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FENG

Phoenix New Media has announced a share repurchase program of up to $2 million. The company's board of directors has approved the repurchase of its outstanding American Depositary Shares (ADS).

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 10:25 am

FFIE

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) has announced an At-the-Market (ATM) equity offering sales agreement, under which it may offer and sell shares of its Class A common stock up to an aggregate value of $90.0 million.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 10:11 am

CPK

NEE

NextEra Energy Inc's subsidiary Florida Power & Light Company has agreed to sell Florida City Gas to Chesapeake Utilities Corp for $923 million in cash. The deal is expected to close in Q4 FY23. NextEra expects the transaction to be accretive to its earnings immediately upon closure and reiterated its guidance for adjusted EPS at $2.98-$3.13 for 2023 and $3.23-$3.43 for 2024. Chesapeake's Florida portfolio is expected to contribute about 60% of its total utility net plant and operating income post-acquisition.

Portfolio Pulse from Lekha Gupta

September 27, 2023 | 10:00 am

GOOG

GOOGL

MSFT

Google Search, a product of Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), celebrates its 25th anniversary. The search engine, which originated from a Stanford research project, contributes 56% of Alphabet's total revenue. Despite competition from Microsoft Corp.'s (NASDAQ:MSFT) Bing, Google Search maintains a dominant market share of 91.8%. Alphabet's Class C shares rose 0.53% in premarket trading.

Portfolio Pulse from Shanthi Rexaline

September 27, 2023 | 9:56 am

CDT

COST

DCGO

GWH

MOND

RDZN

Several big stocks are recording losses in today's pre-market trading session. These include Conduit Pharmaceuticals Inc., Roadzen, Inc., DocGo Inc., ESS Tech, Inc., Lufax Holding Ltd, Mondee Holdings, Inc., and Costco Wholesale Corporation. Costco reported better-than-expected earnings and sales results for its fourth quarter on Tuesday.

Portfolio Pulse from Lisa Levin

September 27, 2023 | 9:55 am

VLY

Morgan Stanley analyst Manan Gosalia has downgraded Valley National Bancorp (NASDAQ:VLY) from Equal-Weight to Underweight, while raising the price target from $8 to $8.5.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 9:51 am

MANU

The possibility of Sheikh Jassim buying Manchester United is still open, though no official sources have commented on this matter.

Portfolio Pulse from Charles Gross

September 27, 2023 | 9:47 am

GOOG

META

MSFT

TSLA

OpenAI, backed by Microsoft Corp. (NASDAQ:MSFT), is reportedly exploring a share sale that would increase the company's valuation to $90 billion, nearly tripling since April. The share sale would allow employees to sell their stakes without issuing new shares, preventing dilution of existing shareholders' stakes. OpenAI, which is 49% owned by Microsoft, has integrated its AI technology into various Microsoft products. The company expects to reach $1 billion in revenue by the end of 2023, largely due to the success of its ChatGPT product.

Portfolio Pulse from Rounak Jain

September 27, 2023 | 9:29 am

TSLA

Tesla CEO Elon Musk has agreed with a Wall Street Journal opinion piece that suggests the U.S. government is unfairly targeting him with multiple regulatory investigations. These include a probe into potential personal benefits provided to Musk by Tesla and a Department of Justice investigation into whether Musk used Tesla resources for a secret project. The article also mentions a complaint against SpaceX for alleged discrimination and FTC scrutiny of Musk-led Twitter. Tesla's stock rose 0.49% in premarket trading on Wednesday.

Portfolio Pulse from Shanthi Rexaline

September 27, 2023 | 9:20 am

COST

GLTO

PAYX

WOR

Paychex, Costco Wholesale, Worthington Industries, Galecto, and Micron Technology are the stocks to watch on Wednesday. Paychex is expected to report quarterly earnings of $1.12 per share on revenue of $1.29 billion. Costco reported better-than-expected earnings and sales results for its fourth quarter. Worthington Industries is expected to have earned $2.04 per share on revenue of $1.23 billion. Galecto announced plans to explore strategic alternatives. Micron Technology is expected to post a quarterly loss at $1.18 per share on revenue of $3.91 billion.

Portfolio Pulse from Lisa Levin

September 27, 2023 | 9:09 am