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Arm Ltd is preparing for a significant initial public offering (IPO), with a strategic shift towards high-value chip design. The company's new focus includes mobile devices, cloud computing, automotive electronics, and IoT technology. Arm's CEO, Rene Haas, aims to increase the company's valuation to $54.5 billion in its IPO, a substantial increase from the $32 billion SoftBank Corp paid for Arm in 2016. The shift in strategy was prompted by Nvidia's failed attempt to purchase Arm for $40 billion in 2022.

Portfolio Pulse from Anusuya Lahiri

September 12, 2023 | 11:36 am

LYRA

Trading of Lyra Therapeutics shares has resumed.

Portfolio Pulse from Bill Haddad

September 12, 2023 | 11:32 am

LSDI

Lucy Scientific Discovery is set to acquire Bluesky Wellness and its portfolio of brands in an all-stock transaction. Bluesky's shareholders will receive 3.5M Lucy Scientific's stock and annual earn out payments based on EBITDA multiple for the next 5 years. This acquisition expands Lucy's capabilities into the wellness category by adding psychotropic products.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:09 am

TWNK

Stephens & Co. analyst Farha Aslam has downgraded Hostess Brands (NASDAQ:TWNK) from Overweight to Equal-Weight.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:08 am

CGNT

Cognyte Software Ltd has updated its FY24 outlook, expecting a revenue of $307M, which is an 8.5% growth from the previous year. The company also anticipates an EPS loss of $0.33, an improvement from the prior estimate of $0.53 loss.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:07 am

LYRA

Lyra Therapeutics announced that its BEACON Phase 2 study of LYR-220 for chronic rhinosinusitis in patients with prior ethmoid sinus surgery has met its primary endpoint. This positive result could potentially lead to a new treatment option for patients suffering from this condition.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:03 am

SPR

Boeing Company has received an order for 25 737 MAX jets from airplane lessor SMBC Aviation Capital. The financial terms were not disclosed. The order is for 737-8 jets, which reduces fuel use and emissions by up to 20%. Each airplane will save up to 8 million pounds of CO2 emissions annually compared to those airplanes it replaces. Boeing's 737 MAX jets are grappling with supplier-related issues with Spirit Aerosystems Holdings, Inc, which has called on Boeing to share a more significant portion of the financial strain brought about by inflation.

Portfolio Pulse from Nabaparna Bhattacharya

September 12, 2023 | 10:59 am

BABA

BIDU

FXI

Alibaba Group Holding Ltd (BABA) is undergoing a strategic shift under its new CEO, Eddie Wu, focusing on an AI-first approach and user experience. The company faces competition from ByteDance Ltd in social media and Baidu Inc (BIDU) in AI. Alibaba plans to prioritize AI-driven tech businesses, internet platforms, and its global commerce network. The company is also recovering from a tech crackdown imposed by Beijing and the departure of former CEO Daniel Zhang. Alibaba's shares traded lower by 0.56% at $88.21 premarket on Tuesday.

Portfolio Pulse from Anusuya Lahiri

September 12, 2023 | 10:47 am

AAPL

ORCL

QQQ

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The market outlook remains uncertain with stock index futures indicating a lower opening on Tuesday. Apple Inc. and Oracle Corp.'s guidance are influencing the tech sector sentiment. Traders are cautious ahead of the August consumer price inflation report. The Nasdaq Composite and S&P 500 recorded consecutive gains, while the Dow Industrials Average notched its third consecutive session of gains. Fund Strat predicts higher probabilities of gains this week. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF moved down. Oracle, Apple, Tesla, and WestRock Company are in focus.

Portfolio Pulse from Shanthi Rexaline

September 12, 2023 | 10:47 am

FLJ

IIPR

LUXH

Four real estate stocks, FLJ Group Limited (NASDAQ:FLJ), LuxUrban Hotels Inc. (NASDAQ:LUXH), Innovative Industrial Properties, Inc. (NYSE:IIPR), and Hersha Hospitality Trust (NYSE:HT), are considered overbought according to their RSI values, suggesting they may be overvalued. FLJ Group's RSI is 70.54, LuxUrban Hotels' is 77.27, Innovative Industrial Properties' is 71.89, and Hersha Hospitality Trust's is 87.64.

Portfolio Pulse from Lisa Levin

September 12, 2023 | 10:47 am