Streetbeat News

Earnings

COLB

Columbia Banking System Inc (NASDAQ:COLB) reported lower than expected Q2 earnings, with revenues of $523.65 million, missing the consensus of $584.7 million. The company also reduced its guidance for an adjusted net interest margin. As a result, several analysts, including Raymond James, Wells Fargo, and Stephens & Co., lowered their price targets on the company. COLB shares are trading lower by 9.98%.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 5:09 pm

SPKX

UVXY

Convexity Daily 1x SPIKES Futures ETF (SPKX) was trading over 2% higher on Thursday, bouncing up from near the $9 level. The ETF tracks the SPIKES Futures Short-Term Index and measures volatility in broad-based equities. The Federal Reserve’s next meeting is on July 25 and 26, when the central bank is expected to announce another 0.25% rate hike. Tesla and Netflix's bearish reactions to their Q2 earnings have drawn the S&P 500 lower and caused the VIX to rise about 1.9%. This could increase stock market volatility and send SPKX higher.

Portfolio Pulse from Melanie Schaffer

July 20, 2023 | 5:02 pm

ZION

Zions Bancorp NA (NASDAQ:ZION) reported Q2 2023 revenues of $780 million, beating the consensus of $758.5 million. Following the earnings results, many analysts raised the price target of Zions Bancorp. The company's shares are trading higher by 10.1% at $37.96.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 4:50 pm

SGMA

SigmaTron International reported a year-over-year increase in Q4 sales results, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 4:41 pm

AWH

JNJ

KTTA

NCPL

SGMA

TTOO

VIR

The Dow Jones Industrial Average rose by 0.87% while the NASDAQ and S&P 500 fell by 1.11% and 0.19% respectively. Johnson & Johnson (JNJ) reported better-than-expected Q2 earnings and sales, and raised its FY23 guidance. T2 Biosystems (TTOO), Pasithea Therapeutics (KTTA), and SigmaTron International (SGMA) saw their shares rise, while Vir Biotechnology (VIR), Netcapital (NCPL), and Aspira Women's Health (AWH) saw their shares fall.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 4:12 pm

BMI

Badger Meter reported better-than-expected Q2 financial results and issued guidance for the second half of the year, leading to a rise in its share price.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 4:11 pm

MKTX

MarketAxess Holdings reported better-than-expected Q2 financial results, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 4:10 pm

SIFY

Sify Technologies reported worse-than-expected Q1 financial results, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 4:09 pm

RKDA

Arcadia Biosciences Inc (RKDA) is exploring strategic options to maximize long-term shareholder value, including potential acquisitions, mergers, asset sales, joint ventures, licensing arrangements, capital raises, or other strategic transactions. This is part of their Project Greenfield, a 3-year plan to maximize the company's potential. The company expects Q2 revenue of $1.3 million - $1.5 million and plans to streamline operations and exit body care brands ProVault and SoulSpring, saving $3 million to $4 million in annual operating expenses starting in August 2023.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 4:08 pm

SAP

SAP (NYSE:SAP) reported Q2 earnings of $1.06 per share, missing the analyst consensus estimate of $1.31 by 19.08%. The company also reported quarterly sales of $8.23 billion, missing the analyst consensus estimate of $8.51 billion by 3.30%. However, both earnings and sales show an increase compared to the same period last year.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 4:07 pm