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NURO

Echo Lake Capital, led by Ephraim Fields, has publicly called for the liquidation of Neurometrix, Inc. (NURO), citing significant undervaluation of the stock, which trades at a 70% discount to its net cash per share. Fields criticizes the company's leadership for destroying shareholder value and questions the Board's decision-making, including issuing stock below net cash and initiating a strategic review with a dual mandate that may not prioritize shareholder value. Echo Lake Capital's letter to NURO's Board suggests liquidation as the best option to return capital to shareholders, expressing skepticism towards any potential mergers.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:08 pm

OPY

Oppenheimer Holdings Inc. (OPY) has announced a new share repurchase program authorizing the purchase of up to 518,000 shares of its Class A non-voting common stock, about 5% of the current outstanding shares. This is in addition to the remaining 120,155 shares from a previous program, totaling 638,155 shares available for repurchase. The program is open-ended, with purchases made at market price using cash on hand, subject to regulatory compliance and market conditions.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:06 pm

BABA

CGRO

PGJ

Alibaba Group Holding Limited (NYSE:BABA) and JD.com Inc (NASDAQ:JD) have initiated aggressive price cuts in cloud services, signaling an intensified competition that could impact their profits. Alibaba's strategy aims to regain market share and combat rivals like Tencent Holdings Ltd (OTC:TCEHY), Baidu Inc (NASDAQ:BIDU), and JD.com. This move is part of Alibaba's broader efforts to expand its public cloud services and rejuvenate growth amid regulatory challenges and the COVID-19 pandemic's impact. Investors can gain exposure to Alibaba through Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:CGRO). BABA shares traded lower by 1.05% at $73.85 in premarket trading.

Portfolio Pulse from Anusuya Lahiri

March 04, 2024 | 1:05 pm

TRTX

B of A Securities analyst Eric Dray downgrades TPG RE Finance Trust (TRTX) from Neutral to Underperform with a new price target of $6.5.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:05 pm

BLK

IRBT

JELD

WEN

Notable insider sales were reported for iRobot, JELD-WEN Holding, BlackRock, and Wendy's Company, with insiders selling shares for various reasons. iRobot's sale followed mixed Q4 results, JELD-WEN's after better-than-expected earnings, BlackRock's post reporting Q4 revenue growth, and Wendy's after reporting slight sales growth missing analyst estimates.

Portfolio Pulse from Avi Kapoor

March 04, 2024 | 1:05 pm

GSL

Global Ship Lease (NYSE:GSL) reported Q4 adjusted EPS of $2.49, surpassing the $2.35 estimate, and sales of $178.90M, exceeding the $172.02M estimate. This represents a 16.36% increase in EPS and an 8.41% increase in sales from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:04 pm

ADIL

AIMD

BIVI

JAGX

LIFW

BioVie Inc. shares fell by 41.8% in pre-market trading after announcing the pricing of a public offering. Other stocks showed significant movement in pre-market trading, with Ainos, Inc., MSP Recovery, Inc., and Jaguar Health, Inc. among the top gainers. Conversely, Adial Pharmaceuticals, Inc., Caledonia Mining Corporation Plc, and Minim, Inc. were among the top losers.

Portfolio Pulse from Avi Kapoor

March 04, 2024 | 1:04 pm

MLTX

MoonLake Immunotherapeutics (NASDAQ:MLTX) announced it will present 24-week data from its Phase 2 MIRA trial of sonelokimab for hidradenitis suppurativa at the AAD Annual Meeting 2024. The data, showcasing the therapeutic effect of sonelokimab, marks a significant step in its development for treating this chronic skin condition. Previously, MoonLake reported positive 12-week data and further validated these findings with 24-week results, positioning sonelokimab as a promising therapy for HS.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:04 pm

MTZ

MasTec, Inc. (NYSE:MTZ) reported Q4 earnings surpassing expectations with adjusted earnings of 60 cents per share against estimates of 44 cents, and sales of $3.280 billion versus expected $3.263 billion. CEO Jose Mas anticipates record revenue and adjusted EBITDA in 2024, with strong demand for services. MasTec expects 2024 revenue of $12.5 billion and adjusted earnings of $2.69 per share, despite anticipating a Q1 adjusted loss of 48 cents per share. Following the report, MasTec shares surged 12.4% to $84.85. Analysts from Keybanc, Baird, and TD Cowen adjusted their price targets on MasTec, reflecting optimism.

Portfolio Pulse from Avi Kapoor

March 04, 2024 | 1:03 pm

FWBI

First Wave BioPharma, Inc. (NASDAQ:FWBI) announced a registered direct offering of 525,625 shares at $7.61 per share, aiming to raise approximately $4M. Additionally, the company will issue warrants for the same number of shares at $7.48 per share in a private placement. Roth Capital Partners is the placement agent. The proceeds will be used for working capital and general corporate purposes, with the offering's closing expected around March 6, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:03 pm