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XENE

Xenon Pharmaceuticals Inc (NASDAQ:XENE) reported positive Phase 2 trial results for XEN1101 in treating major depressive disorder (MDD). The study showed a dose-response and clinically meaningful improvements in several depression scales, though not all results were statistically significant. XEN1101 was well tolerated with similar adverse event rates across treatment groups. XENE shares rose 13.15% to $32.78.

Portfolio Pulse from Vandana Singh

November 27, 2023 | 4:40 pm

SPY

USO

Saudi Arabia is pushing for OPEC+ oil production quota cuts to support global oil markets, but faces resistance from some members. OPEC+ has postponed discussions due to disagreements over African quotas. Riyadh has already unilaterally cut supply by 1 million barrels per day since July and is seeking broader cooperation.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 4:35 pm

AMZN

FDX

UPS

Amazon (AMZN) has become the largest delivery business in the U.S. by parcel volumes, surpassing UPS and FedEx. In 2022, Amazon delivered more packages than UPS and had already overtaken FedEx in 2020. Despite this, the U.S. Postal Service remains the largest by volume. Amazon's growth and strategic changes at UPS and FedEx have altered the delivery landscape. Amazon focuses on profitable routes and leverages AI for efficient deliveries, while UPS and FedEx prioritize more profitable parcels. AMZN shares were up 1.1% on the news.

Portfolio Pulse from Anusuya Lahiri

November 27, 2023 | 4:31 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) celebrated the five-year anniversary of its R1T electric truck and R1S SUV unveiling at the LA Auto Show. Initially promising deliveries in 2020, Rivian faced delays and began deliveries in 2021. The company has seen significant growth, delivering 15,564 vehicles in Q3 of the current year. Rivian's vehicles are priced at the higher end, with the R1T at $73,000 and the R1S SUV at $78,000. The company reported Q3 revenue of $1.337 billion and a loss of $1.19 per share, outperforming analyst expectations. Looking forward, Rivian aims for positive gross profit by 2024 and plans to launch the R2 platform in 2026, with unveilings expected in early 2024. The R2 will be more affordable, targeting the $45,000 to $50,000 price range for midsize SUVs, a segment where Tesla Inc. currently dominates.

Portfolio Pulse from Anan Ashraf

November 27, 2023 | 4:22 pm

BP

COP

CVX

XOM

BP's shares have dropped nearly 17% since their 2023 peak, underperforming compared to ConocoPhillips and Exxon Mobil. RBC Capital Markets believes BP is undervalued and has raised its price target, citing reasons such as BP's commitment to shareholder returns, its profitable trading division, and a significant restructuring program. Chevron's shares have also fallen sharply, exacerbated by a $53 billion acquisition of Hess, making both BP and Chevron potentially attractive at current valuations.

Portfolio Pulse from Neil Dennis

November 27, 2023 | 4:22 pm

META

The Wall Street Journal's test revealed that Instagram's algorithm recommends inappropriate content, including sexualized videos, which led to a response from Meta Platforms, Inc (NASDAQ:META) and a decision by Bumble to halt advertisements on Meta's platforms. Despite Meta's response emphasizing their efforts to address the issue, the findings raise concerns about Instagram's content recommendation system. META shares were slightly up at the time of publication.

Portfolio Pulse from Anusuya Lahiri

November 27, 2023 | 4:15 pm

SHOP

Shopify Inc (NYSE:SHOP) shares rose after reporting a 22% year-on-year increase in Black Friday sales, reaching $4.1 billion. RBC Capital Markets and Oppenheimer maintained Outperform ratings with a price target of $80, while Needham held a Hold rating. Analysts attribute the growth to new merchant wins, e-commerce growth, and market share gains. The sales performance suggests a strong fourth quarter, with clothing, personal care, and jewelry as top categories.

Portfolio Pulse from Priya Nigam

November 27, 2023 | 4:11 pm

ROKU

Cannonball Research analyst Vasily Karasyov has upgraded Roku (NASDAQ:ROKU) from Neutral to Buy and set a new price target of $116.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 4:08 pm

LILM

Lilium N.V. (NASDAQ:LILM) shares surged after the company announced receiving the European Union Aviation Safety Agency (EASA) Design Organization Approval, which acknowledges Lilium's capability to design and develop safe and compliant electric vertical take-off and landing (eVTOL) aircraft. This approval positions Lilium as a leader in the eVTOL market, being the only manufacturer with both EASA and FAA certification bases for a powered lift eVTOL aircraft. The company is also seeking FAA type-certificate validation under the EU-U.S. Bilateral Aviation Safety Agreement.

Portfolio Pulse from Adam Eckert

November 27, 2023 | 4:08 pm

LLY

NVO

Novo Nordisk A/S (NYSE:NVO) is in discussions to introduce flexible pricing for its weight loss drug Wegovy, aiming to allow healthcare systems to adopt the medication with payments spread over time. Despite competition from Eli Lilly's (NYSE:LLY) upcoming weight-loss drug Zepbound, which is expected to be priced 20% lower, Novo Nordisk plans to maintain Wegovy's pricing but is open to risk-based contracts that could lead to long-term savings for healthcare providers. The company is also set to launch Wegovy in Japan, entering the Asian market amidst supply and demand challenges. NVO shares saw a slight decline of 1.15% recently.

Portfolio Pulse from Vandana Singh

November 27, 2023 | 4:04 pm