Streetbeat News

Earnings

PRGS

Progress Software reported better-than-expected Q2 financial results and issued Q3 and FY23 guidance above estimates. Oppenheimer raised its price target for the company from $63 to $66.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 2:29 pm

ACCD

ALVO

APPS

ARQT

ATXG

AUPH

BLCO

CBAY

CCL

FRD

GOGN

MVIS

NIO

RXT

SGH

SVRA

TOP

VTRU

XPEV

U.S. stocks traded higher on Friday with the Dow Jones gaining over 200 points. Several companies saw significant gains, including Addentax Group Corp., CymaBay Therapeutics, TOP Financial Group Limited, Friedman Industries, Rackspace Technology, MicroVision, XPeng Inc., Alvotech, Digital Turbine, Savara Inc., Vitru Limited, Arcutis Biotherapeutics, Aurinia Pharmaceuticals Inc., Accolade, Inc., Bausch + Lomb Corporation, Carnival Corporation, SMART Global Holdings, Inc., GoGreen Investments Corporation, and NIO Inc.

Portfolio Pulse from Lisa Levin

June 30, 2023 | 2:27 pm

TSLA

A significant investor has taken a bearish stance on Tesla (NASDAQ:TSLA), with 52% of the observed trades being bearish and 47% bullish. The trades indicate a targeted price range of $165.0 to $325.0 for Tesla over the last 3 months. The current price of TSLA is up 2.03% at $262.72, and RSI indicators suggest the stock may be overbought. Tesla's next earnings are expected in 19 days.

Portfolio Pulse from Benzinga Insights

June 30, 2023 | 2:18 pm

Dominion Energy has updated its Q2 2023 operating earnings guidance due to the impact of mild weather and unplanned outages at the Millstone Power Station. The company has reduced its earnings guidance to $0.44-$0.50 per share, down from the previous estimate of $0.58-$0.68. The company's shares are currently trading higher by 0.15% at $51.90.

Portfolio Pulse from Akanksha Bakshi

June 30, 2023 | 2:17 pm

AAIC

AOMR

EPR

LSI

PLYM

SKT

WELL

The first half of 2023 has been challenging for stocks, particularly REITs, due to Federal Reserve rate hikes and hints of a recession. However, some REITs have performed well due to improved earnings, raised analyst positions, and acquisitions. The best performers include Angel Oak Mortgage REIT Inc. (AOMR), Arlington Asset Investment Corp. (AAIC), Life Storage Inc. (LSI), EPR Properties (EPR), Tanger Factory Outlet Centers Inc. (SKT), Welltower Inc. (WELL), and Plymouth Industrial REIT Inc. (PLYM).

Portfolio Pulse from Ethan Roberts

June 30, 2023 | 2:08 pm

CBAY

CNVS

PALT

RNLX

ROOT

STZ

U.S. stocks traded higher with the Dow Jones gaining over 200 points. Constellation Brands (STZ) reported better-than-expected Q1 results with net sales growth of 6.4% YoY to $2.51 billion, beating the analyst consensus. Renalytix (RNLX), CymaBay Therapeutics (CBAY), and TOP Financial Group (TOP) saw their shares rise significantly. Conversely, Paltalk (PALT), Root (ROOT), and Cineverse Corp (CNVS) experienced a drop in their share prices.

Portfolio Pulse from Lisa Levin

June 30, 2023 | 1:58 pm

CSE:CHV

Canada House Cannabis Group Inc. (CSE:CHV) reported Q3 FY23 financial results, showing a 70% YoY increase in net revenue to CA$9.3 million ($7 million). The company also reported a gross profit of CA$6.2 million, a net profit of CA$756,000, and adjusted EBITDA of CA$3 million. This marks the company's second consecutive quarterly net profit and third successive quarter of operating profit. The company continues to sell 100% of its low-cost flower produced from its IsoCanMed cultivation facility to MTL Cannabis.

Portfolio Pulse from Vuk Zdinjak

June 30, 2023 | 1:54 pm

ACCD

Accolade Inc (NASDAQ:ACCD) reported Q1 FY24 sales of $93.2 million, up 9% Y/Y, beating the consensus of $90.30 million. The company posted an EPS loss of $(0.52), better than the consensus of $(0.62) and much lower than the $(4.92) posted a year ago. For FY24, Accolade expects revenue of $410-$414 million. William Blair (Outperform) notes that the company's strong FY23 bookings and three-year average contract length provide substantial visibility into 2025. ACCD shares are up 11.87% at $14.14 on the last check Friday.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 1:50 pm

SGH

SMART Global Holdings (SGH) reported better-than-expected Q3 financial results and issued guidance, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 1:23 pm

STZ

Constellation Brands, Inc (NYSE:STZ) reported Q1 FY24 net sales growth of 6.4% YoY to $2.51 billion, beating the analyst consensus. The Beer segment sales increased 11% YoY, while Wine and Spirits declined 10% YoY. The company declared a quarterly cash dividend of $0.89 per share. Despite the positive report, STZ shares are trading lower by 2.28% in premarket.

Portfolio Pulse from Shivani Kumaresan

June 30, 2023 | 1:00 pm