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SMCI

Super Micro Computer shares are trading higher due to the ongoing momentum driven by artificial intelligence (AI).

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 6:54 pm

MRK

SMMT

Stifel initiated coverage on Summit Therapeutics (SMMT) with a Buy rating and a price target of $8, highlighting ivonescimab's potential in lung cancer treatment. Ivonescimab, in phase 3 trials, could challenge Merck's (MRK) Keytruda. Akeso out-licensed ivonescimab to Summit for up to $5 billion. Positive phase 1/2 data and strategic trial designs boost confidence in ivonescimab's success. SMMT shares rose 13.7% to $3.73.

Portfolio Pulse from Vandana Singh

March 26, 2024 | 6:36 pm

VERI

Veritone shares are trading higher following the company's announcement of Ask Veri.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 6:35 pm

TCEHY

Tencent Holdings ADR (OTC:TCEHY) is leveraging the success of Palworld by developing mobile games with similar open-world and pet companionship elements through its studios, Timi and Lightspeed. This move aims to rejuvenate Tencent's core business amidst a 2% dip in gaming revenue and increased competition. The strategy includes shifting resources, hiring new talent, and focusing on rapid development and monetization to capture a global gaming audience.

Portfolio Pulse from Franca Quarneti

March 26, 2024 | 6:26 pm

MKC

STX

TNDM

TSLA

UPS

VKTX

Wall Street is poised to end a two-day losing streak with major indices showing modest gains. The S&P 500, Dow Jones, Nasdaq 100, and Russell 2000 all saw increases, while the VIX index's decline indicates low market volatility. Economic data revealed a 1.4% rise in durable goods orders, exceeding expectations. Sector performance was mixed, with retail stocks leading gains. Notable stock movements include Tesla's rise after Italy's interest in electric truck production, UPS's decline following CEO remarks, and McCormick's surge on strong earnings. Other significant movers were Seagate Technology, Tandem Diabetes Care, and Viking Therapeutics. GameStop, nCino, and Progress Software are set to report earnings.

Portfolio Pulse from Piero Cingari

March 26, 2024 | 6:08 pm

BHVN

LLY

NVO

Biohaven (NYSE:BHVN) is developing an obesity drug, taldefgrobep alfa, targeting myostatin to prevent muscle loss while aiding weight loss, differentiating from Novo Nordisk (NYSE:NVO) and Eli Lilly (NYSE:LLY)'s GLP-1 drugs. Preclinical data shows promising results, with a Phase 2 trial expected in Q2 2024. Eli Lilly's acquisition of Versanis Bio introduces a competing myostatin inhibitor, bimagrumab. BHVN shares rose 3.84% to $57.35.

Portfolio Pulse from Vandana Singh

March 26, 2024 | 5:48 pm

AXSUSD

BTCUSD

SUSHIUSD

ZCXUSD

Crypto analyst Capo warns investors to be cautious as Bitcoin (BTC) approaches a critical liquidity zone between $74,000 and $75,000, citing concerns over diminishing volume and a potential front-run scenario. Despite the price rally, the lack of volume support and increasing funding rates suggest the market's optimism may be driven by speculative futures trading. Capo also highlights the risk of a broader market downturn, potentially affecting altcoins like Unizen (ZCX), SushiSwap (SUSHI), and Axie Infinity (AXS), advising restraint in market exposure.

Portfolio Pulse from Murtuza Merchant

March 26, 2024 | 5:46 pm

BYDDY

NIO

TSLA

VWAGY

XPEV

BYD Company Limited (OTC:BYDDY) reported its slowest quarterly profit growth in two years for Q4 2023, despite overtaking Tesla Inc (NASDAQ:TSLA) as the top EV maker in the last quarter. BYD's revenue rose 15.1% to 180.04 billion yuan, with a net income of 8.67 billion yuan. The full year saw an 80.7% increase in net profit to 30.04 billion yuan. BYD is expanding globally and into the premium market, while Tesla continues to adjust its pricing strategy and faces criticism over its electric pickups.

Portfolio Pulse from Upwallstreet

March 26, 2024 | 5:22 pm

BlackBerry Limited (NYSE:BB) shares are up due to the opening of a Cybersecurity Center of Excellence in Kuala Lumpur, officiated by notable figures including the Prime Minister of Malaysia. The center aims to combat cyber threats in the Indo-Pacific and address Malaysia's cybersecurity professional shortage with training and certifications. This move comes amidst BlackBerry's recent partnership with the SANS Institute and plans to reduce positions within its cybersecurity business for annual savings. Despite a year-over-year stock decline of over 30%, BlackBerry beat Q3 revenue expectations and is set to report Q4 results soon.

Portfolio Pulse from Nabaparna Bhattacharya

March 26, 2024 | 5:10 pm

TSLA

VCR

Bernstein analyst Toni Sacconaghi downgraded Tesla Inc (TSLA) with an Underperform rating and reduced the price target from $150 to $120, citing bearish sentiment, weakened demand in Europe and China, decelerated EV adoption, and production delays. The analyst lowered production and delivery estimates, as well as the GAAP EPS forecast, indicating challenges in ramping up the Highland Model 3 production and a need for a refresh to boost demand. Despite Tesla's valuation remaining high compared to traditional auto manufacturers and large-cap tech companies, concerns about its premium pricing and sustainability of its high valuation were raised. Tesla's stock has declined 31% year-to-date, but it traded higher by 4.29% at $180.10 recently. Exposure to Tesla's stock can also be gained through Tidal ETF Trust II The Meet Kevin Pricing Power ETF (PP) and Vanguard Consumer Discretion ETF (VCR).

Portfolio Pulse from Anusuya Lahiri

March 26, 2024 | 5:04 pm