Streetbeat News

Earnings

AMZN

PTON

Amazon's annual Prime Day event saw record gross merchandise volume (GMV) and unit sales, with over 375 million items sold worldwide, a 25% increase YoY. Prime Day GMV increased to $12.7 billion, up $600 million from 2022. The extension of Prime Day to third-party merchants using Buy with Prime may boost 3Q margins. The event also saw a 20% increase in 'Buy Now, Pay Later' (BNPL) orders. Peloton Interactive offered discounts on its bikes, ranking #2 and #17 among Amazon's best-selling exercise bikes. Despite the success, JMP Securities analyst Nicholas Jones does not expect significant movement in Amazon's shares in response to Prime Day.

Portfolio Pulse from Anusuya Lahiri

July 18, 2023 | 5:54 pm

BAC

MS

NVS

SCHW

SYF

Several companies are scheduled to report their quarterly earnings on July 18, 2023. These include Novartis, Charles Schwab, Bank of America, Synchrony Financial, Morgan Stanley, PNC Financial Services Group, Lockheed Martin, Bank of New York Mellon, Mercantile Bank, Prologis, Cambridge, JB Hunt Transport Services, Pinnacle Financial Partners, Western Alliance, Hancock Whitney, Fulton Financial, AAR, Omnicom Group, Equity Bancshares, Interactive Brokers Group, and United Community Banks.

Portfolio Pulse from Benzinga Insights

July 18, 2023 | 5:47 pm

BAC

BOH

Bank of Hawaii Corp (BOH) shares are trading higher by 7.75% amid earnings results from several banks. The company is expected to report EPS of $1.11 on revenue of $170.17 million in its upcoming second-quarter earnings report. Bank of America, a peer bank, announced a notable year-over-year net income growth of 19% for the second quarter of FY23.

Portfolio Pulse from Henry Khederian

July 18, 2023 | 5:40 pm

BAC

GS

Goldman Sachs Group Inc (GS) shares are trading higher by 2.5% amid earnings results from several banks. The company is expected to report EPS of $3.18 on revenue of $10.84 billion in its second-quarter earnings report. Bank of America announced a notable year-over-year net income growth of 19% for the second quarter of FY23, reaching $7.4 billion.

Portfolio Pulse from Henry Khederian

July 18, 2023 | 5:27 pm

BLK

Citi analyst Christopher Allen has maintained a positive long-term outlook for BlackRock, Inc. (NYSE:BLK) despite mixed Q2 results. The company reported a 1% Y/Y decline in Q2 revenue to $4.46 billion, slightly below consensus. However, adjusted EPS rose 26% Y/Y to $9.28, beating consensus. Lower G&A expenses were a significant positive for the quarter. Morgan Stanley analyst Mike Cyprys maintained BlackRock with an Overweight and raised the price target from $881 to $888.

Portfolio Pulse from Anusuya Lahiri

July 18, 2023 | 4:58 pm

UBER

Roth MKM analyst Rohit Kulkarni has raised the price target for Uber Technologies Inc (NYSE:UBER) from $46 to $59 with a Buy rating. Kulkarni expects Uber to reach EBITDA generation of $1 billion per quarter by Q4 2023, which will accelerate FCF conversion and EPS generation. The analyst also expects Uber to generate ad revenues of over $1.25 billion and subscription revenues of over $1.75 billion in 2024. However, the recent CFO departure is viewed as a minor near-term negative.

Portfolio Pulse from Lekha Gupta

July 18, 2023 | 4:56 pm

BOH

CBU

GS

LPLA

Bank stocks are trading higher following strong earnings reports from multiple companies in the sector.

Portfolio Pulse from Benzinga Newsdesk

July 18, 2023 | 4:40 pm

CVNA

Carvana Co. (NYSE:CVNA) shares have risen over 10% on Tuesday, continuing the stock's recent upward trend. The stock has gained more than 55% over the past month and more than 360% in the past three months. Despite this, short sellers have shown significant interest in Carvana's stock, with 59.7% of available CVNA shares currently being sold short. Carvana will report its Q2 financial results after the close of markets on August 3.

Portfolio Pulse from Erica Kollmann

July 18, 2023 | 4:28 pm

NFLX

Netflix Inc (NASDAQ:NFLX) is set to report its Q2 financial results. Analysts expect the company to report $8.28 billion in revenue and earnings per share of $2.84. The company has beaten analyst estimates for earnings per share in six of the last seven quarters. Netflix ended Q1 with 232.5 million global paid subscribers, up 4.9% YoY. Analysts will be looking at subscriber figures, comments on the ad-supported plan, password-sharing monetization, and the impact of the writers and actors strike. Guggenheim analyst Michael Morris has a Buy rating and a $500 price target on Netflix stock. Wells Fargo analyst Steven Cahall also has a price target of $500 on shares. Wedbush analyst Michael Pachter has a $475 price target on Netflix.

Portfolio Pulse from Chris Katje

July 18, 2023 | 4:25 pm

LMT

Lockheed Martin's shares have dropped following the release of their Q2 financial results.

Portfolio Pulse from Benzinga Newsdesk

July 18, 2023 | 4:23 pm