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MMM

3M Co reported Q2 FY23 adjusted net sales of $7.99 billion, a 4.7% YoY decline, beating the consensus of $7.87 billion. Adjusted EPS was $2.17, down 11.4% YoY, above the consensus of $1.72. The company's gross margin expanded by 320 bps to 44.7%, with a gross profit of $3.72 billion (+3% YoY). 3M's shares are trading higher by 5.00% at $109.48.

Portfolio Pulse from Akanksha Bakshi

July 25, 2023 | 4:40 pm

Zscaler shares are trading higher following an upgrade from Neutral to Buy by BTIG.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2023 | 4:40 pm

WASH

Piper Sandler analyst Mark Fitzgibbon has downgraded Washington Trust Bancorp (NASDAQ:WASH) from Neutral to Underweight and set a price target of $26.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2023 | 4:33 pm

PDD

Shares of PDD Holdings are trading higher due to expectations of further stimulus measures in China.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2023 | 4:33 pm

APLS

HGEN

NBSE

NMTR

On Tuesday, 56 companies hit new 52-week lows. The largest company by market cap to set a new low was Apellis Pharmaceuticals, while the smallest was 9 Meters Biopharma. Humanigen's stock came under the most pressure, trading down 73.22%. NeuBase Therapeutics saw the biggest bounce back, with shares trading up 0.0% after hitting its new 52-week low.

Portfolio Pulse from Benzinga Insights

July 25, 2023 | 4:33 pm

AURC

BFRG

BLPH

ELBM

HGEN

NMTC

US stocks traded mixed with the Dow Jones gaining over 50 points. General Electric reported better-than-expected Q2 results with revenues of $16.70 billion, an 18% YoY increase, beating the consensus of $15 billion. Adjusted EPS was $0.68, up from $0.36 a year ago, beating the consensus of $0.46. GE raised its FY23 guidance based on first-half performance and continued second-half strength. Other stocks mentioned include Electra Battery Materials, Aurora Acquisition Corp, Bullfrog AI Holdings, Humanigen, Bellerophon Therapeutics, and NeuroOne Medical Technologies.

Portfolio Pulse from Lisa Levin

July 25, 2023 | 4:32 pm

UPS

United Parcel Service Inc (UPS) and the Teamsters union have reached a tentative collective bargaining agreement, avoiding a potential strike. The deal, which UPS describes as a 'win-win-win agreement', will span five years and includes wage increases, job creation, and workplace improvements. The agreement is set to be reviewed and recommended by Teamster representatives on July 31, with members voting on the contract between August 3-22. UPS shares traded higher on news of the deal.

Portfolio Pulse from Adam Eckert

July 25, 2023 | 4:31 pm

APO

ARNC

Arconic Corporation's shareholders have approved the company's acquisition by funds managed by Apollo, including a minority investment from Irenic Capital Management. Arconic shareholders will receive $30 per share in cash for every share they own prior to the merger. The transaction is expected to close in Q3 2023.

Portfolio Pulse from Happy Mohamed

July 25, 2023 | 4:31 pm

LRCX

Unusual options activity has been observed for Lam Research (NASDAQ:LRCX), with a large position indicating a bullish stance. The options scanner at Benzinga spotted 18 uncommon trades, split 50% bullish and 50% bearish. The whales have been targeting a price range from $300.0 to $760.0 for Lam Research over the last 3 months. Stifel, Citigroup, and Mizuho have all maintained a 'Buy' rating on Lam Research.

Portfolio Pulse from Benzinga Insights

July 25, 2023 | 4:31 pm

SHOP

A significant number of bearish trades have been observed in Shopify's (NYSE:SHOP) options history, with 70% of investors taking a bearish stance and 30% bullish. The majority of the trades are puts, totaling $405,157, compared to calls totaling $69,025. Whales have been targeting a price range from $33.0 to $105.0 for Shopify over the last 3 months. Shopify's current price is down -1.14% at $65.42. Analysts have mixed opinions, with downgrades from Evercore ISI Group and Morgan Stanley, upgrades from MoffettNathanson, and neutral ratings from Credit Suisse and Mizuho.

Portfolio Pulse from Benzinga Insights

July 25, 2023 | 4:31 pm