Streetbeat News

Stock Prices

ESPR

NMRD

SASI

SIDU

SOFI

TPHS

U.S. stocks traded lower, with the Nasdaq Composite down over 100 points. Energy shares rose, while real estate shares fell. Job openings slightly decreased. Sidus Space (SIDU) spiked after securing a remote sensing license. Trinity Place Holdings (TPHS) surged following a loan forbearance extension. Sigma Additive Solutions (SASI) gained on stock issuance approval. SoFi Technologies (SOFI) dropped after a downgrade. Esperion Therapeutics (ESPR) fell post-collaboration amendment. Nemaura Medical (NMRD) decided to move to OTC Markets after Nasdaq delisting.

Portfolio Pulse from Avi Kapoor

January 03, 2024 | 7:20 pm

CMCSA

LGF

MSFT

NTDOY

TTWO

WBD

Jack Black, known for voicing Bowser in 'The Super Mario Bros. Movie', has joined the cast of the 'Minecraft' movie, produced by Vertigo, Legendary, and Warner Bros. Discovery (WBD). The film, set for release on April 4, 2025, also stars Jason Momoa and is directed by Jared Hess. Black is also involved in 'Borderlands', a Lions Gate Entertainment (LGF) film based on the Take-Two Interactive Software (TTWO) game. 'Super Mario', produced by Nintendo (NTDOY) and Universal Pictures (CMCSA), was a major hit. Microsoft (MSFT) acquired Mojang, the studio behind 'Minecraft', which continues to grow in popularity.

Portfolio Pulse from Chris Katje

January 03, 2024 | 7:16 pm

AMD

AVGO

INTC

MRVL

NVDA

SOXX

TXN

Despite a recent drop in semiconductor stocks, Bank of America maintains a bullish stance on the sector for 2024, citing a 65% gain in 2023. The Philadelphia Semiconductor Index (SOX) and the iShares Semiconductor ETF (SOXX) are highlighted, with SOXX falling 5.4% over two sessions. BofA analyst Vivek Arya acknowledges risks such as premium valuations, market rotation, and volatility but points to positive factors like a new upcycle, the potential of Generative AI, and the U.S. CHIPS Act. BofA sees Nvidia (NVDA), Broadcom (AVGO), AMD, and Marvell (MRVL) well-positioned to benefit from GenAI, while Intel (INTC), Texas Instruments (TXN), and Micron (MU) could gain from the U.S. CHIPS Act.

Portfolio Pulse from Neil Dennis

January 03, 2024 | 7:12 pm

FWBI

First Wave BioPharma's stock (FWBI) is trading higher following Roth MKM's decision to maintain a Buy rating and increase the price target from $11 to $40.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 7:12 pm

NKLA

Nikola Corp (NASDAQ:NKLA) shares dropped 8.1% to $0.77 amid a broader market downturn influenced by rising Treasury yields and profit-taking after December's gains. Upcoming economic reports and Federal Reserve speeches are adding to market uncertainties. Growth stocks like Nikola are impacted by higher interest rates, which increase the discount rate and lower the present value of future cash flows. NKLA's 52-week range is $0.52 to $3.71.

Portfolio Pulse from Henry Khederian

January 03, 2024 | 7:11 pm

LBPH

Longboard Pharmaceuticals (LBPH) shares dropped following the announcement of a $150 million underwritten public offering, with an additional $22.5 million option for underwriters. The offering dilutes current shareholders, leading to the stock price decline.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 7:05 pm

ATOM-USD

Cosmos Hub's cryptocurrency, ATOM, has seen a significant decline, dropping 10.86% in 24 hours to a price of $9.92. Over the past week, ATOM's price has decreased by 17.0%, from $11.98. The trading volume for ATOM has increased by 56.0% over the past week, while the circulating supply rose by 1.05% to 381.42 million. ATOM's market cap is currently ranked #24 at $3.76 billion.

Portfolio Pulse from Benzinga Insights

January 03, 2024 | 7:03 pm

UTZ

Needham analyst Matt McGinley initiated coverage on Utz Brands Inc (NYSE:UTZ) with a Buy rating and a $20 price target, adding it to the Needham Conviction List for 2024. McGinley expects Utz to increase its marketing spend by 3x, focusing on four power brands, and to grow sales by 4%-5% annually with a 3-point EBITDA rate improvement over three years. Utz aims for $135 million in cumulative supply chain savings, with internal cost-saving initiatives and supply chain restructuring expected to boost margins and cash flow. Utz trades at a 15x EV/EBITDA multiple, a 2.5 point premium to peers, but is expected to outpace their growth and achieve double the EBITDA growth of peers. The company is transitioning from a regional to a national competitor in the salty snack category, with shares trading higher by 6.11% at $17.37.

Portfolio Pulse from Shivani Kumaresan

January 03, 2024 | 7:03 pm

SPY

The minutes from the Federal Open Market Committee (FOMC) meeting revealed that all officials recognized significant progress made in 2023 towards the Federal Reserve's 2% inflation target. The officials also noted that the risks to inflation and employment are moving towards a greater balance.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 7:02 pm

LINKUSD

Chainlink's (CRYPTO: LINK) price has dropped 8.9% in the last 24 hours to $13.86, continuing a weekly downward trend with a 15.0% loss. Trading volume is up by 15.0%, and the circulating supply has increased by 1.72% to 556.85 million, which is 55.68% of the max supply. Chainlink's market cap is currently ranked #15 at $7.68 billion.

Portfolio Pulse from Benzinga Insights

January 03, 2024 | 7:02 pm