Streetbeat News

Earnings

Zscaler Inc (NASDAQ:ZS) reported better-than-expected third-quarter earnings, leading to a rise in its stock price. Multiple analysts have adjusted their price targets, with some maintaining positive ratings and others expressing caution due to macroeconomic challenges and sales attrition. The company showed strong demand, particularly in the Federal sector, and raised its guidance for the fourth quarter.

Portfolio Pulse from Anusuya Lahiri

May 31, 2024 | 5:46 pm

COO

COST

CZR

DELL

DIA

GLD

GPS

MDB

MRVL

NTAP

QQQ

SPY

TLT

ULTA

VEEV

Tech stocks fell as Wall Street's 5-week rally ended, with the Nasdaq 100 dropping 1.5%. The S&P 500 and Russell 2000 also declined, while the Dow Jones rose. Concerns about economic slowdown and deceleration in personal spending and income contributed to the market's performance. Bonds and defensive stocks gained, with the iShares 20+ Year Treasury Bond ETF rising 0.6%. Gold and Bitcoin fell. Notable stock movements included MongoDB dropping 23% and The Gap rising 26% after earnings reports.

Portfolio Pulse from Piero Cingari

May 31, 2024 | 5:44 pm

GPS

MDB

NVOS

VEEV

SentinelOne shares dropped 16% after reporting mixed Q1 results, with a significant earnings miss but a slight revenue beat. Other notable stock movements include gains for Novo Integrated Sciences, Latam Logistic Properties, and Digital Health Acquisition Corp, and losses for Smart for Life, Sify Technologies, and MongoDB.

Portfolio Pulse from Avi Kapoor

May 31, 2024 | 5:17 pm

ENPH

Enphase Energy (NASDAQ:ENPH) has been analyzed by 24 analysts over the past three months, revealing a range of perspectives from bullish to bearish. The average 12-month price target is $126.37, with a high of $150.00 and a low of $45.82. Recent analyst actions include both rating upgrades and downgrades, with a notable decline in the average price target from $135.68. Enphase Energy faces financial challenges, including a significant revenue decline, low net margin, and high debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

May 31, 2024 | 5:00 pm

FMCX

LOW

RTH

Lowe's Companies, Inc. (NYSE:LOW) shares are trading slightly higher after the company announced a 5% increase in its quarterly dividend to $1.15 per share. The dividend is payable on August 7 to shareholders of record as of July 24. This follows better-than-expected first-quarter FY24 earnings and a sales decline of 4.4% year-on-year to $21.364 billion. Lowe's also repurchased 3.0 million shares for $743 million and paid $633 million in dividends in the quarter. The company expects FY24 revenue of $84 billion-$85 billion and EPS of $12.00-$12.30. Investors can gain exposure to Lowe's via Northern Lights Fund Trust IV FMC Excelsior Focus Equity ETF (NYSE:FMCX) and VanEck Retail ETF (NASDAQ:RTH).

Portfolio Pulse from Nabaparna Bhattacharya

May 31, 2024 | 4:52 pm

QQQ

RSP

SPY

Bank of America Chief Investment Strategist Michael Hartnett has turned bullish on bonds for the second half of the year, predicting a stock market sell-off as investors anticipate the first Fed interest rate cut. Hartnett advises buying dips in bond prices and selling stocks at the first rate cut. He highlights the poor performance of the Equal Weight S&P 500 Index relative to the cap-weighted S&P 500 Index, indicating a market dominated by a few tech giants. The Nasdaq 100 index fell 1.4% following a benign April PCE report.

Portfolio Pulse from Piero Cingari

May 31, 2024 | 4:41 pm

ULTA

Ulta Beauty Inc (NASDAQ:ULTA) reported better-than-expected Q1 results, leading to a rise in its stock price. Despite the earnings beat, the company lowered its full-year guidance for same-store sales. Analysts provided mixed ratings, with some maintaining neutral or hold ratings and others reaffirming outperform or overweight ratings. The company's competitive pressures and market dynamics were highlighted as key factors influencing future performance.

Portfolio Pulse from Priya Nigam

May 31, 2024 | 4:35 pm

AMBA

CLDI

DELL

GPS

MDB

NVOS

U.S. stocks traded mostly lower with the Nasdaq Composite falling 1.5%. The Dow and S&P 500 saw slight gains. Key movers included Novo Integrated Sciences, Ambarella, The Gap, MongoDB, Dell Technologies, and Calidi Biotherapeutics. The Federal Reserve's preferred inflation measure held steady, keeping investors anxious about potential rate cuts.

Portfolio Pulse from Avi Kapoor

May 31, 2024 | 4:15 pm

GNLX

Genelux (NASDAQ:GNLX) has been analyzed by four analysts, revealing a mix of bullish and somewhat bullish sentiments. The average 12-month price target is $29.75, down 8.46% from the previous $32.50. Key analysts have adjusted their ratings and price targets, reflecting dynamic market conditions and company performance. Genelux faces financial challenges, including a significant revenue decline and below-average profitability metrics.

Portfolio Pulse from Benzinga Insights

May 31, 2024 | 4:01 pm

APD

Air Products & Chemicals (NYSE:APD) has been analyzed by 8 analysts in the last three months, showing a range of perspectives from bullish to bearish. The average 12-month price target is $280.62, with a high of $320.00 and a low of $260.00. Recent analyst actions include both raises and lowers in ratings and price targets. Despite a revenue decline of -8.43% over the last three months, the company maintains strong net margins and return on equity.

Portfolio Pulse from Benzinga Insights

May 31, 2024 | 4:00 pm