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COP

IEO

WEEI

ConocoPhillips (NYSE:COP) has been granted the right by a Trinidad and Tobago court to enforce a $1.33 billion claim against Venezuela for past expropriations. This decision allows ConocoPhillips to seize compensation from joint gas projects with Trinidad. The company has been pursuing enforcement in various courts after winning arbitration awards against Venezuela and its state oil company PDVSA. PDVSA had paid around $700 million but stopped payments in late 2019. ConocoPhillips is also involved in a Delaware case to auction shares in Citgo Petroleum’s parent firm to pay creditors. Additionally, BP p.l.c. (NYSE:BP) and Trinidad’s NGC received a two-year license from the U.S. Treasury to negotiate and develop gas fields with Venezuela.

Portfolio Pulse from Lekha Gupta

May 31, 2024 | 10:10 am

JKS

JinkoSolar announced that its perovskite tandem solar cell based on N-type TOPCon has set a new record with a conversion efficiency of 33.24%, surpassing the previous record of 32.33% for the same type of tandem cells.

Portfolio Pulse from Benzinga Newsdesk

May 31, 2024 | 10:07 am

DOOO

BRP (NASDAQ:DOOO) reported Q1 adjusted EPS of $0.70, beating the $0.66 estimate, and sales of $1.51 billion, surpassing the $1.46 billion estimate. However, both EPS and sales decreased significantly compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

May 31, 2024 | 10:05 am

TSLA

Tesla is recalling 125,000 vehicles in the U.S. due to a faulty seat belt warning system. The company will address the issue through an over-the-air (OTA) software update, as reported by Reuters citing the National Highway Traffic Safety Administration (NHTSA).

Portfolio Pulse from Charles Gross

May 31, 2024 | 9:32 am

JACK

MCD

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WEN

KeyBanc Capital Markets analyst Eric Gonzalez reiterated an Overweight rating and $310 price target for McDonald's (MCD) despite a 15% year-to-date decline. The decline is attributed to softening global same-store sales trends. However, Gonzalez expects improvement in the second half of the year, driven by initiatives like the $5 meal deal. The value war in the fast-food industry is also noted, with competitors like Wendy's (WEN), Burger King (QSR), and Jack in the Box (JACK) responding to McDonald's aggressive pricing strategies.

Portfolio Pulse from Shanthi Rexaline

May 31, 2024 | 9:31 am

DELL

DJT

JWN

MDB

MRVL

SIFY

SMMT

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Marvell Technology, Inc. (MRVL) reported weak Q1 results, missing both earnings and sales estimates, leading to a 5% drop in pre-market trading. Other notable stocks moving lower include Sify Technologies Limited (SIFY), Summit Therapeutics Inc. (SMMT), MongoDB, Inc. (MDB), Dell Technologies Inc. (DELL), SentinelOne, Inc. (S), Veeva Systems Inc. (VEEV), Trump Media & Technology Group Corp. (DJT), and Nordstrom, Inc. (JWN).

Portfolio Pulse from Avi Kapoor

May 31, 2024 | 9:27 am

ETHUSD

Cryptofy Hub forecasts Ethereum (ETH) could reach $10,000 by year-end, citing a rising wedge pattern and strong whale accumulation. Despite typical bearish interpretations of the pattern, the platform remains optimistic. The SEC's approval of the first-ever spot Ether ETFs in the U.S. has also boosted sentiment.

Portfolio Pulse from Aniket Verma

May 31, 2024 | 9:10 am

VGK

The Eurozone Consumer Price Index (CPI) for the month-over-month (MoM) preliminary data shows a 0.2% increase, down from the previous 0.6%.

Portfolio Pulse from Benzinga Newsdesk

May 31, 2024 | 9:03 am

VGK

The Eurozone Consumer Price Index (CPI) for May has been reported at 2.6% year-over-year, slightly above the estimated 2.5% and the prior 2.4%.

Portfolio Pulse from Benzinga Newsdesk

May 31, 2024 | 9:03 am

AIG

CRBG

AIG has priced a secondary offering of 30 million shares of Corebridge Financial's common stock at $29.20 per share, totaling approximately $876 million. The offering is expected to close on June 3, 2024, and AIG has granted a 30-day option to the underwriter to purchase an additional 4.5 million shares. All net proceeds will go to AIG.

Portfolio Pulse from Benzinga Newsdesk

May 31, 2024 | 8:00 am