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General Motors Company (NYSE:GM) shares rose after the company raised its FY24 earnings outlook following a Q1 earnings beat, signaling a strong focus on profitability and EV transformation. Analysts from Wedbush, BofA Securities, and Goldman Sachs have reiterated their positive ratings on GM, with price forecasts ranging from $45 to $75. The company's emphasis on EV margin improvement and benefits from clean energy tax credits were highlighted as key factors.

Portfolio Pulse from Nabaparna Bhattacharya

April 23, 2024 | 6:44 pm

DIS

PENN

PENN Entertainment was upgraded from Hold to Buy by Truist analyst Barry Jonas, with a price target of $23, based on the valuation of sportsbook ESPN Bet, launched in November 2023 through a licensing deal with The Walt Disney Company. Jonas believes the market has not assigned any value to ESPN Bet in its valuation of PENN, despite its potential and the value of PENN's other Interactive businesses. The first-quarter results expected on May 2 could surpass low market expectations. PENN's online licenses and iGaming business are also highlighted as valuable assets.

Portfolio Pulse from Chris Katje

April 23, 2024 | 6:42 pm

ASAN

CRWD

INTU

NET

NOW

PANW

SNOW

SOUN

TEAM

Software stocks, including ASAN, CRWD, INTU, NET, NOW, PANW, SNOW, SOUN, TEAM, ZM, and ZS, are trading higher due to overall tech strength as Treasury yields fall.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:41 pm

PEP

PepsiCo Inc (NASDAQ:PEP) reported Q1 FY24 sales growth of 2.3% year-on-year to $18.25 billion, surpassing analyst estimates of $18.079 billion. Adjusted EPS was $1.61, beating the consensus of $1.52. BofA Securities and Goldman Sachs both reiterated their Buy ratings, with price targets of $210 and $200, respectively. Analysts highlighted PepsiCo's pricing power, volume performance across regions, and strong brand portfolio as key strengths. Despite positive analyst outlooks, PEP shares dropped 2.36% to $172.30.

Portfolio Pulse from Shivani Kumaresan

April 23, 2024 | 6:39 pm

ACMR

AVGO

KOPN

MCHP

SYNA

TSM

Semiconductor and chip stocks, including ACMR, AVGO, KOPN, MCHP, SYNA, and TSM, are experiencing a rise in their share prices as part of a continued rebound from the drop observed on Friday.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:38 pm

CCS

IBP

MHO

PHM

Shares of homebuilder and building product stocks are experiencing an uptick due to PulteGroup's strong earnings report and the release of new home sales data that surpassed expectations.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:33 pm

ABEO

HIBB

JBLU

LKQ

U.S. stocks saw gains with the S&P 500 up 1.24%, driven by General Motors' better-than-expected earnings. GM reported a 7.6% sales growth and raised its EPS outlook. Hibbett, Inc. surged 19% after being acquired by JD Sports Fashion. Oportun Financial and Palisade Bio also saw significant gains following positive announcements. Conversely, JetBlue Airways, Abeona Therapeutics, and LKQ Corporation experienced declines due to disappointing financial results and outlooks. Crude oil prices increased by 1.8%.

Portfolio Pulse from Avi Kapoor

April 23, 2024 | 6:31 pm

BLDR

Builders FirstSource (NYSE:BLDR) has seen a decrease in short interest, now at 2.72 million shares or 3.5% of float, down 13.15% since the last report. This decline in short interest, which represents the number of shares sold short but not yet covered, could indicate a more bullish sentiment towards BLDR among investors. The company's short interest is below its peer group average of 3.83%, suggesting it is performing well compared to similar companies.

Portfolio Pulse from Benzinga Insights

April 23, 2024 | 6:30 pm

RBC

RBC Bearings (NYSE:RBC) has seen a decrease in short interest, now at 4.19% of its float, down 8.11% from the last report, with 1.08 million shares sold short. This decline in short interest could indicate a more bullish sentiment towards RBC Bearings compared to its peers, where the average short interest is 3.21%. Short interest is a key indicator of market sentiment, and a decrease suggests investors are less bearish on the stock.

Portfolio Pulse from Benzinga Insights

April 23, 2024 | 6:30 pm

NLY

Annaly Capital Management (NYSE:NLY) has seen a 9.5% increase in short interest, now at 9.70 million shares or 2.19% of float, taking 2.88 days on average to cover. This rise in short interest signals a more bearish market sentiment towards NLY, although it has less short interest compared to its peer average of 6.83%. The increase in short interest doesn't necessarily predict a price drop but indicates heightened short selling activity.

Portfolio Pulse from Benzinga Insights

April 23, 2024 | 6:30 pm