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DASH

UBER

Uber Technologies, Inc (UBER) and DoorDash, Inc (DASH) are suing New York City to block a new law that sets minimum wages for food-delivery workers. The companies argue that the new per-minute trip rate could be significantly higher than the minimum wage set for other industries, leading to multiple apps paying a worker for the same hours. They also claim that the new metrics would force them to raise consumer fees in New York City to offset costs and limit the number of workers who could work for each app, hurting gig workers’ flexibility.

Portfolio Pulse from Anusuya Lahiri

July 06, 2023 | 3:34 pm

TSLA

Tesla shares are trading lower due to a selloff in growth stocks over concerns of a rate hike. Tesla has also signed an agreement with China-based vehicle makers to avoid a price war.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 3:33 pm

AAPL

Apple Inc.'s shares have risen by 17.99% in the past three months. The company's total debt stands at $109.61 billion, with net debt at $84.93 billion after adjusting for cash-equivalents. Apple's debt-ratio is 0.33, indicating a moderate level of financial leverage. Debt is an important factor in a company's capital structure and contributes to its growth.

Portfolio Pulse from Benzinga Insights

July 06, 2023 | 3:30 pm

NXPI

TSM

Semiconductor manufacturers NXP Semiconductors (NASDAQ:NXPI) and Taiwan Semiconductor Manufacturing Company (NYSE:TSM) are experiencing a decline in their stock prices following China's announcement of export restrictions on gallium and germanium, metals critical to chip production. This move is seen as a possible retaliation to U.S. export controls. The broader tech sector is also trading lower due to concerns over potential Fed rate hikes.

Portfolio Pulse from Erica Kollmann

July 06, 2023 | 3:27 pm

TMO

Thermo Fisher Scientific Inc (NYSE:TMO) has agreed to acquire CorEvitas LLC from Audax Private Equity for $912.5 million in cash. CorEvitas provides regulatory-grade, real-world evidence solutions to pharmaceutical and biotechnology companies. The acquisition is expected to be completed by the end of 2023 and will be immediately accretive to adjusted earnings per share by $0.03 in 2024.

Portfolio Pulse from Vandana Singh

July 06, 2023 | 3:19 pm

APA

CHK

CNQ

COP

DVN

EOG

EQNR

EQT

HES

MRO

OVV

OXY

PBR

TTE

XOM

YPF

Oil and gas stocks are trading lower due to concerns over potential US rate hikes, which could negatively impact demand.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 3:12 pm

META

Meta Platforms Inc (NASDAQ:META) is set to launch Threads, a text-based conversation app, in over a hundred countries. The app is expected to compete with Twitter and enhance user engagement through integration with Instagram. Meta's stock has shown a bullish trend since November 2022, with a total increase of 139% since the start of the year. The stock price is nearing the resistance level of $300, and breaking through could lead to a surge in the stock price.

Portfolio Pulse from Zaheer Anwari

July 06, 2023 | 3:10 pm

CRM

INTU

Shares of tech sector companies are trading lower due to concerns over potential further Fed rate hikes, which could negatively impact growth stocks.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 3:09 pm

CSIQ

UBS analyst Jon Windham has upgraded Canadian Solar Inc (NASDAQ:CSIQ) from Neutral to Buy, raising the price target from $48 to $50. The company's Recurrent Energy solar and storage project development business is expected to generate 41% YoY revenue growth in 2023. The growth is supported by an acceleration in U.S. utility scale solar installations. Canadian Solar is also set to benefit from Inflation Reduction Act incentives through its Recurrent Energy development business and planned 5GW module assembly facility in Texas.

Portfolio Pulse from Priya Nigam

July 06, 2023 | 3:06 pm

SPY

USO

The U.S. Energy Information Administration (EIA) has reported that U.S. crude stocks in the Strategic Petroleum Reserve have fallen to their lowest level since August 1983.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:06 pm