a wider audience through Kinsey's extensive distribution network.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 11:03 am

AAPL

Apple Inc. (NASDAQ:AAPL) shares are surging in premarket trading after the company reported stronger-than-expected fiscal year 2024 second-quarter results. Highlights include a smaller-than-expected decline in China revenue, a record high installed device base, mid-single-digit percentage growth guidance for June, a $110 billion stock buyback plan, and a 6.2% dividend increase. Despite a fifth year-over-year revenue decline in six quarters, optimism remains high for the latter half of the year. CEO Tim Cook's comments on Generative AI investments and potential third-party partnerships also drew attention. Apple's stock price rose 5.90% to $183.24 in premarket trading.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 10:40 am

EWT

TSM

The AI craze has significantly fueled the growth of Taiwan's ETF market, with a 77% increase in value from the previous year, raising concerns over market stability due to the rapid, potentially leveraged inflow of investments. Taiwan Semiconductor (NYSE:TSM) and the iShares MSCI Taiwan ETF (NYSE:EWT) are highlighted amidst this trend, with TSM's advancements and EWT's performance standing out. Analysts and regulators worry about the impact of geopolitical tensions and shifts in chip demand on this burgeoning market.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 10:10 am

MSFT

OpenAI CEO Sam Altman has declared a strong commitment to developing artificial general intelligence (AGI), stating financial costs, which could range from $500 million to $50 billion, are not a concern. Microsoft Corp. (NASDAQ:MSFT), as OpenAI's largest investor, has invested $13 billion in the AI startup. Altman's focus is on creating significant societal value through AGI, despite the high costs and challenges, including a lawsuit from Elon Musk alleging profit maximization for Microsoft.

Portfolio Pulse from Rounak Jain

May 03, 2024 | 9:58 am

F

GM

Analyst Mark Fields discussed the slowdown in the electric vehicle (EV) market, suggesting the real story is not the death of EVs but the end of their explosive growth. He noted the increasing incentives for EVs and the rising demand for hybrids, highlighting Ford and Toyota's success with hybrids. Fields' comments reflect a broader industry shift towards offering a mix of vehicle types, including gas-powered, hybrid, and fully electric vehicles. Major automakers like Ford and General Motors have seen strong results from internal-combustion engine vehicles, helping offset EV losses.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 8:51 am

AMGN

Amgen, Inc. (NASDAQ:AMGN) shares surged over 14% after hours following a positive update on its obesity drug pipeline, including the discontinuation of AMG 786 and promising Phase 2 results for MariTide. The company is focusing on MariTide, targeting GLP-1 and GIP receptors, with plans for a Phase 3 trial and a dedicated Phase 2 study for diabetes treatment. The weight-loss drug market, with competitors like Novo Nordisk's Wegovy and Eli Lilly's Zepbound, is estimated at $100 billion.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 7:45 am