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MARA

Marathon Digital shares are trading lower due to a decrease in Bitcoin's value.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:53 pm

SONY

TTWO

Sony Group Corp. is expected to release a PlayStation 5 Pro in late 2024, aiming to boost interest in the PlayStation 5 ahead of Take-Two Interactive Software Inc.'s Grand Theft Auto VI launch in 2025. This follows a reduction in Sony's sales forecast for the PS5, from 25 million to 21 million units for the fiscal year ending in March, indicating a potential decline in sales. Analysts believe the PS5 Pro launch could stimulate sales despite challenges, including profit margins nearing decade lows. Sony may maintain the current PS5 price post-PS5 Pro launch.

Portfolio Pulse from Franca Quarneti

February 20, 2024 | 5:52 pm

AXP

COF

DFS

The $35 billion merger between Capital One Financial Corp (NYSE:COF) and Discover Financial Services (NYSE:DFS) positions Capital One as the largest credit card operator in the U.S., posing a significant challenge to Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA). The merger could lead to substantial market share gains and synergies for Capital One, potentially allowing it to shift a significant portion of its credit card volume from Visa and Mastercard to Discover's network. This move could result in a loss of up to 25% of U.S. credit volume for Mastercard and about 9% for Visa. However, the deal faces potential regulatory scrutiny due to the concentration in the credit card market.

Portfolio Pulse from Neil Dennis

February 20, 2024 | 5:51 pm

AXP

Credit card stocks are trading lower due to concerns over increased competition following the announcement of the Capital One-Discover deal. This development has sparked worries about the competitive landscape for other companies in the sector.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:51 pm

SSRM

SSR Mining Inc (NASDAQ:SSRM) shares declined after environmental permits for its Copler mine in Turkey were revoked. RBC Capital Markets downgraded SSRM from Sector Perform to Underperform, reducing the price target from $6 to $3. The revocation and charges against several employees at Copler are expected to significantly reduce SSRM's production through 2027.

Portfolio Pulse from Priya Nigam

February 20, 2024 | 5:47 pm

TSLA

Tesla shares are trading lower following Ford's announcement of price cuts for the 2023 Mustang Mach-E in Canada, raising concerns about increased competition for Tesla.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 5:45 pm

LUV

Bernstein Research analyst David Vernon upgraded Southwest Airlines (NYSE:LUV) from Underperform to Market Perform, raising the price target from $26 to $32. The upgrade is based on stronger than expected domestic market development, despite concerns over Southwest's ability to return to pre-Covid profitability levels and its vulnerability due to elevated valuation. Southwest Airlines has shown a -8.16% growth over the past five years, with a beta of 1.49 indicating high volatility. Its forward P/E ratio is 17.89, below the S&P 500 average.

Portfolio Pulse from Erica Kollmann

February 20, 2024 | 5:42 pm

CCG

TRUP

In Tuesday's intraday session, insurance stocks saw significant movements. Trupanion, Skyward Specialty, Marpai, Fanhua, Ambac Financial Group, and Tiptree were among the gainers, with Trupanion leading by a 7.88% increase. Conversely, Cheche Group, Maiden Holdings, SelectQuote, Huize Holding, Crawford, and Investors Title were the losers, with Cheche Group experiencing the largest decline at 9.06%. These movements were influenced by factors such as recent Q4 earnings reports.

Portfolio Pulse from Benzinga Insights

February 20, 2024 | 5:40 pm

AEM

BAR

GDX

GLD

GOLD

IAU

NEM

Gold ETFs, including SPDR Gold Shares ETF (GLD), iShares Gold Trust (IAU), and Granite Shares Gold Shares (BAR), have experienced outflows and price declines amid expectations of U.S. interest rate changes. The VanEck Gold Miners ETF (GDX) and its top holdings, Newmont Goldcorp (NEM), Barrick Gold Corp (GOLD), and Agnico Eagle Mines Limited (AEM), have seen significant declines due to rising production costs. The outlook for gold and gold ETFs remains uncertain as investors await clues on U.S. interest rate directions.

Portfolio Pulse from Neil Dennis

February 20, 2024 | 5:39 pm

DAN

Dana Incorporated (NYSE:DAN) shares fell after reporting Q4 sales of $2.494 billion, missing the expected $2.585 billion. The decrease from the previous year's $2.555 billion was attributed to the UAW strike's impact on the Light Vehicle Driveline segment, despite cost-recovery actions and sales backlog conversion. The adjusted loss was $(11) million, or $(0.08) per share, missing the $(0.06) consensus. Adjusted EBITDA was $156 million, down from $176 million in 2022, with efficiency improvements partially offsetting the UAW strike and higher electric vehicle development costs. Free cash flow also decreased to $136 million from $202 million due to higher working capital requirements. Dana's three-year new business backlog has grown to $950 million. For FY24, Dana expects sales of $10.65 billion-$11.15 billion and diluted EPS of $0.35-$0.85, with an adjusted EBITDA of $875 million-$975 million.

Portfolio Pulse from Nabaparna Bhattacharya

February 20, 2024 | 5:38 pm