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Stock Prices

MLCO

Morgan Stanley analyst Praveen Choudhary upgraded Melco Resorts and Enter (NASDAQ:MLCO) from Equal-Weight to Overweight and increased the price target from $8.3 to $9.6.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 9:43 am

SIMO

Morgan Stanley analyst Ray Wu upgraded Silicon Motion Technology (SIMO) from Equal-Weight to Overweight and increased the price target from $59 to $88.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 9:32 am

DIS

HOOD

PLTR

QQQ

RDDT

SPY

Earnings reports and a dovish Federal Reserve stance lifted stocks last week, with Apple and Amazon leading the charge. FactSet reports 80% of S&P 500 companies have exceeded earnings expectations. This week, attention turns to Disney, Palantir, Robinhood, and Reddit's debut report. The SPDR S&P 500 ETF Trust and Invesco QQQ Trust saw gains, reflecting positive market sentiment.

Portfolio Pulse from Shanthi Rexaline

May 06, 2024 | 9:25 am

AMKBY

A. P. Moller Maersk (OTC:AMKBY), the world's largest container shipping company, announced that disruptions in the Red Sea, caused by attacks from Iran-aligned Houthi militants, are expected to reduce the shipping industry's capacity between the Far East and Europe by 15%-20% in Q2. These disruptions have forced vessels to reroute, leading to longer journey times and increased freight rates. Maersk has leased over 125,000 additional containers to enhance reliability and address the capacity shortage, with disruptions likely to persist until the end of the year.

Portfolio Pulse from Benzinga Neuro

May 06, 2024 | 9:18 am

BRK

TSLA

Elon Musk expressed astonishment at Berkshire Hathaway's cash reserves reaching $189 billion, equivalent to Musk's own wealth. Berkshire Hathaway, led by Warren Buffett, increased its cash pile to a record level after selling $20 billion in stocks and purchasing $2.7 billion worth during Q1 2024. Musk, comparing the cash reserve to his wealth of $192 billion, suggested Buffett should invest in Tesla, which has seen a 25% stock rally post-Q1 2024 earnings but is still down 27% for the year. Berkshire Hathaway also reduced its Apple Inc. holdings significantly during the same period.

Portfolio Pulse from Rounak Jain

May 06, 2024 | 9:04 am

AZN

CLLS

Cellectis announced the completion of AstraZeneca's $140M additional investment, with the issuance of 10 million Class A and 18 million Class B convertible preferred shares at $5.00 each. This move, authorized by Cellectis' shareholders on December 22, 2023, strengthens the financial and strategic partnership between the two companies.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:11 am

MNMD

MindMed unveiled Phase 2b data of MM120 for Generalized Anxiety Disorder at the APA Annual Meeting, showing significant clinical benefits over placebo. The drug achieved a 65% clinical response rate and a 48% remission rate at 12 weeks. Additionally, MindMed presented two new studies on the burden of GAD in the US.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 7:47 am

BRK

TSLA

Warren Buffett's Berkshire Hathaway trimmed its Apple stake for a second consecutive quarter, as revealed in its first-quarter results. Despite this, Buffett remains committed to Apple, viewing the sale as a move to increase cash reserves and pay taxes. Elon Musk, CEO of Tesla, sees this as an opportunity for Berkshire to invest in Tesla, suggesting it on social media. However, Berkshire's value investing philosophy and Tesla's high P/E ratio and lack of dividends make such an investment unlikely. Musk continues to express interest in Berkshire's involvement, despite a clash in investment strategies.

Portfolio Pulse from Shanthi Rexaline

May 06, 2024 | 7:36 am

PRFT

Perficient (NASDAQ:PRFT) reported Q1 2024 earnings of $0.77 per share, meeting analyst estimates but marking a 25.96% decrease from the previous year. Sales were $215.3M, slightly missing estimates by 0.18% and showing a 6.96% decrease from the previous year.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 7:09 am

BYDDY

NIO

XPEV

Chinese EV makers, including SAIC, Chery, Great Wall Motor, and BYD Co., have seen a 40% increase in overseas sales in Q1 2024, reaching 470,000 units. Europe and Asia are the main markets for these exports. BYD Co. leads in NEV overseas sales, followed by SAIC, Geely, Xpeng, and Nio. BYD is adopting a premium pricing strategy in Europe, and Chinese EV makers are exploiting a loophole for exporting 'used' cars to bypass trade barriers.

Portfolio Pulse from Benzinga Neuro

May 06, 2024 | 6:07 am