Streetbeat News

Earnings

MIRO

The article lists the stocks that have gained and lost the most in Monday's mid-day session. Notable gainers include Miromatrix Medical, Eargo, VYNE Therapeutics, and JinkoSolar Holding, among others, due to various reasons such as acquisitions, private placements, FDA approvals, and strong quarterly results. On the other hand, significant losers include CommScope Holding, LumiraDx, Alzamend Neuro, and ON Semiconductor due to factors like disappointing financial results, Nasdaq delisting, and reverse stock splits.

Portfolio Pulse from Lisa Levin

October 30, 2023 | 5:55 pm

AMD

AMZN

META

MSFT

Analysts from Rosenblatt, Raymond James, KeyBanc, and BMO Capital have reiterated their positive ratings on Advanced Micro Devices, Inc (AMD), ahead of its Q3 earnings. They expect AMD to deliver in-line results, with robust data center and PC CPU dynamics offsetting weaker enterprise, embedded, and PC gaming trends. The analysts also anticipate a bullish posture in strategic product areas, including the new MI300A/X APU/GPU compute accelerators. AMD is installing MI300A into the El Capitan supercomputer and the MI300X is expected to ramp up in 2024. AMD is also reportedly working with Microsoft Corp (MSFT), Meta Platforms Inc (META), and Amazon.Com Inc (AMZN).

Portfolio Pulse from Anusuya Lahiri

October 30, 2023 | 5:54 pm

BYDDF

NIO

TSLA

XPEV

BYD Company Limited reported Q3 2023 earnings that beat analyst expectations, with sales of 162 billion RMB ($22.1 billion), a 38.49% improvement YoY, and net profit of 9.7 billion RMB, up 81% YoY. Despite the strong performance, HSBC cut its price target for BYD by 4% due to increased A-share and H-share spread, but maintained its Buy rating. HSBC also predicts Q4 earnings will rise and forecasts an additional increase in earnings growth of 7-16% for the 2023-2025 period.

Portfolio Pulse from Daniel Harrison

October 30, 2023 | 5:52 pm

ADI

Shares of Analog Devices, Inc. (ADI) are trading lower by 2.9% in sympathy with ON Semiconductor, which reported a year-on-year revenue decline of 0.5% for Q3 FY23 and a decrease in adjusted gross and operating margins. Investors' concerns about the overall health of the semiconductor industry and potential industry-wide challenges could impact ADI's revenue and stock price.

Portfolio Pulse from Henry Khederian

October 30, 2023 | 5:51 pm

SOFI

SoFi Technologies Inc reported better-than-expected Q3 financial results, beating estimates on both the top and bottom line. The company also raised its full-year outlook. CEO Anthony Noto clarified a 'misperception' that student loans were a major driver of the company's quarterly performance, stating that 67% of the company's revenue growth in the quarter was non-lending driven. SoFi's student loan business is not expected to return to pre-pandemic levels until around 2025, but the company's tech platform is seeing robust demand.

Portfolio Pulse from Adam Eckert

October 30, 2023 | 5:48 pm

DYN

Dyne Therapeutics reported its Q3 financial results, leading to an increase in its share prices.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 5:36 pm

DIS

DKNG

PDYPY

PENN

DraftKings Inc (NASDAQ:DKNG) is set to report its Q3 financial results. Analysts expect a revenue of $685.21 million and a loss of 70 cents per share. The company had beaten revenue and earnings estimates for seven and six straight quarters respectively. Morgan Stanley and Bank of America analysts expect a Q3 beat and strong 2024 guidance. Needham analyst Bernie McTernan shared NFL weekly data and app store rankings, indicating a mixed performance. The upcoming launch of ESPN Bet, backed by PENN Entertainment Inc (NASDAQ:PENN) and Walt Disney Co(NYSE:DIS), could pose competition.

Portfolio Pulse from Chris Katje

October 30, 2023 | 5:25 pm

AMZN

GOOG

MSFT

Alphabet's Q3 revenue returned to double-digit growth, but its stock dropped as cloud revenue fell short. Alphabet has committed to a $2 billion investment in AI startup, Antropic, following Amazon's $4 billion investment. Alphabet's cloud business grew 22% YoY and turned from last year’s operating loss to an operating profit of $266 million. However, it still lags behind Microsoft's Azure and Amazon's AWS.

Portfolio Pulse from Upwallstreet

October 30, 2023 | 5:25 pm

INTC

ON Semiconductor Corp's Q3 FY23 revenue declined by 0.5% YoY to $2.18 billion, beating the consensus of $2.15 billion. However, the company's adjusted gross margin and operating margin declined. The company expects Q4 adjusted revenue of $1.95 billion - $2.05 billion, below the consensus of $2.18 billion. Following the announcement, ON Semiconductor shares fell by 19.80%.

Portfolio Pulse from Anusuya Lahiri

October 30, 2023 | 5:18 pm

LVO

LiveOne (NASDAQ:LVO) pre-announced its Slacker subsidiary's results, expecting to deliver a record 6-months revenue of $31.5M and adjusted EBITDA of $9.1M. The company also raised its FY24 guidance for Slacker's revenue to $63M-$66M, with $17M-$19M of adjusted EBITDA. Slacker's pipeline expands to 25 Blue Chip Partnerships potentially adding new revenue streams across 5 different verticals. LiveOne will host a special investor Slacker webcast on November 1, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 5:17 pm