Streetbeat News

Earnings

PARA

Paramount Global reported Q1 results with revenue missing estimates and EPS beating estimates. The company announced CEO Bob Bakish's departure, replaced by a 3-person team. Analysts are divided on Paramount's value, citing uncertainty around potential merger activity and leadership changes. Bank of America sees shares as volatile, KeyBanc highlights a potential merger with Skydance impacting Class B shareholders, Needham downgrades due to leadership and strategic uncertainty, and Benchmark suggests a deal may be imminent but remains optimistic.

Portfolio Pulse from Chris Katje

April 30, 2024 | 4:07 pm

CNPOF

RIV Capital Inc. (OTC:CNPOF) reported a revenue increase to $2.1 million in CQ4 2023 from $1.9 million in CQ4 2022, driven by retail and wholesale sales of Etain-branded products in New York. Despite revenue growth, the company faced a gross loss of $0.6 million due to increased costs and an impairment charge of $48.7 million related to its acquisition of Etain, leading to a net loss of $47.3 million for CQ4 2023.

Portfolio Pulse from Rolando García

April 30, 2024 | 4:06 pm

NAUT

Nautilus Biotechnology's stock price increased following the announcement of their Q1 earnings per share (EPS) results, which exceeded expectations.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 4:03 pm

HRMY

Harmony Biosciences Holdings' shares surged following the announcement of better-than-expected Q1 adjusted EPS results and the acquisition of Epygenix Therapeutics.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 4:01 pm

IBM

Investors have shown a bullish stance on IBM (NYSE:IBM), with options trading indicating a target price range of $110 to $200. Recent options activity includes 12 significant trades, with a sentiment split of 58% bullish and 41% bearish. The trading volume and open interest in IBM's options have been analyzed, highlighting substantial trades within the $110 to $200 strike price range. IBM's current market status shows a slight price decrease, with an earnings announcement expected in 78 days. Professional analysts have provided mixed ratings, with an average price target of $173.8.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 4:01 pm

FTXN

IEO

MPC

MPLX

Marathon Petroleum Corporation (NYSE:MPC) shares fell after reporting Q1 FY24 results with revenue of $33.211 billion, surpassing estimates but with a decline in adjusted EBITDA to $3.26 billion from $5.22 billion year-over-year. Refining & Marketing segment adjusted EBITDA also dropped significantly due to lower market crack spreads and throughputs. Despite this, adjusted EPS was $2.78, above consensus. The company announced a $5 billion share repurchase authorization, adding to an existing $3.8 billion, and returned $2.2 billion through share repurchases and $299 million via dividends in Q1. MPLX LP (NYSE:MPLX), in which Marathon Petroleum holds a significant interest, reported earnings per limited partner unit of $0.98 on sales of $2.85 billion, missing estimates. MPC shares are down 6.6%.

Portfolio Pulse from Lekha Gupta

April 30, 2024 | 3:59 pm

CLW

Clearwater Paper's shares surged following the announcement of Q1 adjusted EPS results that exceeded expectations.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:58 pm

CECO

CECO Environmental shares are trading lower following the announcement of Q1 sales results that fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:57 pm

LEA

Lear Corporation (NYSE:LEA) reported Q1 earnings with adjusted EPS of $3.18, surpassing estimates of $3.02, but missed revenue forecasts with $5.995 billion against expectations of $6.01 billion. The company announced operational restructuring including plant closures in Europe to improve cost structures amid a 1% decrease in global vehicle production. Despite this, LEA reaffirmed its full-year 2024 revenue outlook of $24.0 billion to $24.6 billion and adjusted EBITDA of $1.795 billion to $1.945 billion. Shares fell by 5.04% to $130.32.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 3:55 pm

ETWO

E2open Parent Holdings' shares surged following the announcement of Q4 financial results that exceeded expectations, along with the issuance of optimistic revenue guidance for FY25.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:54 pm