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BABA

SFTBY

Alibaba Group Holding Ltd (NYSE:BABA) is reportedly planning a $2 billion investment in Turkey, following a meeting between CEO Michael Evans and Turkey's President. The company has already invested about $1.4 billion in Turkey through its e-commerce marketplace, Trendyol. Alibaba holds a 76.1% stake in Trendyol, which reached a valuation of $16.5 billion in 2021. Other investors in Trendyol include Softbank Group Corp (OTC:SFTBY), General Atlantic, Qatar Investment Authority, and Abu Dhabi sovereign fund ADQ.

Portfolio Pulse from Shivani Kumaresan

September 18, 2023 | 10:47 am

AYX

BITF

CALT

IOVA

KRP

NEGG

NKLA

WULF

Several US stocks recorded gains in Monday's pre-market trading session. Newegg Commerce (NEGG) shares climbed 8.7% after falling 5% on Friday. Iovance Biotherapeutics (IOVA) shares rose 7.2% following FDA's extension of its BLA Priority Review for lifileucel. Bitfarms (BITF) shares gained 6%, Nikola Corporation (NKLA) rose 5.9%, and Alteryx (AYX) shares gained 5.2% after Morgan Stanley upgraded it from Equal-Weight to Overweight. TeraWulf (WULF) shares rose 4.7% following recent production updates. Hyatt Hotels (H) shares climbed 4.7%, Kimbell Royalty Partners (KRP) shares gained 4.6% after closing a $455 million acquisition, and Calliditas Therapeutics (CALT) shares gained 4.5%.

Portfolio Pulse from Lisa Levin

September 18, 2023 | 10:34 am

Hecla Mining Company has updated on the previously reported fire at its Lucky Friday Mine. The fire has been extinguished, normal ventilation has been reestablished, and the workforce has been recalled. However, the incident will suspend production for the rest of 2023. The company does not anticipate a material change to its 2024 consolidated silver production guidance.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 10:16 am

FRT

Mizuho analyst Haendel St. Juste has downgraded Federal Realty Investment (NYSE:FRT) from Buy to Neutral and lowered the price target from $105 to $101.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 10:12 am

CODA

Coda Octopus has reported an increase in the purchase contract value under one of its subsidiary's longstanding key defense programs. This could potentially lead to increased revenues and profitability for the company.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 10:12 am

FLGC

Flora Growth Corp. (NASDAQ:FLGC) has agreed to acquire Australian Vaporizers Pty Limited in an all-stock transaction valued at $1.7 million. The deal, expected to close in Q4 2023, will see Flora exchange 600,676 of its common shares for all issued and outstanding shares of Australian Vaporizers. The acquisition is expected to contribute $5.2 million in annual revenues, $1.2 million in gross margins, and $0.5 million in net income to Flora.

Portfolio Pulse from Charles Gross

September 18, 2023 | 10:08 am

DASH

Mizuho analyst James Lee has upgraded DoorDash (NYSE:DASH) from Neutral to Buy and raised the price target from $90 to $105.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 10:04 am

STLA

TSLA

This weekend's top business stories included Elon Musk's comments on the UAW strike against automakers Stellantis, Ford, and General Motors, allegations of Jared Kushner receiving $2 billion in funding from Saudi Arabia, and economist Peter Schiff's warning about inflation. The UAW is pushing for a 40% increase in hourly pay over four years, which has led to layoff announcements from Ford and General Motors.

Portfolio Pulse from Benzinga Neuro

September 18, 2023 | 10:02 am

TIP

The United Auto Workers union is on a historic simultaneous strike against Detroit’s big three automakers. Labor stoppages from strikes led to 4.1 million missed days of work in August, marking the biggest total since Aug. 2000. The surge seen last month followed strikes by Hollywood actors and writers. The UAW has been involved in over 60 work stoppages involving 1,000 workers or more. The labor market has remained tight despite the successive and aggressive rate hikes by the Federal Reserve. The iShares TIPS Bond ETF (NYSE:TIP), which tracks the investment results of an index composed of inflation-protected U.S. Treasury bonds, rose 0.01% to $105.12.

Portfolio Pulse from Shanthi Rexaline

September 18, 2023 | 9:47 am

PLNT

Jefferies analyst Randal Konik has downgraded Planet Fitness (NYSE:PLNT) from Buy to Hold and lowered the price target from $90 to $56.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:58 am