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Select Medical announced receiving a favorable IRS private letter ruling regarding the tax-free nature of a potential separation of its Concentra business. This development is a critical step towards possibly spinning off Concentra in a manner that would be tax-free for Select Medical and its shareholders.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:59 am

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CRM

HPQ

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TJX

Ahead of Wednesday's trading, notable movements include TJX Companies expected to report earnings with a slight gain in after-hours trading, Beyond Meat's shares surging on strong sales forecast, Salesforce also anticipated to report earnings with a modest after-hours gain, Boston Beer facing a dip after disappointing results and leadership change, and HP Inc. expected to report earnings with a slight increase in after-hours trading.

Portfolio Pulse from Avi Kapoor

February 28, 2024 | 6:48 am

Diamond Offshore Drilling (NYSE:DO) reported a Q4 adjusted loss of $(1.42) per share, a significant decrease from $(0.52) per share YoY. However, their quarterly sales of $297.64M exceeded the $291.00M estimate, marking a 33.31% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:34 am

TJX

TJX Companies, Inc. (NYSE:TJX) is anticipated to report higher Q4 earnings before the market opens on Feb. 28, 2024, with expected earnings of $1.12 per share, up from 89 cents a year ago, and projected revenue of $16.21 billion, up from $14.52 billion. The company previously reported a 9% year-on-year sales growth for Q3 FY24, with shares closing at $100.52 recently. Analysts from Telsey Advisory Group, Baird, B of A Securities, Wells Fargo, and Evercore ISI Group have provided ratings and price targets, reflecting a generally positive outlook.

Portfolio Pulse from Avi Kapoor

February 28, 2024 | 6:22 am

BTCUSD

TRX

Justin Sun, founder of TRON, revealed his Bitcoin holdings of 28,613 BTC, valued at approximately $1.638 billion. He made this disclosure in response to comments about his usage of the HTX exchange, emphasizing his active participation. This announcement coincides with Bitcoin's price surge to $57,000, a peak not seen since December 2021. The crypto market has seen a ripple effect from this rally, with increased investments in Bitcoin ETFs and a significant rise in the global cryptocurrency market cap. Sun also highlighted TRON's commitment to integrating Bitcoin scalability solutions and collaborating with Bitcoin layer-2 protocols.

Portfolio Pulse from Mehab Qureshi

February 28, 2024 | 5:54 am

BTCUSD

DOGEUSD

PEPEUSD

SHIBUSD

The market cap for the top 100 meme-themed cryptocurrencies surged to $26.5 billion, a 10% increase, driven by Bitcoin's rally to $56,000. Santiment highlighted significant traction in meme coins like Pepecoin, Floki, and Dogwifhat, with warnings about FOMO in the crypto market. Pepecoin saw a 23% increase in 24 hours, reaching its highest value since May 2023. Dogecoin and Shiba Inu also experienced surges of 8-12% in a single day.

Portfolio Pulse from Mehab Qureshi

February 28, 2024 | 5:14 am

AAPL

GOOGL

Apple Inc (AAPL) has decided to discontinue its electric vehicle (EV) project, Titan, after a decade of development. The decision, supported by Wedbush analyst Dan Ives, comes amid a rapidly evolving EV landscape. Nearly 2,000 employees involved in the project will be redirected to Apple's generative AI division, with some layoffs expected. The move has been met with mixed reactions, with some seeing it as a missed opportunity, while others, like CNBC's Jim Cramer, suggest companies like Alphabet Inc (GOOGL) should follow Apple's focused approach.

Portfolio Pulse from Benzinga Neuro

February 28, 2024 | 5:07 am

NVDA

Jeremy Siegel, a finance professor at Wharton, warns of a potential bubble in tech stocks, particularly highlighting NVIDIA Corp (NASDAQ:NVDA) due to its soaring valuations. Nvidia's stock has significantly increased, driven by demand for its AI chips, leading to concerns of a speculative bubble similar to the dot-com era. Despite these warnings, Siegel remains optimistic about the U.S. economy overall.

Portfolio Pulse from Benzinga Neuro

February 28, 2024 | 4:21 am

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BYDDY

BYD Co Ltd showcased its Yangwang U8 SUV, capable of floating and performing a tank turn, at the Geneva International Motor Show. This marks its debut in Europe, following the launch of the dancing U9 supercar in China. The U8 SUV, a luxury plug-in hybrid, boasts 1,200 horsepower and can accelerate from 0-60 mph in 3.6 seconds. It has delivered 3,653 units in China as of January. BYD, which surpassed Tesla in BEV sales in the last quarter of 2023, is exploring the European market but has no immediate plans to enter the U.S. market.

Portfolio Pulse from Anan Ashraf

February 28, 2024 | 4:21 am

BTCUSD

Peter Schiff, a known Bitcoin critic, commented on Bitcoin's recent rally surpassing $56,000, suggesting it's more volatile than traditional markets. Despite his skepticism, his company Schiffgold accepts Bitcoin. Schiff also ventured into the NFT space with an Ordinal art collection on the Bitcoin blockchain. He maintains Bitcoin lacks intrinsic value compared to gold. Bitcoin was trading at $56,901, up 0.93%.

Portfolio Pulse from Mehab Qureshi

February 28, 2024 | 4:09 am