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OpenAI, backed by Microsoft Corp. (NASDAQ:MSFT), is reportedly exploring a share sale that would increase the company's valuation to $90 billion, nearly tripling since April. The share sale would allow employees to sell their stakes without issuing new shares, preventing dilution of existing shareholders' stakes. OpenAI, which is 49% owned by Microsoft, has integrated its AI technology into various Microsoft products. The company expects to reach $1 billion in revenue by the end of 2023, largely due to the success of its ChatGPT product.

Portfolio Pulse from Rounak Jain

September 27, 2023 | 9:29 am

TSLA

Tesla CEO Elon Musk has agreed with a Wall Street Journal opinion piece that suggests the U.S. government is unfairly targeting him with multiple regulatory investigations. These include a probe into potential personal benefits provided to Musk by Tesla and a Department of Justice investigation into whether Musk used Tesla resources for a secret project. The article also mentions a complaint against SpaceX for alleged discrimination and FTC scrutiny of Musk-led Twitter. Tesla's stock rose 0.49% in premarket trading on Wednesday.

Portfolio Pulse from Shanthi Rexaline

September 27, 2023 | 9:20 am

COST

GLTO

PAYX

WOR

Paychex, Costco Wholesale, Worthington Industries, Galecto, and Micron Technology are the stocks to watch on Wednesday. Paychex is expected to report quarterly earnings of $1.12 per share on revenue of $1.29 billion. Costco reported better-than-expected earnings and sales results for its fourth quarter. Worthington Industries is expected to have earned $2.04 per share on revenue of $1.23 billion. Galecto announced plans to explore strategic alternatives. Micron Technology is expected to post a quarterly loss at $1.18 per share on revenue of $3.91 billion.

Portfolio Pulse from Lisa Levin

September 27, 2023 | 9:09 am

META

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NVDA

SPY

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Despite the recent setbacks in the stock market, A.J. Oden, a global investment strategist at JPMorgan Wealth Management, predicts that the S&P 500 Index will reach new highs by mid-2024. Oden also highlighted positive earnings revisions and suggested that the consumer discretionary sector could perform well as the Federal Reserve shifts its stance. He acknowledged that stocks are not inexpensive, but excluding the 'Magnificent Seven' mega-cap U.S. companies, there has been some narrowing in valuations.

Portfolio Pulse from Shanthi Rexaline

September 27, 2023 | 8:04 am

AMZN

PAYX

WOR

The CNN Money Fear and Greed index remained in the 'Fear' zone, indicating increased fear among US investors. The Dow Jones Industrial Average recorded its worst session since March, and all sectors on the S&P 500 closed negatively. Amazon shares fell around 4% as the Federal Trade Commission and 17 states filed suit against the company. Investors are awaiting earnings results from Paychex, Worthington Industries, and Micron Technology.

Portfolio Pulse from Lisa Levin

September 27, 2023 | 7:57 am

XOM

Guyana, the world's fastest-growing economy, is projected to double its GDP in the next five years, primarily due to its burgeoning oil industry. The country's oil production is expected to increase from 390,000 barrels per day this year to over a million by 2027, following the inception of new offshore fields in Guyana's Stabroek Block by a consortium led by Exxon Mobil Corporation (NYSE:XOM). However, the bullish forecast is contingent on political stability and high oil prices.

Portfolio Pulse from Benzinga Neuro

September 27, 2023 | 7:41 am

IMAX

Proxy advisory group ISS has advised investors of IMAX China to support the privatization deal with IMAX Corporation. This could potentially lead to a change in the company's stock price.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 6:46 am

PAYX

Paychex, Inc. (NASDAQ:PAYX) is expected to report higher Q1 earnings for fiscal 2024 on Sept. 27, 2023. Analysts predict earnings of $1.12 per share, up from $1.03 per share a year ago, and revenue of $1.29 billion, up from $1.19 billion. The company's shares fell 1.4% to close at $112.72 on Tuesday. Recent price target changes by analysts range from $115 to $134.

Portfolio Pulse from Lisa Levin

September 27, 2023 | 6:17 am

TURB

Turbo Energy has successfully closed its initial public offering (IPO) with 1 million American Depositary Shares (ADSs) priced at $5 per ADS, raising a total of $5 million. Each ADS represents 5 ordinary shares.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 6:09 am