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Analyst Mark Fields discussed the slowdown in the electric vehicle (EV) market, suggesting the real story is not the death of EVs but the end of their explosive growth. He noted the increasing incentives for EVs and the rising demand for hybrids, highlighting Ford and Toyota's success with hybrids. Fields' comments reflect a broader industry shift towards offering a mix of vehicle types, including gas-powered, hybrid, and fully electric vehicles. Major automakers like Ford and General Motors have seen strong results from internal-combustion engine vehicles, helping offset EV losses.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 8:51 am

STLA

TSLA

Economist J. Bradford DeLong labeled Tesla Inc. (NASDAQ: TSLA) a 'meme stock,' attributing its market success more to Elon Musk's promises than actual performance. Despite a 9% year-over-year revenue decline in Q1, Musk's optimistic outlook during the earnings call led to a 13% surge in after-hours trading. Meanwhile, Stellantis N.V. (NYSE:STLA) reported a 12% decrease in net revenues and a 10% reduction in consolidated shipments for the same period.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 8:04 am

AMGN

Amgen, Inc. (NASDAQ:AMGN) shares surged over 14% after hours following a positive update on its obesity drug pipeline, including the discontinuation of AMG 786 and promising Phase 2 results for MariTide. The company is focusing on MariTide, targeting GLP-1 and GIP receptors, with plans for a Phase 3 trial and a dedicated Phase 2 study for diabetes treatment. The weight-loss drug market, with competitors like Novo Nordisk's Wegovy and Eli Lilly's Zepbound, is estimated at $100 billion.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 7:45 am

CVNA

DASH

QCOM

U.S. stocks rose with the Dow Jones gaining over 300 points as investor sentiment improved, despite the CNN Money Fear and Greed index indicating a continued state of 'Fear'. The Federal Reserve held interest rates steady, while economic data showed a slight narrowing of the trade deficit and unchanged jobless claims. QUALCOMM, DoorDash, and Carvana saw significant stock movements after their earnings reports. The S&P 500 and Nasdaq also posted gains, with most sectors up except materials and health care. Upcoming earnings include American Axle, Hershey, and Fluor.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 7:18 am

AAPL

AXL

COIN

FLR

HSY

U.S. stock futures are trading higher with focus on Apple, Hershey, American Axle, Coinbase, and Fluor due to earnings reports and corporate actions. Apple announced a $110-billion stock buyback and a dividend increase after reporting strong Q2 results. Hershey, American Axle, and Fluor are anticipated to release their earnings, with Hershey expected to report $2.76 EPS on $3.11 billion revenue. Coinbase reported higher sales for Q1 and projected Q2 subscription and services revenue between $525 million to $600 million.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 6:46 am

KGEI

Kolibri Global Energy (NASDAQ:KGEI) reported a Q4 EPS of $0.14, up 75% from $0.08 YoY, but sales fell 27.57% to $9.73M from $13.44M YoY.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 6:37 am

AAPL

TSLA

Apple Inc. (AAPL) announced a significant stock buyback program of $110 billion, surprising many including Tesla's CEO Elon Musk. This move, along with a dividend hike, has drawn attention and speculation about whether Tesla will follow suit amidst its own challenges. The tech sector sees a trend of increasing stock buybacks, with total US stock repurchases expected to surpass $1 trillion. Meanwhile, Tesla, facing investor pressure for buybacks in 2022, is navigating through tough market conditions, making capital preservation a priority.

Portfolio Pulse from Shanthi Rexaline

May 03, 2024 | 6:11 am

PAA

Plains All American Pipeline, L.P. (NASDAQ:PAA) is set to release its Q1 earnings before the opening bell on May 3, with analysts expecting a decrease in earnings per share from 41 cents to 39 cents year-over-year, and a projected quarterly revenue of $12.98 billion, down from $15.34 billion. The company's shares rose 1.8% to close at $17.23 recently. Analysts from Stifel, UBS, Goldman Sachs, Citigroup, and Barclays have provided updates on their ratings and price targets for PAA.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 6:07 am

SLNO

Soleno Therapeutics has announced a public offering of 3 million shares of common stock priced at $46 per share, aiming to raise $138 million. The underwriters have a 30-day option to buy up to 450,000 additional shares. The offering is expected to close around May 7, 2024, depending on market conditions and customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 6:07 am

GOLD

KGC

NEM

PTON

SSRM

USGO

Peter Schiff used Peloton's 98.5% stock decline to illustrate his point on the mispricing of gold mining stocks, suggesting a similar but reverse situation exists in the gold mining sector. He highlighted the performance of several gold mining stocks, including Barrick Gold Corp, US Goldmining Inc, SSR Mining Inc, Kinross Gold Corporation, and Newmont Corporation, to underscore the varied performance and potential mispricing in the market.

Portfolio Pulse from Kaustubh Bagalkote

May 03, 2024 | 5:15 am