Streetbeat News

Earnings

AAPL

CTEX

GLW

KNGZ

Corning Inc (NYSE:GLW), a supplier for Apple Inc (NASDAQ:AAPL), reported a fiscal first-quarter 2024 core sales decline of 3% year-on-year to $3.26 billion, surpassing the consensus of $3.12 billion. Core EPS was $0.38, beating the consensus of $0.35. The company saw varied performance across its segments, with Display Technologies growing by 14% and Optical Communications declining by 17%. Corning's CEO announced plans to add more than $3 billion in annualized sales within the next three years. Corning expects Q2 core sales of $3.40 billion and core EPS of $0.42 - $0.46. GLW shares rose by 5.11% to $33.41. Investors can also gain exposure to Corning through ETFs like First Trust S&P 500 Diversified Dividend Aristocrats ETF (NASDAQ:KNGZ) and ProShares S&P Kensho Cleantech ETF (NYSE:CTEX).

Portfolio Pulse from Anusuya Lahiri

April 30, 2024 | 5:45 pm

IWM

LLY

TSLA

UUP

WBD

Stocks fell sharply on Tuesday amid fears of a hawkish pivot by the Federal Reserve, with major indices and several stocks experiencing significant declines. The S&P 500, Nasdaq 100, and iShares Russell 2000 ETF saw notable drops. Economic data indicating a rise in the employment cost index and a drop in consumer confidence added to the concerns. Treasury yields rose following comments from U.S. Treasury Secretary Janet Yellen, and the Invesco DB USD Index Bullish Fund ETF saw gains. Gold and Bitcoin fell sharply. Several companies moved on earnings reports and other news, including Tesla, Eli Lilly, and Warner Bros. Discovery.

Portfolio Pulse from Piero Cingari

April 30, 2024 | 5:35 pm

EPD

Enterprise Products Partners L.P. (NYSE:EPD) reported Q1 fiscal 2024 results with an 18.6% year-over-year sales growth to $14.76 billion, surpassing consensus estimates. However, EPS of 66 cents missed the consensus by one cent. Adjusted EBITDA increased to $2.47 billion, but distributable cash flow slightly decreased. The company highlighted growth driven by new assets and increased international demand. Capital investments for the quarter were $1.1 billion, and $40 million was spent on common unit buybacks. EPD expects $3.25 to $3.75 billion in organic growth capital investments for 2024 and 2025.

Portfolio Pulse from Akanksha Bakshi

April 30, 2024 | 5:34 pm

FLXS

Flexsteel Industries reported its Q3 financial results, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 5:33 pm

AKLI

HEES

LICN

H&E Equipment Services, Inc. (HEES) shares fell by 18.2% following mixed Q1 results, missing EPS estimates but beating sales expectations. Other stocks experienced significant movements, with notable gainers including Akili, Inc. (AKLI) and losers like Lichen China Limited (LICN). Various companies reported financial results, strategic partnerships, and other business updates affecting their stock prices.

Portfolio Pulse from Avi Kapoor

April 30, 2024 | 5:24 pm

MPC

Marathon Petroleum anticipates a net negative impact of approximately $2 billion on its refining and marketing margin for Q1, based on current market indicators and crude oil throughput.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 5:20 pm

MRNA

Smart money investors have shown a significant interest in Moderna's (NASDAQ:MRNA) options, with a balanced mix of bullish and bearish sentiments. Analysis of 12 trades reveals an equal distribution of bullish and bearish expectations among investors. The trades consist of 8 puts and 4 calls, indicating a price target range for Moderna between $50.0 and $120.0. The largest trades observed include both bullish and bearish positions, with notable activity in calls and puts. Moderna, a commercial-stage biotech company, is currently trading at $110.56, with an upcoming earnings announcement in 2 days.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 5:16 pm

HSY

Recent options trading activity indicates a bearish sentiment on Hershey (NYSE:HSY), with a notable volume of puts compared to calls. The trading suggests a target price range of $195.0 to $230.0 for HSY. Despite this, Hershey's current market performance shows a 1.98% increase in stock price to $196.28, with a neutral RSI and an upcoming earnings report in 3 days. Analyst ratings from Piper Sandler, Citigroup, and Wells Fargo maintain a neutral stance with target prices ranging from $179 to $200.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 5:15 pm

LFSWF

Lifeist Wellness Inc. reported its Q1 financial results for 2024, showing a decrease in net revenue to CA$4.9 million from CA$5.9 million in Q1 2023, but an improvement in gross profit margin to 27% from 25%. The net loss from continuing operations decreased to CA$2.5 million from CA$3.3 million, and adjusted EBITDA loss improved to CA$2.1 million from CA$3 million. The company's focus on premium products and operational efficiencies are highlighted as strategic moves. Lifeist also announced Joshua Hone as the new CFO effective April 30, 2024.

Portfolio Pulse from Patricio Liddle

April 30, 2024 | 5:12 pm

TAP

Molson Coors Beverage Company (NYSE:TAP) reported a Q1 FY24 sales increase of 10.7% to $2.60 billion, surpassing analyst expectations. The growth was attributed to higher volumes, favorable pricing, sales mix, and foreign currency impacts. Adjusted EPS was $0.95, beating estimates of $0.74. Despite these positive results, TAP shares fell by 7.57% to $58.75. The company reaffirmed its FY24 outlook, expecting low single-digit net sales growth and a mid single-digit increase in underlying diluted EPS.

Portfolio Pulse from Shivani Kumaresan

April 30, 2024 | 5:04 pm