Streetbeat News

Earnings

MGA

Magna International has updated its FY23 revenue expectation to $42.1B-$43.1B, a slight decrease from the previous range of $41.9B-$43.5B. The consensus estimate was $42.47B. The company also provided updates on segment sales, adjusted EBIT margin, equity income, interest expense, income tax rate, adjusted net income, and capital spending.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 9:15 am

MGA

Magna International's Q3 adjusted earnings per share of $1.46 beat the analyst consensus estimate of $1.34 by 8.96%. This is a 36.45% increase from the same period last year. The company's quarterly sales of $10.69 billion also beat the analyst consensus estimate of $10.33 billion by 3.48%, marking a 15.34% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 9:01 am

NKLA

Nikola Corp (NASDAQ:NKLA) has outlined its strategy following a recall of all its battery electric trucks due to fire incidents caused by coolant leaks within the battery packs. The company plans to replace the battery packs in the existing BEVs with new packs from an alternative supplier. The upgraded vehicles, dubbed “2.0,” will feature improved battery packs, scheduled departure charging, enhanced human-machine interface (HMI), and Bluetooth functionality. They are set to be returned to customers starting in Q1 2024. Nikola anticipates increased costs over the next nine to 12 months related to the recall, leading to an additional capital requirement of approximately $400 million.

Portfolio Pulse from Anan Ashraf

November 03, 2023 | 8:51 am

CHD

Church & Dwight Co Inc (NYSE:CHD) is expected to release its Q3 financial results on Nov. 3, 2023. Analysts predict earnings of 69 cents per share and revenue of $1.43 billion. The company recently initiated a voluntary recall of a product due to microbial contamination. The stock closed at $91.96, up 1.9%. Several analysts have updated their ratings and price targets for the company.

Portfolio Pulse from Lisa Levin

November 03, 2023 | 8:41 am

ARBK

Argo Blockchain reported that it mined 143 Bitcoin or Bitcoin equivalents in October, marking a 2% increase in daily BTC production from the previous month. The company's October mining revenue amounted to $4.26 million, a 19% increase compared to the prior month.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 7:42 am

GORO

Gold Resource Corporation (GORO) has postponed the release of its 3Q23 financial results to allow for the completion of audit procedures.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 7:40 am

CAH

FLR

MGA

OMI

SBUX

SPGI

The CNN Money Fear and Greed index remained in the 'Fear' zone on Thursday, despite U.S. stocks closing sharply higher. The Dow Jones jumped more than 550 points, marking its best day since June. Starbucks Corp and S&P Global Inc. reported better-than-expected financial results, while U.S. initial jobless claims increased by 5,000 to 217,000. The Federal Reserve maintained interest rates for a second consecutive time. Investors are awaiting earnings results from Owens & Minor, Inc., Cardinal Health, Inc., Fluor Corporation, and Magna International Inc.

Portfolio Pulse from Lisa Levin

November 03, 2023 | 6:57 am

AAPL

Tech investor Gene Munster criticized Wall Street's reaction to Apple's Q4 results, calling it an overreaction. He pointed out that Apple's business would have seen a 7% growth if the quarter had 14 weeks, an improvement from the 1% decline in the previous quarter. Despite surpassing predictions with its Q4 results, Apple's stock was down 0.91% in after-hours trading due to iPhone revenue falling slightly below estimates.

Portfolio Pulse from Benzinga Neuro

November 03, 2023 | 6:35 am

AAPL

CAH

FLR

OMI

SWKS

Apple, Fluor Corporation, Cardinal Health, Skyworks Solutions, and Owens & Minor are the stocks to watch heading into Friday. Apple reported stronger-than-expected earnings and sales results for its fourth quarter, but iPhone revenue was slightly below expectations. Fluor Corporation, Cardinal Health, and Owens & Minor are expected to report their quarterly earnings. Skyworks Solutions reported upbeat earnings for its fourth quarter, but issued a weak revenue forecast for its fiscal first quarter.

Portfolio Pulse from Lisa Levin

November 03, 2023 | 6:35 am

AAPL

Apple Inc. (NASDAQ:AAPL) reported a record high in revenue from India, despite a minor slump in overall revenue. The company's Q4 results amounted to $89.5 billion, a 1% decrease from the previous year. However, iPhone sales in India surpassed predictions, setting a new standard for the September quarter. Apple's CEO, Tim Cook, and CFO, Luca Maestri, both highlighted the potential of the Indian market, with a 34% YoY surge in iPhone shipments in the country.

Portfolio Pulse from Shomik Sen Bhattacharjee

November 03, 2023 | 6:26 am