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MSOS

The U.S. DEA plans to reclassify marijuana as a Schedule III drug, a move that could ease research restrictions and change enforcement practices. This proposal is under review by the White House OMB, with public comments to be invited soon. Cannabis stocks, particularly the AdvisorShares Pure U.S Cannabis ETF (NYSE:MSOS), surged by almost 22% in response, reflecting investor optimism about the future of the cannabis industry. Congressman Earl Blumenauer expressed support, highlighting the shift towards recognizing the medical benefits of cannabis and the inevitability of legalization.

Portfolio Pulse from Javier Hasse

April 30, 2024 | 6:55 pm

PAG

Penske Automotive Group, Inc. (NYSE:PAG) reported Q1 earnings per share of $3.21, missing estimates of $3.31, with sales of $7.448 billion also missing the consensus of $7.465 billion. Revenue increased by 1.5% year over year, despite being negatively impacted by higher interest costs and lower equity earnings from Penske Transportation Solutions. The company saw a recovery in its used vehicle operations, with profitability per unit improving. Total new and used units delivered increased by 4%, with same-store new and used units up by 1%. The company's focus on cost control improved SG&A expenses as a percentage of gross profit by 30 basis points to 70.7%. Same-store service and parts revenue and gross profit increased by 5%. PAG shares dropped 1.46% to $153.17.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 6:50 pm

JNJ

Significant bearish options activity has been observed in Johnson & Johnson (NYSE:JNJ), with a notable volume of puts compared to calls. The sentiment among big-money traders is predominantly bearish, with a price target range of $145.0 to $155.0. Despite this, analysts have varied ratings on JNJ, with a consensus target price of $179.4. The stock's current price is $145.22, with indicators suggesting it may be oversold. The company is preparing to divest its consumer group under the name Kenvue in 2023.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 6:46 pm

COUR

NBCC

VTI

Coursera Inc (NYSE:COUR) reported Q1 FY24 sales of $169.1 million, missing estimates, with earnings of 7 cents per share beating expectations. Goldman Sachs downgraded its price target to $10.50, citing lower user conversion and a weak enterprise environment. Cantor Fitzgerald lowered its price target to $21 but highlighted Coursera's potential for future growth despite current challenges. COUR's stock dropped 13.9% to $10.24. Coursera is also part of the NBCC and VTI ETFs.

Portfolio Pulse from Shivani Kumaresan

April 30, 2024 | 6:46 pm

AMD

NVDA

SPRX

Advanced Micro Devices, Inc (AMD) is trading flat ahead of its Q1 earnings, with analysts expecting earnings of 61 cents per share on revenues of $5.46 billion. Rosenblatt analyst Hans Mosesmann reiterated a Buy rating on AMD with a price target of $250. The Spear Alpha ETF (SPRX), which includes AMD as one of its top holdings, offers diversification for investors bullish on AMD. SPRX has seen a 60% increase over the last twelve months. AMD's stock is currently in an uptrend, but technical analysis suggests the possibility of a local top.

Portfolio Pulse from Melanie Schaffer

April 30, 2024 | 6:45 pm

ACB

CURLF

GTBIF

MSOS

TLRY

Cannabis stocks and ETFs experienced significant gains following the DEA's decision to consider rescheduling marijuana from Schedule I to Schedule III, indicating a potential shift in regulatory stance and acknowledging its medical use. This move has sparked optimism among investors about the future of the cannabis industry.

Portfolio Pulse from Jelena Martinovic

April 30, 2024 | 6:43 pm

CGC

Recent options activity for Canopy Growth (NASDAQ:CGC) shows a bullish trend among investors, with 60% of trades being bullish and 34% bearish. The focus is on a price range of $5.0 to $21.0. Notable trades include bullish calls and a mix of bullish and neutral puts, with significant volumes and open interest in options. Canopy Growth, a cannabis company, is merging its U.S. assets into Canopy USA. The stock price is up 36.06% at $11.32, with potential overbought signals. Next earnings are expected in 51 days.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 6:30 pm

VLO

Valero Energy (NYSE:VLO) has delivered an average annual return of 12.25% over the past 20 years, turning a $1000 investment into $9,971.14 today. With a current market capitalization of $54.46 billion, VLO's performance highlights the impact of compounded returns on investment growth.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 6:30 pm

MSI

Motorola Solutions (NYSE:MSI) has significantly outperformed the market with an average annual return of 31.93% over the past 20 years, turning a $100 investment into $25,502.98 today. The company's market capitalization stands at $57.93 billion.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 6:30 pm

GFAI

EF Hutton analyst Tim Moore maintains a Buy rating on Guardforce AI Co (NASDAQ:GFAI) and sets a price target of $9.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 6:26 pm