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RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 7% since Tuesday following its Q1 production and delivery report, producing 13,980 vehicles and delivering 13,588. Despite reaffirming its 57,000 vehicle production target for 2024, Morgan Stanley lowered its price target from $14 to $13. Rivian is expected to report a Q1 loss of $1.16 per share with $1.13 billion in revenue. The stock hit a 52-week low of $10.03, with 20.89% of shares sold short. Wall Street views Rivian as Neutral, with a significant expected decline.

Portfolio Pulse from Erica Kollmann

April 05, 2024 | 4:01 pm

EBC

Eastern Bankshares (NYSE:EBC) has seen a decrease in short interest, with the short percent of float falling 7.61% to 2.67% of all shares available for trading. The current short interest stands at 4.66 million shares, requiring approximately 2.84 days for traders to cover their short positions. This decline in short interest could indicate a more bullish sentiment towards EBC among investors. Additionally, compared to its peers, EBC has a lower short interest percentage, with the peer group average at 4.99%.

Portfolio Pulse from Benzinga Insights

April 05, 2024 | 4:00 pm

CDNS

Cadence Design Systems (CDNS) has seen a 7.92% increase in its short percent of float since the last report, with 2.65 million shares sold short, representing 1.09% of available shares. This indicates a bearish market sentiment towards CDNS, although it has less short interest compared to its peers' average of 4.21%. The article suggests that an increase in short interest does not necessarily predict a near-term price fall.

Portfolio Pulse from Benzinga Insights

April 05, 2024 | 4:00 pm

ENVX

Enovix Corporation (NYSE:ENVX) has seen a 5.66% increase in its short percent of float since the last report, reaching 26.53% of all shares available for trading. With 38.68 million shares sold short, it would take about 8.1 days for traders to cover their short positions. This rise in short interest indicates a more bearish market sentiment towards ENVX, although it doesn't necessarily predict a near-term price drop. Compared to its peers, ENVX has a significantly higher short interest, with the peer group average at 10.02%.

Portfolio Pulse from Benzinga Insights

April 05, 2024 | 4:00 pm

XXII

22nd Century Group Inc (NASDAQ:XXII) stock surged 45% to $2.15 after announcing a new contract manufacturing agreement for conventional cigarette products, expected to increase carton production volumes by over 20% and start generating revenue in Q2 2024. The deal is seen as a significant step towards expanding the company's contract manufacturing business in North Carolina and advancing its VLN® franchise, with aims for revenue scaling, margin improvement, and breakeven operations by Q1 2025.

Portfolio Pulse from Henry Khederian

April 05, 2024 | 3:59 pm

IEF

QQQ

SPY

TLT

UUP

March's U.S. labor market report showed a significant surge in nonfarm payrolls, adding 303,000 jobs and surpassing expectations. This robust growth, alongside a slight decrease in the unemployment rate to 3.8%, has dampened hopes for Federal Reserve rate cuts, with economists highlighting the implications for policy and market reactions. Treasury yields rose, and certain ETFs experienced movements: TLT and IEF fell, while SPY, QQQ, and UUP gained.

Portfolio Pulse from Surbhi Jain

April 05, 2024 | 3:55 pm

TSLA

Tesla shares are trading lower after a report indicated the company has scrapped plans for a low-cost vehicle due to competition in China. However, CEO Elon Musk has denied these claims on social media.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 3:52 pm

PP

TSLA

VCR

Tesla, Inc. (NASDAQ:TSLA) stock fell following a Reuters report claiming the company scrapped plans for a low-cost EV, a move that contradicts Elon Musk's vision of making electric cars more accessible. Musk refuted the report, but concerns about Tesla's market reach and competition from Chinese EV makers persist. The shift towards developing self-driving robotaxis introduces new challenges, potentially impacting Tesla's ambitious sales targets and competitive edge. Tesla's recent financial performance shows a decline in vehicle deliveries and production, with a significant stock price drop over the last six months. Investors can also engage with Tesla through ETFs like The Meet Kevin Pricing Power ETF (NYSE:PP) and Vanguard Consumer Discretion ETF (NYSE:VCR).

Portfolio Pulse from Anusuya Lahiri

April 05, 2024 | 3:50 pm

FOXA

Fox Corp (NASDAQ:FOXA) shares have risen over 8% in the past month, buoyed by the momentum of the U.S. presidential election campaigns. Seaport Research Partners suggests 2024 presidential election ad spending could set a new record. Analyst David Joyce of Seaport upgraded Fox's rating from Neutral to Buy, maintaining a $37 price target. Political ad spending is projected to reach $9 billion this year, potentially boosting Fox's ad revenue significantly in the coming quarters. The company's strong performance in sports broadcasting and a healthy balance sheet are also highlighted as positive factors.

Portfolio Pulse from Priya Nigam

April 05, 2024 | 3:46 pm

GE

Deep-pocketed investors are showing a bearish sentiment towards GE Aero (NYSE:GE), with options activity suggesting significant moves. Benzinga's tracking revealed 30 unusual options activities, with a bearish majority. The price band focus is between $140.0 and $165.0. Notable trades include both puts and calls with varying sentiments and strike prices. GE Aerospace, a leader in aircraft engines, is the core business of GE, which has spun off other divisions. The stock is slightly up, with a current price of $148.35, and experts have given it an average target price of $174.0.

Portfolio Pulse from Benzinga Insights

April 05, 2024 | 3:46 pm