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RAPT

RAPT Therapeutics Inc (NASDAQ:RAPT) shares plummeted after the FDA placed a clinical hold on Phase 2b and 2a trials of zelnecirnon for atopic dermatitis and asthma, respectively, due to a serious adverse event of liver failure in one patient. The company is investigating the case, which involved a patient with a complex medical history. RAPT shares are down 65.7% at $8.9.

Portfolio Pulse from Vandana Singh

February 20, 2024 | 5:24 pm

VC

Visteon Corporation (NASDAQ:VC) reported a 7% decrease in Q4 sales year over year, missing analyst expectations with $990 million in revenue against a forecast of $1.049 billion. Despite the sales dip, adjusted EBITDA rose to $117 million, reflecting strong operational performance and cost discipline. The company missed adjusted EPS estimates, reporting $1.91 against an expected $2.09. Visteon also announced a $106 million share repurchase under a $300 million authorization. For FY24, Visteon forecasts net sales between $4 billion and $4.2 billion, below the $4.3 billion estimate, with adjusted EBITDA between $470 million and $500 million.

Portfolio Pulse from Nabaparna Bhattacharya

February 20, 2024 | 5:21 pm

AWI

Armstrong World Industries' shares surged following the announcement of their Q4 financial results, which exceeded expectations. Additionally, the company provided FY24 revenue guidance that surpassed estimates.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:20 pm

SYBX

Synlogic, Inc. (NASDAQ:SYBX) has adopted a limited duration shareholder rights plan and authorized a dividend distribution of one right for each outstanding share of common stock, effective immediately with a one-year duration, expiring on February 20, 2025. The plan is a response to unsolicited share accumulation by an investor, aiming to protect stockholders and ensure fair value in case of control changes. The rights become exercisable if an entity acquires 15% or more of Synlogic's stock without Board approval. Synlogic has also engaged Ladenburg Thalmann & Co. Inc. as a financial advisor to explore strategic options to maximize shareholder value.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:18 pm

UPS

Financial analysts have observed a significant bullish trend in the options market for United Parcel Service (NYSE:UPS), with a majority of trades leaning towards bullish sentiments. Analysis of recent options trades shows a preference for calls over puts, indicating expectations for UPS's stock price to rise within a target range of $145.0 to $175.0. The largest trades have been bullish call sweeps with expiration dates extending into 2024 and 2025. Despite a slight decline in UPS's stock price by -0.44% to $147.75, the market sentiment and trading volume suggest optimism about the company's future performance.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 5:15 pm

RAPT

Rapt Therapeutics' shares dropped following the FDA's verbal notification of a clinical hold on the company's Phase 2B trial of zelnecirnon in atopic dermatitis and Phase 2A trial in asthma.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:15 pm

AMD

NVDA

SOXL

SOXS

Nvidia (NVDA) and Direxion Daily Semiconductor Bull 3X Shares (SOXL) experienced significant drops ahead of Nvidia's Q4 earnings report, with NVDA falling about 6% and SOXL over 7%. The semiconductor sector's recent bull cycle, highlighted by Nvidia's performance and interest in AI, faces a potential shift as the S&P 500 shows signs of a local top. SOXL, which includes stocks like AMD and NVDA, is in a critical technical position, potentially indicating a broader sector pullback. Nvidia's upcoming earnings could influence the direction of tech stocks in the short term.

Portfolio Pulse from Melanie Schaffer

February 20, 2024 | 5:15 pm

FLR

Fluor Corporation's shares dropped following the announcement of their Q4 revenue results, which fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:11 pm

SHOP

Shopify shares are trading lower due to a broader pullback in tech stocks after a period of market strength.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:11 pm

EXPD

Expeditors International of Washington, Inc. (EXPD) reported a significant decline in Q4 fiscal 2023 results with a 34% Y/Y revenue drop to $2.28 billion, missing the consensus of $2.31 billion. EPS fell 22% YoY to $1.09, below the consensus of $1.23. The company also saw a decrease in airfreight and ocean container volumes, alongside a 40% drop in operating income to $199.39 million. Despite these challenges, EXPD repurchased shares and amended its Discretionary Stock Repurchase Plan. The company cited market uncertainty, including the impact of the Covid-19 pandemic and conflicts in the Middle East, as factors affecting its performance.

Portfolio Pulse from Akanksha Bakshi

February 20, 2024 | 5:10 pm