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M

Macy's Inc (NYSE:M) shares rose after reporting Q3 FY23 earnings that surpassed analyst expectations. Sales declined by 7% to $4.86 billion, beating estimates of $4.79 billion. Adjusted EPS was $0.21, exceeding the $0.02 consensus. The company updated its FY23 outlook, expecting comparable sales down 6%-7% and adjusted EPS of $2.88-$3.13, with the latter higher than the previous range and above consensus estimates. Macy's stock increased by 9.99% to $13.86.

Portfolio Pulse from Shivani Kumaresan

November 16, 2023 | 2:56 pm

WSM

Williams-Sonoma forecasts a 10-12% decline in revenue for FY23 and anticipates an operating margin between 16-16.5%.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 2:03 pm

BCAN

BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) has submitted a plan for developing CRM software with AI for the medical cannabis industry, with a budget of $1.5M and a potential grant of $0.75M from Israel's Innovation Authority. The Israeli Finance Ministry has increased the high-tech sector fund to $100M to support startups during wartime challenges. The high-tech sector is vital to Israel's economy, contributing 18% to the GDP and 50% to foreign exports. The grant decision is pending, and there is no assurance of its full amount being awarded.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:47 pm

APLM

BABA

CSCO

Apollomics Inc. (APLM) shares surged 127% after announcing the first approval of Vebreltinib for MET Exon 14 Skip Non-Small Cell Lung Cancer. Cisco Systems, Inc. (CSCO) shares fell 16% following a cut in FY24 guidance and Q2 adjusted EPS and revenue guidance below estimates. Alibaba Group Holding Limited (BABA) shares dropped 9% after reporting Q2 financial results.

Portfolio Pulse from ryanfaloona@benzinga.com

November 16, 2023 | 1:45 pm

ALL

Allstate Corporation (NYSE:ALL) has implemented rate increases for its auto and homeowners insurance in October 2023. The auto insurance rates have increased by 10.4%, expected to raise annualized written premiums by approximately $2.70 billion. Homeowners insurance rates have seen a 9.6% increase, expected to raise annualized written premiums by about $982 million. Additionally, the average gross written premium for homeowners insurance rose by 12.2% in October 2023 compared to the previous year. Allstate's estimated catastrophe losses for October were below the $150 million threshold.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:33 pm

ADN

Advent Technologies received a letter from the Greek State confirming continued support for the Green HiPo Project, with an updated funding plan of EUR 60 million. The Just Transition Fund will provide a grant of EUR 24 million, which is 40% of the total budget, to initiate the project.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:17 pm

ACHR

Archer Aviation (ACHR) and Air Chateau International have announced a deal where Air Chateau plans to purchase up to 100 Midnight aircraft from Archer, with the deal valued at up to $500 million. This significant order could bolster Archer's financials and backlog, indicating a strong demand for its Midnight aircraft.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:09 pm

PANW

Palo Alto Networks, Inc. (NASDAQ:PANW) shares dropped by approximately 5% in pre-market trading despite reporting Q1 earnings and revenue that beat analyst estimates. The decline is attributed to the company's lowered full-year 2024 total billings forecast. Other stocks experienced various movements in pre-market trading, with some notable gainers and losers listed.

Portfolio Pulse from Lisa Levin

November 16, 2023 | 1:08 pm

MYNZ

Mainz Biomed reported its Q3 earnings with an EPS of $(0.39), which is consistent with the previous year's results. The company's sales increased to $181.00 from $96.8 year-over-year.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:07 pm

ARGX

argenx SE announced that the European Commission approved its product VYVGART (efgartigimod alfa) for subcutaneous use as an add-on treatment for generalized myasthenia gravis in adults. This approval follows the previous sanction for intravenous use and extends the product's availability in the EU and additional European countries. argenx will collaborate with health authorities to ensure patient access in these regions.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 12:41 pm