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SPY

Federal Reserve Chairman Jerome Powell indicated that the current restrictive monetary policy is exerting downward pressure on economic activity and inflation. Powell also suggested that the Fed's policy rate is at or near its peak, signaling a potential pause or slowdown in rate hikes.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:37 pm

PCSA

Processa Pharmaceuticals' stock is trading lower following the announcement of outcomes from its FDA meeting regarding the Phase 2 study of NGC-Cap for cancer patients.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:37 pm

SPY

Federal Reserve Chair Jerome Powell has begun a press conference, which could provide insights into the Fed's views on the economy, interest rates, and monetary policy. Investors and analysts will be closely monitoring his statements for clues about future actions that could affect the markets.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:31 pm

RKT

There was a notable options market activity for Rocket Companies, with a sweep of 2283 call options at a strike price of $11.5, expiring on Friday. These were traded near the ask price at $0.21, compared to an open interest of 201, indicating new positioning. The stock reference price at the time was $11.485.

Portfolio Pulse from Charles Gross

December 13, 2023 | 7:30 pm

RDFN

There was a notable options trade for Redfin Corporation where a sweep of 1,391 call options for a January 5th expiration with a $9 strike price was executed near the ask price at $0.25 each. This is compared to an open interest of 249 for the same option, indicating a significant increase in trading volume. The underlying stock reference price at the time was $7.94.

Portfolio Pulse from Charles Gross

December 13, 2023 | 7:28 pm

APO

FTCH

Shares of Farfetch Limited (NYSE:FTCH) surged after reports of potential emergency funding talks with Apollo Global Management, Inc. (NYSE:APO) and other firms. The exact terms and amount of funding are unclear, but Farfetch may need up to $500 million. The company, which has struggled post-pandemic with a significant Q2 loss, has also attracted investment from Point72 and Steven A. Cohen. Farfetch has refrained from providing forecasts and plans to update the market soon.

Portfolio Pulse from Nabaparna Bhattacharya

December 13, 2023 | 7:18 pm

PCAR

PACCAR Inc (NYSE:PCAR) has experienced a 16.81% increase in short interest since its last report, with 6.35 million shares sold short, representing 1.39% of its float. It would take about 3.55 days to cover all short positions. While an increase in short interest can indicate bearish sentiment, PACCAR's short interest is below its peer group average of 4.46%. The rise in short interest does not necessarily predict a near-term price decline.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 7:15 pm

MRVL

Marvell Tech (NYSE:MRVL) has seen a 10.85% increase in short interest since its last report, with 17.21 million shares sold short, representing 2.35% of its float. It would take about 1.95 days to cover all short positions. While an increase in short interest can indicate bearish sentiment, it's not a definitive predictor of a stock's direction. Marvell Tech has less short interest compared to its peer group average of 3.65%.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 7:15 pm

WBD

Warner Bros. Discovery (NYSE:WBD) has seen a 12.56% decrease in short interest since its last report, with 90.75 million shares sold short, representing 3.76% of its float. The average time to cover these short positions is 4.83 days. Short interest is a measure of market sentiment, and a decrease may indicate a more bullish outlook. WBD's short interest is below its peer group average of 7.31%.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 7:15 pm

NVAX

PFE

Novavax Inc (NASDAQ:NVAX) shares hit a new 52-week low of $5.08, dropping 4.4% amid broader declines in COVID vaccine stocks following Pfizer Inc.'s FY24 guidance. Pfizer's forecast suggests a potential saturation in the COVID vaccine market, which could imply slower growth or lower revenues for other vaccine manufacturers like Novavax. Pfizer's guidance includes projections from the Seagen Inc acquisition but still falls short of the consensus estimate of $63.17 billion.

Portfolio Pulse from Henry Khederian

December 13, 2023 | 7:15 pm