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The U.S. tech rally, led by the 'Magnificent Seven' tech stocks, has shown significant growth over the past year, with the S&P 500 Index up over 25%. This growth is attributed to sustainable fundamentals, particularly the strategic focus on generative AI, which has driven a 90% surge in these stocks since the beginning of 2023. The ETFs tracking the S&P 500, such as SPY, VOO, and IVV, have also seen price appreciation. Nvidia, Meta Platforms, and Amazon have been the top performers among the Magnificent Seven, with substantial returns.

Portfolio Pulse from Surbhi Jain

March 01, 2024 | 8:06 pm

PLUG

Plug Power's shares are trading higher following the announcement of their FY23 financial results.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 8:03 pm

CTVA

Corteva (NYSE:CTVA) has been evaluated by 9 analysts over the last three months, showing a diverse range of opinions. The average 12-month price target for Corteva has been raised to $60.78, up 5.01% from the previous target of $57.88. Analysts from firms including Loop Capital, Oppenheimer, and RBC Capital have raised their price targets, indicating a positive outlook on the company. Despite this, Corteva faces financial challenges with a -3.08% decline in revenue growth and below-average profitability metrics. The company, a leader in seed and crop chemical products, was spun off from DowDuPont in 2019.

Portfolio Pulse from Benzinga Insights

March 01, 2024 | 8:02 pm

APD

Air Products & Chemicals (NYSE:APD) was analyzed by 7 analysts, showing a mix of ratings but no changes in the last 30 days. The average 12-month price target is now $257.86, down 13.03% from $296.50. Analysts have lowered their price targets, reflecting adjustments to market conditions and company performance. Air Products, a leading industrial gas supplier, reported a revenue decline of -5.58% for the quarter ending December 31, 2023, but has strong profitability indicators like a net margin of 20.33% and ROE of 4.18%.

Portfolio Pulse from Benzinga Insights

March 01, 2024 | 8:00 pm

HSY

Hershey's (NYSE:HSY) short interest has decreased by 7.21% since the last report, with 2.58 million shares sold short, representing 1.93% of its float. This decrease in short interest could indicate a more bullish sentiment towards HSY among traders. Hershey's short interest is below its peer group average of 5.11%, suggesting it is performing well compared to its peers.

Portfolio Pulse from Benzinga Insights

March 01, 2024 | 8:00 pm

HCA

HCA Healthcare's (NYSE:HCA) short interest has increased by 29.82% since the last report, with 2.86 million shares sold short, representing 1.48% of its float. It would take about 2.65 days to cover these short positions based on current trading volume. This rise in short interest indicates a more bearish market sentiment towards HCA Healthcare, although it has less short interest compared to its peers' average of 5.24%. The increase in short interest doesn't necessarily predict a price drop but suggests increased short selling activity.

Portfolio Pulse from Benzinga Insights

March 01, 2024 | 8:00 pm

EOG

EOG Resources (NYSE:EOG) has seen a 3.48% increase in short percent of float, now at 1.19% of all shares available for trading. With 6.87 million shares sold short, it would take about 2.22 days to cover these positions. This rise in short interest indicates a more bearish market sentiment towards EOG, although it's lower than the peer group average of 6.50%. The increase in short interest doesn't necessarily predict a price drop but suggests traders are betting against the stock.

Portfolio Pulse from Benzinga Insights

March 01, 2024 | 8:00 pm

GOLD

Deep-pocketed investors have shown a bearish sentiment towards Barrick Gold (NYSE:GOLD), as revealed by Benzinga's tracking of public options records. A significant surge in options activity for GOLD was observed, with a notable division among investors: 25% bullish and 75% bearish. The options activity focused on a price band between $13.0 and $20.0. Barrick Gold, a major gold miner, has seen its stock price slightly increase by 0.61% to $14.75, with its next earnings expected in 61 days.

Portfolio Pulse from Benzinga Insights

March 01, 2024 | 7:46 pm

SMH

TSM

Taiwan Semiconductor Manufacturing Co (NYSE:TSM) faces water shortage challenges as demand for advanced semiconductor chips increases. The shift to more sophisticated processing technologies has led to a 35% increase in water usage per unit. TSMC's critical role in the global tech supply chain, producing about 90% of the world's advanced chips, could be impacted. The company is expanding globally, with new plants in Japan and a $40 billion investment in Arizona, USA. Investors can gain exposure to TSMC through the VanEck Semiconductor ETF (NASDAQ:SMH), which has seen a 28% increase year-to-date. TSM shares rose by 5.77% to $136.08.

Portfolio Pulse from Anusuya Lahiri

March 01, 2024 | 7:39 pm

FSR

Citigroup analyst Itay Michaeli downgraded Fisker (NYSE:FSR) from Buy to Neutral and significantly reduced the price target from $4 to $0.8, indicating a bearish outlook on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 7:34 pm