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Amazon (AMZN) has hired Jeremy Helfand, a former Disney (DIS) and Hulu executive, as the new Vice President and Head of Advertising for Prime Video. Amazon plans to introduce an ad-supported tier on Prime Video, expanding its advertising revenue which grew by 21% to $9.5 billion in Q1. Helfand's experience with innovative ad formats at Hulu and Disney, such as 'pause ads', will be instrumental in Amazon's strategy. Other companies like Comcast (CMCSA) and Netflix (NFLX) have also hired experienced ad executives, indicating a trend in the streaming industry.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 7:50 pm

ALLO

Allogene Therapeutics Inc (NASDAQ:ALLO) is shifting focus in its clinical trials, deprioritizing the ALPHA2 and EXPAND trials for cema-cel and instead pursuing the ALPHA3 trial for LBCL patients. The company is also starting a new cohort for CLL patients and expanding into autoimmune diseases with ALLO-329. A partnership with Foresight Diagnostics for an MRD IVD is announced. Allogene's cash is expected to last into 2026. William Blair maintains an Outperform rating despite a 15.49% drop in ALLO shares.

Portfolio Pulse from Vandana Singh

January 05, 2024 | 7:32 pm

SNOW

Snowflake Inc (NYSE:SNOW) stock is trading higher after RBC Capital analyst Matthew Hedberg initiated coverage with an Outperform rating and a $230 price target. Hedberg is optimistic about Snowflake's long-term growth, citing improving cloud optimization trends, rapid adoption of Snowpark, and potential with new GenAI offerings. He believes Snowflake is well-positioned for cross-selling into ML and GenAI use cases and expects a more material impact on results in CY25 and beyond. The analyst also views management as best-in-class and projects Q4 revenue and EPS slightly above consensus.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 7:10 pm

BTCUSD

Crypto derivatives exchange BitMEX is sending a physical Bitcoin to the Moon aboard a spacecraft launching from Cape Canaveral on Jan. 8. This marks the first financial asset to be sent to the Moon and the first Western soft lunar landing since 1972. The Bitcoin will travel on the ULA Vulcan rocket, integrated onto the Peregrine-1 lunar lander, and will remain on the Moon after landing on Feb. 23, 2024. BitMEX's CEO and co-founder see this as a step towards integrating cryptocurrency with space exploration.

Portfolio Pulse from Murtuza Merchant

January 05, 2024 | 7:04 pm

NEM

Benzinga's options scanner revealed significant bullish options activity on Newmont (NYSE:NEM), with 55% bullish sentiment among 9 trades. The options indicate a targeted price range of $30.0 to $42.5. Newmont, the world's largest gold miner, recently acquired Newcrest and is expected to produce 7.3 million ounces of gold in 2023. The stock is slightly up with a potential overbought RSI indicator, and UBS maintains a Neutral rating with a $40 target price.

Portfolio Pulse from Benzinga Insights

January 05, 2024 | 7:01 pm

CHGG

The Bear Cave released a report suggesting Chegg, Inc. (NYSE:CHGG) is facing significant challenges from AI-powered homework helpers, potentially leading to its downfall. Chegg's stock has already dropped nearly 60% over the past year. The company's CEO acknowledged the impact of AI competitors like ChatGPT, and Chegg is pivoting to focus on its own AI chatbot, CheggMate. Additionally, Chegg has been criticized for its cancellation process, leading to poor customer reviews and complaints.

Portfolio Pulse from Erica Kollmann

January 05, 2024 | 7:00 pm

PCVX

PHAT

Needham analyst Joseph Stringer has reiterated a Buy rating on Phathom Pharmaceuticals (NASDAQ:PHAT), raising the price target to $26 from $23 and adding it to the Needham Conviction List. Phathom's stock is expected to perform strongly in 2024 due to the launch of Voquezna in Erosive GERD and its anticipated approval and launch in Non-Erosive GERD (NERD). The analyst projects $55.6 million in Voquezna sales for 2024, which is above the consensus estimate of $46 million. Voquezna is seen as a potential best-in-class acid blocker with significant peak sales potential in various indications. Phathom's cash runway is expected to last through 2026, covering multiple value-driving events. PHAT shares recently traded slightly lower at $8.98.

Portfolio Pulse from Nabaparna Bhattacharya

January 05, 2024 | 6:52 pm

IMCR

H.C. Wainwright analyst Patrick R. Trucchio has reiterated a Buy rating on Immunocore Holdings Plc (NASDAQ:IMCR) with a price target of $90. Immunocore announced upcoming data readouts and expanded its pipeline to include autoimmune diseases. The company has one approved drug, KIMMTRAK, and a broad pipeline in various stages of development. Immunocore is also expanding KIMMTRAK's access globally. The company reported a preliminary cash balance of $443 million as of 4Q23, which is expected to support ongoing initiatives. IMCR shares dropped by 4.92% to $66.25.

Portfolio Pulse from Nabaparna Bhattacharya

January 05, 2024 | 6:47 pm

DPZ

MCD

PZZA

QSR

YUM

Oppenheimer analyst Brian Bittner has provided his top picks for 2024 in the quick service restaurant sector, upgrading Yum! Brands (YUM) to Outperform with a $154 price target (PT) and highlighting its digital sales growth and diversified business model. McDonald's (MCD) was downgraded to Perform due to a lack of identifiable catalysts for 2024. Papa John's (PZZA) was also downgraded to Perform, with the analyst expecting lower FY24 EPS than consensus. Domino's Pizza (DPZ) is a top pick with an Outperform rating and a $470 PT, expected to outperform due to a revival story and new partnerships. Restaurant Brands International (QSR) maintains an Outperform rating and an $89 PT, with anticipated EPS growth. Sweetgreen (SG) is rated Outperform with a $15 PT, as the analyst sees a transition to sustainable EBITDA profitability starting in 2024.

Portfolio Pulse from Shivani Kumaresan

January 05, 2024 | 6:25 pm

AAPL

ADBE

AMZN

GOOGL

INTC

MDB

MNDY

MSFT

NVDA

Ivan Feinseth of Tigress Financial predicts AI will be the next goldrush, with every company needing to deploy AI for various business efficiencies. He quotes Tom Siebel of C3.ai, a company Feinseth invests in. Feinseth holds stocks in 'hyperscalers' like Amazon, Alphabet, and Microsoft, as well as smaller companies like MongoDB, Monday.Com, and C3.ai. He doesn't see AI as a job threat but as a tool for increased efficiency and creativity. Feinseth also sees growth potential in Intel due to its investment in new foundries and interest from companies like Apple and Nvidia.

Portfolio Pulse from Neil Dennis

January 05, 2024 | 6:14 pm