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The Board of Control for Cricket in India (BCCI) is encouraging Amazon and Alphabet to participate in a media rights auction for the Indian cricket team's bilateral series games. The auction has been postponed by two weeks to attract more firms. Media companies have shown limited interest due to difficulties in profiting from cricket content amid weak advertising revenues. Ernst & Young expects the sale of rights to 102 matches to fetch at least $750 million. Viacom 18 and Disney, who outbid rivals in the previous IPL auction, are expected to bid for digital media rights to the bilateral series.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 11:13 am

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SAP

SBUX

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UBER

Several analyst forecasts were released on Wednesday, with price target changes for Pinterest, Uber, SolarEdge, Electronic Arts, Global Payments, e.l.f. Beauty, Home Depot, Marriott, SAP, Starbucks, and AMD. Most of the stocks saw a decrease in pre-market trading, except for AMD which rose by 2.8%.

Portfolio Pulse from Lisa Levin

August 04, 2023 | 11:12 am

ADMP

Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) has announced the pricing of its public offering of 5.93 million units at $1.35 per unit. The offering, which includes common stock and warrants, is expected to generate gross proceeds of approximately $8 million. The offering is expected to close on August 4, 2023. Maxim Group LLC is acting as the sole placement agent for the offering.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:12 am

SBUX

Starbucks Corp (NASDAQ:SBUX) reported mixed fiscal Q3 results, with revenues of $9.17 billion missing estimates of $9.29 billion, but EPS of $1 beating estimates of 95 cents. Revenues were up 12% YoY, with comparable store sales climbing 10% globally. The company also increased its full-year 2023 earnings growth expectations to 16% to 17%. However, shares were down 1.09% at $100.16 at the time of publication.

Portfolio Pulse from Adam Eckert

August 04, 2023 | 11:12 am

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Softbank-backed British chip designer Arm Ltd is planning an initial public offering (IPO) at a valuation of $60 billion - $70 billion by September, reflecting its optimistic outlook on artificial intelligence chips. The company aims to raise $10 billion in the IPO. Nvidia Corp and Intel Corp have engaged in preliminary talks to become anchor investors in the IPO. Amazon.com Inc has adopted Arm-based chips for its Amazon Web Services.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 11:12 am

IMAX

IMAX Corporation (NYSE:IMAX) announced its highest grossing month of July in history, with $176.2 million at the global box office. This record-breaking performance was driven by Christopher Nolan's 'Oppenheimer', which grossed over $86 million across the IMAX global network. IMAX's strong performance was also boosted by the China box office. The company plans to extend the global run of 'Oppenheimer' through late summer and fall.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:12 am

KHC

Kraft Heinz Company (NASDAQ:KHC) reported Q2 FY23 sales growth of 2.6% to $6.72 billion, missing the analyst consensus of $6.81 billion. Adjusted EPS of $0.79 beat the analyst consensus of $0.74. The company declared a quarterly dividend of $0.40 per share. Despite facing headwinds in the US market share performance, the company reiterated its full-year outlook. KHC shares are trading lower by 0.61% at $35.66 in premarket.

Portfolio Pulse from Shivani Kumaresan

August 04, 2023 | 11:11 am

CVS

During a conference call, a CVS Health executive stated that medical costs trends are expected to remain high for the rest of 2023.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:11 am

AMD

GOOG

GOOGL

MSFT

NVDA

Advanced Micro Devices (AMD) plans to launch AI chips to exploit Nvidia's (NVDA) supply crisis. AMD's CEO Lisa Su announced plans to increase production of its MI300 AI chips in Q4. The company also plans to comply with U.S. Commerce Department restrictions on advanced AI semiconductor sales to China. AMD expects 2023 sales in its data center business, including MI300 chips, to exceed $6.04 billion. Cloud players like Microsoft (MSFT) and Alphabet (GOOG, GOOGL) are expected to shift spending towards AI chips and infrastructure.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 11:11 am

TTMI

TTM Technologies has projected its Q3 revenue to be between $550M and $590M, which is in line with the estimated $569.92M. The company also expects its adjusted EPS to be between $0.25 and $0.31, slightly higher than the estimated $0.24.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:11 am