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AMZN

Amazon Web Services (AWS), a unit of Amazon.Com, Inc (NASDAQ:AMZN), is reducing its workforce in the Sales, Marketing, and Global Services organization, and the Physical Stores Technology team, affecting several hundred positions. The cuts are part of AWS's strategy to streamline operations and focus on critical areas, with a shift towards digital self-service and external partnerships. Despite the layoffs, AWS is still hiring for other parts of its business and aims to reposition affected employees. The job cuts are global, with significant impact expected in Seattle. Amazon has previously made substantial job cuts and seeks to save costs by reducing office space.

Portfolio Pulse from Anusuya Lahiri

April 03, 2024 | 4:28 pm

ARKK

ARKW

ROKU

Roku, Inc. (NASDAQ:ROKU) shares are trading lower after announcing a partnership with the NBA to launch the NBA FAST channel and NBA Zone exclusively on The Roku Channel. Despite this, Roku faced backlash for implementing mandatory dispute resolution terms, including forced arbitration, causing devices to become inoperable until users agreed to these terms. ROKU stock has lost over 5% in the past year, and investors can also gain exposure through ARK Innovation ETF (NYSE:ARKK) and ARK Next Generation Internet ETF (NYSE:ARKW).

Portfolio Pulse from Nabaparna Bhattacharya

April 03, 2024 | 4:26 pm

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) shares have surged over 45% in the past month, driven by cannabis legalization in Germany, potential U.S. marijuana rescheduling, and a favorable ruling in Florida for a recreational marijuana ballot. Additionally, Tilray's Medical division published a study on medical cannabis reducing prescription opioid use, underscoring the company's commitment to medical research. The stock's positive momentum is also supported by its performance relative to its 200-day moving average, indicating bullish investor sentiment.

Portfolio Pulse from Erica Kollmann

April 03, 2024 | 4:26 pm

HLT

Hilton Hotels Corporation (NYSE:HLT) has acquired a majority controlling interest in Sydell Group to expand its luxury portfolio, specifically the NoMad Hotels brand. This acquisition marks Hilton's entry into the luxury lifestyle hotel market, aiming to develop up to 100 NoMad properties globally. Sydell will handle design, branding, and management, while Hilton will lead development. The financial terms were not disclosed, but Hilton had $800 million in cash as of the end of 2023.

Portfolio Pulse from Shivani Kumaresan

April 03, 2024 | 4:23 pm

INTC

Intel Corp (NASDAQ:INTC) shares dropped following the announcement of a new reporting structure and a $7 billion loss in its foundry business. Analysts from BofA Securities, Wedbush, Cantor Fitzgerald, Benchmark, Truist Securities, and Oppenheimer provided mixed views, with concerns about competition, profitability, and the ambitious targets for 2030. Intel aims to improve margins by shifting to leading-edge manufacturing and has secured a $15 billion deal value with external customers for its Foundry business.

Portfolio Pulse from Priya Nigam

April 03, 2024 | 4:19 pm

PRCH

Porch Group's stock (PRCH) is trading higher following Cantor Fitzgerald's decision to maintain an Overweight rating and increase the price target from $3 to $5.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 4:18 pm

BCH

Bitcoin Cash (BCH) is down 5.9% to $591.63, moving in tandem with a broader cryptocurrency market downturn led by a 6% fall in Bitcoin over the past week. The decline in Bitcoin often signals bearish sentiment across the market, affecting altcoins like Bitcoin Cash. Additionally, Bitcoin's role as a common trading pair for Bitcoin Cash on exchanges means its price drop directly impacts Bitcoin Cash's value.

Portfolio Pulse from Henry Khederian

April 03, 2024 | 4:17 pm

IYF

IYG

JPM

JPMorgan Chase & Co. (NYSE:JPM) has launched Chase Media Solution, a new digital media business aimed at connecting brands directly with its 80 million customers. The platform leverages Chase's retail media network and transaction data for targeted customer engagement. This initiative follows the integration of Figg, acquired in 2022. Investors can also gain exposure to JPM through IShares U.S. Financial Services ETF (NYSE:IYG) and IShares U.S. Financial ETF (NYSE:IYF). JPM shares saw a slight decrease of 0.12% to $198.62.

Portfolio Pulse from Lekha Gupta

April 03, 2024 | 4:17 pm

SOFI

SoFi Technologies' stock price increased following Needham's initiation of coverage with a Buy rating and a $10 price target.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 4:16 pm

RDDT

Reddit shares are experiencing a decline in value due to ongoing volatility after the company's recent debut on the NYSE.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 4:13 pm