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IVV

SPXL

SPY

UPRO

VOO

The S&P 500 experienced its second-best November since 1980, rallying 8.9%. ETFs tracking the index, such as SPY, IVV, and VOO, mirrored these gains. Factors contributing to the rally included declining bond yields, solid earnings, expectations of Fed policy easing, and seasonal trends. Leveraged ETFs like SPXL and UPRO saw even greater returns, around 25%. Market optimism is high, with expectations of continued gains over the next six months, supported by technical analysis showing the SPY ETF moving above its 200-day SMA.

Portfolio Pulse from Surbhi Jain

December 04, 2023 | 1:57 pm

SWX

Southwest Gas Holdings, Inc. (NYSE:SWX) announced plans to pursue an IPO of Centuri Holdings in spring/summer 2024. The IPO aims to separate Centuri as an independent utility infrastructure services company, maximizing value for Southwest Gas shareholders. The IPO is subject to market conditions, SEC review, and Board approval. Proceeds will repay Centuri's debt, enhancing financial flexibility. Southwest Gas may reduce its Centuri ownership post-IPO through market sales or exchange offers, and has a $932.8 million NOL carryforward to offset potential taxable gains.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:38 pm

IKT

Inhibikase Therapeutics announced that the FDA has granted a pre-NDA meeting scheduled for January 2024 to discuss the requirements for the approval of IkT-001Pro.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:37 pm

CRMD

CorMedix Inc. (NASDAQ: CRMD), a biopharmaceutical company, has joined The Leapfrog Group's Partners Advisory Committee to advocate for patient safety and infection prevention. CorMedix's CEO emphasized the importance of reducing healthcare-associated infections, highlighting the company's FDA-approved DefenCath, which reduces CRBSIs by up to 71%. DefenCath is the first FDA-approved antimicrobial catheter lock solution in the U.S. for patients with kidney failure receiving hemodialysis through a central venous catheter.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:36 pm

NVDA

TSM

Nvidia Corp (NVDA) stock experienced some volatility due to reports of its specialized AI chip for China, the HGX H20, underperforming with only about 20% of the computing power of its H100 chip. Despite this, Nvidia's CEO Jensen Huang committed to meeting Japan's high demand for AI processors during his visit to Tokyo, where he met with Prime Minister Fumio Kishida. Japan has allocated approximately 2 trillion yen for chip investments, which may benefit Taiwan Semiconductor Manufacturing Company (TSM) and the new chip foundry venture Rapidus. Nvidia's stock has risen 227% year-to-date, fueled by the AI boom, but traded 1.10% lower at $462.50 on Monday.

Portfolio Pulse from Anusuya Lahiri

December 04, 2023 | 1:34 pm

ATR

AptarGroup, Inc. (NYSE:ATR) has been awarded a contract by the U.S. FDA to study the development of low Global Warming Potential propellants for metered dose inhalers (MDIs). The contract, including optional items, is valued at up to $6 million. Aptar will leverage its R&D center and respiratory team to provide the FDA with information on formulation, manufacturing, and device design for low-GWP propellant MDIs. The study aims to support FDA's regulatory framework for evaluating and approving these MDIs, with results to be reviewed and potentially published.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:31 pm

CX

Cemex, a global building materials company, has surpassed 1,000 heavy-duty trucks powered by lower-carbon fuels, aligning with its Future in Action program aimed at net-zero CO2 emissions by 2050. The company has reduced CO2 emissions by 5% from its fleet and aims to cut third-party transport emissions by 30% by 2030. Cemex unveiled the first fully electric ready-mix truck in the Middle East at COP28 and is collaborating with partners to develop zero-emission vehicles. Renewable diesel and natural gas, which reduce carbon footprint significantly compared to regular diesel, are part of Cemex's transition strategy.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:23 pm

RCM

R1 RCM Inc. (NASDAQ:RCM) has completed the restatement of its previously issued financial statements for 2022, 2021, and the first two quarters of 2023. The restatement had no material impact on revenue or Adjusted EBITDA for 2022 and 2021, no impact on the first three quarters of 2023 results, and no effect on R1's cash, business operations, or 2023 outlook.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:18 pm

ITRM

Iterum Therapeutics has regained compliance with the Nasdaq minimum bid price requirement, ensuring its continued listing on the exchange. The company's stock had previously been at risk of delisting due to a bid price that fell below the $1.00 minimum threshold. By meeting this requirement, Iterum Therapeutics avoids potential delisting and the associated negative consequences for its stock's liquidity and investor perception.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:13 pm

VINE

Fresh Vine Wine Inc. (VINE) has announced a non-binding letter of intent to merge with Notes Live, Inc., a live entertainment and hospitality company. The definitive agreement is expected by January 31, 2024, with a potential closing in Q2 2024. Notes Live owners may acquire over 90% of Fresh Vine post-transaction. Conditions include due diligence, financing, regulatory approvals, and NYSE American listing maintenance. Fresh Vine has also made a $500,000 equity investment in Notes Live, which may be refundable. The transaction aims to provide customers an opportunity to invest in Notes Live's vision for live music experiences.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 1:09 pm