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CHGG

Chegg Inc's board of directors has authorized an increase of $200 million as part of its securities repurchase program. This is in addition to the $89 million remaining from its previously announced $2 billion securities repurchase program. The company plans to fund the repurchase program from its existing cash balance and future cash flows from operations. As of June 30, 2023, Chegg held $808 million in cash and equivalents. CHGG shares are trading higher by 3.15% at $9.83 in premarket on Thursday.

Portfolio Pulse from Shivani Kumaresan

August 17, 2023 | 10:54 am

BWA

Nomura Instinet analyst Anindya Das has downgraded BorgWarner (NYSE:BWA) from Buy to Neutral and set a price target of $44.

Portfolio Pulse from richadhand@benzinga.com

August 17, 2023 | 10:53 am

EGRX

Eagle Pharmaceuticals has reiterated its previously issued guidance for FY23, with an adjusted EBITDA of $78M-$84M and adjusted EPS of $4.40-$4.70, which is higher than the consensus of $4.34.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:53 am

TPR

Tapestry (NYSE:TPR) reported Q4 earnings of $0.95 per share, missing the analyst consensus estimate of $0.97 by 2.06%. The company also reported quarterly sales of $1.62 billion, missing the analyst consensus estimate of $1.65 billion by 1.85%. This represents a 21.79% increase in earnings but a 0.34% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:46 am

SFL

SFL Corp reported Q2 earnings of $0.13 per share, beating the analyst consensus estimate of $0.07 by 85.71%. However, this is a 71.11% decrease from the same period last year. The company's quarterly sales were $164.56 million, missing the analyst consensus estimate of $175.23 million by 6.09%, but this is a 7.35% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:38 am

ARHS

Arhaus Inc (NASDAQ:ARHS) has priced its underwritten public offering of 12 million shares at $10 per share, an 18% discount to the company's closing price as of August 15, 2023. The offering, expected to close on August 21, 2023, is by certain selling stockholders affiliated with Freeman Spogli & Co. The stockholders have also granted underwriters a 30-day option to purchase up to an additional 1.8 million shares. Arhaus will not receive any proceeds from the offering.

Portfolio Pulse from Shivani Kumaresan

August 17, 2023 | 10:36 am

FSR

Fisker Inc. has announced that production of its new model, Fisker Alaska, is expected to start in Q1 2025. The base price of the vehicle will be $45,400.

Portfolio Pulse from Charles Gross

August 17, 2023 | 10:34 am

TOUR

Tuniu (NASDAQ:TOUR) reported Q2 sales of $13.78 million, a 149.80% increase from $5.52 million in the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 10:26 am

AEG

ASUR

BORR

GCT

GFI

HE

TRMR

VFS

WOLF

Several stocks are recording losses in today's pre-market trading session. Tremor International Ltd (TRMR) shares declined 27.2%, Hawaiian Electric Industries, Inc. (HE) tumbled 15.3% following reports of multiple lawsuits and financial restructuring talks. Wolfspeed, Inc. (WOLF) dipped 13% after reporting mixed Q4 results and lower Q1 EPS guidance. Asure Software, Inc. (ASUR) shares declined 10.3% after pricing of public offering of common stock. VinFast Auto Ltd. (VFS) fell 10.3% amid volatility following its recent Nasdaq debut. Gold Fields Limited (GFI) fell 9.4% as it reported a decline in EPS for the half year. GigaCloud Technology Inc. (GCT) fell 4.4% despite a recent Buy rating and price target increase. Borr Drilling Limited (BORR) fell 3% following Q2 results. Aegon N.V. (AEG) fell 2.6% after reporting a net loss.

Portfolio Pulse from Lisa Levin

August 17, 2023 | 10:22 am

LLY

Jim Cramer advises investors to hold off on buying Eli Lilly (NASDAQ:LLY) stocks despite the recent price surge. He suggests waiting for a pullback before purchasing, citing the rapid ascent of the stock as a cause for caution. A new 12-month price target of $600 for Eli Lilly has been set, indicating a potential 14% increase from the current price of around $528. The revised price target is influenced by the company's recent earnings report and its position as a leading growth story in large-cap pharma.

Portfolio Pulse from Benzinga Neuro

August 17, 2023 | 10:11 am