Streetbeat News

Earnings

IMO

Imperial Oil Limited (NYSE:IMO) reported a mixed first-quarter FY24 with an EPS of C$2.23, up from C$2.13 a year ago, but net income fell to C$1.20 billion from C$1.25 billion. Revenue slightly increased to C$12.3 billion. Upstream production and downstream throughput saw increases, with Kearl asset's production hitting a record high. Dividends paid amounted to C$278 million, with a declared Q2 dividend of C$0.60 per share. The company is also progressing with its Pathways Alliance carbon capture project. IMO shares dropped by 0.60% to $70.84.

Portfolio Pulse from Lekha Gupta

April 26, 2024 | 5:26 pm

ABBV

AbbVie shares are trading lower, reversing from earlier strength on Q1 earnings.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 5:24 pm

ACMR

MCHS

PSI

ACM Research Inc. (NASDAQ:ACMR) shares fell after announcing Q1 preliminary unaudited revenue of $150-$152 million, slightly below the $152.41 million estimate, despite a 102%-105% year-over-year growth. Shipments are expected to be $235-$240 million, marking a 163%-169% growth. The company reaffirmed its full-year 2024 revenue outlook of $650-$725 million. ACMR stock is down 4.28% to $27.08. The stock is part of Invesco Semiconductors ETF (NYSE:PSI) and Matthews China Discovery Active ETF (NASDAQ:MCHS).

Portfolio Pulse from Nabaparna Bhattacharya

April 26, 2024 | 5:17 pm

PEBK

Peoples Bancorp of NC (PEBK) reported a Q1 EPS of $0.72, up 28.57% from $0.56 YoY, with sales increasing 7.76% to $19.34M from $17.95M YoY.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 5:16 pm

META

MSFT

NVDA

Nvidia Corporation's (NVDA) stock is trading higher, influenced by positive earnings reports from Microsoft (MSFT) and Meta Platforms (META), both of which highlighted strong AI demand. Microsoft's and Meta's better-than-expected Q1 results and Meta's increased capex outlook have positively impacted AI and chip stocks, including Nvidia. Nvidia's shares have seen a significant increase, nearly 15% over the past five days, recovering from a 10% drop last Friday. Analyst Dan Ives emphasized the importance of AI spending, linking it to the 'fourth industrial revolution.'

Portfolio Pulse from Erica Kollmann

April 26, 2024 | 5:14 pm

MOG.A

Moog shares are trading lower due to disappointing Q2 financial results, despite raising its FY24 guidance above estimates.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 5:12 pm

PSX

Phillips 66 anticipates that the demand for gasoline and diesel will remain unchanged in 2024, as revealed during their conference call.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 5:09 pm

HDV

MO

VTI

Altria Group Inc (NYSE:MO), the maker of Marlboro, has called on the FDA to intensify its efforts against illegal vape products, citing public health concerns. CEO Billy Gifford criticized the FDA's current enforcement as insufficient. Despite a 2.5% sales decline in Q1 FY24 to $5.58 billion, Altria beat analyst estimates and saw NJOY e-cigarette's retail share grow, following its acquisition of NJOY Holdings Inc for $2.75 billion in 2023. Altria's stock has fallen over 6% in the past year but showed a slight increase of 0.10% recently.

Portfolio Pulse from Shivani Kumaresan

April 26, 2024 | 4:47 pm

SNAP

Snap Inc (NYSE:SNAP) shares surged following its Q1 earnings report, surpassing expectations with a 21% revenue growth year-on-year. Analysts from Goldman Sachs, Raymond James, Morgan Stanley, JPMorgan, Oppenheimer, Roth MKM, Piper Sandler, BMO Capital Markets, Benchmark, and JMP Securities provided mixed views, adjusting their price targets but expressing concerns over future growth, engagement, and the company's valuation. Despite the positive earnings, analysts remain cautious about Snap's short-term prospects, citing its high valuation and potential challenges ahead.

Portfolio Pulse from Priya Nigam

April 26, 2024 | 4:46 pm

PSX

Phillips 66 announced during a conference call that its Rodeo facility is expected to produce 10,000 barrels of renewable jet fuel per day.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 4:41 pm