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CHWY

The FDA has issued warning letters to Chewy Inc (NYSE:CHWY) and eight other companies for selling unapproved and misbranded antimicrobial animal drugs. These drugs contain substances important in human medicine and their misuse could lead to drug-resistant superbugs. The FDA's concern is that over-the-counter sales of these drugs for minor species pets contribute to antimicrobial resistance. Chewy's stock price saw a slight decline of 0.32% to $20.40 following the news.

Portfolio Pulse from Vandana Singh

December 14, 2023 | 7:28 pm

CTKB

Stephens initiated coverage on Cytek Biosciences Inc (NASDAQ:CTKB) with an Overweight rating and a price target of $9. Cytek's full spectrum technology in the cell analysis market is seen as differentiated and compelling. Despite macroeconomic challenges, Cytek has shown positive adjusted EBITDA and is expected to experience accelerated revenue growth with an improved macro environment. CTKB shares rose 8.17% to $8.68.

Portfolio Pulse from Vandana Singh

December 14, 2023 | 7:26 pm

LCID

RIVN

Lucid Group, Inc. (NASDAQ:LCID) stock is trading higher, up over 17% in the past month. The Federal Reserve's decision to hold interest rates steady and signal future rate cuts, along with positive retail sales and jobs data, have boosted markets. Lucid has produced nearly 800 cars at its new Saudi Arabian factory and has a deal with the Saudi government for up to 100,000 vehicle purchases over 10 years. The company's trading volume has exceeded its 100-day average, with CFO Sherry House resigning on Monday. Rivian Automotive, Inc. (NASDAQ:RIVN) has announced a deal with AT&T for a pilot program to purchase Rivian EVs.

Portfolio Pulse from Erica Kollmann

December 14, 2023 | 7:25 pm

ADBE

ASYS

CPTN

FRGT

MRNA

RPHM

VCIG

U.S. stocks traded higher, with the Dow up 0.44%, NASDAQ up 0.42%, and S&P 500 up 0.54%. Energy shares rose by 2.5% while consumer staples fell by 0.7%. Adobe Inc. (ADBE) shares fell 5% after a weak sales forecast for FY24 despite beating Q4 earnings estimates. Freight Technologies (FRGT) surged 274% after Amazon Mexico renewed its logistics contract. Moderna (MRNA) rose 12% on positive melanoma study data with Merck. VCI Global (VCIG) gained 20% after its fintech arm agreed to acquire EVOLET. Amtech Systems (ASYS) fell 31% on poor Q4 sales and weak Q1 guidance. Reneo Pharmaceuticals (RPHM) dropped 85% after its study failed to meet primary efficacy endpoints. Cepton (CPTN) declined 26% on disappointing Q3 sales and a weak FY23 forecast. Oil prices increased by 3.6% to $72.00, and gold rose 2.9% to $2,055.10.

Portfolio Pulse from Avi Kapoor

December 14, 2023 | 7:23 pm

ASYS

CPTN

FRGT

MRNA

RPHM

VCIG

U.S. stocks were mixed with the Nasdaq turning lower, while the Dow and S&P 500 showed minimal changes. Real estate shares rose by 3%, but consumer staples fell by 0.5%. U.S. retail sales unexpectedly increased by 0.3% in November, beating analyst expectations of a 0.1% decline. Freight Technologies, Moderna, and VCI Global saw their shares surge after positive company-specific news. Conversely, Amtech Systems, Reneo Pharmaceuticals, and Cepton experienced significant drops following disappointing financial results and study outcomes. Oil and gold prices increased, while the ECB and Bank of England maintained their interest rates.

Portfolio Pulse from Avi Kapoor

December 14, 2023 | 7:23 pm

AAPL

Citi analyst Atif Malik maintains a Buy rating on Apple Inc (AAPL) with a price target of $230, citing potential double-digit EPS and FCF growth, gross margin expansion, iPhone premiumization, acceleration in services sales, and silicon insourcing benefits. KeyBanc analyst Brandon Nispel maintains a Sector Weight rating, expressing concerns over below-average growth for Q1 FY24 based on his Key First Look Data, which shows a decline in Indexed Spending. Nispel finds AAPL expensive at its current trading multiple compared to historical and peer averages, projecting Q1 revenue and EPS of $116.8 billion and $2.07. AAPL shares traded slightly lower at $197.50.

Portfolio Pulse from Anusuya Lahiri

December 14, 2023 | 7:21 pm

FIGS

There was a notable options trading activity for FIGS, Inc., where a sweep of 5,506 call options for a strike price of $10, expiring on April 19, was executed near the asking price at $0.35 each. This is compared to an open interest of 322, indicating a significant increase in trading volume for these options. The underlying stock reference price at the time was $7.4066.

Portfolio Pulse from Charles Gross

December 14, 2023 | 7:18 pm

AMD

INTC

META

MSFT

NVDA

AMD has launched its MI300 chip, targeting the AI accelerator market and focusing on the Indian market. The company has gained market share in PCs and servers and is now competing with Nvidia and Intel in the AI space. Intel announced its Gaudi 3 AI accelerator, aiming to capture the growing AI applications market. AMD received bullish ratings and a price target boost from analysts in December 2023. Partnerships with Microsoft and Meta, with Meta planning to use AMD's MI300X for inferencing, have strengthened analyst confidence in AMD. AMD's stock rose over 6% in the past five days, while Intel's stock increased around 9%. AMD's shares were down 0.91% at $136.93 in the last check on Thursday.

Portfolio Pulse from Anusuya Lahiri

December 14, 2023 | 7:15 pm

ZTS

Zoetis Inc. (NYSE:ZTS) stock is currently trading at $197.06, down 0.18% in the current session. Despite the slight decrease, the stock has risen by 13.76% over the past month and 39.02% over the past year. The company's P/E ratio of 40.21 is higher than the Pharmaceuticals industry average of 38.94, which could suggest that the stock is overvalued or expected to perform better in the future. Investors are advised to consider the P/E ratio alongside other financial metrics and qualitative analysis for a comprehensive investment decision.

Portfolio Pulse from Benzinga Insights

December 14, 2023 | 7:15 pm

AXON

DGLY

OLN

RGR

SPY

SWBI

VSTO

WRAP

The U.S. Supreme Court has decided not to block an Illinois ban on assault-type rifles and large capacity magazines. This decision could have implications for companies involved in the manufacture and sale of firearms and related accessories.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 7:01 pm