Streetbeat News

Stock Prices

WTS

Watts Water Technologies Inc (WTS) has agreed to acquire Bradley Corporation for $303 million, which is expected to be around $268 million after adjusting for estimated tax benefits. The acquisition is expected to close in Q4 FY23 and enhance WTS' exposure to commercial and industrial end markets. The deal is expected to be modestly accretive to 2024 adjusted EPS and benefit adjusted EBITDA margins by 2027. WTS plans to fund the deal through cash and an existing revolving credit facility.

Portfolio Pulse from Lekha Gupta

August 31, 2023 | 3:35 pm

ANET

Arista Networks' stock has been upgraded from Neutral to Buy by Citigroup, with the price target raised from $177 to $220. This has resulted in Arista Networks' shares trading higher.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 3:31 pm

ADP

Automatic Data Processing (NASDAQ:ADP) has outperformed the market over the past 10 years by 4.41% on an annualized basis, producing an average annual return of 14.96%. If an investor had bought $100 of ADP stock 10 years ago, it would be worth $406.94 today.

Portfolio Pulse from Benzinga Insights

August 31, 2023 | 3:30 pm

ADBE

Adobe (NASDAQ:ADBE) has outperformed the market over the past 15 years, producing an average annual return of 19.02%. If an investor had bought $100 of ADBE stock 15 years ago, it would be worth $1,321.26 today. Adobe currently has a market capitalization of $254.08 billion.

Portfolio Pulse from Benzinga Insights

August 31, 2023 | 3:30 pm

OLLI

Ollie's Bargain Outlet reported better-than-expected Q2 financial results and raised its FY23 adjusted EPS and sales guidance above estimates. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 3:24 pm

FLWS

1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS) reported Q4 revenues of $398.81 million, missing the consensus of $413.31 million, a 17.9% Y/Y slump. However, the company beat the consensus with an adjusted EPS of $(0.28) per share. The company's gross profit margin increased to 37.1% due to lower ocean freight costs and strategic pricing initiatives. The company expects FY24 total revenues to decline in the mid-single digits compared to the prior year, but rebound during the holiday period.

Portfolio Pulse from Nabaparna Bhattacharya

August 31, 2023 | 3:22 pm

CRM

Salesforce Inc (NYSE:CRM) reported better-than-expected Q2 results and issued strong guidance, causing its shares to spike. Analysts from BMO Capital Markets, Stifel, Needham, RBC Capital Markets, and William Blair all maintained positive ratings, with several raising their price targets. Key factors contributing to the strong performance include revenue upside, healthy margin performance, and continued margin expansion. The company's growth is expected to be aided by AI solutions and pricing in the coming years.

Portfolio Pulse from Priya Nigam

August 31, 2023 | 3:21 pm

AMD

NVDA

SPY

A spokesperson from the U.S. Department of Commerce has stated that the Biden administration has not blocked chip sales to the Middle East, according to Reuters. This statement may impact the stocks of chip manufacturers such as AMD and NVDA, as well as the SPY ETF.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 3:20 pm

BABA

BIDU

EWH

JD

LI

NIO

TME

China's central bank, the People's Bank of China, has launched measures to revitalize the real estate market, including reducing down-payment requirements and lowering interest rates on existing mortgages. However, these actions have not yet yielded the desired outcomes, causing concern among investors. Major stock indices in Hong Kong and mainland China saw declines, while Chinese stocks listed on U.S. exchanges showed mixed performance. Alibaba, JD.com, and Baidu saw decreases, while Tencent Music Entertainment Group posted a gain and Li Auto held steady.

Portfolio Pulse from Piero Cingari

August 31, 2023 | 3:17 pm

SU

A significant bullish position has been taken on Suncor Energy (NYSE:SU), as observed in the publicly available options history. The overall sentiment of these big-money traders is 70% bullish and 30% bearish. Whales have been targeting a price range from $30.0 to $42.0 for Suncor Energy over the last 3 months. Wells Fargo has upgraded its action to Overweight with a price target of $54.

Portfolio Pulse from Benzinga Insights

August 31, 2023 | 3:17 pm