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Stock Prices

BTCUSD

SPKY

UVXY

The stock market and Bitcoin experienced a downturn, with the S&P 500 closing down 0.77% and Bitcoin closing 7.15% lower. This was due to concerns that the Federal Reserve will continue its rate hike campaign. As a result, stock market volatility increased, with the Volatility S&P 500 Index rising 6.74%. The ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) spiked higher, as predicted by Benzinga. SPKY is a 1.5x leveraged fund that tracks the SPIKES Futures Short-Term Index, similar to the ProShares Ultra VIX Short Term Futures ETF (UVXY).

Portfolio Pulse from Melanie Schaffer

August 18, 2023 | 11:08 am

BABA

FXI

KWEB

Alibaba Group Holding Limited (BABA) stock is trading lower along with iShares China Large-Cap ETF (FXI) and KraneShares Trust KraneShares CSI China Internet ETF (KWEB) due to concerns over China Evergrande Group's bankruptcy filing and China's slowing economic growth. However, Alibaba Cloud's new digital human video creation tool, Live Portrait, and China's progress in chip equipment self-sufficiency provide some positive news.

Portfolio Pulse from Anusuya Lahiri

August 18, 2023 | 11:00 am

Estee Lauder forecasts a decline in Q1 FY24 revenue by 10% - 12% and an adjusted EPS of ($0.29) - ($0.19).

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 11:00 am

Estee Lauder has projected its FY24 earnings per share (EPS) to be between $3.43 and $3.70, which is higher than the estimated $3.36. The company also anticipates a revenue growth of 5% - 7% for FY24.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 10:55 am

AMAT

BILL

FTCH

QQQ

ROST

SPY

US stock futures indicate a slow start for Friday, with no strong driving force to push the market. Economist David Rosenberg suggests a new bear phase may be entering the market. Strong economic data released on Thursday sent major averages lower. All S&P sector classes, except energy stocks, closed in negative terrain. The S&P 500 Index is down 4.8% from the late-July peak. In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) moved down 0.10% and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.23%. Stocks in focus include Bill Holdings, Inc. (NYSE:BILL), Farfetch Ltd. (NYSE:FTCH), Ross Stores, Inc. (NASDAQ:ROST), and Applied Materials, Inc. (NASDAQ:AMAT).

Portfolio Pulse from Shanthi Rexaline

August 18, 2023 | 10:55 am

VIPS

Vipshop Holdings Ltd reported Q2 FY23 revenue growth of 13.6% Y/Y to $3.84 billion, beating the consensus. GMV increased by 24.5% Y/Y and the number of active customers grew by 9.6% Y/Y. The company also reported an expansion in gross margin and non-GAAP operating margin. Despite these positive results, VIPS shares are trading lower by 5.739% premarket.

Portfolio Pulse from Lekha Gupta

August 18, 2023 | 10:52 am

TSLA

XPEV

XPeng Inc reported a Q2 FY23 sales decline of 31.9% YoY, beating the consensus. However, its non-GAAP net loss per ADS missed the consensus. The company's vehicle deliveries decreased by 32.6% YoY. Revenues from vehicle sales also decreased by 36.2% YoY. Despite these headwinds, the company sees momentum with the launch of XPENG G6. The company expects Q3 vehicle deliveries and revenue to increase YoY. XPEV shares fell by 6.45% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

August 18, 2023 | 10:49 am

SGHC

Benchmark analyst Mike Hickey has upgraded Super Group (SGHC) from Hold to Buy and announced a price target of $4.5. The company is listed on the NYSE under the ticker SGHC.

Portfolio Pulse from richadhand@benzinga.com

August 18, 2023 | 10:48 am

TTEK

Tetra Tech Inc has priced its $500 million aggregate principal amount of 2.25% Convertible Senior Notes due 2028 in a private placement. The company estimates that the net proceeds from the offering will be approximately $487.1 million. Tetra Tech plans to use the proceeds to pay for the cost of the capped call transactions, repay all outstanding amounts under its revolving credit facility and senior secured term loans. TTEK shares closed lower by 5.54% at $157.31 on Thursday.

Portfolio Pulse from Shivani Kumaresan

August 18, 2023 | 10:33 am

MITK

Mitek Systems, Inc. (MITK) has announced that the Nasdaq Hearings Panel has granted its request for continued listing on the Nasdaq Stock Market, pending its return to compliance with the Nasdaq filing requirement.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 10:32 am