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Rising delinquencies in the commercial real estate sector are causing concerns for major banks like JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley, as bad loans begin to exceed loss reserves. The Financial Times reports a significant drop in average reserves against delinquent debt, with a nearly tripled delinquent debt reaching $9.3 billion. The banking sector's scrutiny by regulators increases as delinquent loans tied to commercial properties more than double to $24.3 billion. The Financials SPDR Select Sector Fund and the SPDR S&P 500 Regional Banking ETF saw declines, with New York Community Bancorp, ServisFirst Bancshares, and Valley National Bancorp experiencing notable stock drops.

Portfolio Pulse from Piero Cingari

February 20, 2024 | 4:53 pm

IOVA

Iovance Biotherapeutics' stock is trading higher following the FDA's accelerated approval of AMTAGVI for advanced melanoma.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:52 pm

BHP

BHP Group shares are trading lower following the release of their 1H earnings report.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:50 pm

FLR

Fluor Corp (NYSE:FLR) reported a Q4 fiscal 2023 revenue of $3.82 billion, missing the consensus of $4.11 billion, with a net loss of $21 million compared to net earnings of $9 million a year ago. Despite this, adjusted EPS improved to $0.68, beating the consensus of $0.57. The company saw a total new awards of $7.6 billion, up from $4.6 billion a year ago, and expects improved cash flow conversion in 2024 with adjusted EBITDA of $600 million to $700 million and adjusted EPS of $2.50 to $3.00. FLR shares traded lower by 10.46% at $37.73.

Portfolio Pulse from Akanksha Bakshi

February 20, 2024 | 4:47 pm

AMAT

AMD

ASML

ICHR

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NVDA

Semiconductor stocks are trading lower after a period of gains, attributed to overall market strength and interest in AI technologies. This pullback reflects a temporary cooling off in the sector.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:43 pm

BTCUSD

ETHUSD

Michaël van de Poppe predicts Bitcoin's (BTC) price may see limited upside to $54,000-$58,000 before a correction and a rotation towards altcoins, including DeFi. He draws parallels to past cycles, remains bullish on Bitcoin's long-term potential, and sees strong performance for Ethereum (ETH) against Bitcoin.

Portfolio Pulse from Murtuza Merchant

February 20, 2024 | 4:41 pm

SBGI

Sinclair Broadcast Group (NASDAQ:SBGI) has announced a new distribution agreement with TEGNA to expand the reach of its multicast network, The Nest, to 79% of US OTA TV households, making it available in 44 of the top-50 markets. This expansion includes 35 additional channels in major markets. Additionally, Sinclair's Comet network will be upgraded on TEGNA's KHOU TV in Houston. The Nest, launched in Oct '23, offers a variety of programming and is part of Sinclair's growing portfolio of multicast networks, which have seen significant year-over-year growth.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:40 pm

UAL

United Airlines' CFO expressed deep disappointment in Boeing due to delays in aircraft deliveries, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:39 pm

SMMT

Summit Therapeutics shares are trading lower following the announcement of their Q4 financial results.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 4:38 pm

ETHUSD

STRKUSD

Starknet's token distribution saw 5 million STRK tokens claimed in the first five minutes, marking a significant event in the crypto market. Over 1.2 million wallets are eligible for the distribution of 700 million tokens, with no lockups, aiming to reward contributors to the Starknet ecosystem. Ethereum stakers also receive allocations. The STRK token showed early volatility, trading between $1.80 and $5, and is currently around $3.50. The distribution window is open until June 20.

Portfolio Pulse from Murtuza Merchant

February 20, 2024 | 4:36 pm