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TSLA

Tesla's Q1 U.S. sales were primarily affected by lower sales of its older models, despite a rise in Model Y sales. Overall, Tesla's U.S. sales dropped 13.3% year-on-year to 140,187 vehicles. The decline in Tesla's sales contributed to the first quarter-over-quarter downturn in U.S. EV sales since Q2 2020, despite a 2.6% year-on-year increase in EV sales across brands. Other brands like BMW, Cadillac, Ford, Hyundai, Kia, Lexus, Mercedes, Rivian, and Vinfast saw significant EV sales growth. Cox Automotive forecasts a rise in U.S. EV sales for 2024.

Portfolio Pulse from Anan Ashraf

April 15, 2024 | 8:41 am

SPOT

Spotify Technologies SA (NYSE:SPOT) has introduced an AI DJ feature to personalize the music streaming experience for its 600 million subscribers, aiming to help users explore new music beyond their usual preferences. Despite AI's proficiency in matching known preferences, the challenge remains in predicting when users want to discover new music genres or tracks. The AI DJ feature, which provides commentary alongside music recommendations, has shown promising results in encouraging listeners to try new music. Spotify's focus on AI and machine learning innovations is part of its broader strategy to enhance user experience and compete with platforms like TikTok. The company's stock has seen significant growth, with a 135% increase over the past year and a 64% rise year-to-date.

Portfolio Pulse from Ananya Gairola

April 15, 2024 | 7:13 am

CME

CME Group announced a record international average daily volume of 7.4 million contracts in Q1 2024, marking a 2% increase year on year. Growth was led by energy products (38%), agricultural products (29%), and metals (7%).

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 7:03 am

MKFG

Markforged, Inc. faces a $17.34 million verdict in a patent lawsuit with Continuous Composites. The jury found infringement on one of two patent claims, potentially impacting future revenues. Markforged intends to appeal the decision.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 6:23 am

IONR

Ioneer's Rhyolite Ridge Project has moved closer to construction following the release of the Draft Environmental Impact Statement (EIS). This development marks a significant step forward for the project, potentially accelerating its timeline towards construction and operation.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 6:08 am

WIRE

Encore Wire (NASDAQ:WIRE) has agreed to a merger with Prysmian at $290 per share in cash, valuing Encore Wire at approximately €3.9 billion. This transaction represents a premium of about 20% to the 30-day VWAP and 29% to the 90-day VWAP as of April 12, 2024. The deal implies an Enterprise Value of €3.9 billion for Encore Wire, equating to multiples of 8.2x and 6.3x EV/2023A EBITDA with and without run rate synergies, respectively.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 6:05 am

MTB

M&T Bank Corporation (NYSE:MTB) is set to release its Q1 earnings on April 15, 2024, with analysts forecasting earnings of $3.09 per share and revenue of $2.26 billion. The bank recently appointed Sarah Knakmuhs as Chief Communications Officer. Shares dropped 0.5% to $134.56 recently. Analysts from Jefferies, Keefe, Bruyette & Woods, Morgan Stanley, Piper Sandler, and RBC Capital have provided varied ratings and price targets for MTB, reflecting diverse expectations for the bank's financial performance.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:59 am

GS

Goldman Sachs Group, Inc. (NYSE:GS) is anticipated to report lower Q1 earnings at $8.56 per share compared to $8.79 the previous year, with revenue expected to rise to $12.92 billion from $12.22 billion. The firm aims to expand its private credit portfolio to $300 billion in five years. Shares fell 2% recently. Analysts from JMP Securities, Keefe, Bruyette & Woods, RBC Capital, Oppenheimer, and BMO Capital have provided varied ratings and price targets for GS.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:50 am

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GS

JPM

MTB

SCHW

WFC

U.S. stocks closed lower on Friday amid geopolitical concerns, with the Dow Jones dropping around 475 points. The Fear & Greed Index remained in the 'Neutral' zone. JPMorgan Chase & Co. shares fell over 6% following Q1 earnings, while Wells Fargo and Citigroup Inc reported better-than-expected earnings. All sectors of the S&P 500 closed negatively, with significant losses in information technology, materials, and consumer discretionary stocks. Investors are looking forward to earnings results from M&T Bank Corporation, The Charles Schwab Corporation, and The Goldman Sachs Group, Inc.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:49 am

CISS

GS

MTB

SCHW

WIRE

Goldman Sachs, Charles Schwab, Encore Wire, C3is Inc., and M&T Bank are stocks to watch with various expected earnings reports and significant corporate actions. Goldman Sachs is anticipated to report a slight decrease in earnings per share compared to last year, with an increase in revenue. Encore Wire is being acquired by Prysmian, while C3is Inc. has entered an agreement to acquire a bulk carrier. Charles Schwab and M&T Bank are also expected to release their quarterly earnings, with specific earnings per share and revenue projections.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:48 am