Streetbeat News

Earnings

ALVO

Alvotech announced positive topline results from a confirmatory clinical study for AVT05, its proposed biosimilar to Simponi and Simponi Aria (golimumab).

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:02 am

NVDA

TSLA

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), expressed dissatisfaction with the term GPU during the company's first-quarter earnings call, highlighting Tesla's rapid progress in AI infrastructure expansion. Tesla has installed 35,000 H100 computers, with plans to reach 85,000 by year-end, primarily for AI training. Musk's comments follow Tesla's reported Q1 revenue of $21.0 billion, a 9% decrease year-over-year, missing estimates. Meanwhile, Nvidia Corporation (NASDAQ:NVDA) has seen significant demand for its H100 chip, contributing over $1 trillion to its value, with customers facing up to six months' wait times.

Portfolio Pulse from Ananya Gairola

April 24, 2024 | 7:39 am

CALT

Calliditas Therapeutics AB (NASDAQ:CALT) announced positive results from the open-label extension study of the Phase 3 NefIgArd study for IgAN patients, showing consistent treatment response across key endpoints.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 7:29 am

EVO

Evotec reported a fiscal 2023 revenue of $848.644 million, an increase from $816.11 million year-over-year. The company's adjusted EBITDA was also mentioned, but the exact figure was represented as '$$.06M', indicating a possible typographical error in the original data.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 7:20 am

TSLA

Tesla Inc's senior executive Lars Moravy announced that 4680 cell production, essential for Cybertruck manufacturing, increased by 18% to 20% in Q1, enabling the production of over 1000 Cybertrucks per week at Giga Texas. Despite previous reports of production challenges, Moravy assured that cell production will stay ahead of Cybertruck demand in Q2, with the company maintaining a cell inventory. However, achieving volume production faces hurdles due to new technologies and supplier limitations. Tesla's annual target of 250,000 Cybertruck deliveries is postponed to 2025.

Portfolio Pulse from Anan Ashraf

April 24, 2024 | 6:59 am

GOOG

META

MSFT

Meta Platforms, Inc. (NASDAQ:META) is anticipated to report a significant increase in Q1 earnings, with expectations set at $4.32 per share compared to $2.20 in the previous year. Revenue is also expected to rise to $36.16 billion from $28.64 billion. The company's AI assistant will now feature real-time search results from Google and Bing. Following these announcements, Meta's stock increased by 3% to $496.10. Analysts have recently updated their ratings, with price targets ranging from $550 to $610.

Portfolio Pulse from Avi Kapoor

April 24, 2024 | 6:45 am

TSBK

Timberland Bancorp (NASDAQ:TSBK) reported a decrease in Q2 earnings to $0.70 per share from $0.80 YoY and a sales decline to $18.25M from $19.79M YoY.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 6:45 am

BA

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STX

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TSLA

Wall Street anticipates mixed financial results for Boeing, Tesla, AT&T, Seagate Technology, and Ford. Boeing is expected to report a loss, while Tesla's recent earnings missed expectations but plans to accelerate new model launches. AT&T's earnings are awaited, Seagate reported strong earnings but missed on sales, and Ford's earnings are also anticipated. These developments could influence stock movements today.

Portfolio Pulse from Avi Kapoor

April 24, 2024 | 6:22 am

TSLA

Elon Musk, CEO of Tesla, Inc. (NASDAQ:TSLA), revealed plans for a 'Cybercab' robotaxi fleet during the company's Q1 earnings call, suggesting a dual ownership model akin to Airbnb and Uber. The fleet will include Tesla-owned robotaxis and allow individuals to offer their personal vehicles for rental. Musk's vision, which aligns with his 2019 prediction of a robotaxi network, emphasizes a design inspired by the Cybertruck, featuring angular lines and stainless steel construction. Despite the uncertain timeline for Cybercab's launch, Musk's focus on autonomous vehicles as a key value driver in 2023 is clear, though it has received mixed reactions from analysts.

Portfolio Pulse from Ramakrishnan M

April 24, 2024 | 6:19 am

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GM

JBLU

META

PEP

T

U.S. stocks closed higher with the Dow Jones jumping over 250 points amid improved investor sentiment. General Motors, PepsiCo, and JetBlue Airways reported their quarterly financial results, with GM and PepsiCo beating expectations, while JetBlue's weak revenue outlook led to a 19% drop in its shares. The S&P 500 and Nasdaq also saw gains, with most sectors ending positively except for materials. Earnings season continues with anticipation for results from Ford, AT&T, Boeing, and Meta Platforms.

Portfolio Pulse from Avi Kapoor

April 24, 2024 | 6:18 am