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RIOT

SPOT

WDC

Spotify Technology SA (NYSE:SPOT) is undergoing a significant restructure, including a 17% reduction in headcount, due to high costs and negative EBITDA, EBIT, and Net Income Margins. Despite positive gross margins, the company's cost structure has led to this decision. Benzinga identified Riot Platforms Inc (NASDAQ:RIOT), Western Digital Corporation (NASDAQ:WDC), and Roblox Corp (NYSE:RBLX) as companies with similar financial challenges, including high costs and negative margins beyond gross profit.

Portfolio Pulse from Surbhi Jain

December 06, 2023 | 5:27 pm

BXMT

Muddy Waters Research has taken a short position on Blackstone Mortgage Trust (BXMT), citing concerns over interest rate swaps and risk rating manipulations. They predict a significant dividend cut by H2 2024, potential borrower refinancing issues, and a liquidity crisis that could lead to losses wiping out BXMT's market cap.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 5:25 pm

MA

Mastercard Inc (NYSE:MA) announced a 16% increase in its quarterly cash dividend to $0.66 per share and a new $11 billion share repurchase program, to commence after completing the current $9 billion program. As of December 1, 2023, $3.5 billion remains in the current buyback program. In Q3 FY23, Mastercard reported net revenues of $6.53 billion and adjusted EPS of $3.39, both surpassing consensus estimates. The company also repurchased $1.9 billion in shares and paid $538 million in dividends. MA shares saw a slight increase of 0.47% to $410.61.

Portfolio Pulse from Lekha Gupta

December 06, 2023 | 5:22 pm

SHOP

Shopify Inc (NYSE:SHOP) stock is trading lower by 2.89% after mixed analyst ratings following the company's Investor Day. Wedbush downgraded SHOP from Outperform to Neutral but raised the price target from $66 to $68. Oppenheimer maintained an Outperform rating with a price target of $80, citing confidence in management's growth and margin expansion strategies. Needham reiterated a Hold rating, acknowledging SHOP's strong position but remaining cautious due to macro and valuation concerns. Piper Sandler maintained an Underweight rating with a price target of $56, expressing that new disclosures at the Investor Day did not impact their model. Raymond James reiterated a Market Perform rating, impressed by innovation but cautious on valuation.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 5:20 pm

LOVE

Lovesac's stock (LOVE) is trading higher after the company reported its third-quarter earnings, indicating a positive reception from investors.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 5:16 pm

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) stock is trading higher, with a more than 30% increase over the last six months. The stock experienced heavy trading volume on Wednesday, with over 32.4 million shares traded, surpassing its 100-day average volume. Goldman Sachs analyst Mark Delaney maintained a Neutral rating on Rivian but lowered the price target from $25 to $19. Rivian is a popular stock among retail investors and short-sellers, with 18.77% of RIVN shares sold short. The stock is trading above its 50-day moving average but below its 52-week high. At the time of publication, RIVN shares are up nearly 10% at $19.10.

Portfolio Pulse from Erica Kollmann

December 06, 2023 | 5:15 pm

DIS

EA

WBD

Warner Bros. Discovery (WBD) sees gaming as a growth opportunity, highlighted in a recent investor call. Gaming's cultural impact is evident with successful movies like 'The Super Mario Bros. Movie' and 'Friday Night at Freddy's'. Disney (DIS) is rumored to be interested in acquiring Electronic Arts (EA), while Netflix is expanding its gaming offerings, including mobile versions of Grand Theft Auto games.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 5:15 pm

EQT

EQT Inc. (NYSE:EQT) shares dropped by 0.42% in the current session, trading at $38.20, and have fallen by 6.73% over the past month, despite a 4.24% rise over the past year. The company's P/E ratio of 5.25 is lower than the industry average of 9.15, suggesting potential undervaluation or weaker growth prospects.

Portfolio Pulse from Benzinga Insights

December 06, 2023 | 5:15 pm

THO

Thor Industries, Inc. (NYSE:THO) reported a 19.5% year-on-year decline in Q1 FY24 sales to $2.501 billion, missing estimates of $2.53 billion. North American Towable and Motorized RV sales dropped by 28.3% and 36.7% respectively, while European RV sales rose by 40.4%. EPS was 99 cents, below the expected $1.05. Gross profit margin fell to 14.3%. Despite the miss, Thor reiterated its FY24 sales outlook of $10.5 billion to $11 billion and EPS forecast of $6.25 to $7.25. THO shares rose by 6.66% to $109.99.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 5:11 pm

KMDA

Kamada Ltd. shares have risen following the announcement of a binding memorandum of understanding with Kedrion to amend and extend their KEDRAB U.S. distribution agreement.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 5:07 pm