Streetbeat News

Stock Prices

AAPL

Apple Inc. (NASDAQ:AAPL) shares are on a downward trend, causing concern among investors and analysts ahead of the Q4 earnings report. Melius Research analyst Ben Reitzes maintains a Buy rating and a $240 target price on Apple stock, despite its current price around $179. Reitzes identifies four key challenges for Apple: growth, China, artificial intelligence (AI), and its search engine strategy. He predicts a 4% revenue growth for the December quarter, citing potential benefits of iPhone 15 upgrades and increased store traffic.

Portfolio Pulse from Benzinga Neuro

October 11, 2023 | 7:56 am

PEP

RELL

The CNN Money Fear and Greed index showed a slight easing in fear level but remained in the 'Fear' zone. U.S. stocks settled higher on Tuesday, with the 10-year Treasury yield declining to around 4.65%. PepsiCo Inc reported better-than-expected Q3 earnings. Most sectors on the S&P 500 closed positively, except for energy stocks. Investors are awaiting earnings results from Richardson Electronics, Ltd.

Portfolio Pulse from Lisa Levin

October 11, 2023 | 7:45 am

ASTR

AZZ

ETWO

RELL

VOXX

Richardson Electronics (RELL) is expected to report quarterly earnings of 3 cents per share on revenue of $51.10 million. AZZ Inc. (AZZ) posted better-than-expected results for its second quarter and reaffirmed FY24 guidance. Astra Space (ASTR) is exploring strategic options, including asset sales. VOXX International Corporation (VOXX) reported stronger-than-expected sales for its second quarter. E2open Parent Holdings Inc (ETWO) posted downbeat results for its second quarter and named Andrew Appel as interim CEO.

Portfolio Pulse from Lisa Levin

October 11, 2023 | 7:42 am

HXSCL

MDTKF

NDCVF

QCOM

RNECF

Bank of America has identified five global stocks with significant growth potential in the field of end-device AI. The bank forecasts a 96% compounded annual growth rate for foundries and a 105% growth rate for chipmakers from 2023-2025, reaching over $14 billion in revenue. The stocks identified are Qualcomm Inc., MediaTek Inc., Nordic Semiconductor, SK Hynix Inc., and Renesas Electronics Corporation.

Portfolio Pulse from Benzinga Neuro

October 11, 2023 | 7:42 am

AAPL

AMZN

GOOGL

MSFT

NVDA

The Russell 2000 index, which represents the smaller two-thirds of the U.S. stock market, is lagging behind the large-cap Russell 1000 index by 13 percentage points this year, potentially signaling economic concerns. The dominance of tech giants like Microsoft, Amazon, Apple, Nvidia, Meta Platforms, and Alphabet could be contributing to the perceived weakness of the rest of the stock market. Despite the current lag, small-cap stocks have historically outperformed large-caps in the 12 months following each of the last 11 recessions.

Portfolio Pulse from Benzinga Neuro

October 11, 2023 | 7:33 am

GOOG

GOOGL

NFLX

Gene Munster, co-founder of Deepwater Asset Management, believes that Alphabet-owned YouTube has surpassed Netflix in terms of content. He noted that the total hours viewed on YouTube are four times those on Netflix, attributing this to the rise of the creator economy. Munster also stated that it would be difficult for Netflix to compete in the realm of user-generated content. Alphabet’s Class C shares ended Tuesday’s session down 0.22% at $139.20, while Netflix saw a 3.27% decline to $373.32.

Portfolio Pulse from Shanthi Rexaline

October 11, 2023 | 7:00 am

FAST

Fastenal Company (NASDAQ:FAST) is set to release its Q3 financial results on Oct. 12, 2023. Analysts predict earnings of 50 cents per share, matching the previous year's earnings, and revenue of $1.85 billion, up from $1.80 billion. Fastenal's stock fell 1.1% to close at $55.85 on Tuesday. Recent analyst ratings include Morgan Stanley's Underweight rating with a price target of $50, Baird's Neutral rating with a price target of $57, Stifel's Buy rating with a price target of $61, and Loop Capital's Hold rating with a price target of $53.

Portfolio Pulse from Lisa Levin

October 11, 2023 | 6:56 am

CVCY

CWBC

Central Valley Community Bancorp (CVCY) and Community West Bancshares (CWBC) have agreed to a $99.4M all-stock merger deal. CWBC shareholders will receive 0.79 shares of CVCY for each CWBC share. The value of the merger will fluctuate based on CVCY's stock price. CVCY will also assume CWBC's outstanding stock options.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 6:47 am

NOG

Northern Oil And Gas has priced its public offering of 6.5 million common shares for gross proceeds of approximately $252.7 million.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 6:41 am

BTCUSD

Arthur Hayes, co-founder of BitMEX, predicts a major financial crisis worse than the Great Depression before the end of the decade. Despite this, he remains optimistic about Bitcoin, forecasting a price range of $750,000 to $1 million by 2026. He believes the approval of a spot Bitcoin ETF in the US, Europe, and possibly Hong Kong, along with the Bitcoin halving event, could push the price to a new all-time high of $70,000 in mid-2024.

Portfolio Pulse from Mehab Qureshi

October 11, 2023 | 6:38 am