Streetbeat News

Products Services

AAPL

FTXL

QCOM

SOXX

Benchmark analyst Cody Acree initiated coverage on Qualcomm Inc (QCOM) with a Buy rating and a price target of $200, citing the company's strong positioning in AI smartphones and automotive sectors. Qualcomm is expected to lead in generative AI smartphones and AI-PCs, potentially sparking long-term replacement cycles. The company's growth is also supported by positive feedback on Samsung S24 smartphone volumes and a projected dominance in the GenAI smartphone market. Qualcomm's stock has gained 38% in the last 12 months, and exposure to QCOM can also be gained through First Trust Nasdaq Semiconductor ETF (FTXL) and IShares Semiconductor ETF (SOXX).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 8:08 pm

TSLA

Tesla reported that its profitability was affected by a reduced Average Selling Price (ASP) due to pricing and mix changes, an increase in operating expenses (Opex), and a decline in vehicle deliveries. However, these negative impacts were partially offset by a lower cost per vehicle, higher Full Self-Driving (FSD) revenue recognition, and benefits from the Inflation Reduction Act (IRA) credit.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 8:08 pm

FLOKIUSD

SHIBUSD

Crypto influencer Rekt Fencer went viral for exposing how market makers manipulate cryptocurrency prices to profit from trading activities. Fencer detailed strategies used by traditional market makers and those acting as project advisors, emphasizing their role in liquidity provision and price manipulation through tactics like pumps, dumps, and distributions. The influencer's insights aim to help traders recognize and navigate these manipulations, highlighting a case with DWFLabs and Floki, which saw a 772% price pump. The discussion also touches on the broader impact of market makers on meme coins and the cryptocurrency market.

Portfolio Pulse from Khyathi Dalal

April 23, 2024 | 8:00 pm

DAWN

Day One's OJEMDA has received accelerated approval from the U.S. FDA for treating relapsed or refractory pediatric low-grade glioma (pLGG) with BRAF alterations. It's the first FDA-approved type II RAF inhibitor for this condition, showing a 51% overall response rate in the RAPNO LGG study. Day One also received a rare pediatric disease priority review voucher. A conference call and webcast are scheduled for April 24, 8:30 a.m. Eastern Time.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 7:58 pm

NVS

The FDA has approved Novartis AG's Lutathera for pediatric patients 12 years and older with somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs), marking it as the first therapy specifically approved for this demographic. This approval is based on the NETTER-P trial, which showed a safety profile consistent with the adult population. Lutathera is already approved in the US for adults with SSTR-positive GEP-NETs and has approvals in Europe and Japan for similar indications. Following this news, NVS shares rose by 2.29% to $97.30.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 7:05 pm

INCY

MOR

Incyte Corporation (NASDAQ:INCY) has agreed to acquire Escient Pharmaceuticals for $750 million, aiming to enhance its portfolio with EP262 and EP547, targeting inflammatory diseases. Cantor Fitzgerald initiated coverage on Incyte with a Neutral rating, citing undervaluation due to its cash flow and concerns over its pipeline prospects. The analyst suggests a significant stock buyback and prioritizing R&D to improve valuation. William Blair remains optimistic, highlighting the potential of povorcitinib and the Escient deal's complement to Incyte's portfolio.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 7:03 pm

BNTX

MRNA

PFE

Moderna Inc. is engaged in a patent trial in London against Pfizer Inc. and BioNTech SE over the use of mRNA technology in COVID-19 vaccines. Moderna alleges patent infringement, while Pfizer and BioNTech contest the claim. The trial could impact future mRNA technology use and financial compensations. Moderna seeks royalties from Pfizer and BioNTech's vaccine, Comirnaty, to offset declining sales of its own vaccine, Spikevax. The outcome may influence global intellectual property disputes and the development of mRNA-based treatments.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 7:00 pm

DELL

INTC

Dell shares are experiencing an uptick due to overall strength in the technology sector. Additionally, Dell announced an expansion of its edge partner ecosystem, including collaborations with Hyundai AutoEver and Intel.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 7:00 pm

ANRO

Alto Neuroscience Inc (NYSE:ANRO) reported positive Phase 1 study results for ALTO-101, a PDE4 inhibitor for cognitive impairment in schizophrenia, showing favorable tolerability and pharmacokinetics with a transdermal patch compared to oral administration. The company plans a proof-of-concept study for the first half of 2024, with results expected in 2025. The transdermal delivery showed significantly higher drug concentrations and lower adverse events. William Blair reiterated an Outperform rating on ANRO, highlighting its unique position in neuropsychiatry drug development.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 6:55 pm

TSLA

On Benzinga Live, Sandra from Trading Made Simple LLC discussed using debit spreads for trading Tesla (TSLA) earnings, highlighting the strategy's potential to limit risk and capitalize on earnings volatility. She shared her success with ATM and OTM Put Debit Spreads on TSLA, which were profitable ahead of Tesla's earnings report. The article also explains the benefits and considerations of using debit spreads during earnings season, such as limited risk, defined profit potential, and reduced cost.

Portfolio Pulse from Sandra Stone

April 23, 2024 | 6:51 pm