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ALB

Albemarle Corporation (NYSE:ALB) plans to reduce its capital expenditures for FY24 to $1.6B-$1.8B from $2.1B in FY23. The company aims to cut costs by $95M annually through workforce reduction and decreased contracted services spending. These measures are in response to changing market conditions, especially in the lithium value chain. Albemarle will focus on near-completion projects and defer others, expecting to save over $50M in 2024. A charge will be recorded in Q1 2024 related to these actions.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:50 am

USB

U.S. Bancorp (NYSE:USB) reported Q4 adjusted earnings of $0.99 per share, slightly beating the consensus estimate of $0.98, but representing a 17.5% decrease from the previous year. Quarterly sales were $6.73B, missing the estimate of $6.86B, yet marking a 6.23% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:47 am

BSX

JBL

NVDA

PANW

Insiders at NVIDIA, Palo Alto Networks, Boston Scientific, and Jabil have recently sold shares of their respective companies. NVIDIA Director Mark A Stevens sold 36,000 shares, while Palo Alto Networks Director John Donovan sold 15,100 shares. Boston Scientific EVP Michael Joseph Fitzgerald sold 11,660 shares, and Jabil SVP Roberto Ferri sold 6,183 shares. These sales occurred amidst various company updates, including price target adjustments and acquisitions.

Portfolio Pulse from Avi Kapoor

January 17, 2024 | 11:44 am

GLW

SIMO

XRX

The article discusses three high-yielding dividend stocks in the tech sector with recent analyst ratings. Xerox Holdings Corporation (XRX) has a dividend yield of 6.21% but faces a workforce reduction and downgraded price targets. Silicon Motion Technology Corporation (SIMO) has a 3.15% yield and positive preliminary revenue growth, with analysts maintaining positive ratings. Corning Incorporated (GLW) offers a 3.71% yield but reported a sales decline, with mixed analyst ratings.

Portfolio Pulse from Avi Kapoor

January 17, 2024 | 11:43 am

SUN

Barclays analyst Theresa Chen has maintained an Overweight rating on Sunoco (NYSE:SUN) and increased the price target from $57 to $64.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:42 am

TRGP

Barclays analyst Theresa Chen has maintained an Overweight rating on Targa Resources (NYSE:TRGP) and increased the price target from $94 to $105.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:41 am

TSLA

Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a Tesla investor, commented on Elon Musk's desire for a 25% voting stake in Tesla. Gerber suggests Musk should buy Tesla stock with his own money to increase his stake, rather than expecting shareholders to grant it. He criticized Musk's focus, stating that as CEO, Musk should concentrate on transforming Tesla into an AI/robotics company. Musk currently holds a 13% stake in Tesla, and the company's shares closed up 0.5% at $219.91 on Tuesday.

Portfolio Pulse from Anan Ashraf

January 17, 2024 | 11:32 am

DTM

Barclays analyst Marc Solecitto has maintained an Overweight rating on DT Midstream (NYSE:DTM) and increased the price target from $57 to $59, indicating a positive outlook on the stock.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:31 am

CFG

Citizens Financial Group (CFG) reported Q4 earnings of $0.85 per share, surpassing the $0.71 estimate, a 19.72% beat. However, this represents a 35.61% decrease from the previous year's $1.32 per share. Sales reached $1.99B, narrowly missing the $2.00B estimate by 0.40%, and showing a 9.64% decrease from the prior year's $2.20B.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:26 am

EVI

JBT

UNF

The article highlights three industrials stocks that are considered oversold based on their Relative Strength Index (RSI) values, suggesting a potential buying opportunity. EVI Industries reported record revenue and gross profit but saw a decline in EPS and a 12% stock price drop over the past month. UniFirst reported a 9.5% increase in first-quarter sales but anticipates achieving the lower end of its revenue guidance. John Bean Technologies proposed to acquire Marel hf and experienced a 12% stock price drop over the past month. All three companies have RSI values indicating they are oversold.

Portfolio Pulse from Avi Kapoor

January 17, 2024 | 11:23 am