Streetbeat News

Revenues

SPY

LPL Research predicts a U.S. recession in 2024 due to consumer debt burdens but suggests a shallow recession could lead to Federal Reserve interest rate cuts, potentially boosting risk appetite. They anticipate the S&P 500, as tracked by SPDR S&P 500 ETF Trust (SPY), to approach 4,850 to 4,950 by the end of 2024, with a chance of exceeding 5,000. LPL recommends U.S. equities, favoring Energy and Communication Services sectors.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 5:04 pm

DESP

Despegar.com, an online travel company, has seen its shares increase after raising its FY23 revenue guidance above analyst estimates. The positive adjustment in revenue outlook suggests stronger performance and growth expectations, which has been well received by investors, leading to a rise in the stock price.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 4:52 pm

AAPL

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SPY

TSLA

USO

The CBOE Volatility Index (VIX) has dropped to its lowest level since November 2019, indicating reduced market fear. The Producer Price Index (PPI) data came in better than consensus, with both headline and core PPI at 0.0% versus expectations of 0.1% and 0.2%, respectively. The Arora Report suggests that deflation in China is aiding the reduction of inflation in the U.S. The Federal Open Market Committee (FOMC) rate decision and Chair Powell's press conference are anticipated, with investors betting on multiple rate cuts in 2024. Argentina has devalued its currency by 54%, and foreign investors are optimistic about austerity measures. Early trade money flows are positive for AAPL, AMZN, GOOG, MSFT, SPY, and QQQ, but negative for NVDA, META, and TSLA. Gold and oil trading are active, with the momo crowd buying gold and selling oil. Bitcoin has stabilized above $40,000, with promoters optimistic post-Fed announcement.

Portfolio Pulse from The Arora Report

December 13, 2023 | 3:50 pm

ZLAB

Zai Lab's stock is up following the inclusion of its drugs VYVGART, NUZYRA, and ZEJULA in China's 2023 National Reimbursement Drug List. This addition is likely to increase the accessibility and sales of these drugs in the Chinese market, potentially boosting Zai Lab's revenues.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:49 pm

ARGT

The Argentine peso has plummeted by 54% due to President Javier Milei's economic reforms, which include a drastic devaluation to tackle hyperinflation and a solvency crisis. The official exchange rate soared to 800 pesos per dollar, while the parallel market rate on Binance for the peso and Tether (USDT) is around 1,125 pesos per USD. Finance Minister Luis Caputo announced a series of austerity measures to reduce government spending and increase taxes. Argentine stocks, tracked by the Global X MSCI Argentine ETF (ARGT), dipped slightly in premarket trading but have risen nearly 20% since Milei's election. The IMF has expressed support for these reforms, which align with its recommendations.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 3:11 pm

ICLK

iClick Interactive Asia Group reported a decline in both earnings per share (EPS) and revenue for the first half of the year. The EPS worsened to $(2.13) from $(2.06) year-over-year, while revenue decreased to $67.133 million from $85.454 million in the same period last year.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 2:23 pm

SYT

SYLA Technologies has revised its FY23 revenue guidance downwards from the initial range of ¥24.7 billion to ¥26.7 billion to a new estimate of ¥22.5 billion.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 2:20 pm

ZLAB

Zai Lab announced that VYVGART, NUZYRA, and ZEJULA have been included in China's 2023 National Reimbursement Drug List (NRDL). VYVGART is approved for treating myasthenia gravis, NUZYRA for pneumonia and skin infections, and ZEJULA for ovarian cancer maintenance treatment.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:56 pm

PFE

Pfizer's CFO reaffirmed the company's revenue expectation for 2023 to be between $58B and $61B and projected EPS to range from $1.45 to $1.65 during a conference call.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:48 pm

CALM

Cal-Maine Foods Inc (NASDAQ:CALM), the largest U.S. producer of fresh shell eggs, has halted production at a Kansas facility due to an avian influenza outbreak. Approximately 684,000 laying hens, 1.6% of the company's total flock, tested positive for the disease. Cal-Maine is following USDA protocols and working to minimize customer disruption by securing production from other facilities. The USDA assures that there is no public health concern or threat to the food supply, and no eggs have been recalled. Cal-Maine has not detected HPAI at any other locations and maintains strict biosecurity programs. Over 72.5 million birds in the U.S. have been lost to avian flu since February 2022. CALM shares dropped 0.37% in premarket trading.

Portfolio Pulse from Vandana Singh

December 13, 2023 | 1:32 pm