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Bitcoin and Ethereum traded lower, with Bitcoin falling below the key $30,000 level. The U.S. annual inflation rate rose to 3.2% in July from 3% in June, but was lower than market estimates of 3.3%. Aptos was the top gainer over the prior 24 hours, while Optimism was the biggest loser. The global crypto market cap fell to $1.17 trillion, recording a 24-hour decline of 0.8%.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 1:37 pm

AMZN

Amazon is reducing its private-label operation, eliminating 27 of its 30 clothing brands and phasing out private-label furniture brands. The move comes as the company faces antitrust scrutiny and aims to boost profits. Amazon's private-label business, which had 243,000 products across 45 house brands in 2020, accounts for just 1% of the company's total retail sales. The Federal Trade Commission is preparing an antitrust lawsuit against Amazon, with representatives from the company scheduled to meet with FTC commissioners next week.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 1:30 pm

2383.HK

BABA

FB

GOOG

Tom Group Ltd. (2383.HK) reported a loss of HK$95 million ($12.1 million) in H1 2023, returning to the red after briefly becoming profitable in 2022. The company's return to profitability in 2022 was due to a cash infusion from China Post, which has a joint venture with Tom Group, Ule. Despite the losses, Tom Group is valued at HK$2.9 billion, with a price-to-sales (P/S) ratio of 3.7. The company's shares are controlled by Li Ka-shing and Solina Chau Hoi Shuen. Tom Group earns most of its revenue from a Taiwan publishing unit, Cite Media Holdings, and also invests in tech companies.

Portfolio Pulse from The Bamboo Works

August 10, 2023 | 1:26 pm

SIEGY

Siemens AG reported Q3 FY23 revenue growth of 6% Y/Y to €18.9 billion, missing the consensus estimate of €19.27 billion. Orders rose 10% Y/Y to €24.2 billion, beating the consensus. Profit Industrial Business fell 4% Y/Y to €2.75 billion, missing the consensus of €2.90 billion. Siemens reiterated FY23 guidance of comparable revenue growth at 9% to 11% and a book-to-bill ratio above 1. SIEGY shares closed at $80.27 on Wednesday.

Portfolio Pulse from Lekha Gupta

August 10, 2023 | 1:24 pm

CYBR

CyberArk Software Ltd reported Q2 FY23 revenue growth of 24% YoY to $175.8 million, beating the consensus of $173.4 million. Non-GAAP EPS of $0.03 also beat the consensus loss of $(0.12). The company raised its FY23 revenue and non-GAAP EPS outlook. Following the report, CYBR shares traded higher by 6.71% in premarket.

Portfolio Pulse from Anusuya Lahiri

August 10, 2023 | 1:21 pm

G

BMO Capital analyst Keith Bachman has maintained a 'Market Perform' rating on Genpact (NYSE:G) but lowered the price target from $46 to $41.

Portfolio Pulse from richadhand@benzinga.com

August 10, 2023 | 1:16 pm

HIMX

Himax Technologies, Inc (NASDAQ:HIMX) reported a Q2 FY23 revenue decline of 24.8% YoY to $235.03 million, slightly missing the consensus of $235.6 million. Earnings per ADS of $0.005 beat the consensus. Revenue from large display drivers declined by 14.3% Q/Q. Small and medium-sized display drivers' revenue was $150.3 million, down by 2.9% Q/Q. The company sees Q3 revenue to be flat to decline 7.0% Q/Q. HIMX shares traded lower by 1.53% premarket.

Portfolio Pulse from Anusuya Lahiri

August 10, 2023 | 1:16 pm

CMCSA

DIS

NFLX

PENN

Disney reported a mixed fiscal Q3 with revenues of $22.33 billion, slightly below expectations. The company made a rare quarterly net loss of $460 million due to one-time charges and content impairments. Disney+ subscriptions dropped by 7.4%, worse than expected, largely due to losing the rights to Indian Premier League cricket matches. However, the Parks and Experiences division saw a 13% rise in revenue to $8.3 billion. Disney plans to raise the price of its ad-free streaming offering and crack down on password sharing, following Netflix's strategy.

Portfolio Pulse from Upwallstreet

August 10, 2023 | 1:15 pm

SPRC

SciSparc Ltd. has announced the pricing of its underwritten public offering of 6.5 million shares at $0.20 per share, raising a total of $1.3 million.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 1:14 pm

PLUG

Plug Power Inc (NASDAQ:PLUG) shares are down after reporting mixed Q2 results and being downgraded by Roth MKM analysts. Q2 revenue increased 72% YoY to $260.18 million, beating estimates. However, the company reported a loss of 40 cents per share, missing estimates. Plug Power reaffirmed its full-year 2023 revenue guidance of $1.2 billion to $1.4 billion. Roth MKM downgraded the stock from Buy to Neutral and lowered the price target from $13 to $7.50.

Portfolio Pulse from Adam Eckert

August 10, 2023 | 1:14 pm