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NKLA

Nikola Corp expects its annual cash usage to decrease to under $400M by 2024, as it reorganizes its workforce around new areas of focus and eliminates non-essential spending. The Q3 launch of its hydrogen fuel cell electric truck remains on schedule.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 8:06 pm

ADBE

ADM

CAVA

The S&P 500 gained this week as the Fed paused interest rate hikes for the first time in 15 months. AMD disappointed with its AI chip launch, while Adobe beat all expectations. Cava debuted on the NYSE, raising $318 million in one of the year's largest IPOs.

Portfolio Pulse from Natan Ponieman

June 16, 2023 | 8:01 pm

MSFT

Microsoft has stopped developing first-party games for the Xbox One console, focusing on next-gen gaming. However, the company will continue to provide updates and content for existing Xbox One games, and Xbox Series X/S games can be played on Xbox One through streaming.

Portfolio Pulse from Franca Quarneti

June 16, 2023 | 7:57 pm

TTWO

Dan Houser, co-founder of Take-Two Interactive Software's Rockstar Games, has launched a new company called Absurd Ventures. The studio will focus on creating narrative worlds, characters, and stories for various genres and mediums, including video games, live-action, animation, books, graphic novels, and scripted podcasts.

Portfolio Pulse from Franca Quarneti

June 16, 2023 | 7:52 pm

META

Users are reporting issues with Facebook and Instagram, according to Downdetector. This may affect user experience and engagement on the platforms.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 7:03 pm

HCM

HUTCHMED and Takeda announced the publication of positive Phase III FRESCO-2 results in The Lancet, showing fruquintinib reduced the risk of death by 34% in previously treated metastatic colorectal cancer.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 6:59 pm

RCEL

AVITA Medical has received FDA approval for its RECELL System for the treatment of vitiligo, making it the first FDA-approved therapeutic device offering a one-time treatment at the point-of-care. The approval significantly expands the clinical applications for RECELL.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 6:48 pm

INMD

LLY

NVO

Chris Camillo, host of DumbMoney.tv, discussed how he predicts social changes to drive investment decisions. He mentioned the shifting beauty standards driving weight loss and cosmetic stocks higher, with companies like Novo Nordisk, Eli Lilly, and Inmode benefiting from the trend.

Portfolio Pulse from Aaron Bry

June 16, 2023 | 6:31 pm

TYL

Needham analyst Joshua Reilly reiterated a Buy rating on Tyler Technologies (NYSE: TYL) with a price target of $475. He remains confident in the company's $1 billion free cash flow target by 2030, driven by gross margin improvement as the Cloud transition accelerates. The growth strategy is based on four pillars, and the company plans to shut down Texas and Maine data centers by 2023 and 2024, respectively.

Portfolio Pulse from Nabaparna Bhattacharya

June 16, 2023 | 6:12 pm

ALLO

Allogene Therapeutics presented updated data from Phase 1 ALPHA/ALPHA2 trials of ALLO-501/501A for large B-cell lymphoma treatment, showing promising results. Analysts from William Blair and Canaccord Genuity see potential for first-in-class status and continued efficacy improvement.

Portfolio Pulse from Vandana Singh

June 16, 2023 | 6:02 pm