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UMC

United Microelectronics Corp (UMC) reported a 25.23% year-on-year decline in net sales for August 2023, with sales for the year-to-date period also falling by 20.0%. Despite a Q2 FY23 revenue decline of 21.9%, UMC's revenue and adjusted EPS in USD beat consensus estimates. The company forecasts a 3%-4% quarter-on-quarter decline in Q3 wafer shipments and a slight reduction in gross profit margin. UMC's FY23 capital expenditure is expected to be $3.0 billion.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 12:46 pm

USO

CNBC Mad Money host Jim Cramer advises not to trust any market rally in September unless the yield on the 10-year bond drops and oil prices decrease by at least $3. The 10-year yield has been on an upward trend since July 2020, with expectations of more rate hikes from the Federal Reserve. Crude oil prices rallied due to Russia and Saudi Arabia's decision to extend production cuts, but weak global economic growth has kept a lid on prices. The United States Oil Fund, LP (NYSE:USO) fell 0.36% to $77.48 in premarket trading Wednesday.

Portfolio Pulse from Shanthi Rexaline

September 06, 2023 | 12:42 pm

SHY

The U.S. economy has outperformed expectations, leading Federal Reserve officials to consider doubling their 2023 growth projections. Positive indicators include consumer spending and residential investment. The Atlanta Fed estimates a 5.6% annualized expansion in Q3. This could lead the Fed to revise its 2024 interest-rate cut projections. The new projections are expected to be around 1.8% to 2%, with lower unemployment rate predictions. The iShares 1-3 Year Treasury Bond ETF (NASDAQ:SHY) is 0.4% lower in September.

Portfolio Pulse from Piero Cingari

September 06, 2023 | 12:40 pm

ROKU

SST

TRVN

Trevena reported preliminary data from two proof-of-concept studies for TRV045. System1 confirmed receipt of interest for total security from Just Develop It. Roku announced plans to cut its workforce by 10% and raised its Q3 revenue guidance above consensus.

Portfolio Pulse from ryanfaloona@benzinga.com

September 06, 2023 | 12:38 pm

AAPL

GOOG

GOOGL

SPOT

Spotify Inc (NYSE:SPOT) is considering putting lyrics behind its paywall to increase its paid subscribers. The company's paid subscribers growth is lagging behind free listeners. In its latest earnings report, Spotify announced a 34% increase in monthly users of its ad-supported tier, reaching 343 million. Paying monthly listeners also saw growth, but at a slower rate, up 17% to 220 million. Spotify's other revenue-boosting initiatives in 2023 included hiking the prices for its premium plans in the U.S. and plans to add full-length music videos to its app.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 12:37 pm

AMC

AMC Entertainment Holdings, Inc. has entered into an equity distribution agreement to sell up to 40 million shares of its Class A common stock through an 'at-the-market' offering program.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 12:35 pm

ZFOX

ZeroFox Holdings Inc (ZFOX) shares surged by around 10% after reporting better-than-expected Q2 FY24 results and above-consensus Q3 guidance. The company reported revenue of $62.2 million, beating the consensus of $51.82 million, and adjusted EPS loss of $(0.04), exceeding the estimate of $(0.09). The company also reported a strong quarter with new record highs in quarterly revenue, ARR, subscription customers, large customer adoption, and positive free cash flow for the first time.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 12:35 pm

ROKU

Roku, Inc has announced plans to reduce its workforce by 10% and has raised its third-quarter revenue guidance above consensus. This has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 12:33 pm

ANTX

AWH

IDYA

NPCE

NVOS

The article lists five health care stocks that are considered overbought, indicating they may be overvalued and could experience a price drop. The stocks are Aspira Women's Health Inc. (AWH), Novo Integrated Sciences, Inc. (NVOS), IDEAYA Biosciences, Inc. (IDYA), NeuroPace, Inc. (NPCE), and AN2 Therapeutics, Inc. (ANTX). The Relative Strength Index (RSI) of these stocks is above 70, which is typically considered overbought.

Portfolio Pulse from Lisa Levin

September 06, 2023 | 12:31 pm

AAPL

SFTBF

TSM

Apple Inc has signed a long-term deal with British chip designer Arm Ltd for chip technology that extends beyond 2040. Arm, backed by Softbank Group Corp, plans a $52 billion U.S. IPO in 2023. Apple uses Arm's technology to design custom chips for its devices. Taiwan Semiconductor Manufacturing Company Ltd, a leading contract chip maker and Apple supplier, is considering investing in Arm's IPO.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 12:31 pm