Streetbeat News

Stock Prices

PDD

Pinduoduo (PDD) shares are trading lower by 3.3% due to weak industrial production and retail sales data for July in China. The People's Bank of China's rate cut, indicating economic challenges, has escalated fears about the country's economic health. This could impact consumer sentiment and behavior, potentially leading to reduced spending on platforms like Pinduoduo, affecting the company's revenue streams.

Portfolio Pulse from Henry Khederian

August 15, 2023 | 6:49 pm

WAL

Shares of Western Alliance Bancorporation (NYSE:WAL) fell by 4.8% after a Fitch analyst suggested that additional lenders could face downgrades. This has prompted a reevaluation of the overall health of the banking sector, leading to selling of regional banking stocks like Western Alliance. The possibility of systemic issues in the banking sector could lead to further divestment from Western Alliance and other banks perceived to be at risk.

Portfolio Pulse from Henry Khederian

August 15, 2023 | 6:48 pm

THG

Keefe, Bruyette & Woods analyst Meyer Shields has reiterated a Market Perform rating on Hanover Insurance Group Inc (THG), lowering the price target to $119 from $124. Shields projects higher core and catastrophe loss ratios and lower investment income for the company. For FY23, the analyst expects investment income to fall by 11.9% Y/Y to $331.7 million. The analyst also lowered the 2023/2024 EPS to $2.40/$11.35 from $2.85/$12.40 and introduced an initial 2025 EPS of $14.05. THG shares are trading lower by 1.8% to $108.

Portfolio Pulse from Nabaparna Bhattacharya

August 15, 2023 | 6:47 pm

JNJ

A significant bearish stance has been taken on Johnson & Johnson (NYSE:JNJ) by a large investor, as indicated by a large position in options. The sentiment among these big-money traders is split, with 40% bullish and 60% bearish. The whales have been targeting a price range from $175.0 to $230.0 for Johnson & Johnson over the last 3 months. The current price of JNJ is $173.6, up 0.09%. Several financial institutions have maintained or downgraded their ratings on JNJ, with price targets ranging from $170 to $215.

Portfolio Pulse from Benzinga Insights

August 15, 2023 | 6:46 pm

JPM

Shares of JPMorgan Chase & Co (NYSE:JPM) are trading lower by 2.4% after a Fitch analyst suggested the possibility of downgrades for multiple lenders. This could lead to higher borrowing costs for banks, constraining profitability and lending activities, and potentially reducing earnings potential.

Portfolio Pulse from Henry Khederian

August 15, 2023 | 6:45 pm

BAC

WFC

Shares of Bank of America Corp (BAC) and Wells Fargo & Co (WFC) are trading lower after a Fitch analyst suggested potential downgrades for lenders, raising concerns about the financial health of the banking sector. The possibility of downgrades indicates increased credit risk for financial institutions, which could impact lenders' borrowing costs, profitability, and overall business operations.

Portfolio Pulse from Henry Khederian

August 15, 2023 | 6:45 pm

ACLX

The FDA has lifted the partial clinical hold on Arcellx Inc's iMMagine-1 Phase 2 Clinical Program. Analysts from Needham and William Blair remain optimistic about the long-term therapeutic potential of Arcellx's CART-ddBCMA, despite a delay in the timeline for interim data and regulatory submissions. ACLX shares were up 5.8% at $35.65 on the last check Tuesday.

Portfolio Pulse from Vandana Singh

August 15, 2023 | 6:42 pm

VAPO

Vapotherm's CEO has purchased 300,000 shares of the company at $0.40 per share, according to a Form4 filing.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 6:30 pm

ADP

Automatic Data Processing (NASDAQ:ADP) has outperformed the market over the past 15 years by 3.6% on an annualized basis, producing an average annual return of 12.27%. If an investor had bought $1000 of ADP stock 15 years ago, it would be worth $5,674.97 today.

Portfolio Pulse from Benzinga Insights

August 15, 2023 | 6:30 pm

LULU

Lululemon Athletica (NASDAQ:LULU) has outperformed the market over the past 15 years, producing an average annual return of 27.4%. If an investor had bought $1000 of LULU stock 15 years ago, it would be worth $37,693.97 today.

Portfolio Pulse from Benzinga Insights

August 15, 2023 | 6:30 pm