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US stock futures are up in early pre-market trading, driven by optimism around Big Tech earnings. Tesla, Meta Platforms, Microsoft, and Alphabet are set to report this week, potentially influencing market direction. The SPDR S&P 500 ETF Trust and Invesco QQQ ETF saw pre-market gains. Concerns linger over rate hikes, geopolitical tensions, and mixed earnings impacting sentiment. Analysts highlight the importance of upcoming tech earnings and inflation data, with any disappointments potentially pushing the market further into oversold territory. Tesla's pre-market drop follows price cuts, while other notable companies are also reporting earnings.

Portfolio Pulse from Shanthi Rexaline

April 22, 2024 | 10:45 am

GIB

CGI (NYSE:GIB) has been selected by Los Angeles County for a 10-year project to modernize its core systems including financial, budget, inventory, payroll, and HR through CGI Advantage®. This partnership aims to enhance efficiency, improve user experience, and support strategic IT goals such as empowering the workforce, enabling data-driven decisions, and increasing service delivery mobility.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 10:34 am

HMC

Canada is close to finalizing a deal with Honda Motor Co. (NYSE:HMC) to manufacture electric vehicles (EVs) and components in Ontario, involving the construction of new facilities with government subsidies. This move is part of Canada's efforts to attract EV sector investments and positions Ontario as a key hub for Honda's North American EV manufacturing. The deal includes investment tax credits and is expected to be announced within a week.

Portfolio Pulse from Shivani Kumaresan

April 22, 2024 | 10:28 am

KBR

KBR has been awarded a contract by SABIC Fujian Petrochemicals to license its leading phenol technology for a new 250 KTA phenol plant in China. The contract includes technology licensing and proprietary engineering design for the plant at SABIC's Fujian Petrochemical Complex.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 10:17 am

GK

TSLA

Tesla, Inc. (NASDAQ:TSLA) reduced the price of its Full Self-Driving (FSD) software to $8,000 from $12,000 and lowered the monthly subscription from $199 to $99. Ross Gerber, CEO of Gerber Kawasaki, criticized the outright purchase option as financially imprudent compared to the subscription model. Despite his recent criticisms of Tesla's management, the company continues to focus on FSD as a high-margin, recurring revenue source. Tesla's stock fell 2.83% in premarket trading following these developments.

Portfolio Pulse from Shanthi Rexaline

April 22, 2024 | 10:01 am

BYDDY

TSLA

BYD Co, backed by Warren Buffett, announced its electric pickup truck named BYD Shark, featuring a plug-in hybrid system. This marks BYD's entry into the electric pickup market, competing with Tesla's Cybertruck. The Shark is set to launch this year, targeting the global market without specific plans for the U.S., where Tesla has begun Cybertruck deliveries. Despite BYD overtaking Tesla in EV sales volume in the last quarter of 2023, the two companies' trucks differ in fuel technology and market focus.

Portfolio Pulse from Anan Ashraf

April 22, 2024 | 9:41 am

MSFT

Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and a $455 price target for Microsoft Corp. (NASDAQ:MSFT), ahead of its fiscal third-quarter earnings. Bracelin is bullish on Microsoft, citing its potential in AI and expects Azure's revenue growth rate to approach 30%, with an annualized revenue run rate potentially hitting $76 billion. Despite high capex and finance lease costs, the analyst sees robust capex as necessary for AI and cloud adoption. The analyst is neutral on M365 Copilot but expects healthy contract momentum. Microsoft's AI sales, currently at 2%, could grow to 10%+ within 3-5 years.

Portfolio Pulse from Shanthi Rexaline

April 22, 2024 | 8:41 am

TSLA

Tesla Inc has reduced the price of its Full Self-Driving (FSD) software to $8,000, a 33% cut from the previous $12,000, and nearly 50% down from the $15,000 price less than a year ago when CEO Elon Musk deemed it 'very low'. This follows a reduction in the monthly subscription fee from $199 to $99, aiming to increase the software's take rate by having more vehicles equipped with it on the roads. As of March 2024, FSD is deployed on about 2 million vehicles in the U.S., with Tesla's cars having driven one billion miles using FSD, up from less than 800 million at the end of 2023.

Portfolio Pulse from Anan Ashraf

April 22, 2024 | 8:12 am

SUUN

SolarBank Corporation (NASDAQ:SUUN) has signed lease agreements for five sites in Orleans County, New York, totaling 94 acres for the development of a 30 MW DC solar power project. These projects are expected to qualify for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 7:48 am

LI

TSLA

Tesla has resumed its price-cutting strategy in China, prompting domestic EV maker Li Auto to reduce prices on its entire lineup, excluding the new Li L6, by up to $4,000. This move by Li Auto, which includes refunds to recent customers, follows Tesla's price reductions on its China-made and imported models. The price war initiated by Tesla's cuts has led to a decrease in Li Auto's stock price by over 9% in both Hong Kong and U.S. markets, reflecting the competitive pressure and potential margin squeeze on EV manufacturers.

Portfolio Pulse from Shanthi Rexaline

April 22, 2024 | 7:25 am