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FTXG

HSY

NVO

PEP

WMT

Food and beverage stocks have experienced significant declines, with the First Trust Nasdaq Food & Beverage ETF (FTXG) falling over 5% this week. This is attributed to concerns over weight-loss drugs like Ozempic and Wegovy, manufactured by Novo Nordisk (NVO), which could alter consumption patterns and reduce demand for high-calorie foods and beverages. Walmart (WMT) reported a decline in shopping demand due to these drugs. Bank of America analysts suggest that the highest risk of reduced consumption pertains to alcohol, snacking, non-alcoholic beverages, and weight management products. Several food stocks, including The Hershey Company (HSY), PepsiCo (PEP), and The Coca-Cola Company (KO), are trading lower this week.

Portfolio Pulse from Piero Cingari

October 06, 2023 | 8:01 pm

AAPL

GOOG

GOOGL

Citi analyst Atif Malik has highlighted the implications of Google's Pixel 8 on Apple's iPhone. Google's Pixel 8 series, powered by the new Tensor G3, includes major upgrades such as a 50MP primary camera, a brighter display, and AI software features. Despite the Pixel's market share of less than 1%, the analyst believes that Google's use of AI features could prompt Apple to introduce its own suite of ML/AI software features sooner.

Portfolio Pulse from Anusuya Lahiri

October 06, 2023 | 7:48 pm

BTCUSD

HOOD

Venture capitalist Tim Draper discussed his views on artificial intelligence, Bitcoin, and his best investment returns in an interview. He expressed excitement about the potential of AI, particularly in education, and mentioned his investment in Otter.ai. Draper reiterated his belief that Bitcoin will reach $250,000, though he has adjusted his timeline for this prediction. He also highlighted the benefits of Bitcoin's decentralization and expects its adoption to increase. Draper's best investment return was from Robinhood Markets Inc, with a return of over 1000x.

Portfolio Pulse from Chris Katje

October 06, 2023 | 7:00 pm

ADBE

BMO Capital Markets analyst Keith Bachman reiterated an Outperform rating on Adobe Inc. (NASDAQ:ADBE) with a price target of $645. Bachman believes Adobe's Creative Cloud's competitive differentiation and growth opportunities, aided by generative AI capabilities, will be the focus at the upcoming MAX conference. He also expects discussions on Document Cloud and Experience Cloud, highlighting future growth opportunities. Bachman sees Adobe's FY23 Adjusted EPS at $15.91 with revenues of $19.361 billion, and FY24 Adjusted EPS at $17.67 with revenues of $21.482 billion.

Portfolio Pulse from Nabaparna Bhattacharya

October 06, 2023 | 6:41 pm

The President of the United Auto Workers (UAW) has announced that General Motors (GM) has agreed to include electric vehicle (EV) battery plants under the master contract. This information was cited from a live stream by Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 6:18 pm

AMZN

Amazon has launched its first test satellites for the Kuiper Internet Network from Florida on a United Launch Alliance rocket, according to a Reuters live stream.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 6:14 pm

IMGN

STRO

Oppenheimer analysts have initiated coverage on Sutro Biopharma Inc (STRO) with an Outperform rating and a price target of $10, indicating a potential upside of around 200%. The analysts view Sutro as a unique clinical-stage company pioneering the development of next-generation antibody-drug conjugates (ADCs). The company's lead asset, luveltamab tazivibulin (luvelta), is a promising ADC for platinum-resistant ovarian cancer (PROC), potentially gaining a competitive edge over ImmunoGen Inc's (IMGN) Elahere.

Portfolio Pulse from Vandana Singh

October 06, 2023 | 6:05 pm

CYTK

Cytokinetics, Incorporated (NASDAQ:CYTK) has presented the baseline characteristics of patients randomized in SEQUOIA-HCM, the pivotal Phase 3 clinical trial of aficamten in patients with symptomatic obstructive hypertrophic cardiomyopathy (HCM). The trial enrolled a total of 282 patients, with one third from the United States, one half from Europe and Israel, and the remainder from China. The company looks forward to announcing topline results from SEQUOIA-HCM by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 4:49 pm

AMZN

GOOG

MSFT

NVDA

Nvidia Corp's stock is trading higher as the U.S. prepares to implement another round of semiconductor technology sanctions on China. Many U.S. chip firms, including Nvidia, generate over 20% of their revenue from China. Nvidia and other chipmakers are urging the U.S. government to soften its China policy. Nvidia's revenue in the data center segment has soared from $339 million in fiscal 2016 to over $15 billion last year, bolstered by the launch of OpenAI’s AI chatbot ChatGPT. Nvidia GPUs are extensively used in AI and data centers of tech giants like Alphabet Inc, Microsoft Corp, and Amazon.Com, Inc.

Portfolio Pulse from Anusuya Lahiri

October 06, 2023 | 4:42 pm

NTDOY

Nintendo ADR (OTC:NTDOY) and Lego have announced a new Animal Crossing-themed Lego set, building on their existing partnership. The set, which is expected to include at least eight minifigures and elements like fruit trees and flowers, marks the first-ever Animal Crossing Lego set. A release date for Animal Crossing is expected for March 2024, but neither Nintendo nor Lego has confirmed.

Portfolio Pulse from Franca Quarneti

October 06, 2023 | 4:37 pm