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AMZN

Amazon.com Inc.'s 'Just Walk Out' technology, initially marketed as AI-powered, was actually reliant on 1,000 contractors in India for operation. Despite its innovative approach to cashier-less shopping, the technology required human intervention in 7 out of 10 sales, leading Amazon to shift focus towards 'Dash Carts' and traditional self-checkout systems in its Amazon Fresh stores. This pivot reflects the challenges and higher costs associated with the 'Just Walk Out' system.

Portfolio Pulse from Rounak Jain

April 03, 2024 | 11:10 am

BABA

CGRO

PGJ

Alibaba Group Holding Ltd (NYSE:BABA) has significantly increased its share buy-back program, purchasing $4.8 billion in shares last quarter, marking its largest buy-back effort since 2021. The company also announced a collaboration with Space Epoch to deliver packages globally within an hour using a reusable rocket, XZY-1. This ambitious project aims to enhance Alibaba's logistics capabilities. Additionally, Alibaba's logistics arm, Cainiao, is expanding its 'five-day delivery' service internationally and boosting employee bonuses. Despite these efforts, BABA shares were down 0.95% in premarket trading. Investors can also gain exposure to Alibaba through Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:CGRO).

Portfolio Pulse from Anusuya Lahiri

April 03, 2024 | 11:08 am

VNDA

Vanda Pharmaceuticals' Fanapt received FDA approval for the acute treatment of bipolar I disorder, leading to a rise in VNDA shares.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 11:05 am

VIEW

View Inc. shares are trading lower following the company's filing for Chapter 11 bankruptcy. The company announced a deal with Cantor Fitzgerald and RXR to transition into a private entity.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 11:03 am

PARA

Paramount shares are trading higher after reports emerged about potential exclusive talks with Skydance for a deal.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 11:01 am

GELYY

Zeekr, Geely Automobile Holdings' premium EV brand, is reviving its plans for a $500M IPO in New York, after halting due to market volatility. The company has resumed investor engagement and filed with the SEC. This comes amid a quiet period for Chinese companies' IPOs in the U.S, with Zeekr aiming to double its car deliveries in 2024.

Portfolio Pulse from Shivani Kumaresan

April 03, 2024 | 10:56 am

KTRA

Trading for KTRA was halted at 6:55:12 a.m. ET due to pending news. The halt is a temporary measure until the news affecting the company is released.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 10:55 am

TSLA

Tesla Inc. (NASDAQ:TSLA) is shifting investor focus to its energy storage business amid a slowdown in EV demand. The company reported a record 4,053 MWh of energy storage products deployed in the quarter, a 4.2% year-on-year increase, alongside a decline in vehicle deliveries by 8.5% to 386,810 vehicles. The decline in vehicle deliveries was attributed to various factors including the production ramp of its refreshed Model 3, an arson attack on its Berlin gigafactory, and supply chain disruptions. Despite a 7.8% quarterly decrease in energy segment revenue, the annual revenue grew by 54% to $6,035 million. Tesla aims for the energy storage business growth to surpass the automotive sector in 2024.

Portfolio Pulse from Anan Ashraf

April 03, 2024 | 10:53 am

GABF

LBO

OWL

Blue Owl Capital Inc. (NYSE:OWL) shares rose premarket Wednesday after announcing a definitive agreement to acquire Kuvare Insurance Services LP for $750 million. The acquisition, expected to close in Q2 or Q3 2024, will be funded with $325 million in cash and $425 million in Class A shares. Blue Owl also disclosed a $250 million preferred equity investment in Kuvare and signed IMAs to deploy up to $3 billion of assets. The transactions are expected to be accretive in 2024, with Blue Owl's AUM potentially increasing to $20 billion post-acquisition.

Portfolio Pulse from Lekha Gupta

April 03, 2024 | 10:43 am

TSLA

Tesla, Inc. (NASDAQ:TSLA) is on track for its fourth session of losses, with shares falling in premarket trading after a reported year-over-year sales decline for the first time since Q2 2020. The company's sales of 386,810 EVs fell short of the expected 431,000 units, attributed to slow production ramp-up and supply challenges. Analysts have mixed reactions, with some maintaining positive ratings but adjusting price targets, while others predict the stock could remain in the $150-$180 range due to negative fundamentals.

Portfolio Pulse from Shanthi Rexaline

April 03, 2024 | 10:35 am