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Block shares are trading higher following the company's announcement of job cuts.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 5:21 pm

NVDA

SPY

TLT

U.S. initial jobless claims fell more than expected last week, suggesting a tight labor market and pushing back expectations for Federal Reserve rate cuts. The data, along with strong results from NVIDIA Corp, led to a rally in the S&P 500, while Treasury markets saw minimal impact.

Portfolio Pulse from Neil Dennis

February 22, 2024 | 5:21 pm

IRM

Iron Mountain Inc (NYSE: IRM), a specialized REIT firm, reported a 11% year-on-year revenue growth in Q4 fiscal 2023, reaching $1.42 billion, slightly below the consensus estimate of $1.45 billion. The company saw storage rental revenue increase by 13% to $871 million and service revenue by 8% to $549 million. Adjusted EBITDA margin expanded by 60 bps to 35.1%, and adjusted EPS was $0.52. Adjusted FFO per share rose by 9% year-on-year to $1.07, surpassing the consensus of $0.81. Iron Mountain declared a quarterly cash dividend of $0.65 per share and announced the closure of its acquisition of Regency Technologies, enhancing its Asset Lifecycle Management leadership. The company projects FY24 revenue between $6.00 billion and $6.15 billion, with adjusted FFO per share expected to be between $4.39 and $4.51. IRM shares increased by 5.08% to $72.01.

Portfolio Pulse from Anusuya Lahiri

February 22, 2024 | 5:20 pm

AMZN

GOOGL

MSFT

Block Inc (SQ) announced plans to cut 112 jobs on March 30 due to economic reasons, as part of its strategy to reduce headcount and costs. This move, part of a broader cost-savings program disclosed previously, aims to lower its workforce to 12,000 by the end of 2024. The announcement led to a more than 3% increase in Block's shares in early trading. The tech industry, including Amazon (AMZN), Alphabet (GOOGL), and Microsoft (MSFT), has seen similar job cuts amid economic challenges. Block, which competes with Spotify through its ownership of TIDAL, began job reductions in January. The company is set to report its fourth-quarter results after market close.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 5:19 pm

ARM

CRH

FERG

INDV

A growing number of companies are transitioning their primary stock listings from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE) or Nasdaq, driven by the pursuit of deeper capital markets, greater liquidity, and a larger investor base in the U.S. Notable migrations include Indivior Plc, Ferguson Plc, CRH plc, and Arm Holdings. This trend underscores the challenges facing the LSE, including lower market capitalization and a struggling IPO market compared to the U.S.

Portfolio Pulse from Neil Dennis

February 22, 2024 | 5:16 pm

DKNG

Financial analysts have observed a bullish sentiment in DraftKings (NASDAQ:DKNG) options trading, with 62% of traders being bullish. The analysis highlighted unusual trades, with a focus on a price band between $32.0 and $55.0. DraftKings, known for its online sports and casino gambling, is live with online sports betting in 24 states and iGaming in seven states. The company's stock is currently up by 3.24%, with a price of $42.07. Analysts have set an average price target of $52.8 for DKNG, with ratings ranging from Buy to Overweight.

Portfolio Pulse from Benzinga Insights

February 22, 2024 | 5:16 pm

DPRO

GBNH

LRHC

MNPR

RIVN

ROOT

U.S. stocks traded higher with the Nasdaq Composite up by 300 points. The Dow and S&P 500 also saw gains. U.S. jobless claims fell to 201,000, below market estimates. La Rosa Holdings, Root Inc., and Monopar Therapeutics saw significant stock price increases following positive news, while Draganfly, Greenbrook TMS, and Rivian Automotive experienced declines. Crude oil prices rose by 1.1%, and the U.S. housing market showed improvement with a 3.1% increase in existing-home sales.

Portfolio Pulse from Avi Kapoor

February 22, 2024 | 5:11 pm

BRC

Brady Corporation's shares are trading lower following the announcement of Q2 revenue results that fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 5:08 pm

TRN

Trinity Industries' shares dropped following the announcement of their Q4 financial results and the issuance of their FY24 guidance.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 5:07 pm

MOS

Mosaic (MOS) shares surged following the announcement of Q4 revenue results that exceeded expectations. Additionally, Scotiabank upgraded MOS from Sector Perform to Sector Outperform, setting a price target of $40.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 5:06 pm