Streetbeat News

Stock Prices

STNG

Scorpio Tankers Inc (NYSE:STNG) has sold an MR product tanker and plans to exercise purchase options on five ships, aiming to close the sale in Q1 2024 and acquisitions in H1 FY24. The sale of STI Tribeca is for $39.1 million, and the acquisitions are expected to reduce the company's debt by $61.1 million. Scorpio Tankers' net debt was $1.23 billion as of Dec. 12. The company's TCE revenue for various vessels in Q4 was reported last month, and the CEO highlighted a strong product tanker market and commitment to lowering leverage and borrowing costs. STNG shares dropped 0.99% to $64.03.

Portfolio Pulse from Lekha Gupta

January 16, 2024 | 4:17 pm

FRGT

Freight Technologies Inc (NASDAQ:FRGT) shares surged after announcing a contract with Kawasaki Motores de Mexico for cross-border logistics services. The contract involves Fr8App orchestrating logistics for Kawasaki's Jet Ski models, highlighting the platform's capabilities. The partnership may open doors to further opportunities with Kawasaki companies in North America.

Portfolio Pulse from Shivani Kumaresan

January 16, 2024 | 4:13 pm

NIO

NIO Inc (NYSE:NIO) shares hit new 52-week lows, continuing a downward trend with nearly 20% losses over the last month. The decline follows a repurchase right notification for its convertible senior notes due 2026 and downgrades from analysts, including Goldman Sachs' price target of $8.40 and BofA's downgrade to Neutral. Tesla's recent price cuts in China, which may increase competition, could also be contributing to selling pressure on NIO. The current average analyst price target for NIO is $27.34, with 11 positive and six neutral ratings.

Portfolio Pulse from Adam Eckert

January 16, 2024 | 4:12 pm

AEM

Samsung SDI (KRX: 006400) has invested $18.5 million in Canada Nickel Company (TSXV:CNC) for an 8.7% stake and rights to 10% of the nickel-cobalt production from the Crawford project. This follows investments from Agnico Eagle Mines (NYSE:AEM) and Anglo American (LON: AAL). Despite a current oversupply and weak nickel market, companies are investing in anticipation of future EV battery demand.

Portfolio Pulse from Stjepan Kalinic

January 16, 2024 | 4:10 pm

MRK

RHHBY

The FDA has approved Merck & Co Inc's Keytruda for a third indication in cervical cancer, in combination with chemoradiotherapy for certain stages. The approval is based on the Phase 3 KEYNOTE-A18 trial, which showed a 41% reduction in the risk of disease progression or death. Keytruda now has 39 indications in the U.S. and is expected to generate nearly $25 billion in sales in 2023. Merck's stock (MRK) saw a slight increase of 0.01% to $118.64.

Portfolio Pulse from Vandana Singh

January 16, 2024 | 4:10 pm

BOAT

SHEL

Shell plc (NYSE:SHEL) has suspended its Red Sea shipments due to increased attacks by Yemen's Houthi rebels, affecting a critical global trade route. This decision reflects broader concerns in the energy sector, with companies like BP and Qatar Energy also avoiding the Red Sea corridor. Secretary of State Antony Blinken highlighted the significant impact on global trade at the World Economic Forum. The disruption has led to a 50% decline in Red Sea/Suez Canal traffic and increased shipping costs. The SonicShares Global Shipping ETF (NYSE:BOAT) saw a rise in its shares due to these disruptions.

Portfolio Pulse from Piero Cingari

January 16, 2024 | 4:02 pm

AMD

Advanced Micro Devices (NASDAQ:AMD) is evaluated against its competitors in the Semiconductors & Semiconductor Equipment industry. AMD's PE ratio is significantly higher than the industry average, suggesting overvaluation, while its PB ratio is lower, indicating potential undervaluation. The PS ratio is also high, hinting at overvaluation in terms of sales. AMD's ROE is below the industry average, suggesting inefficiency in profit generation. The company's EBITDA, gross profit, and revenue growth are lower than the industry average, indicating potential profitability and revenue growth challenges. AMD's debt-to-equity ratio is favorable compared to its top 4 peers.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 4:00 pm

AAPL

The analysis compares Apple (AAPL) with its competitors in the Technology Hardware, Storage & Peripherals industry, focusing on financial metrics like P/E, P/B, P/S, ROE, EBITDA, gross profit, and revenue growth. Apple shows potential for growth with a lower P/E than the industry average, trades at a premium based on P/B, and may be overvalued in terms of P/S. The company has a high ROE, indicating efficient profit generation, and robust EBITDA and gross profit figures. However, Apple's revenue growth is below the industry average. The debt-to-equity ratio places Apple in a moderate position among its peers.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 4:00 pm

VXRT

Vaxart Inc (NASDAQ:VXRT) stock rose 17.8% to $0.66 following news of a $9.27 million contract from the U.S. Department of Health and Human Services for clinical trial planning. The company also announced the resignation of CEO Andrei Floroiu, with Michael J. Finney stepping in as Interim CEO. Additionally, Vaxart entered into a stock purchase agreement with RA Capital Management for 15.38 million shares at $0.65 each, aiming to raise $10 million for general corporate purposes and to advance its oral vaccine platform. The offering is expected to close around January 18.

Portfolio Pulse from Henry Khederian

January 16, 2024 | 3:59 pm

WDC

Western Digital's stock (WDC) is trading higher following an upgrade from Deutsche Bank, which changed its rating from Hold to Buy and increased the price target from $45 to $65.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 3:55 pm