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TM

Toyota Motor Corp (NYSE: TM) is partially suspending production at its Tianjin plant in China due to slowing sales and intense competition in the Chinese automobile market. The company is adjusting production to match the declining demand for gasoline-engine cars. Toyota's global sales, including the Lexus brand, have been solid except for China, which accounts for nearly 20% of its sales. The top three bestselling models in China were all electric vehicles, indicating a shift in consumer preference.

Portfolio Pulse from Shivani Kumaresan

December 01, 2023 | 1:46 pm

NVTS

Navitas Semiconductor (NASDAQ:NVTS) is showcasing its GaNFast gallium nitride and GeneSiC silicon carbide power semiconductors at the 'Bodo's WBG Event' in Munich. As a leader in wide bandgap (WBG) semiconductors, Navitas has shipped over 100 million GaN and 12 million SiC power devices. The company will present its latest technologies aimed at markets such as EV, solar, energy storage, and AI data centers. The event features discussions on the adoption of SiC and GaN materials, and presentations on the advantages of Navitas' power ICs and GeneSiC MOSFETs.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 1:32 pm

IDAI

Trust Stamp (NASDAQ:IDAI) reports that 40 financial institutions are now integrating its AI-Powered Orchestration Platform, with 18 new institutions starting since January 2023. The platform is designed to combat fraud while protecting customer data and privacy. Trust Stamp's President, Andrew Gowasack, expresses optimism for the company's growth and anticipates significant revenue from long-term usage starting in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 1:31 pm

WGS

GeneDx (NASDAQ:WGS) announced new data supporting exome sequencing over multi-gene panels for epilepsy diagnosis, to be presented at the AES annual meeting. The study of 22,500 individuals showed a 25% diagnosis rate with exome sequencing, higher than the 19% with multi-gene panels. 78% of those diagnosed had prior testing, indicating exome sequencing's superior diagnostic ability. Over half of seizure-related genes are not on many epilepsy panels. 11% of positive diagnoses from exome sequencing involved treatment-related genes. GeneDx will also present data on better insurance coverage for exome sequencing. The NSGC and AES recommend exome sequencing as a first-tier test for unexplained epilepsy. GeneDx will host a symposium at the conference discussing the benefits of exome sequencing for epilepsy patients.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 1:31 pm

LGND

Palvella Therapeutics and Ligand Pharmaceuticals (NASDAQ:LGND) have expanded their strategic partnership to accelerate Phase 3 development of QTORIN rapamycin for Microcystic Lymphatic Malformations (Microcystic LMs). Palvella received a $5 million upfront payment from Ligand, which also increased its tiered royalty on worldwide sales of QTORIN rapamycin to 8.0–9.8%. Ligand has an option to acquire a single-digit royalty on future topical products from Palvella's QTORIN platform. QTORIN rapamycin has potential to be the first FDA-approved therapy for Microcystic LMs, with over 30,000 diagnosed patients in the U.S. The FDA granted Breakthrough Therapy Designation to the drug in November 2023.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 1:23 pm

CLMT

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) has announced that its Montana Renewables, LLC renewable diesel facility is back to full operations after completing the replacement of a cracked steam drum and other maintenance activities. The facility is now processing over 12,000 barrels per day of renewable feedstock, with no planned turnarounds for 2024, and will use the inventory built during the maintenance period over the next three months.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 1:04 pm

LI

NIO

XPEV

Li Auto Inc. reported a 172.9% year-over-year increase in vehicle deliveries for November 2023, with 41,030 vehicles delivered, surpassing its 2023 target ahead of schedule. XPeng Inc. and NIO Inc. also reported increases in their November deliveries by 245% and 12.6% year-over-year, respectively. Li Auto aims for a 50,000 monthly delivery target in December and plans to roll out AD Max 3.0 for autonomous and assisted driving functions. Li Auto's stock price rose 2.19% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 01, 2023 | 12:58 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) shares dropped in premarket trading following the Cybertruck delivery event. Analysts, including Gene Munster from Deepwater Asset Management, believe the Cybertruck is priced higher than expected, with the top model at $99,990. Analysts also agree that the Cybertruck is unlikely to significantly impact Tesla's financials in 2024 or 2025. The stock is also affected by broader selling in mega-cap stocks. TSLA closed down 1.66% on Thursday and fell another 1.99% in premarket trading on Friday.

Portfolio Pulse from Shanthi Rexaline

December 01, 2023 | 12:52 pm

GOOG

QCOM

OnePlus is set to release the OnePlus 12 with a BOE X1 OLED display reaching 4,500 nits, nearly twice as bright as Google's Pixel 8 Pro. The phone will also feature Qualcomm's Snapdragon 8 Gen 3 chip, up to 24GB RAM, 1TB storage, and a 3x periscope camera. The OnePlus 12 will be unveiled on December 5 and will be available globally after its initial release in China.

Portfolio Pulse from Benzinga Neuro

December 01, 2023 | 12:47 pm

AAPL

GOOG

GOOGL

MSFT

Microsoft Corp. (MSFT) is planning to launch its own Xbox mobile gaming store to compete with Apple (AAPL) and Google (GOOG, GOOGL). The move follows the completion of the $69 billion Activision Blizzard acquisition. Microsoft Gaming CEO Phil Spencer is in talks with partners to launch the store, potentially in 2024, to offer more choices for game monetization on mobile devices. The European Union's Digital Markets Act, which scrutinizes app store practices and may force Apple to allow sideloading apps, could provide an opportunity for Microsoft's mobile gaming ambitions.

Portfolio Pulse from Rounak Jain

December 01, 2023 | 12:39 pm