Streetbeat News

Earnings

BABA

PDD

PDD Holdings Inc (NASDAQ:PDD) shares rose after analysts raised their price targets following strong Q1 results. PDD reported a 131% YoY revenue growth to $12.02 billion, beating the consensus of $10.65 billion. Adjusted earnings per ADS were $2.83, surpassing the $1.42 consensus. Benchmark analyst Fawne Jiang raised the price target to $230, citing robust growth and reduced losses for Temu. Goldman Sachs analyst Ronald Keung reiterated a Neutral rating with a $145 price target, noting strong performance but muted share price reaction due to high expectations and concerns about sustainability.

Portfolio Pulse from Anusuya Lahiri

May 23, 2024 | 6:43 pm

BCYC

BNZI

CYTK

ELF

ONMD

TGI

U.S. stocks traded lower with the Dow Jones falling over 550 points. BJ's Wholesale Club reported better-than-expected Q1 earnings. Shares of OneMedNet, Bicycle Therapeutics, and e.l.f. Beauty surged, while Banzai International, Cytokinetics, and Triumph Group saw significant declines.

Portfolio Pulse from Avi Kapoor

May 23, 2024 | 6:40 pm

SNOW

Snowflake Inc (NYSE:SNOW) reported strong Q1 results with product revenue growing 34% year-on-year, beating consensus estimates. Despite this, the company cut its full-year margin outlook, leading to a 3.29% decline in its stock price. Analysts provided mixed reactions, with several raising their price targets while others noted concerns about margin pressures due to increased GPU expenses.

Portfolio Pulse from Priya Nigam

May 23, 2024 | 6:35 pm

VTRS

Viatris shares are trading lower due to continued weakness following the company's worse-than-expected Q1 sales results reported on Wednesday.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 6:34 pm

DIA

IWM

QQQ

SPY

Indexes are lower after initially gaining following NVIDIA's earnings. Hawkish Fed minutes and upbeat economic data may also be driving rate cut uncertainty.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 6:27 pm

AMZN

META

MSFT

NVDA

Nvidia reported impressive fiscal first quarter results, surpassing estimates with a 262% YoY revenue growth to $26.04 billion. Key contributors include Google, Microsoft, Meta, Amazon, and OpenAI, driving demand for AI chips. Nvidia's shares rose 7% in extended trading. The company expects continued growth with its next-generation AI chip, Blackwell.

Portfolio Pulse from Upwallstreet

May 23, 2024 | 6:13 pm

Boeing's stock fell over 6% after CFO Brian West announced negative cash flow for 2024 and delivery delays due to regulatory scrutiny. Production challenges and a slowdown in 737 MAX jetliner output have further complicated the situation.

Portfolio Pulse from Vaishali Prayag

May 23, 2024 | 6:11 pm

FTXR

NSC

SUPP

RBC Capital Markets analyst Walter Spracklin upgraded Norfolk Southern Corporation (NYSE:NSC) to Outperform, maintaining a price target of $270. The upgrade is based on expected operational improvements and significant EPS growth through 2027. Investors can also gain exposure via TCW Transform Supply Chain ETF (BATS:SUPP) and First Trust Nasdaq Transportation ETF (NASDAQ:FTXR).

Portfolio Pulse from Lekha Gupta

May 23, 2024 | 6:01 pm

FDIS

TSLA

XLY

Tesla Inc. (NASDAQ:TSLA) has removed its target to sell 20 million vehicles annually from its latest impact report, indicating a shift in focus towards autonomy. The 2023 report highlights environmental impact, water use, and workforce initiatives but omits diversity metrics. Tesla sold 1.8 million vehicles in 2023 and plans to introduce cheaper models by late 2024. The company is also laying off over 10% of its global workforce to cut costs. Tesla stock has lost more than 7% in the last 12 months, and shares are currently trading lower by 2.91% at $174.87.

Portfolio Pulse from Shivani Kumaresan

May 23, 2024 | 5:57 pm

APIE

NGG

PID

National Grid plc (NYSE:NGG) shares are down 14.11% after the company reported a £7 billion equity raise and a year-over-year decrease in full-year revenue. Despite a 32% increase in adjusted EPS and a 4% rise in underlying operating profit, gross revenue declined by 8%. The company plans to invest £60 billion in the U.S. and U.K. over the next five years, with a comprehensive financing plan including a £7 billion equity raise. National Grid also announced its intention to sell Grain LNG and National Grid Renewables.

Portfolio Pulse from Lekha Gupta

May 23, 2024 | 5:39 pm