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President Biden's administration announced new commitments to boost the electric vehicle sector, including guidelines for federal employees to prioritize electric vehicles for official travel. Hertz Global Holdings Inc (HTZ) plans to increase electric vehicle rentals, Lyft Inc (LYFT) offers a 'Green Mode' for eco-friendly rides, and Uber Technologies (UBER) expands its 'Green Curb at Airports' program. Tesla Inc (TSLA) could benefit from the push for electric vehicles and is working to improve charging infrastructure.

Portfolio Pulse from Chris Katje

December 18, 2023 | 5:44 pm

TCEHY

Tencent Holding Ltd has shut down its U.S. video game studio Team Kaiju, which was part of its strategy to expand into the Western gaming market. The closure happened in June, with staff reassigned to other Tencent games. The studio, led by Scott Warner, was developing a high-budget multiplayer game. Warner left the studio in April. Tencent continues to focus on international markets with other projects like 'The Last Sentinel' at Lightspeed LA studio.

Portfolio Pulse from Anusuya Lahiri

December 18, 2023 | 5:37 pm

ALLK

Allakos Inc (NASDAQ:ALLK) shares rose after William Blair analyst Tim Lugo upgraded the company to Outperform, citing a 'strong chance' of efficacy in upcoming study results for lirentelimab in atopic dermatitis and chronic spontaneous urticaria. Lugo highlighted the significant upside potential if the studies prove successful, especially given Allakos's current low enterprise value compared to Celldex, which has a much higher valuation after positive Phase II data in CSU.

Portfolio Pulse from Priya Nigam

December 18, 2023 | 5:34 pm

SNES

SenesTech shares have risen following the announcement of a Distribution Agreement with Fruit Tree Limited, which includes an initial order for Evolve Soft Bait in Hong Kong and Macau.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:32 pm

AMD

INTC

NVDA

Goldman Sachs analyst Toshiya Hari has maintained a Buy rating on Advanced Micro Devices Inc (AMD) and increased the price target from $137 to $157. The upgrade is based on higher revenue and EPS estimates for 2024 and 2025, reflecting broad-based adoption of AMD's MI300 Data Center GPU. Hari also sees potential benefits for Nvidia, Arm Holdings, Broadcom, Marvell Technology, Credo Technology, Micron Technology, and Intel from data center AI infrastructure build-out and PC volume growth. AMD's stock traded slightly lower at $138.56.

Portfolio Pulse from Anusuya Lahiri

December 18, 2023 | 5:29 pm

NVO

The Novo Nordisk Foundation has committed 1.8 billion Danish crowns ($265 million) to develop vaccines for respiratory diseases, funded by profits from Novo Nordisk's Wegovy. The initiative will focus on diseases like tuberculosis and influenza. Novo Nordisk, while successful with Wegovy, has faced criticism over its pricing and distribution strategies. The foundation's returns are expected to reach over $12.5 billion by 2026. NVO shares rose 1.75% to $98.80.

Portfolio Pulse from Vandana Singh

December 18, 2023 | 5:23 pm

VRDN

Viridian Therapeutics' stock is up following the announcement of VRDN-003 as the lead subcutaneous program for thyroid eye disease, based on positive Phase 1 study results.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:08 pm

ARGX

Stifel has reaffirmed its Buy rating on argenx (NASDAQ:ARGX) and increased its price target from $557.00 to $560.00. Despite the positive outlook, argenx shares have fallen 1.05% in the last 24 hours to $458.16. The new price target suggests a potential upside of 22.23%. Argenx specializes in antibody engineering for rare autoimmune diseases, with its drug Vyvgart approved in the U.S., Europe, and Japan.

Portfolio Pulse from Benzinga Insights

December 18, 2023 | 5:00 pm

DASH

DOCU

FIVN

MSFT

NFLX

PTON

ROKU

TDOC

Zoom Video Communications Inc (ZM) is being removed from the Nasdaq 100 index due to its lagging stock performance, with only a 5.7% rise in 2023. The company's growth has slowed post-pandemic, facing competition from Microsoft Corp's (MSFT) Teams. Other companies like Peloton (PTON), Teladoc Health (TDOC), and DocuSign (DOCU) have also seen declines. Zoom is diversifying its offerings and considering acquisitions, such as Five9 Inc (FIVN), for growth. In contrast, Roku (ROKU), Netflix (NFLX), and DoorDash (DASH) have made substantial gains, with DASH joining the Nasdaq 100.

Portfolio Pulse from Anusuya Lahiri

December 18, 2023 | 4:50 pm

LNTH

PNT

Lantheus Holdings Inc (LNTH) and POINT Biopharma Global Inc (PNT) reported positive Phase 3 SPLASH trial results for 177Lu-PNT2002 in treating metastatic castration-resistant prostate cancer. The trial met its primary endpoint, showing a significant reduction in the risk of radiographic progression or death. Despite favorable safety profiles and efficacy, LNTH and PNT stocks are trading lower, with LNTH down 23.05% and PNT down 11.13%.

Portfolio Pulse from Vandana Singh

December 18, 2023 | 4:47 pm