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HIVE

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) reported an increase in its Bitcoin (BTC) holdings and provided a production and corporate update for December 2023. The company produced 282.8 BTC, averaging 9.1 BTC per day, and ended the month with a mining capacity of 4.08 EH/s. HIVE's HODL position grew to 1,707 BTC. Additionally, HIVE announced the appointment of Luke Rossy as COO and Mario Sergi as CIO. The New Brunswick facility is expected to resume operations in January 2024 with a capacity of 2 EH/s. Bitcoin network difficulty increased by 6% in December, impacting gross profit margins for miners.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:12 pm

AXP

RKT

JPMorgan analyst Richard Shane upgraded American Express (AXP) to Overweight with a price target of $205 and downgraded Rocket Companies (RKT) to Underweight with a price target of $10.50. AXP is seen as a safe haven amid economic pressures, while RKT's current valuation is believed to fully reflect potential future earnings. AXP shares rose 0.8%, while RKT shares fell 3.3% at the time of publication.

Portfolio Pulse from Priya Nigam

January 04, 2024 | 4:12 pm

SMPL

The Simply Good Foods Company (NASDAQ:SMPL) reported a 2.6% increase in Q1 FY24 sales to $308.68 million, slightly missing analyst estimates. Quest volume growth drove sales, compensating for Atkins' weakness. Gross profit reached $115.1 million, with a 37.3% gross margin. Operating expenses were up 8.2% to $63.3 million, and operating margin stood at 16.8%. Adjusted EBITDA rose 2% to $62 million, while net income fell marginally to $35.6 million. Adjusted EPS of $0.43 beat the $0.42 consensus. The company generated $47.5 million in operating cash flow and ended the quarter with $121.4 million in cash. SMPL reaffirmed its FY24 outlook, expecting net sales to increase at the high end of 4-6% and adjusted EBITDA to grow slightly more than sales. SMPL shares closed down 0.30% at $39.59.

Portfolio Pulse from Shivani Kumaresan

January 04, 2024 | 4:09 pm

AAPL

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SPY

TSLA

USO

New economic data suggests a stronger jobs picture than the market consensus, with lower weekly initial claims and higher ADP employment change than expected. This goes against the 'immaculate everything' consensus regarding the economy. A Wall Street analyst downgraded Apple Inc, affecting tech stock rallies. The Middle East situation is tenser after a deadly attack in Iran, increasing the probability of conflict. German CPI data shows inflation in line with expectations. Money flows are mixed for major tech stocks, negative for Apple and Amazon, and mixed for SPY and QQQ. Oil inventories show a larger draw than anticipated, and Bitcoin rises on ETF rumors. The Arora Report advises investors to maintain protection bands and hold cash for new opportunities, with a cautious approach to long-duration bond allocations.

Portfolio Pulse from The Arora Report

January 04, 2024 | 4:08 pm

BCC

Truist Securities analyst Michael Roxland has reaffirmed a Buy rating on Boise Cascade (NYSE:BCC) and increased the price target from $126 to $156. This adjustment reflects a positive outlook on the company's future performance.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:04 pm

SCHN

Schnitzer Steel's stock is trading lower following the announcement of their Q1 financial results, indicating a negative market reaction to the company's performance.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:02 pm

CHGG

Chegg's stock price is trading lower following a negative report published by The Bear Cave.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:00 pm

ADP

Automatic Data Processing (NASDAQ:ADP) is analyzed in comparison to its competitors in the Professional Services industry. ADP shows potential for growth with a P/E ratio below the industry average, a P/B ratio suggesting undervaluation, and a high P/S ratio indicating possible overvaluation in sales. The company's ROE, EBITDA, gross profit, and revenue growth are all notably higher than the industry average, demonstrating profitability and growth potential. ADP's lower debt-to-equity ratio compared to its top 4 peers suggests a strong financial position with less reliance on debt financing.

Portfolio Pulse from Benzinga Insights

January 04, 2024 | 4:00 pm

SPY

USA crude oil inventories experienced a larger-than-expected drawdown of 5.503 million barrels compared to the estimated draw of 3.200 million barrels. This follows a prior draw of 7.114 million barrels.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:00 pm

WDAY

Workday (NASDAQ:WDAY) has received diverse analyst ratings over the last three months, with a shift towards more bullish sentiment in the last 30 days. The average 12-month price target for WDAY is now $282.72, up from the previous $255.94. Analysts from firms like Keybanc, Piper Sandler, and Morgan Stanley have raised their price targets, reflecting optimism about the company's performance. Workday's financial health indicators show a strong market presence with a market cap above industry average, a positive revenue trend with a growth rate of 16.67%, but challenges in profitability and asset utilization with lower than industry average net margin, ROE, and ROA.

Portfolio Pulse from Benzinga Insights

January 04, 2024 | 4:00 pm