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CSCO

SPLK

Splunk Inc (SPLK) shares saw an early rise after reporting strong Q3 results, driven by cybersecurity demand. Analysts from Truist Securities, Mizuho Securities, Needham, and KeyBanc Capital Markets provided insights, with a common price target of $157. Truist downgraded SPLK from Buy to Hold, while others maintained Neutral or Sector Weight ratings. Cisco Systems Inc. (CSCO) plans to acquire SPLK for $157 per share in cash, expected to close by end of 2024. The acquisition is seen as favorable for Splunk's shareholders and reasonable for Cisco.

Portfolio Pulse from Priya Nigam

November 29, 2023 | 5:29 pm

SEEL

Seelos Therapeutics' stock trades lower following the announcement of a public offering priced at $1.32 per share, aiming to raise $5.55 million through the sale of 1,781,934 shares.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:28 pm

ASND

Ascendis Pharma's stock is trading higher following the announcement of an exclusive license agreement with Teijin Limited for the Japan rights to its rare disease drugs.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:27 pm

CENN

Cenntro Electric Group Limited (NASDAQ:CENN) announced a 1-for-10 reverse stock split to comply with Nasdaq's minimum bid price requirement. The split is set for December 1, 2023, to meet the December 18 deadline. This action will reduce the number of outstanding shares from about 304.4 million to approximately 30.4 million. The split will not change stockholders' percentage ownership, except for adjustments due to fractional shares, which will be rounded up to whole shares. The par value remains unchanged, and all derivatives will be adjusted accordingly.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:27 pm

CART

CMCSA

Instacart (Maplebear Inc.) announced that its Instacart+ members in the U.S. now have access to Peacock Premium at no additional cost. Peacock is NBCUniversal's streaming service, which is a subsidiary of Comcast Corporation. The partnership includes a custom spot featuring content from Peacock, and it comes at a time when TV viewing and grocery delivery peak during the holiday season. Instacart's stock (CART) rose by 2.36% to $26.06 following the news.

Portfolio Pulse from Nabaparna Bhattacharya

November 29, 2023 | 5:25 pm

TGL

Treasure Global shares are trading lower following the announcement of a $4 million underwritten public offering, which typically dilutes existing shareholders and can put downward pressure on the stock price.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:23 pm

AMZN

W

WMT

Cyber Five online sales in the U.S. showed mixed results, with Adobe Analytics reporting a 7.8% increase to $38 billion, while Salesforce reported a lower growth rate. Amazon led with record sales of 1 billion items and plans to continue its sales event until Dec. 24. Bank of America analyst Justin Post reiterated a Buy rating on Amazon with a price target of $168 and on Wayfair with a price target of $72. AMZN shares traded slightly lower, while W shares traded higher.

Portfolio Pulse from Anusuya Lahiri

November 29, 2023 | 5:21 pm

HLF

Mizuho analyst John Baumgartner has maintained a Neutral rating on Herbalife (NYSE:HLF) and reduced the price target from $17 to $14.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:17 pm

CI

Cigna's stock is trading lower after a Wall Street Journal report indicated that the company is discussing a potential stock-and-cash merger with Humana. The news has likely caused concern among investors about the implications of such a merger, including regulatory hurdles and integration challenges, which may be contributing to the downward pressure on Cigna's share price.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:15 pm

BTCUSD

ETHUSD

NDX

RTY

SOLUSD

SPX

Raoul Pal, a former Goldman Sachs executive, shared his insights on the business cycle's impact on asset classes, including cryptocurrencies. He indicated that current ISM levels suggest low GDP growth, affecting cyclical stocks, the Russell 2000 (RTY), and commodities. However, his lead indicator for ISM is rising, which is typically beneficial for the S&P 500 (SPX). Pal predicts a strong year in 2024 for growth assets like the NASDAQ (NDX) and cryptocurrencies, with a focus on established cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). He warns of the risks associated with trading altcoins outside the top 10.

Portfolio Pulse from Murtuza Merchant

November 29, 2023 | 5:14 pm