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Ontario has doubled the cap on cannabis retail stores to 150, aligning with other provinces and potentially benefiting the market. High Tide Inc. (HITI) CEO Raj Grover supports the move. South Dakota and Nebraska are making new attempts to legalize cannabis, with South Dakota gathering signatures for a 2024 ballot and Nebraska collecting signatures for a November ballot. California is considering a bill to streamline cannabis licensing to support small businesses. Cannabis stocks are believed to be poised for growth, with Benzinga PotProfits highlighting significant gains in certain stocks.

Portfolio Pulse from Jelena Martinovic

January 02, 2024 | 7:58 pm

CALM

TSN

Tyson Foods, Inc. (NYSE:TSN) shares are up after announcing a definitive agreement for Cal-Maine Foods, Inc. (NASDAQ:CALM) to acquire Tyson's recently closed facilities in Dexter, Missouri. The facilities include a broiler processing plant, hatchery, and feed mill, which Cal-Maine plans to repurpose for egg production. Cal-Maine also intends to invest further in the facilities and community. The transaction is expected to close in Cal-Maine's third quarter. Following the news, TSN shares rose 3.68%, while CALM shares fell 2.96%.

Portfolio Pulse from Ryan Gustafson

January 02, 2024 | 7:53 pm

BNTX

MRNA

BioNTech shares are trading higher, potentially due to Moderna's expectation of increased vaccine sales in 2025 and a rise in respiratory virus activity that could boost vaccine demand.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 7:51 pm

MPWR

Stifel analyst Tore Svanberg has reaffirmed a Buy rating on Monolithic Power Systems (NASDAQ:MPWR) and increased the price target from $600 to $700, indicating a positive outlook on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 7:50 pm

BTCUSD

Traders on Polymarket are betting on an 89% chance that the U.S. will approve a Bitcoin ETF by January 15. The optimism, which has grown from 50% a month earlier, has contributed to Bitcoin's price surge above $45,000. The SEC may inform the 14 spot ETF applicants of their approval status soon. Some traders are hedging with 'No' contracts against potential price drops if the ETFs are not approved.

Portfolio Pulse from Murtuza Merchant

January 02, 2024 | 7:41 pm

CMG

Stephens analyst Joshua Long has reiterated an Overweight rating on Chipotle Mexican Grill, Inc. (CMG) and raised the price target from $2,330 to $2,800. The analyst cites steady same-store sales trends, stronger traffic, successful promotions, and stable food costs as positive factors. The EPS estimates for Q4 2023 and FY 2024 have been increased to $9.24 and $55.15, respectively. Despite the positive outlook, CMG shares dropped by 1.87% in the last check.

Portfolio Pulse from Nabaparna Bhattacharya

January 02, 2024 | 7:39 pm

INTC

Stifel analyst Ruben Roy has maintained a Hold rating on Intel Corporation (NASDAQ:INTC) and increased the price target from $38 to $45, indicating a positive outlook on the company's future performance.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 7:36 pm

RSG

Republic Servs Inc. (NYSE:RSG) stock is currently at $164.80, with a recent decrease of 0.07%. Over the past month, RSG's stock increased by 2.07%, and over the past year, by 28.50%. The article discusses the company's P/E ratio in comparison to the industry average, suggesting that RSG's lower P/E might indicate it is undervalued or expected to perform worse than its peers. The importance of using the P/E ratio in conjunction with other financial metrics for investment decisions is emphasized.

Portfolio Pulse from Benzinga Insights

January 02, 2024 | 7:30 pm

SLAB

Stifel analyst Tore Svanberg has reaffirmed a Buy rating on Silicon Laboratories (NASDAQ:SLAB) and increased the price target from $136 to $155, indicating a positive outlook on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 7:25 pm

CLAR

VSTO

Raymond James analyst Joseph Altobello finds Clarus Corp's sale of its Precision Sport Segment, including Sierra and Barnes bullet and ammunition businesses, to an undisclosed non-strategic buyer for $175 million in cash, as odd. The segment is highly profitable, expected to generate $26.6 million of adjusted EBITDA in 2023. No conference call was scheduled to discuss the sale, which represents the majority of Clarus's profitability. The sale price values the segment at 6.8x the 2024 adjusted EBITDA estimate, favorable compared to the ~5x EBITDA for Vista Outdoor Inc's Sporting Products segment sale. However, the remaining businesses of Clarus are valued at a high EV/EBITDA multiple of 16.5x. The sale could make Clarus a more attractive acquisition target. Clarus shares dropped by 0.65% to $6.85.

Portfolio Pulse from Shivani Kumaresan

January 02, 2024 | 7:19 pm