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Semiconductor and chip stocks are experiencing an uptick due to the ongoing momentum in AI. Broadcom is set to announce its Q1 earnings after the market closes today. The anticipation of CHIPS act subsidies is also contributing to the sector's gains.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:52 pm

Morgan Stanley (NYSE:MS) has seen a mix of bullish and bearish sentiment in its options market, with a slight lean towards bearish trades. Analysis of 13 trades shows a nearly even split, but with more capital invested in puts. The options market is eyeing a price range of $77.5 to $100.0 for MS. The company's stock is currently up 0.23% at $85.86, with neutral RSI indicators and earnings expected in 41 days.

Portfolio Pulse from Benzinga Insights

March 07, 2024 | 6:45 pm

ALB

Albemarle (NYSE:ALB) has seen unusual options activity, indicating a bullish sentiment among big-money investors, with a split of 66% bullish and 33% bearish. The activity includes 12 uncommon trades, with 4 puts and 8 calls, targeting a price range of $85.0 to $170.0. The largest trades observed show a mix of bullish and bearish sentiments on specific options. Albemarle, a leading lithium producer for batteries, especially in electric vehicles, has its stock price slightly down at $119.0. Analysts have issued mixed ratings, with a consensus target price of $143.4.

Portfolio Pulse from Benzinga Insights

March 07, 2024 | 6:45 pm

APVO

Aptevo Therapeutics Inc (NASDAQ:APVO) and Alligator Bioscience AB released interim Phase 1 trial data for ALG.APV-527, showing positive signs in treating solid tumors. The trial, over 50% enrolled, demonstrated the treatment's tolerability, ongoing dose escalation, and biological activity without serious side effects. APVO's stock rose 18.8% to $7.60.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 6:45 pm

RIVN

Rivian announced that its upcoming R3 model will be priced below the R2. The company plans to start deliveries of R3 and R3X after the R2 to ensure a smooth launch. Both R2 and R3 models will come with two battery size options. Rivian also stated that its current cash, cash equivalents, and short-term investments are expected to be sufficient to fund operations through the start of R2 production.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:40 pm

CDMO

Avid Bioservices Inc (NASDAQ:CDMO) reported Q3 fiscal 2024 preliminary revenues of $33.8 million, an 11% decrease Y/Y, missing consensus estimates. Despite the revenue drop, attributed to fewer manufacturing runs and reduced services from early-stage customers, the company maintains its FY 2024 revenue guidance of $137-$147 million. Gross profit significantly decreased, and the company reported an operating loss, contrasting with the previous year's income. Avid Bioservices also completed its CGT facility, part of a three-year expansion, and priced $160 million of 7% Convertible Senior Notes due 2029. CDMO shares fell 29% to $6.24.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 6:40 pm

HPK

LYT

SWIN

HighPeak Energy, Inc. (NASDAQ:HPK) shares fell by 15.3% after reporting lower-than-expected Q4 revenue, despite beating EPS estimates. Other stocks showed significant movement, with Lytus Technologies Holdings PTV. Ltd. (NASDAQ:LYT) leading gainers with a 404% jump after announcing the launch of Lytus Cloud. On the losing end, Solowin Holdings (NASDAQ:SWIN) dropped 31.6% after a previous day's surge. The market saw a mix of dramatic gains and losses across various sectors.

Portfolio Pulse from Avi Kapoor

March 07, 2024 | 6:35 pm

DIA

MAGS

META

NVDA

QQQ

SPY

The S&P 500 reached new highs, driven by Fed Chair Powell's hints at potential rate cuts. Nvidia surpassed $900, and Bitcoin neared record levels. The Roundhill Magnificent Seven ETF and specific stocks like Meta Platforms and Nvidia showed significant gains. Treasury yields fell, and the dollar weakened. The ECB maintained interest rates, with President Lagarde emphasizing independence from the Fed. Gold hit new highs, and major US indices and ETFs saw varied performance. Several companies experienced notable stock movements due to earnings reports and other news.

Portfolio Pulse from Piero Cingari

March 07, 2024 | 6:32 pm

DOCU

Deep-pocketed investors have shown a bullish sentiment towards DocuSign (NASDAQ:DOCU), with a notable increase in options activity. Benzinga's tracking revealed 9 extraordinary options activities, with a sentiment split of 55% bullish and 44% bearish. The focus is on a price band between $40.0 and $55.0. The largest trades include both bullish and bearish positions, with significant open interest and volume in options within the $40.0 to $55.0 strike price range. DocuSign's current stock price is up 0.99% at $52.99, with potential overbought signals and earnings expected imminently.

Portfolio Pulse from Benzinga Insights

March 07, 2024 | 6:30 pm

WMT

Walmart Inc (NYSE:WMT) announced plans to open its third milk processing facility in Robinson, Texas by 2026, expected to create 400 jobs and serve over 750 stores in the South. Additionally, Walmart launched on-demand early morning delivery for a wide range of products, enhancing its delivery services. WMT shares saw a slight increase of 0.12% to $60.62.

Portfolio Pulse from Shivani Kumaresan

March 07, 2024 | 6:28 pm