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Tech sector stocks are trading higher following the Federal Reserve's decision to leave rates unchanged. Fed Chair Powell also mentioned that a rate hike is unlikely in the next policy move, boosting market optimism.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:32 pm

GOOGL

Recent unusual options activity in Alphabet (NASDAQ:GOOGL) shows a mix of bullish and bearish sentiment among investors, with a significant volume of trades aiming for a price window of $95.0 to $200.0. The analysis of volume and open interest trends indicates active trading within this range. Alphabet, a major internet media company primarily earning from online ads and its various services including Google Cloud, is currently trading up by 1.53% at $166.37. Market experts have issued a consensus target price of $191.0 for Alphabet, with ratings ranging from Buy to Hold.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 7:31 pm

GME

GameStop (NYSE:GME) has seen significant options activity, indicating a bullish sentiment among investors. Analysis of 8 trades shows a split between bullish (50%) and bearish (37%) expectations. The focus is on a price range of $10.0 to $50.0. Notable trades include both calls and puts, with a total call value of $1,283,993 and puts at $150,000. GameStop's stock is up 10.52%, trading at $12.06, with an upcoming earnings report in 34 days. The current RSI suggests the stock may be approaching overbought territory.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 7:31 pm

TJX

$1000 invested in TJX Companies (NYSE:TJX) 10 years ago would now be worth $3,326.25, showcasing an average annual return of 12.73% and outperforming the market by 2.34% annually. TJX's current market capitalization stands at $107.42 billion.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 7:30 pm

PANW

Palo Alto Networks (NASDAQ:PANW) has significantly outperformed the market with an annualized return of 20.46% over the past 10 years, turning a $1000 investment into $13,436.08 today. The company now has a market capitalization of $95.09 billion.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 7:30 pm

AEYE

ALKT

APP

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CWAN

Shares of software companies are trading higher following the Federal Reserve's decision to leave rates unchanged. Fed Chair Powell also mentioned that it is unlikely the next policy move would be a rate hike, contributing to market strength and optimism in the technology sector.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:28 pm

TSLA

XPEV

XPeng Inc. (NASDAQ:XPEV) shares rose after reporting a 33% year-over-year increase in April EV deliveries, totaling 9,393 vehicles. This includes 1,959 X9 vehicles, with nearly 10,000 units delivered since its launch. Year-to-date, XPeng has delivered 31,214 EVs, marking a 23% increase from the previous year. XPeng's CEO welcomed Tesla Inc.'s (NASDAQ:TSLA) full self-driving software approval in China, anticipating a decade of 'Smart EVs'. Analysts have a mixed outlook on XPEV, with an average 12-month price target of $11.33, suggesting potential upside.

Portfolio Pulse from Erica Kollmann

May 02, 2024 | 7:26 pm

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) shares surged after receiving an $827 million incentive package from the State of Illinois for plant expansion and workforce development. The funds will support the expansion of Rivian's Normal, IL plant, public infrastructure improvements, and job training programs. Rivian's CEO expressed gratitude for the state's support, highlighting the partnership's role in bringing the R2 midsize SUV to market and enhancing EV consumer choice. Rivian's stock has risen over 18% in the past five days, with a 6.62% increase to $9.82 at the time of publication.

Portfolio Pulse from Erica Kollmann

May 02, 2024 | 7:24 pm

Block shares are experiencing a rebound after a decline on Wednesday due to reports that federal prosecutors are investigating the company's financial transactions.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:24 pm

Estee Lauder shares are trading higher, rebounding after a drop on Wednesday due to weak guidance.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:21 pm