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The Bank Of New York Mellon Corporation (NYSE:BK) reported Q4 2023 earnings with a 2% Y/Y adjusted revenue increase to $4.461 billion, surpassing the $4.29 billion consensus. Net interest revenue rose 4% Y/Y to $1.10 billion, while fee revenue remained flat at $3.214 billion. Noninterest expenses increased by 20.4% Y/Y to $3.868 billion, and the adjusted pre-tax operating margin decreased to 28% from 31%. The company's provision for credit losses was $84 million, mainly due to commercial real estate exposure. Adjusted EPS was $1.28, beating the $1.13 consensus. AUM grew by 8% to $2 trillion, and the CET1 ratio improved to 11.6%. The company declared a quarterly dividend of $0.42 per share and highlighted capital returns of $3.9 billion to shareholders in 2023. BK shares rose 3.85% to $54.76.

Portfolio Pulse from Nabaparna Bhattacharya

January 12, 2024 | 2:59 pm

BUD

SAM

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TAP

Constellation Brands (NYSE:STZ) reported Q3 financials below expectations due to high inflation affecting demand for its high-priced spirits. Sales were $2.47 billion, missing estimates of $2.54 billion. Organic net sales for premium wines and spirits dropped 7%, with an expected annual drop of 7-9%. Beer sales grew 4%, benefiting from smaller pack sizes and competitor Anheuser-Busch InBev's (NYSE:BUD) social media backlash. Boston Beer (NYSE:SAM) reported flat revenues but is innovating with new flavors. Constellation faces challenges with high packaging costs, competition, and operating expenses but maintains its fiscal 2024 profit forecast.

Portfolio Pulse from Upwallstreet

January 12, 2024 | 2:57 pm

CRGE

GNS

LAES

MDAI

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U.S. stocks traded higher following the release of Producer Price Index (PPI) data showing a 0.1% decline in December, aligning with the previous month and defying market expectations of a 0.1% increase. Energy shares led gains with a 1.4% jump, while consumer discretionary shares saw a marginal rise. Charge Enterprises (CRGE), Spectral AI (MDAI), and Volcon (VLCN) experienced significant stock price increases. Conversely, Genius Group (GNS), VCI Global (VCIG), and SEALSQ Corp (LAES) saw their shares fall sharply after announcing public offerings and closing of private placements. Commodities like oil and gold traded higher, and European and Asian markets showed mixed results.

Portfolio Pulse from Avi Kapoor

January 12, 2024 | 2:55 pm

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CDE

DRD

GFI

GOLD

HMY

IAG

KGC

SBSW

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Shares of precious metals companies have increased due to their status as safe haven assets amidst macroeconomic uncertainty following military actions by the US and UK against Houthi targets in Yemen.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 2:54 pm

SOLO

Roth MKM analyst Craig Irwin has maintained a Neutral rating on Electrameccanica Vehicles (NASDAQ:SOLO) and reduced the price target from $0.5 to $0.4.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 2:51 pm

XPO

Oppenheimer analyst Scott Schneeberger has maintained an Outperform rating on XPO Logistics, Inc. (NYSE:XPO) and increased the price target from $90 to $100.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 2:47 pm

HRZN

Horizon Tech Finance (NASDAQ:HRZN) announced a monthly dividend of 11 cents per share, with Tuesday being the last day for investors to be eligible for the next payout. The stock will go ex-dividend on Wednesday, likely opening 11 cents lower to reflect the payout. Shareholders owning HRZN by the end of Tuesday's session will receive the dividend on February 14, 2024.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 2:45 pm

FUNC

First United (NASDAQ:FUNC) has announced a quarterly dividend of 20 cents per share, with the ex-dividend date set for Wednesday. Shareholders owning FUNC stock by the end of Tuesday's session will be eligible for the dividend, which will be paid on February 01, 2024. The stock is expected to open 20 cents lower on the ex-dividend date to reflect the payout.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 2:45 pm

ACN

Accenture (NYSE:ACN) has announced a quarterly dividend payout of $1.29 per share, with Tuesday being the last day for investors to buy the stock and be eligible for the dividend. The stock will go ex-dividend on Wednesday, meaning it will likely open $1.29 lower to reflect the payout. Shareholders owning ACN by the end of Tuesday's session will receive the dividend on February 15, 2024.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 2:45 pm

DBL

Doubleline Opportunistic (NYSE:DBL) announced a monthly dividend of 11 cents per share, with Tuesday being the last day for investors to buy the stock and be eligible for the dividend. The stock will go ex-dividend on Wednesday, meaning it will trade lower by the dividend amount. The dividend is payable on January 31, 2024.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 2:45 pm