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ON

QCLN

SHOC

TSLA

ON Semiconductor Corp (NASDAQ: ON) reported a fiscal first-quarter 2024 revenue decline of 5% year-on-year to $1.86 billion, slightly beating the consensus of $1.85 billion. The adjusted EPS of $1.08 also surpassed the consensus of $1.04. Despite declines in certain segments, the company outperformed expectations and provided a Q2 outlook with adjusted revenue of $1.68 billion to $1.78 billion, below the consensus of $1.92 billion, and adjusted EPS of $0.86 to $0.98, against a consensus of $1.10. Analyst Harsh V. Kumar from Piper Sandler anticipates a recovery in the second half of 2024, especially in the EV market, which is expected to grow long-term. ON Semiconductor stock is trading higher by 4.23% at $70.94. Investors can also gain exposure through ETFs like QCLN and SHOC.

Portfolio Pulse from Anusuya Lahiri

April 29, 2024 | 3:34 pm

NVO

The FDA has announced that Novo Nordisk's Wegovy, an injection with a dosage of 1.7 mg/.75 ml (NDC 0169-4517-14), is now available. This news was reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:34 pm

MELI

Financial analysts have observed a bullish trend in MercadoLibre's (NASDAQ:MELI) options, with a significant focus on a price range between $1300 and $1700. The analysis of 13 unusual trades showed a balanced sentiment among traders, with both bullish and bearish tendencies. The largest trades were predominantly calls, indicating a positive outlook. MercadoLibre, a leading e-commerce platform in Latin America, has seen its stock price increase by 1.91% to $1432.92. Analysts from UBS, Barclays, and Wedbush have set a consistent price target of $1800 for MELI, maintaining positive ratings.

Portfolio Pulse from Benzinga Insights

April 29, 2024 | 3:31 pm

NVO

The FDA has announced that Novo Nordisk's Wegovy, an injection with a dosage of .25 mg/.5 ml (NDC 0169-4525-14), is currently under limited availability. The estimated duration of the shortage is yet to be determined.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:26 pm

NFLX

A HarrisX survey indicates Netflix's ad-supported subscription tier is the second most popular in the U.S., suggesting over 20 million domestic subscribers. This growth signifies a successful shift towards ad revenue, with potential for further expansion as Netflix plans to eliminate the ad-free Basic plan in some markets. The survey also highlights the ad tier's role in attracting new subscribers, especially younger users, as Netflix focuses more on engagement and ad revenue in a slow-growth model.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:13 pm

SHEL

Reliance Industries has purchased 2 million barrels of Canadian crude oil from Shell for July delivery, utilizing Canada's new Trans Mountain pipeline. This marks Reliance's first acquisition of Canadian crude, with the pipeline set to enhance crude flow from Alberta to the Pacific Coast, facilitating access to Asian and U.S. West Coast markets. Shell will transfer the oil via ship-to-ship transfers to a Very Large Crude Carrier for shipment to Reliance's Sikka port refinery. The deal was made at a $6/barrel discount to September ICE Brent.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:11 pm

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) shares surged after the California Air Resources Board approved the 2024 Mullen THREE for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), making it eligible for up to $45,000 in cash vouchers plus a $7,500 federal tax credit. This approval significantly reduces the net cost of the Mullen THREE, enhancing its attractiveness to businesses looking to electrify their fleets. The stock experienced heavy trading volume, with over 21.2 million shares traded, far exceeding its 100-day average.

Portfolio Pulse from Erica Kollmann

April 29, 2024 | 3:09 pm

MSFT

Microsoft has announced that its AI assistant, Copilot, is now available to all advertisers on the Microsoft Advertising Platform. This expansion comes after a period of increased testing. Copilot offers AI-powered features such as conversational chat for synthesizing information, recommendations for ad creative assets, and on-demand generation of images and other assets. These capabilities are integrated throughout the platform's UI and workflows, aiming to save advertisers time, enhance strategic decision-making, and improve performance.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:08 pm

RBLX

WMT

Walmart and Roblox have partnered to launch a virtual e-commerce experience within Roblox, allowing users to purchase physical goods directly in the game. This pilot test, running through May, enables users aged 13 or older in the U.S. to buy items from a virtual Walmart store and have them shipped to their real-world addresses. The initiative, which does not currently generate revenue for Roblox, aims to explore the potential of selling physical goods on the platform and could lead to Walmart expanding its e-commerce presence within Roblox.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:03 pm

BTCUSD

Pseudonymous cryptocurrency trader 'Stockmoney Lizards' remains bullish on Bitcoin (BTC), despite its current correction phase, predicting a potential drop to the $50,000 range as temporary. The trader cites historical patterns post-halving, a greater than 300% increase, and external factors like war and inflation as reasons for the correction. They highlight support levels at $60,000, $56,000, and $52,000, and anticipate renewed ETF buying pressure, especially with the upcoming Hong Kong ETF, to push prices higher. BTC is currently trading at $62,482, with a monthly loss of 11%, but with a 23% increase in trading volume.

Portfolio Pulse from Khyathi Dalal

April 29, 2024 | 3:02 pm