Streetbeat News

Stock Prices

CATC

FRTX

ICCM

SCS

SEEL

SPRY

The Federal Reserve has left the key overnight interest rate unchanged at 5.25-5.50% and anticipates one more 25-basis-point rate hike by the end of the year. U.S. stocks traded mixed, with the Dow Jones gaining around 200 points. Steelcase Inc., Cambridge Bancorp, and Fresh Tracks Therapeutics saw significant stock increases, while Seelos Therapeutics, ARS Pharmaceuticals, and IceCure Medical experienced significant drops.

Portfolio Pulse from Lisa Levin

September 20, 2023 | 6:33 pm

SPY

Federal Reserve Chair Jerome Powell has stated that the growth in real GDP has exceeded expectations, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:32 pm

SPY

Federal Reserve Chairman Jerome Powell has stated that the Federal Reserve has covered a lot of ground, but the full effects of its actions have yet to be felt.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:32 pm

AGG

ITB

SMH

The S&P 500 is showing signs of a potential head and shoulders pattern, indicating a possible downturn. Three key ETFs - Semiconductors (SMH), Homebuilders (ITB), and Bonds (AGG) - are also showing signs of distribution and potential downside. SMH and ITB have shown weakened relative strength and negative momentum swings, while AGG has been in a confirmed downtrend. Higher bond yields, resulting from lower bond prices, could put pressure on growth stocks, further impacting the S&P 500.

Portfolio Pulse from David Keller

September 20, 2023 | 6:31 pm

SBUX

Starbucks (NASDAQ:SBUX) has outperformed the market over the past 15 years by 9.51% on an annualized basis, producing an average annual return of 18.55%. If an investor had bought $100 of SBUX stock 15 years ago, it would be worth $1,287.44 today.

Portfolio Pulse from Benzinga Insights

September 20, 2023 | 6:30 pm

AZO

AutoZone Inc (NYSE:AZO) reported better-than-expected Q4 FY23 earnings, with sales growth of 6.4% YoY to $5.69 billion, beating the consensus of $5.61 billion. EPS of $46.46 also beat the consensus of $45.12. Following the announcement, several analysts revised their price targets on AutoZone, with most raising their targets. AutoZone shares gained 4% to trade at $2,575.11 on Wednesday.

Portfolio Pulse from Lisa Levin

September 20, 2023 | 6:30 pm

RVNC

Needham analyst Serge Belanger has reiterated a Buy rating on Revance Therapeutics, Inc. (RVNC), but lowered the price target from $40 to $35. This is due to RVNC discontinuing the Opul business, which is expected to lead to a non-cash impairment charge of $80 million-$100 million. The analyst also lowered the revenue estimate for FY23 and FY24. Despite this, Belanger expects Daxxify to be a blockbuster product with peak sales of $500MM in both aesthetics and therapeutics.

Portfolio Pulse from Nabaparna Bhattacharya

September 20, 2023 | 6:29 pm

LULU

Lululemon Athletica Inc (NASDAQ:LULU) has been projected to experience double-digit topline growth due to its accelerating technical innovation. The company's rising wallet share in both core franchises and newer Play verticals is expected to contribute to this growth. Analyst Anna Andreeva initiated coverage of Lululemon with a Buy rating and a price target of $470. China, representing 19% of the company's store base but only 13% of sales, is seen as a big opportunity to increase productivity.

Portfolio Pulse from Priya Nigam

September 20, 2023 | 6:28 pm

BLK

KVYO

SHOP

Marketing automation provider Klaviyo Inc's stock (NYSE:KVYO) rose by 16% on its trading debut. The company's IPO was priced above expectations, raising $576 million. Klaviyo's shares opened at $36.75, surpassing market expectations of $34 - $36. The company's investor roster includes BlackRock, Inc (NYSE: BLK), AllianceBernstein Holding L.P. (NYSE: AB), and Shopify Inc (NYSE:SHOP). Klaviyo reported a net income of $15 million and $321 million in revenue for the first half of this year.

Portfolio Pulse from Anusuya Lahiri

September 20, 2023 | 6:26 pm

AT&T Inc. (NYSE:T) shares have been trending higher over the past week, up about 8% since last Wednesday. The company guided third-quarter free cash flow of $4.5 billion to $5 billion, which has contributed to the stock's rise. Despite the recent gains, the stock is down 15.24% year-to-date.

Portfolio Pulse from Ryan Gustafson

September 20, 2023 | 6:22 pm