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SPY

UNG

USA Natural Gas Storage reported an increase of 60 billion cubic feet, surpassing the estimated 40 billion cubic feet and contrasting with the prior decrease of 6 billion cubic feet. This indicates a larger-than-expected supply of natural gas.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:49 pm

ATAT

Atour Lifestyle Holdings Ltd (NASDAQ:ATAT) reported a 93.1% year-on-year increase in Q3 FY23 sales, reaching RMB1.294 billion ($177 million). The company's hotel operations expanded with 1,112 hotels and 128,681 rooms, an increase of over 25% Y/Y. The average daily room rate and occupancy rate both surpassed 2019 levels. Operating income rose by 130% Y/Y to RMB 341.3 million ($46.8 million), and operating cash flow was RMB 543.1 million ($74.4 million). The company's cash reserves stood at RMB2.2 billion ($301 million), and EPS was RMB0.63 ($0.09). Despite the positive financial results, ATAT shares dropped by 4.84% to $18.66.

Portfolio Pulse from Shivani Kumaresan

November 16, 2023 | 3:49 pm

SQSP

Squarespace Inc (NYSE:SQSP) stock dropped 6.2% after General Atlantic announced plans to sell 6 million shares in a secondary public offering, with an option for the underwriter to purchase an additional 900,000 shares. Squarespace will not receive any proceeds from the sale. J.P. Morgan Securities LLC is the lead book-running manager and underwriter for the offering. SQSP's 52-week range is between $0.20 and $10.00.

Portfolio Pulse from Henry Khederian

November 16, 2023 | 3:48 pm

ABR

Viceroy Research has taken a short position on Arbor Realty Trust (NYSE:ABR), criticizing the company's loan book and collateral valuation. Viceroy claims Arbor's CLOs are distressed, with a DSCR of 0.63x and an LTV of ~77%. They argue that the appraised values of properties are unrealistic, with cap rates at ~4.7% versus a risk-free rate of ~4.6%. A revaluation at a 7% cap rate could eliminate Arbor's LTV buffer and equity. Viceroy also notes Arbor's borrowers may not have interest rate caps as claimed, and properties are undermaintained. Arbor's new loan generation is slowing, reflecting a non-viable multifamily residential investment business.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:46 pm

HTLF

Piper Sandler analyst Andrew Liesch has maintained an Overweight rating on Heartland Financial USA (NASDAQ:HTLF) and increased the price target from $35 to $38.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:45 pm

VLCN

Volcon Inc (NASDAQ:VLCN) stock plummeted by 68% to $0.21 after the company announced a public offering to raise approximately $18 million. The offering includes Common Units or Pre-funded Units, comprising stock or pre-funded warrants, and warrants with set prices and expiration dates. The capital raised is intended for general corporate purposes, and the offering's completion is subject to standard conditions, including an over-allotment option.

Portfolio Pulse from Henry Khederian

November 16, 2023 | 3:44 pm

HTLF

Piper Sandler analyst Andrew Liesch has maintained an Overweight rating on Heartland Financial USA (NASDAQ:HTLF) and increased the price target from $35 to $38.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:44 pm

EIS

GLD

KSA

The conflict between Israel and Hamas has reached day 42 with significant developments in hostage negotiations, military operations, and international reactions. Hamas has agreed in principle to release hostages, while President Biden has accused Hamas of war crimes. IDF operations continue at Shifa Hospital, and Israel has taken control of Gaza's harbor. International condemnation of Israel's actions has come from Saudi Arabia and South Africa. The Israeli shekel and stock market rose, as did Saudi stocks, while U.S. Treasury yields fell. The iShares MSCI Israel ETF (EIS) and iShares MSCI Saudi Arabia ETF (KSA) both saw gains, while the SPDR Gold Trust (GLD) rose and Bitcoin (BTC) fell.

Portfolio Pulse from Piero Cingari

November 16, 2023 | 3:43 pm

VTLE

Piper Sandler analyst Mark Lear has maintained a Neutral rating on Vital Energy (NYSE:VTLE) but has reduced the price target from $64 to $55. This adjustment reflects a more conservative valuation of VTLE's stock.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:40 pm

INTC

Intel's stock (INTC) is trading higher following an upgrade from Neutral to Buy by Mizuho, with a price target increase from $37 to $50.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 3:37 pm