Streetbeat News

Earnings

General Motors (GM) announced an indefinite delay for its Cruise Origin project and recognized $631 million in non-cash charges before noncontrolling interest for the three months ended June 30.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 7:38 pm

WFC

Wells Fargo & Co (NYSE:WFC) shares are trading higher by 0.8% to $59.63 despite mixed analyst reactions to its second-quarter financial results. Goldman Sachs lowered its price target from $71 to $64, while RBC's Gerard Cassidy reiterated a Sector Perform rating with a $61 price target. Concerns include a $350 million headwind to net interest income in 2024.

Portfolio Pulse from Henry Khederian

July 23, 2024 | 7:33 pm

ENPH

Enphase Energy Inc (NASDAQ:ENPH) shares are trading higher as investors anticipate the company's second-quarter earnings report. Key factors include U.S. and European revenue performance, gross margin maintenance, and updated guidance for the year. Enphase has shown strong revenue growth but faces valuation concerns.

Portfolio Pulse from Henry Khederian

July 23, 2024 | 7:24 pm

CCSO

NUE

SLX

Nucor Corporation (NYSE:NUE) reported better-than-expected Q2 earnings, but analysts warn of weaker Q3 due to lower steel prices. Nucor's Q2 earnings per share were $2.68, beating the estimate of $2.35, and sales were $8.08 billion, surpassing the $7.69 billion estimate. However, lower average selling prices are expected to impact Q3 earnings. KeyBanc analyst Philip Gibbs notes weaker earnings guidance for Steel Products and Raw Materials. Investors can gain exposure via VanEck Steel ETF (NYSE:SLX) and Carbon Collective Climate Solutions U.S. Equity ETF (NASDAQ:CCSO).

Portfolio Pulse from Lekha Gupta

July 23, 2024 | 6:58 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is set to announce its Q2 earnings after market close this Tuesday. The stock has shown a solid recovery, increasing 27% in July after a 10% rise in June. Analysts estimate an EPS of $0.60 for Q2, reflecting cautious optimism. Key points include the progress of the 'CyberCab' robotaxi initiative and concerns about automotive gross margins due to recent price cuts and workforce reductions.

Portfolio Pulse from Zaheer Anwari

July 23, 2024 | 6:51 pm

CLF

SLX

XME

Cleveland-Cliffs Inc. (NYSE:CLF) shares are trading higher after reporting Q2 financial results. Despite missing revenue estimates, the company beat earnings expectations and lowered its full-year 2024 capital expenditures. Additionally, Cleveland-Cliffs announced an acquisition of Stelco Holdings Inc. (OTC:STZHF), expected to boost EPS for 2024 and 2025. Investors can gain exposure via SPDR S&P Metals & Mining ETF (NYSE:XME) and VanEck Steel ETF (NYSE:SLX).

Portfolio Pulse from Lekha Gupta

July 23, 2024 | 6:47 pm

IBM

IBM is set to report its Q2 earnings with Wall Street expecting $2.19 EPS and $15.6 billion in revenues. The stock has shown a bullish trend, supported by various technical indicators, and analysts see an 8% upside with a price target of $200.

Portfolio Pulse from Surbhi Jain

July 23, 2024 | 6:39 pm

CMG

Chipotle Mexican Grill (NYSE:CMG) is in focus ahead of its earnings report for the 2024 fiscal-year second quarter, expected to be released on Wednesday after market close. Analysts predict an EPS of 32 cents and revenue of $2.93 billion. The stock is currently trading at $52.85, below its 50-day moving average of $61.97 and within its 52-week range of $35.37 to $69.26.

Portfolio Pulse from Dylan Berman

July 23, 2024 | 6:34 pm

ADIL

AZTR

CLRB

FEIM

JAGX

RNAZ

U.S. stocks traded slightly higher with the Dow Jones gaining over 50 points. Coca-Cola reported strong Q2 results and raised its FY24 forecast. Azitra, Adial Pharmaceuticals, and Frequency Electronics saw significant stock price increases, while Jaguar Health, TransCode Therapeutics, and Cellectar Biosciences experienced sharp declines.

Portfolio Pulse from Avi Kapoor

July 23, 2024 | 6:32 pm

UPS

Goldman Sachs analyst Jordan Alliger reiterated a Buy rating on United Parcel Service Inc (NYSE:UPS) with a price target of $176. UPS reported Q2 2024 EPS of $1.79, below estimates. Domestic margin was impacted by revenue per piece mix. Despite positive YOY domestic volumes, full-year guidance was lowered due to sluggish freight demand. The analyst expects profit inflection in 2H to support shares.

Portfolio Pulse from Shivani Kumaresan

July 23, 2024 | 6:29 pm