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PNC

PNC Financial Services Group Inc reported mixed Q3 FY23 earnings, with a revenue decline of 1% Q/Q to $5.23 billion, missing the consensus of $5.32 billion. Revenue declined 6% Y/Y due to lower noninterest and net interest income. The company reported a provision for credit losses of $129 million in the quarter. EPS of $3.60 came above the consensus of $3.10. PNC's board of directors declared a quarterly cash dividend per share of $1.55. PNC shares are down 1.90% at $119.01.

Portfolio Pulse from Lekha Gupta

October 13, 2023 | 3:57 pm

VS

Versus Systems has announced the pricing of its $3M public offering at $0.23 per share.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 3:56 pm

BP

BP plc shares are trading higher due to rising crude oil prices following U.S. sanctions on two Russian oil shipping companies and supply uncertainty caused by the Israel-Hamas conflict. The geopolitical conflicts can lead to concerns about the stability of oil supplies, benefiting companies like BP. BP's profitability is directly linked to the price of oil, so higher oil prices can lead to increased revenues and improved financial performance for the company.

Portfolio Pulse from Henry Khederian

October 13, 2023 | 3:46 pm

IMVT

Immunovant's stock has been upgraded from Neutral to Buy by UBS, with the price target raised from $18 to $55. This has resulted in Immunovant shares trading higher.

Portfolio Pulse from Bill Haddad

October 13, 2023 | 3:42 pm

VTNR

Vertex Energy Inc (VTNR) has updated its Q3 2023 financial and operational outlook, with throughput volumes at its Mobile, Alabama Refinery expected to surpass prior guidance, thanks to optimization initiatives. The company also expects finished fuel products to account for a larger percentage of total production volumes than previously guided. The company's shares are trading higher by 8.9%.

Portfolio Pulse from Lekha Gupta

October 13, 2023 | 3:35 pm

AMC

AMC Entertainment Holdings Inc's shares are trading lower by 12.3% despite no company-specific news. The stock may be pulling back following recent momentum in anticipation of the debut of the Taylor Swift Eras Tour concert film. AMC's stock has fallen nearly 70% in 2023 amid the company commencing trading under a 10-to-1 reverse split arrangement. The company's AMC Preferred Equity Units also underwent conversion into common stock. This could be seen as a negative sign by investors, leading to selling pressure.

Portfolio Pulse from Henry Khederian

October 13, 2023 | 3:32 pm

AJG

Arthur J. Gallagher (NYSE:AJG) has outperformed the market over the past 15 years, producing an average annual return of 16.34%. If an investor had bought $100 of AJG stock 15 years ago, it would be worth $976.66 today.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 3:30 pm

AON

Over the past 10 years, Aon (NYSE:AON) has outperformed the market by 6.34% on an annualized basis, producing an average annual return of 15.92%. If an investor had bought $1000 of AON stock 10 years ago, it would be worth $4,402.44 today.

Portfolio Pulse from Benzinga Insights

October 13, 2023 | 3:30 pm

BTCUSD

ETHUSD

Crypto analyst Jason Pizzino warns of potential steep declines in altcoins if Bitcoin's value drops to test $26,700 and potentially even $24,900. He suggests that such a scenario would have dire consequences on altcoins. While Ethereum is a separate concern, Pizzino highlights its struggling state amidst the current market volatility. He suggests that if Bitcoin breaches its $26,700 support, altcoins will continue to struggle and might see even steeper declines if Bitcoin hits the $25,000 mark.

Portfolio Pulse from Murtuza Merchant

October 13, 2023 | 3:30 pm

BLK

C

JPM

PGR

PNC

WFC

XLF

US financial institutions have reported strong Q3 earnings, surpassing analysts' expectations. JP Morgan Chase, Wells Fargo, Citigroup, BlackRock, PNC Financial Services Group, and The Progressive Corp all reported higher than expected earnings per share. The Financial Select Sector SPDR Fund rose 0.8% in response to the positive earnings. However, PNC Financial Services Group saw the steepest daily drop within the sector, down 2.9%.

Portfolio Pulse from Piero Cingari

October 13, 2023 | 3:22 pm