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ECL

Northcoast Research analyst Ryan Connors has downgraded Ecolab (NYSE:ECL) from Buy to Neutral.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 11:57 am

ARVL

NKLA

PTRA

RIDE

TSLA

Nikola Corp's stock is trading lower following reports of its plans to liquidate the assets of battery maker Romeo Power, which it bought less than a year ago. The company has been struggling with high commodity costs and limited access to capital. Other EV startups, including Arrival and Lordstown Motors, are also facing challenges. In contrast, Tesla has exceeded market expectations for Q2 deliveries.

Portfolio Pulse from Anusuya Lahiri

July 05, 2023 | 11:54 am

BABA

BIDU

TCEHY

Alibaba Group is conducting a strategic review of its video streaming platforms Youku and Tudou, considering options to inject the assets into Alibaba Pictures Group Ltd. This comes amidst rivalry with Baidu, IQIYI, and Tencent Holdings. Alibaba's digital media and entertainment business narrowed its losses in the first quarter following Youku's investment in content and production capability.

Portfolio Pulse from Anusuya Lahiri

July 05, 2023 | 11:48 am

BMY

EVO

EVOTF

SNY

Evotec SE's subsidiary, Just - Evotec Biologics Inc, has been awarded a contract worth up to $74 million by the U.S. Department of Defense for the development of monoclonal antibody-based drug product prototypes targeting orthopoxviruses. The contract includes discovery activities and the execution of Phase 1 first-in-human trials. This follows a previous contract awarded in September 2022 for developing antibodies against plague. Additionally, Evotec has ongoing partnerships with Sanofi SA's Sandoz and Bristol Myers Squibb Co.

Portfolio Pulse from Vandana Singh

July 05, 2023 | 11:45 am

UPS

United Parcel Service, Inc. (UPS) workers are reportedly heading towards a strike after failed labor talks with the Teamsters. The potential strike by over 300,000 UPS drivers threatens to disrupt the U.S. supply chain. The current labor contract expires at the end of July, and union employees will not work beyond July 31. UPS shares are trading lower by 2.15% at $179.81 premarket on Wednesday.

Portfolio Pulse from Akanksha Bakshi

July 05, 2023 | 11:43 am

AMRX

Amneal Pharmaceuticals Inc received an FDA Complete Response Letter (CRL) regarding its New Drug Application for IPX203 for Parkinson's disease. The FDA requested additional information about one of the drug's ingredients, carbidopa. The company's shares fell 13.1% in premarket trading following the news. The company stated that this update does not impact its 2023 financial guidance.

Portfolio Pulse from Vandana Singh

July 05, 2023 | 11:42 am

CASY

CHD

ODC

USFD

Four consumer staples stocks, Casey's General Stores (CASY), Church & Dwight (CHD), Oil-Dri Corporation of America (ODC), and US Foods Holding Corp. (USFD), are considered overbought with RSI values above 70, indicating they may be overvalued. CASY reported downbeat quarterly sales but closed the fiscal year with record growth. CHD is set to discuss Q2 earnings on July 28, 2023. ODC announced price increases on its products. Morgan Stanley upgraded USFD from Equal-Weight to Overweight and raised the price target from $46 to $54.

Portfolio Pulse from Lisa Levin

July 05, 2023 | 11:42 am

CRZBF

CRZBY

Deutsche Bank AG (NYSE:DB) and Commerzbank AG (OTC:CRZBF) (OTC:CRZBY) are facing a lawsuit worth $348 million from RusKhimAlyans, a subsidiary of Russian gas giant Gazprom. The lawsuit demands over ₽22 billion from Deutsche Bank and over ₽8 billion from Commerzbank. This news comes after Deutsche Bank identified a shortfall in the shares backing the bank's depositary receipts (DRs) allocated before the Ukraine invasion.

Portfolio Pulse from Lekha Gupta

July 05, 2023 | 11:39 am

RIVN

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) surged in premarket trading following a positive second-quarter deliveries report. Needham analyst Chris Pierce reiterated a 'buy' rating and raised the price target from $26 to $28, suggesting a 43% upside. The company's Q2 production number of about 14,000 units marked a 50% quarter-over-quarter increase, suggesting that production bottleneck concerns were easing.

Portfolio Pulse from Shanthi Rexaline

July 05, 2023 | 11:39 am

GSK

HLN

Haleon Plc (NYSE:HLN) is considering selling some non-core businesses, including its Nicotinell brand, as part of a strategy shift towards core products. The sale of Nicotinell could be valued as high as $800 million. Haleon was formed from the demerger of GSK plc's (NYSE:GSK) Consumer Healthcare business. GSK recently sold 240 million Haleon shares, reducing its stake to 10.3%. Unilever plc (NYSE:UL) has made three unsolicited proposals to acquire GSK's Consumer Healthcare business.

Portfolio Pulse from Vandana Singh

July 05, 2023 | 11:37 am