Streetbeat News

Revenues

USO

The U.S. Energy Information Administration (EIA) has raised its forecast for world oil demand growth in 2024 by 180,000 barrels per day, now expecting a year-over-year increase of 1.10 million barrels per day. Additionally, the EIA has increased its forecast for 2025 world oil demand growth by 80,000 barrels per day, now anticipating a year-over-year increase of 1.50 million barrels per day.

Portfolio Pulse from Benzinga Newsdesk

June 11, 2024 | 4:05 pm

SBUX

Starbucks has introduced a new 'Pairings Menu' offering discounted breakfast combinations to attract budget-conscious consumers. This move comes after a disappointing quarter with a 3% drop in same-store US sales. The new menu is part of broader changes, including a new iced coffee blend and updates to the Starbucks app.

Portfolio Pulse from Benzinga Newsdesk

June 11, 2024 | 4:03 pm

ODFL

Old Dominion Freight Line (NASDAQ:ODFL) has significantly outperformed the market over the past 5 years, delivering an average annual return of 30.01%. A $1000 investment in ODFL 5 years ago would be worth $3,631.09 today.

Portfolio Pulse from Benzinga Insights

June 11, 2024 | 4:00 pm

DOGEUSD

FLOKIUSD

GME

PEPEUSD

SHIBUSD

Meme coins, including Dogecoin, Shiba Inu, and Pepe, have experienced significant declines following a market-wide downturn led by Bitcoin. The market capitalization of meme coins dropped by 7.5% in the past 24 hours. GameStop's cryptocurrency also saw a 14% decline.

Portfolio Pulse from Khyathi Dalal

June 11, 2024 | 3:56 pm

LAD

RFV

XMVM

Lithia Motors, Inc. (NYSE:LAD) is expanding its presence in the U.S. Southeast Region through acquisitions expected to generate over $240 million in annualized revenue. The company has purchased several stores, including Sunrise Chevrolet Buick GMC and Sunrise Buick GMC in Memphis, Tennessee, and Woodbridge Hyundai in Greater Toronto. These acquisitions bring the company's total expected annualized revenue from acquisitions to over $5.6 billion. Additionally, Lithia Motors has increased its share repurchase authorization by $350 million, bringing the total to $660 million. LAD shares are currently down 1.15%. Investors can also gain exposure to the stock via Invesco S&P Midcap 400 Pure Value ETF (NYSE:RFV) and Invesco S&P MidCap Value With Momentum ETF (NYSE:XMVM).

Portfolio Pulse from Lekha Gupta

June 11, 2024 | 3:49 pm

General Motors (GM) has reduced its expected sales of electric vehicles (EVs) for this year due to slower-than-expected adoption in the U.S. The company now anticipates selling 100,000-150,000 EVs, down from the previously announced range of 200,000-300,000.

Portfolio Pulse from Benzinga Newsdesk

June 11, 2024 | 3:45 pm

General Motors' CFO has indicated that growth in the electric vehicle (EV) segment is slightly diminished.

Portfolio Pulse from Benzinga Newsdesk

June 11, 2024 | 3:43 pm

AAPL

AMZN

IWF

IWP

SPOT

Spotify Technology SA (NYSE:SPOT) plans to introduce a higher-priced premium plan called 'Supremium' later this year, which will cost users at least $5 more monthly for better audio and new playlist tools. This move is expected to generate additional revenue for the company. Spotify's stock is trading higher on Tuesday, reflecting positive investor sentiment. The new tier will offer high-fidelity audio and custom playlists, competing with similar offerings from Amazon Music and Apple Music. Spotify's recent price hikes and improved margins are also highlighted.

Portfolio Pulse from Anusuya Lahiri

June 11, 2024 | 3:39 pm

CMCSA

NFLX

SPOT

WBD

Spotify Technology (NYSE:SPOT) is planning to introduce a new premium plan that will cost subscribers at least $5 more per month. This plan, expected later this year, will offer improved audio and new playlist management features. The move follows similar price hikes by other streaming services like Netflix, Warner Bros Discovery's Max, and Comcast's Peacock.

Portfolio Pulse from Michael Juliano

June 11, 2024 | 3:35 pm

BTCUSD

JPM

Three Democratic senators have urged the Federal Reserve to cut the federal funds rate from its current high of 5.5% to prevent further economic slowdown and address inflation more effectively. This call comes as financial markets adjust their expectations for an interest rate cut, impacting Bitcoin's rally. The senators argue that high interest rates are increasing costs in housing, construction, and auto insurance, potentially pushing the economy into a recession. JPMorgan analysts also note rising rent costs due to higher interest rates.

Portfolio Pulse from Murtuza Merchant

June 11, 2024 | 3:33 pm