Streetbeat News

Earnings

BNO

DIA

QQQ

SPY

USO

Stocks declined after the release of upbeat wage data, suggesting potential inflationary pressures that could influence the Federal Reserve's policy decisions. The dollar strengthened, while oil prices fell due to optimism about peace in the Middle East, impacting commodities and currency markets.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 7:55 pm

MARA

Financial analysis of Marathon Digital Holdings (NASDAQ:MARA) reveals a bullish sentiment among traders, with 51% bullish and 46% bearish. Unusual trading activity includes 41 trades, with 15 puts and 26 calls, indicating a target price range of $5.0 to $30.0. Significant trades include both bullish and bearish sentiments with varying strike prices and expiration dates. The company, focusing on mining digital assets, is currently down by -10.4%, trading at $16.16, with an anticipated earnings release in 9 days. A JP Morgan analyst maintains an Underweight rating with a target price of $16.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 7:32 pm

LLY

MCD

Eli Lilly's (LLY) recent earnings report showed a beat on EPS estimates and an increase in 2024 revenue guidance, attributed to the success of its weight-loss drug Mounjaro, contrasting with McDonald's (MCD) and Coca-Cola (KO) reporting underwhelming quarters. The rise in weight-loss drug prescriptions, such as Ozempic, Wegovy, and Mounjaro, to over 8 million last year suggests a shift in American consumption habits, potentially impacting fast food and soda sales.

Portfolio Pulse from Aaron Bry

April 30, 2024 | 7:22 pm

SOFI

SoFi Technologies, Inc. (NASDAQ:SOFI) reported Q1 earnings surpassing analyst expectations with earnings of 2 cents per share and adjusted revenue of $580.648 million, a 26% increase year-on-year. The company added 622,000 new members, reaching over 8.1 million in total. Despite positive results, SOFI shares dropped, influenced by a Wedbush analyst reiterating an Underperform rating with a $3 price target, and Needham maintaining a Buy rating with a $10 target. SOFI's stock is trading below its 50-day moving average, with a significant short interest. Analysts have a mixed outlook, with an average 12-month price target of $7.89, suggesting potential upside.

Portfolio Pulse from Erica Kollmann

April 30, 2024 | 7:14 pm

LLY

Eli Lilly (LLY) reported a mixed Q1 with revenue of $8.77 billion, slightly missing expectations but with an adjusted EPS of $2.58, beating consensus. Mounjaro sales underperformed, while Zepbound exceeded expectations. The company is focusing on increasing supply for incretin products and expects significant growth in 2024. Lilly recently acquired a manufacturing facility to boost production. Discussions also touched on expanding payor access for Zepbound and the potential for tirzepatide to secure Part D reimbursement for obesity comorbidities.

Portfolio Pulse from Vandana Singh

April 30, 2024 | 7:11 pm

SOFI

SoFi Technologies, Inc. (NASDAQ:SOFI) reported Q1 2024 results with a 26% year-on-year revenue increase to $580.648 million, surpassing expectations. EPS was $0.02, beating the consensus of $0.01. Despite this, concerns over weakening credit quality and its impact on fair value marks, along with potential challenges in achieving 20% tech revenue growth guidance for FY24, have led to a decrease in SOFI shares by 4% to $6.76. Wedbush analyst David J. Chiaverini reiterated an Underperform rating with a $4 forecast, while Mizuho analyst Dan Dolev maintained a Buy rating with a $12 forecast.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 7:03 pm

PAG

Penske Automotive Group, Inc. (NYSE:PAG) reported Q1 earnings per share of $3.21, missing estimates of $3.31, with sales of $7.448 billion also missing the consensus of $7.465 billion. Revenue increased by 1.5% year over year, despite being negatively impacted by higher interest costs and lower equity earnings from Penske Transportation Solutions. The company saw a recovery in its used vehicle operations, with profitability per unit improving. Total new and used units delivered increased by 4%, with same-store new and used units up by 1%. The company's focus on cost control improved SG&A expenses as a percentage of gross profit by 30 basis points to 70.7%. Same-store service and parts revenue and gross profit increased by 5%. PAG shares dropped 1.46% to $153.17.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 6:50 pm

COUR

NBCC

VTI

Coursera Inc (NYSE:COUR) reported Q1 FY24 sales of $169.1 million, missing estimates, with earnings of 7 cents per share beating expectations. Goldman Sachs downgraded its price target to $10.50, citing lower user conversion and a weak enterprise environment. Cantor Fitzgerald lowered its price target to $21 but highlighted Coursera's potential for future growth despite current challenges. COUR's stock dropped 13.9% to $10.24. Coursera is also part of the NBCC and VTI ETFs.

Portfolio Pulse from Shivani Kumaresan

April 30, 2024 | 6:46 pm

AMD

NVDA

SPRX

Advanced Micro Devices, Inc (AMD) is trading flat ahead of its Q1 earnings, with analysts expecting earnings of 61 cents per share on revenues of $5.46 billion. Rosenblatt analyst Hans Mosesmann reiterated a Buy rating on AMD with a price target of $250. The Spear Alpha ETF (SPRX), which includes AMD as one of its top holdings, offers diversification for investors bullish on AMD. SPRX has seen a 60% increase over the last twelve months. AMD's stock is currently in an uptrend, but technical analysis suggests the possibility of a local top.

Portfolio Pulse from Melanie Schaffer

April 30, 2024 | 6:45 pm

SQNXF

Square Enix Holdings Co Ltd (OTC:SQNXF) announced a $140.9 million loss due to game cancellations, impacting its fiscal year ending March 2024. The company is shifting its game development strategy to focus on high-definition video games for PC and consoles, becoming more selective in resource allocation. This decision follows a review of its development pipeline, though specific cancelled titles were not disclosed. Despite projecting a 16.8% increase in sales, Square Enix is re-evaluating its forecasts due to this writedown. The company continues to develop major titles like Final Fantasy 7 Rebirth and Kingdom Hearts 4.

Portfolio Pulse from Franca Quarneti

April 30, 2024 | 6:20 pm