Streetbeat News

Dividends

ASH

GNPX

MINM

NVVE

NYCB

POWL

U.S. stocks closed lower with the Dow down 0.21%, NASDAQ falling 1.53%, and S&P 500 dropping 1.02%. The Federal Reserve kept interest rates unchanged, which was expected. Ashland Inc. (ASH) surged 17% after mixed Q1 results and guidance. Minim, Inc. (MINM) jumped 65% due to a significant stake disclosure. Powell Industries (POWL) gained 48% on strong Q1 results and dividend raise. Nuvve Holding (NVVE) plunged 59% after pricing a public offering. New York Community Bancorp (NYCB) fell 36% on poor Q4 results and dividend cut. Genprex (GNPX) dropped 29% after announcing a reverse stock split.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 7:26 pm

KRE

NYCB

New York Community Bancorp Inc (NYSE:NYCB) shares plummeted after reporting Q4 revenue of $740 million, missing estimates of $811.07 million, and an adjusted loss of 27 cents per share versus expected earnings of 28 cents per share. The company also cut its quarterly dividend to 5 cents per share and recorded a $552 million provision for loan losses. CEO Thomas Cangemi stated the measures were to align with the demands of being a large bank, following the acquisition of assets from the collapsed Signature Bank. The SPDR S&P Regional Banking ETF (NYSE:KRE) also fell by 3.52%.

Portfolio Pulse from Adam Eckert

January 31, 2024 | 6:52 pm

ODFL

Old Dominion Freight Line Inc (NASDAQ:ODFL) reported Q4 FY23 results with a marginal revenue increase of 0.3% Y/Y to $1.496 billion, slightly missing consensus estimates. The company saw a 3.0% rise in LTL revenue per hundredweight but a 2.0% decrease in LTL tons per day. Operating income fell 2.1% Y/Y, and EPS of $2.94 beat estimates. The board raised the quarterly dividend by 30% to $0.52 per share. Despite a weak economy, ODFL's investments in employees, service centers, equipment, and technology position it well for future demand increases. Shares rose 1.03% to $399.94.

Portfolio Pulse from Lekha Gupta

January 31, 2024 | 6:20 pm

AMD

CNXA

MINM

NVVE

NYCB

POWL

Advanced Micro Devices, Inc. (AMD) shares fell 3.8% to $165.49 post Q4 earnings report, with non-GAAP EPS of $0.77 on $6.17 billion revenue. Other stocks showed significant movement: Connexa Sports Technologies Inc. (CNXA) regained Nasdaq compliance, surging 204%; Minim, Inc. (MINM) rose 76.4% after a stake disclosure; Powell Industries, Inc. (POWL) gained 49% on strong Q1 results and dividend raise. Notable losers included Nuvve Holding Corp. (NVVE) dropping 65.8% after a public offering announcement, and New York Community Bancorp, Inc. (NYCB) falling 34.5% on disappointing Q4 results and dividend cut.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 6:18 pm

PSX

Phillips 66 (NYSE:PSX) shares rose after reporting Q4 results surpassing expectations with revenue of $38.74 billion and adjusted EPS of $3.09, beating consensus estimates. The company saw varied performance across segments, with Midstream and Chemicals showing slight gains, while Refining and Marketing and Specialties segments reported lower income compared to Q3. Phillips 66 reported $2.2 billion in operating cash flow, significant capital expenditures, share repurchases, and dividends. The company is on track with its cost and capital reduction targets and plans to divest non-core assets to generate over $3 billion. PSX shares increased by 1.04% to $143.89.

Portfolio Pulse from Lekha Gupta

January 31, 2024 | 4:51 pm

ADP

PLUG

POWL

SYK

Boeing reported a Q4 revenue increase of 10% to $22.02 billion, surpassing estimates and an adjusted loss per share of 47 cents, beating expectations. Shares rose 4.7%. Other stocks also moved higher: Powell Industries surged 49% post strong results and dividend raise; Plug Power jumped 17.8% after an upgrade; DocGo rose 15.8% on a buyback program; Ashland gained 14.5% on mixed results and guidance; and Stryker increased 5.8% after beating Q4 expectations. Various companies like Automatic Data Processing, LendingClub, and Teva Pharmaceutical also saw gains following positive earnings reports or guidance.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 4:02 pm

TEVA

Teva Pharmaceutical Industries Ltd (NYSE:TEVA) reported Q4 2023 sales of $4.46 billion, surpassing the consensus of $3.99 billion, driven by an upfront payment for a collaboration, product sales, and higher generic product revenues internationally. Adjusted EPS was $1.00, beating the $0.76 consensus. The company plans to divest its API business by the first half of 2025 and forecasts FY 2024 revenues of $15.7-$16.3 billion with adjusted EPS of $2.20-$2.50. TEVA shares rose 2.43% to $12.02.

Portfolio Pulse from Vandana Singh

January 31, 2024 | 3:14 pm

SXT

Sensient Technologies (NYSE:SXT) has announced a quarterly dividend of 41 cents per share, with the ex-dividend date set for Monday. Shareholders owning SXT stock by the end of Friday's session will be eligible for the dividend, which will be paid out on March 01, 2024. The stock is expected to open 41 cents lower on Monday due to the dividend payout adjustment.

Portfolio Pulse from Benzinga Insights

January 31, 2024 | 2:46 pm

DHI

D.R. Horton (NYSE:DHI) announced a quarterly dividend of 30 cents per share, with the ex-dividend date set for Monday. Shareholders owning the stock by the end of Friday are eligible for the dividend, which will be paid on February 13, 2024. The stock is expected to open 30 cents lower on the ex-dividend date to reflect the payout.

Portfolio Pulse from Benzinga Insights

January 31, 2024 | 2:45 pm

ETD

Ethan Allen Interiors (NYSE:ETD) will go ex-dividend on Monday, with the last chance for investors to receive the next dividend payout being Friday. The company will pay a quarterly dividend of 36 cents per share, and the stock is expected to open 36 cents lower on Monday to reflect the payout. Shareholders owning the stock by the end of Friday's session will be eligible for the dividend, which will be paid on February 22, 2024.

Portfolio Pulse from Benzinga Insights

January 31, 2024 | 2:45 pm