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SERV

UBER

Serve Robotics Inc. announced a public offering of 10 million shares at $4 each, totaling $40 million, with participation from Postmates, LLC, a subsidiary of Uber Technologies Inc. Serve will uplist to the Nasdaq Capital Market under the symbol 'SERV', moving from the OTCQB Venture Market where it was listed as 'SBOT'.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:59 am

BTCUSD

ETHUSD

Cryptocurrency analyst Ali Martinez warns that Bitcoin could correct to $56,200 if it breaches the critical $61,000 level. A rebound could see it rise to $66,500, with the first sign being a 4-hour candlestick close above $62,300. This comes amid significant market volatility and concerns over potential major price corrections due to inflation and geopolitical tensions. Despite challenges, the approval of Bitcoin and Ethereum ETFs in Hong Kong signals a positive long-term outlook.

Portfolio Pulse from Benzinga Neuro

April 18, 2024 | 7:52 am

CTRI

SWX

Southwest Gas Holdings, Inc. (SWX) and its subsidiary Centuri Holdings, Inc. (CTRI) announced the pricing of Centuri's IPO at $21 per share for 12.4 million shares. The IPO is set to begin trading on the NYSE under the symbol CTRI on April 18, 2024, with a closing date of April 22, 2024. Additionally, Icahn Partners will purchase 2.59 million shares of Centuri in a private placement at the IPO price, totaling approximately $54.4 million.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:26 am

DHI

MMC

NFLX

UAL

USB

The S&P 500 fell for a fourth consecutive session amid declining investor sentiment, as indicated by the CNN Money Fear and Greed index remaining in the 'Fear' zone. U.S. Bancorp reported positive Q1 FY24 earnings, while United Airlines saw a significant stock jump following strong quarterly results. Most S&P 500 sectors closed lower, except for utilities and consumer staples. Investors are looking forward to earnings from Marsh & McLennan, D.R. Horton, and Netflix.

Portfolio Pulse from Avi Kapoor

April 18, 2024 | 6:52 am

DHI

MMC

NFLX

SNV

U.S. stock futures are trading higher, with focus on D.R. Horton, Synovus Financial, Netflix, Alcoa Corporation, and Marsh & McLennan due to earnings reports and financial results. D.R. Horton and Marsh & McLennan are anticipated to report earnings, Synovus Financial reported weaker-than-expected Q1 results, Netflix is expected to release earnings, and Alcoa reported better-than-expected sales but a quarterly loss.

Portfolio Pulse from Avi Kapoor

April 18, 2024 | 6:52 am

TSLA

Tesla, Inc. (TSLA) has experienced a decline in stock price following each of the past four earnings reports, with drops ranging from -9.30% to -12.12%. The declines were attributed to various factors including year-over-year revenue and EPS declines, price cuts, falling margins, and Cybertruck launch uncertainty. Barclays analyst Dan Levy lowered Tesla's price target from $225 to $180, citing expected soft margins and a potential first-quarter miss. Fund manager Gary Black suggests Tesla management should focus on explaining future improvements rather than making grand promises.

Portfolio Pulse from Shanthi Rexaline

April 18, 2024 | 6:52 am

MMC

Marsh & McLennan Companies, Inc. (NYSE:MMC) is anticipated to report higher Q1 earnings with an expected EPS of $2.80, up from $2.53 year-over-year, and revenue of $6.39 billion, up from $5.92 billion. The company declared a quarterly dividend of 71 cents per share, payable on May 15, 2024. Shares rose 0.7% to close at $197.62 recently. Analysts have adjusted their ratings, with Piper Sandler and Wells Fargo downgrading the stock, while Evercore ISI Group and others have adjusted their price targets.

Portfolio Pulse from Avi Kapoor

April 18, 2024 | 6:45 am

TSM

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) surpassed Q1 2024 expectations with a 16.5% revenue increase year-over-year, reaching $18.87 billion, and an 8.9% rise in net income to $6.97 billion. Despite a slight decline from Q4 2023, TSMC's advanced technologies, especially in 3nm, 5nm, and 7nm processes, drove its success, indicating strong demand for AI chips and a positive outlook for the semiconductor industry.

Portfolio Pulse from Benzinga Neuro

April 18, 2024 | 6:31 am

RIVN

Rivian Automotive (NASDAQ:RIVN) is cutting another 1% of its workforce, following Tesla's recent layoffs, as part of its efforts to achieve profitability by the end of the year. The cuts will likely affect support and back-office workers. Despite increasing vehicle deliveries, Rivian continues to face losses and aims for profitability by Q4 2024. Rivian's stock saw a slight increase on Wednesday but dropped in after-hours trading.

Portfolio Pulse from Anan Ashraf

April 18, 2024 | 6:16 am

TSM

Taiwan Semiconductor (NYSE:TSM) reported Q1 2024 earnings of $1.38 per share, surpassing the $1.32 estimate, with sales of $18.873B also beating the $18.395B estimate, marking a 12.88% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 6:07 am