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GM

General Motors (NYSE:GM) expects an increase in electric vehicle production in the second half of the year due to improved battery module availability. Despite full order banks, GM sold only 49 Hummer EV pickups and 2,316 Lyriq models in the first half of the year due to supply chain challenges. GM President of North America, Rory Harvey, stated that the company is building momentum on battery capacity and anticipates more EVs being built in the second half of the year.

Portfolio Pulse from Anan Ashraf

July 19, 2023 | 11:44 am

AAPL

AMZN

Spain's antitrust watchdog has fined Amazon and Apple a total of €194.1 million ($218.03 million) for conspiring to restrict the online sale of devices from Apple and competitors in Spain. The penalties were €143.6 million for Apple and €50.5 million for Amazon. The two companies have two months to appeal the decision. The deal between the two companies led to an increase in the prices of Apple devices sold online in Spain.

Portfolio Pulse from Anusuya Lahiri

July 19, 2023 | 11:41 am

BC

Brunswick Corp (NYSE:BC) shares dropped by around 6% after the company reported lower than expected Q2 FY23 preliminary results. The company's revenues and adjusted EPS fell short of consensus estimates. The disappointing results are attributed to an IT security incident in June. The company also revised its FY23 adjusted EPS to approximately $9.50, down from the earlier range of $9.50-$11.00. The company's CEO expressed caution regarding the second-half financial performance due to the IT security incident and anticipated continued pressure on consumers globally.

Portfolio Pulse from Lekha Gupta

July 19, 2023 | 11:39 am

CVNA

Carvana Co (NYSE:CVNA) reported a Q2 FY23 sales decline of 23.6% YoY to $2.97 billion, beating the consensus estimate of $2.59 billion. Adjusted gross profit rose 24.2% to $538 million, and adjusted EBITDA was $155 million compared to a loss of $(216) million last year. Retail units sold decreased by 35% YoY. Carvana also agreed with noteholders to reduce total debt, extend maturities, and lower near-term cash interest expense. Shares are trading higher by 23.10% at $49.00 premarket.

Portfolio Pulse from Anusuya Lahiri

July 19, 2023 | 11:38 am

BABA

BIDU

JD

NVDA

Alibaba Group Holding Limited (BABA) and its peers are trading higher amid reports of the Chinese tech supervisor's pledge to support artificial intelligence computing push. The Ministry of Industry and Information Technology plans to expand computing power to drive breakthroughs in generative AI. The U.S. has blocked Chinese companies' ability to buy advanced chips, including some Nvidia Corp (NVDA) products. Major internet companies in China, including Alibaba, Baidu Inc (BIDU), and JD.com Inc (JD), are working to build the country's equivalent to OpenAI's ChatGPT.

Portfolio Pulse from Anusuya Lahiri

July 19, 2023 | 11:33 am

DOGEUSD

SHIBUSD

Shiba Inu (CRYPTO: SHIB), a rival to Dogecoin (CRYPTO: DOGE), has seen a rise in the crypto market throughout 2021, despite a significant decline from its all-time high. Owning less than $10 worth of SHIB can get you over a million SHIB tokens. The Shiba Inu protocol has seen a sharp increase in whale transactions, with a surge of 25.72% within the past week. The burn rate of Shiba Inu has also spiked significantly, with a 300% increase over the past 24 hours due to the burning of 109 million SHIB tokens.

Portfolio Pulse from Mehab Qureshi

July 19, 2023 | 11:32 am

VMW

UK's Competition and Markets Authority (CMA) has provisionally approved Broadcom's acquisition of Vmware. This has led to an increase in Vmware's share price.

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 11:32 am

LUMN

T

VZ

AT&T, Verizon, and Lumen Technologies stocks are trading higher after AT&T announced that less than 10% of its nationwide copper-wire telecom network has lead-clad cables. This comes in response to a story last week indicating that several telecom giants have networks of underground cables covered in toxic lead. AT&T and Verizon have lost 14% and 10% of their stock value, respectively, since the report on July 9.

Portfolio Pulse from Anusuya Lahiri

July 19, 2023 | 11:31 am

RIO

Rio Tinto PLC (NYSE:RIO) has provided a production update for Q2, stating that Pilbara iron ore production was up 3% Y/Y at 81.3 metric tonnes (Mt). However, shipments were down 1% Y/Y due to planned maintenance and a train derailment. The company now expects full-year shipments for Pilbara to be at the upper half of the original guidance range. Bauxite production declined 5% Y/Y to 13.5 MT due to higher-than-average rainfall and equipment downtime. The company also downgraded production expectations for Titanium dioxide and refined copper. Consequently, Rio expects 2023 bauxite production to be at the lower end of the 54 to 57 MT range.

Portfolio Pulse from Lekha Gupta

July 19, 2023 | 11:28 am

AAPL

NVDA

Analyst Ben Reitzes from Melius Research has drawn parallels between Nvidia Corp. and Apple Inc., citing Nvidia's full-stack approach as a key factor for potential outsized profit share in the industry. Despite Nvidia's shares soaring more than 200% this year, Reitzes suggests that investors haven't missed the opportunity. He initiated coverage of Nvidia with a buy rating and a $625 price target. BofA Securities analyst Vivek Arya also expressed optimism about Nvidia’s future, raising his price objective on the stock to $550 from $500.

Portfolio Pulse from Benzinga Neuro

July 19, 2023 | 11:22 am