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PXD

XOM

Exxon Mobil Corporation (XOM) projects increased oil and gas production, aiming for 4.2 million barrels per day by 2027, with a focus on growth in the Permian and Guyana. The company has improved its earnings power since 2019, adding about $10 billion to its annual earnings and cash flow. Exxon Mobil plans to grow annual earnings and cash flow by $14 billion from year-end 2023 through 2027 and achieve $6 billion in additional structural cost reductions by 2027. Upstream earnings are expected to more than double by 2027. Capital expenditures are projected to be $23-$25 billion in 2024 and $22-$27 billion annually from 2025 through 2027. The company is on track for $17.5 billion in share repurchases in 2023 and plans to increase this to $20 billion annually through 2025 after the Pioneer Natural Resources Company (PXD) merger, subject to market conditions. However, the merger is under scrutiny by U.S. antitrust enforcers. ExxonMobil is also investing in lower-emissions opportunities, with more than $20 billion planned through 2027. XOM shares saw a slight decrease in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 1:55 pm

USO

Oil prices have entered a bear market, with Brent crude and Nymex West Texas Intermediate hitting five-month lows due to concerns that OPEC+ production cuts won't offset a potential demand drop from a global economic slowdown. Brent crude is down 21.9% from its September peak, and WTI is down 24.5%. The United States Oil Fund (USO) has also declined, falling 18.9% from its recent peak. OPEC+ struggles with internal agreement on output cuts, and U.S. oil stockpiles are growing, further pressuring prices. Economic growth concerns in the U.S. and Europe, contrasted with China's recovery efforts, add to the demand uncertainty.

Portfolio Pulse from Neil Dennis

December 06, 2023 | 1:52 pm

VVI

Oppenheimer analyst Tyler Batory has maintained an Outperform rating on Viad Corp (NYSE:VVI) and increased the price target from $36 to $43, indicating a positive outlook on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:49 pm

LCID

NVDA

PLUG

QQQ

SPY

TSLA

XOM

Wall Street is set for a rebound with U.S. futures indicating a positive open after two days of declines. The ADP National Employment Report showed weaker-than-expected private employment growth, fueling speculation about potential Fed rate cuts in 2024. Job openings decreased, suggesting a softening labor market. Oil prices fell, while gold prices rose. Chinese stocks dropped after Moody's downgraded China's credit outlook. Bitcoin and Ethereum's market value surpassed $1 trillion. SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) are up in premarket trading. NVIDIA, Tesla, Lucid Group, and Exxon Mobil saw premarket gains, while Altria Group, Philip Morris, and Plug Power faced declines.

Portfolio Pulse from Piero Cingari

December 06, 2023 | 1:49 pm

SQFT

Presidio Property Trust, Inc. (SQFT) has been granted an additional 180 days by Nasdaq to meet the minimum bid price requirement of $1.00 for continued listing. The company must maintain a closing bid price of at least $1.00 for ten consecutive trading days before June 3, 2024, to regain compliance. Failure to do so may lead to delisting, but Presidio can appeal to a Nasdaq Hearings Panel. Presidio will monitor its stock price and explore options to address the deficiency.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:48 pm

SPY

Citigroup CFO Mark Mason commented at a Goldman Sachs conference that both the corporate and consumer base in the U.S. have shown remarkable strength and resilience. He expressed the belief that the economy is headed towards a soft landing, indicating a positive outlook for the financial sector.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:48 pm

BTCUSD

DOGEUSD

ETHUSD

The latest 'Family Guy' episode features a therapist who only accepts cryptocurrencies like Bitcoin, Ethereum, and Dogecoin for payment. This mention comes as these cryptocurrencies experienced a significant rally, which is attributed to falling interest rates and the anticipation of a spot Bitcoin ETF in the U.S. 'Family Guy' has referenced Bitcoin in the past, indicating a recurring theme of cryptocurrency in the show.

Portfolio Pulse from Mehab Qureshi

December 06, 2023 | 1:47 pm

JNJ

Johnson & Johnson (NYSE:JNJ) has settled several lawsuits linking its talc products to cancer, aiming to facilitate a prepackaged bankruptcy resolution. The settlements, which did not require new charges against earnings, involve mesothelioma cases and have led to a reduction in trial schedules for 2023 and 2024. Despite varied trial outcomes, including a $2.1 billion judgment, J&J has stopped selling talc-based baby powder. JNJ shares closed at $158.56 on Tuesday.

Portfolio Pulse from Vandana Singh

December 06, 2023 | 1:46 pm

CPB

Campbell Soup Co (NYSE:CPB) reported a slight decline in Q1 FY24 sales by 2% to $2.52 billion, matching analyst expectations. Adjusted EPS was $0.91, surpassing the consensus of $0.88. Organic net sales decreased by 1%, with the Meals & Beverages segment down by 4% and Snacks by 1%. Adjusted gross margin slightly fell to 32.1%, and adjusted EBIT dropped by 9% due to lower gross profit. Expenses rose by 1% to $2.16 billion. The company has $91 million in cash and generated $174 million in operating cash flow. Campbell Soup is on track for $1 billion in savings by fiscal 2025 and expects to close the Sovos Brands acquisition in CY24. The FY24 outlook is reaffirmed with an adjusted EPS of $3.09 - $3.15 and sales ranging from a 0.5% decline to 1.5% growth. CPB shares rose by 1.59% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 1:42 pm

BLDR

IIIN

PCAR

WNC

Five industrial stocks with high RSI values, indicating potential overbought conditions, are Builders FirstSource (BLDR), Hyster-Yale Materials Handling (HY), PACCAR (PCAR), Insteel Industries (IIIN), and Wabash National (WNC). BLDR, despite a sales decline, saw a 14% stock increase and closed at $143.26. HY's stock rose 15% after better-than-expected sales, closing at $50.07. PCAR beat sales consensus and its stock increased by 9%, closing at $93.87. IIIN, after weak results, saw a 7% stock increase over five days, closing at $36.03. WNC's stock rose 9% following strong earnings, closing at $23.72.

Portfolio Pulse from Lisa Levin

December 06, 2023 | 1:41 pm