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AEM

EGO

FNV

GOLD

HMY

KGC

NEM

Shares of precious metals companies are trading lower due to a decrease in the price of gold, affecting companies like AEM, EGO, FNV, GOLD, HL, HMY, KGC, and NEM.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 6:00 pm

SNAP

SPOT

Spotify Technology (NYSE:SPOT) announced a new multiyear partnership deal with podcast host Joe Rogan, boosting its shares. The deal aims to retain Rogan's top-ranked podcast, aligning with Spotify's strategy shift towards broadening audience reach and advertising revenue. Spotify also expanded its music partnership with Snap Inc (NASDAQ:SNAP).

Portfolio Pulse from Nabaparna Bhattacharya

February 02, 2024 | 5:48 pm

CART

KVYO

PINS

Reddit is preparing for its IPO in March 2024 with a potential valuation exceeding $5 billion, marking a significant event in the tech sector after a period of few IPOs. The company, having raised $1.3 billion from investors, has yet to turn a profit despite generating over $800 million in advertising revenue in 2023. Pinterest Inc (PINS), Instacart (CART), and Klaviyo Inc (KVYO) are mentioned in the context of recent tech IPOs, with the latter two facing public market challenges.

Portfolio Pulse from Surbhi Jain

February 02, 2024 | 5:48 pm

GPI

Group 1 Automotive (NYSE:GPI) has seen a 3.02% increase in short interest, with 2.11 million shares sold short, representing 23.16% of its float. This indicates a bearish market sentiment, although it's higher than its peer group average of 12.10%. The high short interest could potentially be bullish, as covering could drive the price up.

Portfolio Pulse from Benzinga Insights

February 02, 2024 | 5:45 pm

ALLY

Ally Financial (NYSE:ALLY) has seen a 14.81% increase in its short percent of float since the last report, with 12.76 million shares sold short, representing 4.73% of all shares available for trading. This increase in short interest indicates a more bearish market sentiment towards ALLY, although it has less short interest compared to its peer group average of 8.27%. The article suggests that while an increase in short interest can signal bearish sentiment, it can also present bullish opportunities for the stock.

Portfolio Pulse from Benzinga Insights

February 02, 2024 | 5:45 pm

Morgan Stanley's (NYSE:MS) short interest has decreased by 9.78% since the last report, with 20.94 million shares sold short, representing 1.66% of its float. This decrease in short interest could indicate a more bullish sentiment towards MS compared to its peers, where the average short interest as a percentage of float is 5.17%.

Portfolio Pulse from Benzinga Insights

February 02, 2024 | 5:45 pm

TSLA

Tesla Inc (NASDAQ:TSLA) has experienced a technical indicator known as a Death Cross, where its 50-day moving average crossed below its 200-day moving average, signaling potential downward trends. This comes amid various challenges, including regulatory scrutiny, recalls, and concerns over Elon Musk's compensation. Despite a strong performance in 2023, Tesla's stock is down 24% YTD in 2024. Analysts have a neutral consensus on Tesla, with a price target of $207.80, reflecting the market's shifting sentiment and uncertainties.

Portfolio Pulse from Surbhi Jain

February 02, 2024 | 5:44 pm

GWW

W.W. Grainger Inc (NYSE:GWW) reported Q4 FY23 earnings with sales of $3.997 billion, up 5.1% Y/Y, missing consensus estimates. Adjusted EPS rose 16.7% Y/Y to $8.33, beating estimates. The company expects FY24 net sales of $17.2 billion-$17.7 billion and EPS of $38.00-$40.50. Shares are up 3.71%.

Portfolio Pulse from Lekha Gupta

February 02, 2024 | 5:40 pm

HIG

KMPR

RGA

In Friday's intraday session, insurance stocks saw significant movements. Hartford Finl Servs Gr, Huize Holding, Fanhua, Selective Insurance Gr, Oscar Health, and Assured Guaranty were among the gainers, with increases in their stock prices. On the other hand, Tian Ruixiang Holdings, Kemper, Reinsurance Gr, Brookfield Reinsurance, American Coastal, and FG Finl Gr experienced declines. Notably, several companies recently released their Q4 earnings, which may have influenced these movements.

Portfolio Pulse from Benzinga Insights

February 02, 2024 | 5:40 pm

PIPR

Piper Sandler Companies (NYSE:PIPR) shares rose after reporting Q4 sales of $471.85 million, surpassing Wall Street's estimate of $370.12 million, and an adjusted EPS of $4.03, beating the $2.60 forecast. Advisory services and adjusted operating income saw significant increases, while corporate financing revenues declined. The company also announced a special cash dividend of $1.00 per share and a quarterly dividend of $0.60 per share.

Portfolio Pulse from Nabaparna Bhattacharya

February 02, 2024 | 5:39 pm