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RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) stock is trading lower, down over 17% in the past five days. Deutsche Bank downgraded Rivian from Buy to Hold and lowered its price target from $29 to $19, citing expected volume guidance of only 65,000 units, factory shutdowns, and a slow ramp-up leading to potential heavy losses through Q3 2024. Rivian also announced the availability of its R1S electric SUV for leasing. The stock is trading below its 50-day moving average, and a high percentage of shares are being sold short, contributing to volatility. Analysts rate Rivian as Neutral, with Deutsche Bank's Emmanuel Rosner being the most bearish.

Portfolio Pulse from Erica Kollmann

January 18, 2024 | 6:34 pm

NSC

Traders are circulating a note from an M&A research firm suggesting that an activist could be involved with Norfolk Southern, which has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:33 pm

Needham analyst James Ricchiuti raised the price target for Impinj Inc (PI) to $115 from $85 and maintained a Buy rating, reflecting optimism for better-than-expected Q4 2023 results. Impinj now expects revenue over $70 million, surpassing prior guidance and consensus estimates, with adjusted EBITDA of more than $2.5 million. The increase is attributed to higher endpoint revenue and sequential growth in systems revenue. Management sees early-stage growth with enterprise customers and potential for leveraging solutions with other partners. The retail apparel inventory overhang is nearing an end, and PI is expected to return to strong growth in H2 FY24 and FY25. Ricchiuti raised FY24 revenue estimates to $329.0 million and introduced an FY25 estimate of $400.5 million. PI shares rose 3.49% to $94.25.

Portfolio Pulse from Lekha Gupta

January 18, 2024 | 6:31 pm

RNAZ

TransCode Therapeutics shares have been halted due to a circuit breaker triggered by a sharp decline in stock price, with the stock currently down by 44%.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:30 pm

RNAZ

TransCode Therapeutics, Inc. has announced the pricing of a public offering of 5,942,623 shares and warrants to purchase up to 11,885,246 shares at $1.22 each. The offering is expected to close on January 22, 2024, with H.C. Wainwright & Co. as the placement agent. The gross proceeds are expected to be $7.25 million, which will be used for product development, clinical trials for TTX-MC138, and general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:29 pm

ARGX

HALO

Halozyme Therapeutics Inc (NASDAQ:HALO) provided its first five-year financial guidance, projecting revenue growth and increased EPS through 2028. For 2023, Halozyme expects revenues slightly below consensus but higher EPS. By 2028, revenues are forecasted to reach $1.565-$1.69 billion. HC Wainwright remains optimistic, despite lowering the price target for Argenx SE (NASDAQ:ARGX) from $61 to $48, maintaining a Buy rating. Analysts see potential in Halozyme's Enhanze platform and anticipate new partnerships. The U.S. infusion therapy market, where Enhanze could grow, is valued at $41.7 billion. HALO shares dropped 4.66% to $34.36.

Portfolio Pulse from Vandana Singh

January 18, 2024 | 6:28 pm

GOOG

MSFT

NYT

At the World Economic Forum in Davos, OpenAI CEO Sam Altman discussed the future of AI, highlighting the capabilities of the upcoming GPT5 model. He emphasized the importance of productization as AI becomes more integrated into daily life. Microsoft Corp has partnered with OpenAI and is launching an AI assistant service subscription. Alphabet Inc announced that new Samsung devices with Android will include its AI engine, Gemini. The New York Times Co is suing OpenAI and Microsoft over copyright infringement claims.

Portfolio Pulse from Natan Ponieman

January 18, 2024 | 6:19 pm

SHAK

Analyst comments indicate that Shake Shack has increased delivery menu prices by approximately 5%, leading to an overall 1% increase in their total menu price. This move is expected to help drive margin expansion for the company in 2024.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:18 pm

JBLU

SAVE

Spirit Airlines Inc (NYSE:SAVE) is facing financial challenges after a federal judge blocked its $3.8 billion merger with JetBlue Airways Corporation (NASDAQ:JBLU) due to antitrust concerns. Spirit is dealing with near-term debt maturities of about $1.1 billion due in September 2025 and is exploring options to refinance the debt. The company has sold and leased back planes to improve its balance sheet, but its stock and bonds have declined significantly, with shares down over 60%. Spirit also contends with rising labor costs, competition, and grounded planes due to engine recalls.

Portfolio Pulse from Vandana Singh

January 18, 2024 | 6:13 pm

DFS

HTZ

HUM

KEY

MDC

PLUG

SAVE

USB

KeyCorp (NYSE:KEY) shares dropped by 5.4% to $13.10 after reporting Q4 financial results with revenues of $1.538 billion, down 19% Y/Y, but slightly above consensus. Adjusted EPS of 25 cents also exceeded expectations. Other stocks experienced significant movements in Thursday's mid-day session, with various companies reporting gains due to different reasons such as acquisitions, financial results, and analyst upgrades. Conversely, several companies saw their shares fall due to negative news such as voluntary delisting, reverse stock splits, and disappointing earnings guidance.

Portfolio Pulse from Avi Kapoor

January 18, 2024 | 6:08 pm