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STLA

TSLA

Analyst Dan Ives remains bullish on Tesla (TSLA) despite its current lackluster phase. He views the UAW strike as a win for Tesla, as it could lead to higher costs for Detroit automakers like General Motors (GM), Ford (F), and Stellantis (STLA), which could be passed on to consumers. Ives also believes Tesla will be able to absorb excess inventory by Q4 and that demand will increase with the start of Cybertruck production. He sees Tesla gaining market share in China and views the company as a disruptive technology company rather than just an auto company.

Portfolio Pulse from Shanthi Rexaline

October 04, 2023 | 7:19 am

AYI

HELE

RPM

TSLA

The CNN Money Fear and Greed index has moved to the 'Extreme Fear' zone amid a surge in Treasury yields. U.S. stocks closed sharply lower on Tuesday, with the Dow Jones index turning lower for 2023. Truist Securities maintained Tesla with a Hold and lowered the price target from $254 to $243. Investors are awaiting earnings results from RPM International, Acuity Brands, and Helen of Troy.

Portfolio Pulse from Lisa Levin

October 04, 2023 | 6:47 am

CPB

PFE

Brands associated with NFL player Travis Kelce, including Pfizer Inc. (NYSE:PFE) and Campbell Soup Company (NYSE:CPB), have seen an increase in engagement due to rumors of a romantic relationship between Kelce and pop star Taylor Swift. A Pfizer campaign featuring Kelce experienced a 32% increase in company-related searches after Swift’s appearance on Sept. 25. A Campbell’s Soup ad featuring Kelce saw a 4% increase in searches and a 600% surge in engagement with its non-paid media.

Portfolio Pulse from Benzinga Neuro

October 04, 2023 | 6:33 am

AYI

Acuity Brands, Inc. (NYSE:AYI) is expected to report lower Q4 earnings for fiscal 2023 on Oct. 4, 2023. Analysts predict earnings of $3.72 per share, down from $3.95 per share in the previous year, and revenue of $1.02 billion, down from $1.11 billion. The company's shares closed at $167.38 on Tuesday. Analysts from Baird, Oppenheimer, and Goldman Sachs have recently adjusted their price targets for AYI.

Portfolio Pulse from Lisa Levin

October 04, 2023 | 6:20 am

ONON

On Holding AG (ONON) has reiterated its FY23 outlook, aiming to achieve CHF 1.76 billion in net sales, a gross profit margin of 58.5%, and an adjusted EBITDA margin of 15%. The company also plans to double its net sales to CHF 3.55 billion by 2026, reflecting a CAGR of over 26%, and aims to exceed a 60% gross profit margin and reach an 18%+ adjusted EBITDA margin by 2026.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 5:49 am

BTCUSD

The Twitter handle claiming to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has tweeted about the upcoming Bitcoin halving in 2024, which is expected to increase transaction fees. The tweet led to a 20% surge in the price of Bitcoin SV (BSV), a cryptocurrency that branched off from Bitcoin. Meanwhile, Bitcoin (BTC) was trading at $27,362.22, down 0.86% in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

October 04, 2023 | 5:47 am

OPEN

RKT

XLRE

Real estate stocks took a hit on Tuesday due to rising treasury yields. The Real Estate Select Sector SPDR Fund (XLRE) closed down nearly 2%. Real estate tech stocks, Zillow Group Inc (ZG) and Opendoor Technologies Inc (OPEN), closed down about 7% and 10% respectively. Rocket Companies Inc (RKT) also saw a drop of more than 6% as mortgage rates moved higher, nearing 8%, the highest point since 2000. The rise in mortgage rates has softened the demand for new buyers and limited the supply of houses listed.

Portfolio Pulse from Aaron Bry

October 04, 2023 | 4:36 am

BBJP

DXJ

EWJ

The au Jibun Bank Japan Services Purchasing Managers' Index (PMI) for September was reported at 53.8, slightly above the estimated 53.3, but below the prior figure of 54.3.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 4:23 am

XRPUSD

A federal judge has denied the Securities and Exchange Commission’s (SEC) attempt to appeal its loss against Ripple (CRYPTO: XRP), causing XRP's price to surge 5%. The SEC had accused Ripple of conducting an unregistered securities offering worth approximately $1.3 billion by selling XRP tokens. A trial date has been set for April 2024 to address unresolved matters.

Portfolio Pulse from Mehab Qureshi

October 04, 2023 | 3:53 am

BTCUSD

COIN

DOGEUSD

ETHUSD

Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin have experienced a significant decline due to concerns over higher interest rates potentially pushing the economy into a recession. The U.S. dollar continues to strengthen, intensifying risk aversion sentiments. The trial against former FTX CEO Sam Bankman-Fried has begun, following the company's controversial collapse last year. U.S. regulators have opposed Coinbase Inc.’s plea to dismiss the securities law violation it is accused of. Stocks also experienced a significant decline on Tuesday, triggered by a surge in Treasury yields.

Portfolio Pulse from Mehab Qureshi

October 04, 2023 | 2:26 am