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DIS

Walt Disney Co (NYSE:DIS) reported Q2 earnings with a slight revenue miss at $22.08 billion versus the expected $22.11 billion, but beat EPS estimates with $1.21 against $1.09 consensus. Entertainment revenue fell by 5%, while Experiences segment grew by 10%. Disney+ and Hulu reported their first quarterly profit, contributing to a 17% increase in operating income to $3.8 billion. Disney+ password-sharing crackdown is set to begin next month. Despite these gains, DIS shares dropped 7.61% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

May 07, 2024 | 1:21 pm

AAPL

RIVN

Rivian shares are trading higher after a report indicated that Apple is considering a potential partnership with the electric vehicle manufacturer.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:18 pm

AUPH

Lucien Selce, owning 2.2% of Aurinia Pharmaceuticals Inc. (NASDAQ:AUPH), criticizes the company's board and strategy, particularly in market penetration of Lupkynis and board composition. Selce suggests reducing the board size, linking management compensation to revenue goals, and developing strategic partnerships. He highlights the board's failures, including poor communication, irrelevant skill sets of directors, and questionable decisions by CEO Peter Greenleaf. Selce calls for immediate board restructuring before the Annual General Meeting to enhance shareholder value.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:18 pm

NA

Nano Labs Ltd's CEO, Jianping Kong, purchased 887,998 Class A ordinary shares in April 2024 using personal funds, signaling confidence in the company's long-term prospects. The transactions complied with internal and legal regulations, and Kong may continue to increase his shareholding.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:16 pm

ACB

CGC

MSOS

TLRY

The DEA's move to reclassify cannabis from Schedule I to Schedule III could significantly benefit the cannabis industry, potentially unlocking $1.1 billion in cash flow improvements due to the removal of IRS 280E tax burdens. This reclassification is expected to strengthen balance sheets and increase financial flexibility for multi-state operators (MSOs). The industry anticipates further regulatory and legislative actions, such as the SAFE Banking Act, which could ease financial operations. The stock market's response has been tempered, but liquidity remains a challenge, with major trading volumes in NASDAQ-listed Canadian LPs and the MSOS ETF. The final ruling could be effective by mid-December.

Portfolio Pulse from Nicolás Jose Rodriguez

May 07, 2024 | 1:15 pm

VECO

Veeco Instruments Inc. (NASDAQ:VECO) has received a multi-system order from a leading semiconductor company for its laser annealing systems, including the LSA201™ and the first NSA500™ Nanosecond Annealing System, to support the production of 2-nanometer gate-all-around logic semiconductor chips. These systems are crucial for enhancing device performance, reducing power consumption, and supporting advanced manufacturing processes.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:14 pm

ARM

META

On Benzinga TV, Sandra Stone and Zunaid Soleman discussed successful options trades on Meta Platforms, Inc. (META) and Arm Holdings Plc (ARM) based on a breakout and earnings event, respectively. The META trade involved a CALL OPTION that gained 484% profit after the stock broke a key resistance level. The ARM trade was a CALL DEBIT SPREAD that resulted in a 61.5% profit following the company's earnings report. Both trades highlight the potential for significant gains while also acknowledging the risks involved in trading based on technical indicators and earnings expectations.

Portfolio Pulse from Sandra Stone

May 07, 2024 | 1:12 pm

VNDA

Future Pak has increased its offer for Vanda Pharmaceuticals (VNDA) to include Contingent Value Rights (CVRs), raising the total potential value to $11.62-$12.12 per share. This revised proposal, which adds up to $260 million in potential CVR payments, represents a premium of 140% to 150% over Vanda's current share price and 187% to 199% over its unaffected share price. The offer includes specific payments based on the sales of Fanapt and the licensing or monetization of Tradipitant. Despite Vanda's resistance and actions to limit shareholder influence, Future Pak remains committed to the acquisition, emphasizing the added value for shareholders and the strategic benefits of taking Vanda private.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:12 pm

RACE

Ferrari N.V. (NYSE:RACE) shares dropped after announcing a less optimistic outlook despite reporting strong first-quarter FY24 results. The company surpassed analyst expectations with an 11% sales growth to €1.585 billion and a net profit increase of 19% to €352 million. However, its FY24 revenue and adjusted EPS forecasts fell short of analyst estimates, leading to a 3.16% decline in premarket trading.

Portfolio Pulse from Shivani Kumaresan

May 07, 2024 | 1:12 pm

SELF

Etude Storage Partners LLC proposes to acquire Global Self Storage, Inc. (NASDAQ:SELF) for $6.15 per share in cash, a 47% premium over the previous day's closing price. This offer follows two prior rejected proposals. ESP, a joint venture with significant self-storage industry experience and financial backing, aims to optimize the company's performance through private ownership. The proposal is fully financed, not contingent on financing, and seeks a negotiated merger agreement.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 1:11 pm