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Astera Labs Inc, backed by Intel Corp (NASDAQ:INTC), is planning an IPO to raise up to $534 million, leveraging the AI boom. The company, specializing in semiconductor connectivity for AI applications, will list on Nasdaq under the ticker ALAB. The IPO is managed by Morgan Stanley (NYSE:MS) and JPMorgan Chase & Co (NYSE:JPM), with a significant investment from Intel's venture arm. This move comes amid a surge in AI-related stocks, like NVIDIA Corp (NASDAQ:NVDA), highlighting the growing interest in AI investments.

Portfolio Pulse from Anusuya Lahiri

March 08, 2024 | 5:25 pm

SGD

Safe and Green Development Corporation (NASDAQ:SGD) shares surged after announcing financing for the Norman Berry Expansion in Atlanta, Georgia. The project involves constructing a facility for elderly and assisted living, with further phases planned. CEO David Villarreal highlighted the acquisition of additional land expected to increase the project's value. SGD shares are up 241% at $2.25.

Portfolio Pulse from Erica Kollmann

March 08, 2024 | 5:22 pm

EQNR

NHYKF

Equinor ASA has initiated operations at its 531 MW Mendubim solar plant in Brazil, expected to boost its equity power production by 30% to over 1.4 TWh in 2024. The plant will generate 1.2 TWh annually, with 60% of the power sold under a 20-year USD-denominated PPA with Norsk Hydro ASA's Alunorte. The project, a joint venture with Scatec and Hydro Rein, aligns with Equinor's diversified energy strategy in Brazil. Despite a 20% Y/Y drop in Q4 FY23 revenue and a 49% fall in adjusted earnings due to lower gas prices, EQNR shares rose by 0.72% to $26.05.

Portfolio Pulse from Lekha Gupta

March 08, 2024 | 5:20 pm

BPTH

Bio-Path Holdings, Inc. (NASDAQ:BPTH) shares fell after reporting a Q4 EPS loss of $4.23, which was narrower than the expected $5.40 loss. The annual net loss improved to $33.63 per share from $38.12. R&D expenses rose to $11.6 million from $9.2 million. Cash reserves significantly decreased to $1.1 million from $10.4 million. The company completed the first dose cohort of its Phase 1 trial for BP1002 in treating certain cancers. Shares dropped 4.98% to $5.920.

Portfolio Pulse from Nabaparna Bhattacharya

March 08, 2024 | 5:17 pm

L

Loews Corporation (NYSE:L) has seen a 27.45% decrease in short interest, now at 1.16 million shares or 0.74% of float, indicating a bullish sentiment. The short interest is below the peer group average of 1.85%, suggesting Loews is performing well compared to its peers. Short interest is a key indicator of market sentiment, with decreases often signaling bullish outlooks.

Portfolio Pulse from Benzinga Insights

March 08, 2024 | 5:15 pm

ADP

Automatic Data Processing (NYSE:ADP) has seen a 22.34% increase in its short percent of float since the last report, with 4.71 million shares sold short, representing 1.15% of available shares. It would take about 3.05 days to cover these short positions. The rise in short interest can indicate a bearish market sentiment towards ADP, although it has less short interest compared to its peer group average of 5.79%.

Portfolio Pulse from Benzinga Insights

March 08, 2024 | 5:15 pm

INTC

Intel's (NYSE:INTC) short interest has increased by 12.06% since the last report, with 66.85 million shares sold short, representing 1.58% of its float. This increase in short interest, while not a direct indicator of a price drop, suggests a more bearish market sentiment towards Intel. However, compared to its peers' average short interest of 3.56%, Intel's short interest is lower, indicating less bearish sentiment relative to its peers.

Portfolio Pulse from Benzinga Insights

March 08, 2024 | 5:15 pm

PBM

Psyence Biomedical Ltd. (NASDAQ:PBM) shares surged following the announcement that its subsidiary, Psyence Australia, received approval to initiate a Phase IIb study on psilocybin for Adjustment Disorder in palliative care. The stock experienced heavy trading volume, with over 126 million shares traded, significantly above its 100-day average. The company aims for a paradigm shift in palliative care treatment. Year to date, PBM shares have gained 43.4%, outperforming historical averages. The stock's RSI of 97.01 indicates overbought conditions.

Portfolio Pulse from Erica Kollmann

March 08, 2024 | 5:15 pm

LYT

MSTR

ON

PLD

SOFI

Benzinga's Stock Whisper Index highlights five stocks: Lytus Technologies (LYT), MicroStrategy (MSTR), ON Semiconductor (ON), SoFi Technologies (SOFI), and Prologics (PLD). LYT surged after launching Lytus Cloud, MSTR continues to invest in Bitcoin, ON Semiconductor sees investor interest with mixed analyst ratings, SOFI's stock dipped after a convertible notes offering, and PLD attracts attention amid commercial real estate concerns.

Portfolio Pulse from Chris Katje

March 08, 2024 | 5:10 pm

RIVN

Rivian Automotive unveiled the R2 SUV and previewed the R3 and R3X models, receiving mixed analyst ratings. Wedbush sees it as a positive step but acknowledges challenges ahead. Truist appreciates the focus on the Illinois factory for cost savings, while Goldman Sachs views the R2 launch as a market expansion opportunity. Analysts highlight the competitive EV market and supply chain issues as risks. Rivian's stock rose 6% following the event.

Portfolio Pulse from Chris Katje

March 08, 2024 | 5:09 pm