Streetbeat News

Earnings

PAM

Pampa Energia's stock is trading lower following the announcement of its Q4 financial results.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 8:02 pm

CAT

Recent options trading trends for CATCo Reinsurance Opportunities Fund Ltd (NYSE:CAT) show a mix of bullish and bearish sentiment among investors, with a nearly even split in trade types. The trading volume and open interest suggest a price target range of $290.0 to $380.0. Notable options activity includes both calls and puts with varying sentiments and expiration dates. Caterpillar, the world's largest manufacturer of heavy equipment, has seen its stock price increase by 0.7% to $337.99, with an RSI indicating it may be approaching overbought territory. Analysts from Citigroup and Evercore ISI Group have issued neutral to in-line ratings with target prices close to the current stock price.

Portfolio Pulse from Benzinga Insights

March 07, 2024 | 7:46 pm

BREA

CDMO

LYT

MEI

MNMD

VSCO

U.S. stocks saw gains with the S&P 500 increasing by 1.06%. Kroger (NYSE:KR) reported better-than-expected Q4 earnings but slightly missed sales estimates. Lytus Technologies (NASDAQ:LYT), Mind Medicine (NASDAQ:MNMD), and Brera Holdings (NASDAQ:BREA) saw significant stock price increases due to positive company news. Conversely, Victoria's Secret (NYSE:VSCO), Methode Electronics (NYSE:MEI), and Avid Bioservices (NASDAQ:CDMO) experienced notable declines following their earnings reports and financial updates.

Portfolio Pulse from Avi Kapoor

March 07, 2024 | 7:31 pm

AAPL

FINX

IPAY

PYPL

PayPal Holdings, Inc (NASDAQ:PYPL) has launched Tap to Pay on Apple Inc (NASDAQ:AAPL) iPhones for Venmo business profile and PayPal Zettle users in the U.S., enabling contactless payments directly on iPhones at no extra cost. This move aims to support small businesses by offering an easy, cost-effective way to accept various payment methods, enhancing their sales and financial management. The feature simplifies transactions and broadens the customer base for Venmo users. PayPal's Q4 revenue was $8.03 billion, surpassing estimates, with a 15% increase in total payment volumes year-over-year. Investors can also engage with this trend through ETFs like Amplify ETF Trust Amplify Mobile Payments ETF (NYSE:IPAY) and Global X FinTech ETF (NASDAQ:FINX).

Portfolio Pulse from Anusuya Lahiri

March 07, 2024 | 7:31 pm

Foot Locker Inc (NYSE:FL) reported Q4 FY23 sales growth of 2% to $2.38 billion, surpassing estimates. Adjusted EPS of $0.38 also beat forecasts. Analysts from Morgan Stanley, Piper Sandler, Guggenheim, and Telsey Advisory Group adjusted their ratings and price targets, reflecting concerns over long-term growth, margin pressures, and the delayed achievement of EBIT margin goals. Despite these challenges, FL shares rose by 1.86% to $24.69.

Portfolio Pulse from Shivani Kumaresan

March 07, 2024 | 7:18 pm

ACLS

AVGO

MRVL

POWI

SKYT

SWKS

TER

WOLF

Semiconductor and chip stocks are experiencing an uptick due to the ongoing momentum in AI. Broadcom is set to announce its Q1 earnings after the market closes today. The anticipation of CHIPS act subsidies is also contributing to the sector's gains.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:52 pm

APVO

Aptevo Therapeutics Inc (NASDAQ:APVO) and Alligator Bioscience AB released interim Phase 1 trial data for ALG.APV-527, showing positive signs in treating solid tumors. The trial, over 50% enrolled, demonstrated the treatment's tolerability, ongoing dose escalation, and biological activity without serious side effects. APVO's stock rose 18.8% to $7.60.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 6:45 pm

RIVN

Rivian announced that it expects to save over $2.25 billion compared to its original forecast for launching the first line of R2 production at its Georgia site. Additionally, the start of R2 production has been moved up, now expected in the first half of 2026.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:41 pm

CDMO

Avid Bioservices Inc (NASDAQ:CDMO) reported Q3 fiscal 2024 preliminary revenues of $33.8 million, an 11% decrease Y/Y, missing consensus estimates. Despite the revenue drop, attributed to fewer manufacturing runs and reduced services from early-stage customers, the company maintains its FY 2024 revenue guidance of $137-$147 million. Gross profit significantly decreased, and the company reported an operating loss, contrasting with the previous year's income. Avid Bioservices also completed its CGT facility, part of a three-year expansion, and priced $160 million of 7% Convertible Senior Notes due 2029. CDMO shares fell 29% to $6.24.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 6:40 pm

HPK

LYT

SWIN

HighPeak Energy, Inc. (NASDAQ:HPK) shares fell by 15.3% after reporting lower-than-expected Q4 revenue, despite beating EPS estimates. Other stocks showed significant movement, with Lytus Technologies Holdings PTV. Ltd. (NASDAQ:LYT) leading gainers with a 404% jump after announcing the launch of Lytus Cloud. On the losing end, Solowin Holdings (NASDAQ:SWIN) dropped 31.6% after a previous day's surge. The market saw a mix of dramatic gains and losses across various sectors.

Portfolio Pulse from Avi Kapoor

March 07, 2024 | 6:35 pm