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BIRK

CROX

DECK

NKE

German shoemaker Birkenstock Holding Plc (NYSE:BIRK) is set to debut on the NYSE after pricing its IPO at $46 per share, targeting a valuation of approximately $8.6 billion. The company plans to use the proceeds to repay borrowings and for general corporate purposes. Birkenstock sold approximately 30 million units in 2022, generating revenue of 1.24 billion euros ($1.32 billion) and net profit of 187 million euros on gross margins of 60%. The company's financial performance is largely dependent on brand perception, with risks including negative consumer perception, supply chain problems, and increasing competition from companies like Nike Inc (NYSE:NKE), Crocs Inc (NASDAQ:CROX), and Deckers Outdoor Corp (NYSE:DECK).

Portfolio Pulse from Adam Eckert

October 11, 2023 | 3:44 pm

AZZ

SHCR

VOXX

Several US stocks traded higher on Wednesday, with notable gains recorded by Sharecare, Scilex Holding Company, VOXX International Corp, Golden Heaven Group Holdings, American Battery Technology Company, Exscientia, Empire State Realty OP, AZZ Inc., Dada Nexus Limited, Novavax, Harmony Gold Mining Company, HUTCHMED, Sify Technologies Limited, Beneficient, and Groupon. Sharecare's surge followed a preliminary non-binding proposal for acquisition by Claritas Capital. VOXX and AZZ Inc. reported stronger-than-expected sales and results for their second quarter, respectively.

Portfolio Pulse from Lisa Levin

October 11, 2023 | 3:42 pm

AAPL

AIA

XOM

Citigroup's head of equity strategy, Beata Manthey, has expressed a bullish stance on global and emerging market equities, despite a year-long sell-off in the sector. She also mentioned that the bank has been buying tech stocks as fears of a US recession seem overblown. Manthey highlighted that emerging market stocks look very cheap, making them attractive to Citi's bargain hunters. She also mentioned that Citi has recently put an underweight weighting on energy stocks due to concerns over global growth in the face of sustained higher rates. However, she conceded that this call may be at risk due to the escalating conflict in Gaza, which could boost oil producers.

Portfolio Pulse from Daniel Harrison

October 11, 2023 | 3:40 pm

HUBS

Raymond James has downgraded HubSpot's stock from Strong Buy to Outperform and reduced its price target from $600 to $520. This has led to a decrease in HubSpot's share price.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 3:38 pm

BYDDY

STLA

TSLA

The UAW strike against General Motors (GM), Ford Motor (F), and Stellantis (STLA) is nearing its fourth week. All three automakers have offered wage increases and agreed to cut the timeline to reach top wage rate. GM has allowed workers at joint-venture battery plants to be covered by union contracts. The strike has led to layoffs and cost the U.S. economy $5.5 billion. Tesla (TSLA) is also facing challenges with a drop in China-made EV sales and a probe by the European Commission.

Portfolio Pulse from Upwallstreet

October 11, 2023 | 3:28 pm

VFS

Vietnam-based EV maker VinFast Auto Ltd. (NASDAQ:VFS) plans to acquire a 99.8% stake in VinES Energy Solutions for approximately $462 million. The acquisition is expected to save 5%-7% on battery costs for the combined business and boost VinFast's competitiveness in the global electric vehicle market. VinFast's shares are trading higher by 4.14% to $7.80.

Portfolio Pulse from Nabaparna Bhattacharya

October 11, 2023 | 3:25 pm

GIB

CGI Inc (NYSE:GIB) has acquired Miami-based IT and business consulting firm Momentum Consulting Corp. The acquisition is expected to strengthen CGI's presence in Miami's high growth market. The financial details of the deal were not disclosed. As of June 2023, CGI had C$1.5 billion in cash, excluding funds held for clients. CGI shares are trading higher by 1.99% at $101.07.

Portfolio Pulse from Lekha Gupta

October 11, 2023 | 3:11 pm

TPST

Shares of Tempest Therapeutics have resumed trading.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 3:06 pm

DAL

Delta Air Lines, Inc. (NYSE:DAL) is expected to report higher Q3 earnings at $1.94 per share, up from $1.51 per share a year ago. The company's revenue is projected to be $14.54 billion, compared to $12.87 billion in the same period last year. Delta's shares gained 1.6% to close at $35.83 on Tuesday. Several analysts have revised their ratings and price targets for the company ahead of the earnings call.

Portfolio Pulse from Lisa Levin

October 11, 2023 | 3:04 pm

BAX

DVA

FMS

ISRG

Shares of dialysis providers and kidney care stocks are trading lower after Novo Nordisk stopped its semaglutide kidney outcomes trial early based on early signs of efficacy. Companies potentially affected include BAX, DVA, FMS, and ISRG.

Portfolio Pulse from Bill Haddad

October 11, 2023 | 3:03 pm