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US stocks settled higher on Wednesday, with the Nasdaq surging over 1% due to easing inflation rates. Big banks such as JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Company are set to release earnings on Friday. Vmware, Inc shares gained 2.8% after Broadcom Inc won approval to acquire it. The Nasdaq 100 rose 1.24% amid gains in shares of Amazon.com, Inc. and Microsoft Corp. The CBOE Volatility Index fell 8.8%.

Portfolio Pulse from Lisa Levin

July 13, 2023 | 10:00 am

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FLAX

SPY

On July 12, Wall Street closed higher after reporting a lower than expected annual CPI inflation rate of 3% in June. The Dow Jones, S&P 500, and Nasdaq Composite all closed higher. Asian markets also closed higher, with gains in various sectors. European markets were trading higher, with the U.K.'s FTSE 100 gaining despite a contraction in GDP. Commodities were trading higher, and U.S. futures were in the green. The U.S. Dollar Index was down after data showed inflation eased better than expected.

Portfolio Pulse from Akanksha Bakshi

July 13, 2023 | 9:55 am

COIN

Barclays analyst Benjamin Budish has downgraded Coinbase Global (NASDAQ:COIN) from Equal-Weight to Underweight, while raising the price target from $61 to $70.

Portfolio Pulse from richadhand@benzinga.com

July 13, 2023 | 9:51 am

META

Elon Musk is pushing Twitter staff to develop better features to compete with Meta Platforms Inc.'s Threads. This comes as Threads reached 100 million users in five days, and Twitter's traffic fell by 5% in the first two days of Threads' launch. Musk's decisions since acquiring Twitter have been criticized, and his employees have reportedly said 'Threads is just better'.

Portfolio Pulse from Rounak Jain

July 13, 2023 | 9:37 am

EZU

Eurozone's industrial production for May was reported at 0.2%, lower than the estimated 0.3% and significantly lower than the prior figure of 1.0%.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 9:24 am

LGHL

Lion Group Holding Ltd. (LGHL) has undergone a 1:28 reverse stock split, which is expected to impact its premarket trading.

Portfolio Pulse from Charles Gross

July 13, 2023 | 8:59 am

JZXN

Shares of Juzi Holdings have surged over 100% in premarket trading. This follows a 1:18 reverse stock split that took effect on July 10.

Portfolio Pulse from Charles Gross

July 13, 2023 | 8:57 am

BCYC

Bicycle Therapeutics has priced its public offering of 9.4 million American Depositary Shares (ADS), each representing one ordinary share, at $21.25 per share. This will result in gross proceeds of approximately $200 million.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 8:48 am

CYRX

Cryoport has reduced its FY23 sales guidance to $233M-$243M, down from the previous range of $270M-$290M. This is below the consensus estimate of $274.85M.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 8:44 am

CYRX

Cryoport announced its Q2 FY23 sales forecast of $56.5M-$57.5M, which is down 11% at midpoint compared to Q2 FY22 and below the consensus of $67.4M. The lower forecast is due to weaker global demand for capital equipment, clinical trial start delays, and slower client ramps.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 8:41 am