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The Senate Banking Committee has approved the Secure and Fair Enforcement Regulation (SAFER) Banking Act, causing a surge in U.S. cannabis stocks. Companies such as Canopy Growth Corp, Cronos Group Inc, Aurora Cannabis Inc, SNDL Inc, and Tilray Brands Inc saw increases between 3% and 6.5%. The AdvisorShares Pure US Cannabis ETF also spiked 6% following the vote. The Act, which has been in the works for nearly a decade, could greatly benefit the $1-billion cannabis industry that has been operating on a cash-only basis.

Portfolio Pulse from Maureen Meehan

September 27, 2023 | 4:27 pm

STLA

Samsung SDI Co Ltd plans to invest $2 billion to establish a new electric vehicle battery facility in the U.S. in partnership with Stellantis N.V. (NYSE:STLA). The investment will span from April of next year until November 2027. The plant, which is part of the existing StarPlus Energy joint venture, aims to start production in 2027 with an initial annual production capacity of 34 gigawatt-hours.

Portfolio Pulse from Shivani Kumaresan

September 27, 2023 | 4:23 pm

Shares of Guardant Health Inc (NASDAQ:GH) climbed during the premarket trading session and morning on Wednesday. Piper Sandler analyst David Westenberg upgraded the rating for Guardant Health from Neutral to Overweight, establishing a price target of $40. Westenberg believes that despite increasing competition in comprehensive genomic profiling, Guardant Health's strong position in liquid biopsy and potential to generate meaningful data will enable it to hit its 2023 guidance.

Portfolio Pulse from Priya Nigam

September 27, 2023 | 4:18 pm

LYG

Lloyds Banking Group's (NYSE:LYG) short percent of float has fallen 20.0% since its last report, with 6.63 million shares sold short, which is 0.04% of all regular shares available for trading. This decrease in short interest could signal a more bullish market sentiment towards the stock. However, it does not necessarily mean that the stock price will rise in the near term. Compared to its peers, Lloyds has less short interest.

Portfolio Pulse from Benzinga Insights

September 27, 2023 | 4:15 pm

ON Semiconductor's (NYSE:ON) short percent of float has risen 3.06% since its last report, with 26.00 million shares sold short, which is 9.1% of all regular shares available for trading. It would take traders 5.82 days to cover their short positions on average. The company's short interest is higher than its peer group average of 3.31%.

Portfolio Pulse from Benzinga Insights

September 27, 2023 | 4:15 pm

XOM

Exxon Mobil's (NYSE:XOM) short percent of float has risen 16.67% since its last report, with 44.59 million shares sold short, which is 1.12% of all regular shares available for trading. It would take traders 2.6 days to cover their short positions on average. The company has less short interest than most of its peers, with the peer group average at 1.53%.

Portfolio Pulse from Benzinga Insights

September 27, 2023 | 4:15 pm

XWELL

XWELL has announced a 1-for-20 reverse stock split, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 4:14 pm

DOCU

Jenny Harrington, while live on CNBC, announced that she has bought DocuSign.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 4:13 pm

BAC

SPY

Bank of America's CEO has stated that commercial credit quality remains strong, despite a slowdown in consumer spending growth compared to the previous year. He also predicted that U.S. interest rates are likely to remain high for an extended period.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 4:12 pm

AMGN

ILMN

PODD

QQQ

SGEN

SPY

VLO

WBA

The stock market has been marked by volatility in September, with the S&P 500 and Nasdaq 100 hitting yearly lows in terms of the percentage of stocks trading below their 50-day moving averages. Only 13% of stocks in the SPDR S&P 500 ETF Trust and the Nasdaq 100 are trading below the 50-day moving average. Valero Energy Corporation and Amgen, Inc. are trading approximately 7.4% above their 50-day moving averages, while Dollar General Corp. and Insulet Corporation are lagging behind. In the Invesco QQQ Trust, Amgen retains its leading position, followed by Seagen Inc.

Portfolio Pulse from Piero Cingari

September 27, 2023 | 4:04 pm