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BLZE

DLTR

GES

OIG

SCTL

TDCX

WOOF

US stocks traded lower with the Dow Jones falling around 250 points. Dollar Tree Inc reported better-than-expected earnings and sales results for its second quarter, raising its sales guidance for FY23. TDCX Inc, Guess?, Inc, and Backblaze, Inc shares rose following positive earnings reports and raised outlooks. Orbital Infrastructure Group, Inc, Societal CDMO, Inc, and Petco Health and Wellness Company, Inc shares fell due to bankruptcy filing, pricing of public offering, and disappointing Q2 results respectively.

Portfolio Pulse from Lisa Levin

August 24, 2023 | 6:21 pm

DOGEUSD

PEPEUSD

A cryptocurrency analyst, Altcoin Sherpa, has expressed a pessimistic outlook on Dogecoin (CRYPTO: DOGE), predicting a downward price trajectory. He sees more potential in the memecoin Pepe (CRYPTO: PEPE), which has seen an impressive rise of approximately 1,845% since April 19. However, he also hinted at a potential positive turn for Dogecoin in the future.

Portfolio Pulse from Murtuza Merchant

August 24, 2023 | 6:21 pm

MDT

The FDA Circulatory System Devices Panel voted against the approval of Medtronic Plc's hypertension treatment device, citing that the risks do not outweigh the benefits. The panel raised concerns about the device's trial results and its widespread applicability. The analysts maintain a Hold rating for the stock. Medtronic's shares are down 2.95% at $81.20.

Portfolio Pulse from Vandana Singh

August 24, 2023 | 6:20 pm

EFTR

PFE

HC Wainwright has initiated coverage on eFFECTOR Therapeutics Inc (EFTR) with a Buy rating and a price target of $5. The analysts highlight eFFECTOR's lead candidate, zotatifin, and another potential value driver, tomivosertib, which could reach the market by 2027 and achieve blockbuster status by 2030. A collaboration with Pfizer Inc (PFE) provides strategic validation and potential long-term upside. EFTR shares are currently trading flat at $0.71.

Portfolio Pulse from Vandana Singh

August 24, 2023 | 6:18 pm

A significant amount of unusual options activity has been detected for General Motors (NYSE:GM), with a bearish stance being taken by a majority of investors. Of the 11 strange trades detected, 54% were bearish and 45% were bullish. The total amount for the 8 puts was $687,197 and for the 3 calls was $106,289. Whales have been targeting a price range from $25.0 to $55.0 for GM over the last 3 months. The current price of GM is down -1.91% at $32.92. Several financial institutions have given their ratings and price targets for GM.

Portfolio Pulse from Benzinga Insights

August 24, 2023 | 6:17 pm

Unusual options activity has been observed for ON Semiconductor (NASDAQ:ON), with a large position indicating a bullish stance. The sentiment among these big-money traders is split between 58% bullish and 41% bearish. The price target for ON Semiconductor over the last 3 months has been between $45.0 to $120.0. The current price of ON is down -2.17% at $90.86. Analysts from Susquehanna, Baird, Goldman Sachs, Mizuho, and Keybanc have maintained their positive ratings on ON Semiconductor.

Portfolio Pulse from Benzinga Insights

August 24, 2023 | 6:17 pm

AMD

ASML

GFS

INTC

MPWR

NXPI

Semiconductor stocks are trading lower following a sector-wide pullback, despite NVIDIA's strong earnings report and positive guidance. Stocks mentioned include AMD, ASML, GFS, INTC, MPWR, NXPI.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 6:15 pm

DIA

IWM

NVDA

QQQ

SPY

Major indexes are down due to a pullback in tech and chip stocks after a surge following NVIDIA's strong earnings report. Recent weak retail earnings may be causing broader economic concerns, while a rise in yields has put pressure on stocks.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 6:12 pm

CRM

Oppenheimer analyst Brian Schwartz reiterated an Outperform rating on Salesforce, Inc. (NYSE:CRM) with a price target of $235. Despite mixed business trends, Schwartz sees a slightly positive earnings risk for Salesforce ahead of its Q2 results. He detected improvement in the demand environment and stabilizing trends in sales operations. Schwartz estimates Q2 total revenue of ~$8.52 billion (+10% year/year) and $1.90 in adjusted EPS.

Portfolio Pulse from Anusuya Lahiri

August 24, 2023 | 6:03 pm

ABNB

A significant amount of unusual options activity has been observed for Airbnb (NASDAQ:ABNB), with both bullish and bearish stances taken by investors. The majority of the trades are puts, with a total amount of $380,441, and calls amounting to $102,577. Whales have been targeting a price range from $110.0 to $142.0 for Airbnb over the last 3 months. The current price of ABNB is down -1.96% at $125.62. Analysts have mixed ratings on Airbnb, with price targets ranging from $105 to $162.

Portfolio Pulse from Benzinga Insights

August 24, 2023 | 6:02 pm