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META

Meta Platforms Inc (NASDAQ:META) has announced its first-ever quarterly cash dividend of 50 cents per share, starting in March. This move is expected to yield CEO Mark Zuckerberg an estimated $700 million annually, based on his 350 million shares. The decision reflects Meta's growth outlook, despite the tech firm's reduced acquisition opportunities due to regulatory challenges. Meta's focus shift and a $50 billion share buyback plan have contributed to its stock nearly tripling in value in 2023. Additionally, Meta reported a 25% year-over-year increase in fourth-quarter revenue to $40.11 billion, surpassing consensus estimates.

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 4:37 am

NTLA

RKLB

TSLA

TWLO

TXG

ZM

Cathie Wood's Ark Invest purchased $4.7 million in Tesla Inc (TSLA) shares and an equal amount in Rocket Lab USA Inc (RKLB) shares, showing confidence in both companies. The Tesla shares were bought through ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW), while Rocket Lab shares were acquired via ARK Autonomous Technology & Robotics ETF (ARKQ) and ARK Space Exploration & Innovation ETF (ARKX). Additionally, Ark Invest sold shares in Twilio Inc (TWLO) and Zoom Video Communications (ZM), and bought more shares in 10X Genomics Inc (TXG) and Intellia Therapeutics Inc (NTLA).

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 4:18 am

AAPL

AMZN

META

TEAM

TSLA

Tech giants Apple, Meta Platforms, Amazon, Atlassian, and Tesla were in focus as U.S. stocks closed higher, driven by their earnings releases. Apple and Meta beat earnings expectations, Amazon reported a revenue increase, Atlassian surpassed earnings and sales forecasts but saw its stock decline, and Tesla announced a shareholder vote on moving its incorporation to Texas.

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 3:15 am

META

Senate Judiciary Committee Chair Dick Durbin criticized Meta Platforms CEO Mark Zuckerberg for downplaying the impact of social media on mental health, comparing him to tobacco executives. Durbin's remarks followed Zuckerberg's statement denying a causal link between social media use and negative mental health outcomes. The criticism comes amid a Senate hearing on child safety online, where social media executives were questioned. Despite the controversy, Meta Platforms reported a 25% year-over-year increase in fourth-quarter revenue to $40.11 billion, beating estimates and causing its stock to surge 15.22% in after-hours trading.

Portfolio Pulse from Navdeep Yadav

February 02, 2024 | 2:24 am

API

DB

NYCB

The commercial real estate sector's struggles have led to a significant drop in regional bank stocks, highlighted by New York Community Bancorp, Inc.'s (NYCB) 40% drop due to a Q4 loss from distressed loans. Other banks like Agora Inc (API) and Deutsche Bank AG (DB) also faced declines. The looming $2.2 trillion debt in the US commercial property sector threatens smaller banks, with some offloading property loan portfolios to reduce exposure.

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 2:22 am

AAPL

MASI

Apple Inc. (AAPL) CEO Tim Cook announced the company's intention to appeal the ban on its Apple Watch, rather than settle with Masimo Corp. (MASI) over a patent dispute involving the blood oxygen feature. Despite the ban, Apple continues to sell the Apple Watch Series 9 and Ultra 2 in the U.S. without the disputed feature. The company reported higher than expected revenue in its Wearables, Home, and Accessories category for fiscal Q1 2024, indicating that the dispute and ban have not significantly impacted sales. Masimo's CEO Joe Kiani expressed openness to a settlement but noted the lack of serious discussions with Apple.

Portfolio Pulse from Ananya Gairola

February 02, 2024 | 1:38 am

INTC

Intel has postponed the completion of its $20 billion Ohio project, which includes two planned factories, to late 2026 due to a slowdown in the chip market, according to The Wall Street Journal.

Portfolio Pulse from Charles Gross

February 02, 2024 | 1:22 am

HOLO

Trading for HOLO was halted at 7:50:00 p.m. ET due to pending news. The halt is a temporary measure until the news affecting the company is released.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 12:50 am

HOLOW

Trading for HOLOW was halted at 7:50:00 p.m. ET due to pending news. The halt is a temporary measure until the news affecting the company is released.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 12:50 am

CAMP

Trading for CAMP was halted at 7:50:00 p.m. ET due to pending news. The halt is a temporary measure until the news affecting the company is released.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 12:50 am