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C

Citigroup CFO Mark Mason announced at a BOFA Conference, as reported by Reuters, that the company is making good progress on the separation of Banamex. They expect to sell 20-25% in the first tranche of the Banamex IPO.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 6:49 pm

C

Citigroup CFO Mark Mason indicated at a BOFA conference, as reported by Reuters, that consumer spending growth is expected to slow. However, there's an improvement in demand for mergers, acquisitions, and debt capital markets. Client sentiment is described as 'cautiously optimistic'. Mason also noted that Citigroup is well-positioned to capture market share in investment banking as the market rebounds.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 6:48 pm

AMD

DFS

GOOGL

NVDA

WMT

Wall Street experienced a downturn, particularly in technology stocks, with the Nasdaq 100 dropping 1.5%. Nvidia and AMD saw significant declines ahead of Nvidia's earnings report. Alphabet was an exception among major tech stocks, posting a gain. The market's movement reflects a reassessment of stock valuations rather than interest rate concerns. ETFs like SPY, DIA, and QQQ also fell, with XLK underperforming. Walmart's stock rose following strong quarterly results and plans to acquire Vizio, while Discover Financial surged on news of its acquisition by Capital One.

Portfolio Pulse from Piero Cingari

February 20, 2024 | 6:46 pm

JNJ

Deep-pocketed investors have shown a bearish sentiment towards Johnson & Johnson (NYSE:JNJ) based on options trading data from Benzinga. The data reveals a mix of bullish and bearish positions, with a notable lean towards bearishness (55%). Options activity suggests a targeted price range for JNJ between $145.0 and $170.0. The company, a leading healthcare firm, is currently seeing its stock price slightly up at $156.77. Analyst ratings in the last month have set an average target price of $199.0, with varying opinions on the stock's future performance.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 6:45 pm

OXY

Occidental Petroleum (NYSE:OXY) has seen significant unusual options activity, with a bearish sentiment prevailing among big-money traders. Benzinga's options scanner identified 33 unusual trades, with a split sentiment of 33% bullish and 66% bearish. The trades target a price range of $52.5 to $65.0 for OXY over the next 3 months. The largest trades observed were mostly bearish, with both calls and puts involved. Occidental Petroleum is an independent exploration and production company, with its stock price slightly down at $60.5 and analysts giving mixed ratings with an average target price of $70.25.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 6:45 pm

AYRWF

MJUS

MSOS

The Amplify U.S. Alternative Harvest ETF (MJUS) rebalancing had a significant impact on cannabis stocks, contributing to their downward trend. Despite its smaller size compared to MSOS ETF, MJUS's trading activity accounted for a notable portion of stock volume, with a correlation of .67 between its trading activity and stock price changes. The article also highlights the influence of rumors and technical events on the cannabis market, advising investors to be cautious. Additionally, it mentions the Viridian Cannabis Deal Tracker, a tool for monitoring capital raise and M&A activity in the cannabis industry.

Portfolio Pulse from Viridian Capital Advisors

February 20, 2024 | 6:43 pm

AMZN

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) is set to report its Q4 financial results, with analysts expecting a significant revenue increase to $1.262 billion from last year's $663.0 million, and a reduced loss of $1.32 per share. Despite beating earnings estimates in recent quarters, several analysts have downgraded RIVN due to the overall weakness in the EV sector and potential challenges in meeting its 2024 gross margin profitability target. Key items for the upcoming earnings include updates on 2024 production, deliveries, and details on the R2 model debut.

Portfolio Pulse from Chris Katje

February 20, 2024 | 6:41 pm

TLRY

Morningstar reduced Tilray Brands, Inc.'s (NASDAQ:TLRY) price target from $3.30 to $3.10, citing reduced revenue due to market fragmentation, pricing compression, and the illicit market in Canada. Despite these challenges, Tilray's acquisition of Hexo in 2023 is expected to consolidate the market. The company's international operations are forecasted to grow due to limited competition and expanding medical cannabis legalization. The report also highlighted the impact of the illicit market and potential regulatory costs on profitability. Tilray's shares fell 5.2269% to $1.8199.

Portfolio Pulse from Jelena Martinovic

February 20, 2024 | 6:33 pm

ABT

Abbott Laboratories (NYSE:ABT) has seen a 21.31% increase in short interest, now at 12.70 million shares or 0.74% of float, taking 2.13 days on average to cover. This rise in short interest can indicate a bearish market sentiment towards ABT, though it has less short interest compared to its peers' average of 3.93%. The increase in shorting does not necessarily predict a near-term price drop.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 6:30 pm

SCHW

Charles Schwab (NYSE:SCHW) has seen a decrease in short interest, with 17.98 million shares sold short, representing 1.08% of its float. This marks a 10.74% decline since the last report. The current short interest suggests a bullish sentiment among investors, as it is lower than the peer group average of 4.91%. Short interest is a key indicator of market sentiment, and a decrease often signals that investors are becoming more optimistic about a stock's future performance.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 6:30 pm