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AUR

MGA

Goldman Sachs analyst Mark Delaney downgraded Magna International Inc (MGA) from Buy to Neutral and Aurora Innovation Inc (AUR) from Neutral to Sell, citing a likely deceleration in auto sales and slower content per vehicle growth. Delaney also noted concerns about Magna's backlog due to slower BEV ramps from key customers like Ford and GM, and a more measured ramp cadence for Aurora's AV trucks. Shares of MGA and AUR declined by 5.64% and 10.77%, respectively.

Portfolio Pulse from Priya Nigam

January 03, 2024 | 5:19 pm

PLUG

Plug Power Inc (NASDAQ:PLUG) shares dropped 8.3% to $4.21 amid a broader market downturn influenced by rising Treasury yields and profit-taking after December's gains. Uncertainty about upcoming economic reports and Federal Reserve speeches also weighed on the market. Growth stocks like PLUG are sensitive to interest rate changes, which affect their valuations through discounted cash flow models. PLUG's 52-week range is between $18.88 and $3.22.

Portfolio Pulse from Henry Khederian

January 03, 2024 | 5:19 pm

EGO

FCX

GFI

Precious metals stocks are trading lower in response to a decline in gold prices, which is attributed to a strengthening US dollar.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 5:16 pm

ABVC

ABVC BioPharma Inc (NASDAQ:ABVC) received 46 million shares from AiBtl BioPharma Inc as the first milestone payment under a global licensing agreement for CNS drugs targeting MDD and ADHD. The shares are valued at $460 million ($10 per share). The agreement could lead to up to $7 million in cash and 5% royalties on net sales up to $200 million. ABVC's stock surged 62.1% to $1.945 on high trading volume, indicating investor optimism about the company's revenue prospects from licensing deals.

Portfolio Pulse from Vandana Singh

January 03, 2024 | 5:13 pm

TPHS

Trinity Place Holdings Inc. (AMEX:TPHS) stock surged after the company announced an extension of its mortgage loan forbearance period to Jan. 31 by its lender, Macquarie PF Inc. The company had previously received a notice from NYSE American for non-compliance with listing standards due to stockholders' deficit and losses. The stock experienced heavy trading volume, with over 46 million shares traded compared to its 100-day average of less than 84,000 shares. TPHS shares are up 80% at 20 cents.

Portfolio Pulse from Erica Kollmann

January 03, 2024 | 5:13 pm

ESPR

NMRD

SASI

SIDU

SOFI

TPHS

U.S. stocks traded lower, with the Nasdaq Composite down around 150 points. The Dow and S&P 500 also fell. Energy shares rose by 0.6%, while real estate shares dropped by 2.2%. The ISM Manufacturing PMI indicated a contraction in factory activity for the 14th consecutive month. Sidus Space, Trinity Place Holdings, and Sigma Additive Solutions saw their shares surge after positive company-specific news. SoFi Technologies, Esperion Therapeutics, and Nemaura Medical experienced significant share price drops due to negative developments or analyst downgrades. Oil prices increased by 3.2%, while gold and silver declined.

Portfolio Pulse from Avi Kapoor

January 03, 2024 | 5:01 pm

RUN

Mizuho has reaffirmed its Buy rating on Sunrun (NASDAQ:RUN) and increased its price target from $23.00 to $28.00. Despite the upgrade, Sunrun's shares have fallen 7.97% to $17.91 in the last 24 hours. The new price target suggests a potential upside of 56.34% from the current price. Sunrun specializes in residential solar energy systems in the U.S., offering design, installation, and maintenance services, as well as selling solar products.

Portfolio Pulse from Benzinga Insights

January 03, 2024 | 5:00 pm

HBAN

Evercore ISI Group upgraded Huntington Bancshares (NASDAQ:HBAN) to Outperform with a new price target of $15.00, up from the previous $10.50. HBAN shares are currently trading at $12.80, and the new target suggests a potential upside of 17.19%. Huntington Bancshares is a regional bank offering a variety of financial services across eight Midwestern states.

Portfolio Pulse from Benzinga Insights

January 03, 2024 | 5:00 pm

AMBA

AMD

ASX

ENPH

ENTG

FSLR

MPWR

STM

SWKS

TER

Semiconductor and chip stocks are trading lower due to an increase in Treasury yields and ongoing weakness after their gains earlier in 2023.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 5:00 pm

USPH

Barrington Research has reaffirmed its Outperform rating on US Physical Therapy (NYSE:USPH) and increased its price target from $111.00 to $120.00. The current share price is $93.47, and the new price target suggests a potential upside of 28.38%. US Physical Therapy operates outpatient physical therapy clinics and generates most of its revenue from the Physical therapy operations segment.

Portfolio Pulse from Benzinga Insights

January 03, 2024 | 5:00 pm