Streetbeat News

Earnings

FOSUF

FSNGF

TCOM

Fosun Tourism Group (FSNGF) is facing a post-Covid downturn with its shares trading near all-time lows, despite a slight increase in business volume at its Atlantis Sanya resort and Club Med chain. Reports earlier this year suggested that its parent company, Fosun International (FOSUF), might sell major assets to alleviate debt, casting uncertainty on FSNGF's future. Meanwhile, Trip.com (TCOM) has seen a 40% stock increase this year, outperforming FSNGF despite the latter's business volume rising nearly 50% from pre-pandemic levels.

Portfolio Pulse from The Bamboo Works

April 23, 2024 | 1:46 pm

SPY

The S&P Global Services PMI for April was reported at 50.9, falling short of the estimated 52. This indicates a slower expansion in the services sector than analysts had anticipated.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 1:46 pm

SHW

Sherwin-Williams Company (NYSE:SHW) shares dropped after reporting Q1 results below Wall Street expectations. The company's adjusted EPS was $2.17, missing the forecast of $2.21, and revenue was $5.367 billion, below the expected $5.505 billion. Despite a 1.4% decrease in consolidated net sales and flat sales in stores open more than twelve months, gross profit increased, and the gross margin expanded. Sherwin-Williams returned $728 million to shareholders through dividends and repurchases, and reaffirmed its 2024 EPS guidance of $10.85-$11.35 against an $11.44 estimate. Shares fell 3.2% to $299.37.

Portfolio Pulse from Nabaparna Bhattacharya

April 23, 2024 | 1:39 pm

SPWR

SunPower's audit committee has found its 2022 and 2023 financial statements to be unreliable, leading to a restatement. Concurrently, Evercore ISI Group downgraded SunPower's stock from Outperform to In-Line.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 1:26 pm

HTLD

Heartland Express (NASDAQ:HTLD) reported Q1 2024 earnings with a GAAP EPS of $(0.19), missing the $(0.09) estimate, while sales of $270.320M exceeded the $265.000M estimate. This represents an 18.31% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 1:19 pm

SPWR

SunPower's Audit Committee found financial statements for 2022 and Q1-Q3 2023 unreliable and will restate them. The review is incomplete, and the financial impact of errors is preliminary and may change. There's no assurance that other errors won't be identified.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 1:14 pm

GE

GEHC

GEV

GE Aerospace (NYSE:GE) reported a 15% YoY adjusted revenue growth for Q1 2024 to $8.1 billion, with orders up 34% to $11 billion. Consolidated revenue, including GE Aerospace and GE Vernova Inc. (NYSE: GEV), grew 11% YoY to $16.1 billion. Adjusted EPS for the consolidated company was $0.82, up from $0.27 a year ago. GE completed the separation of GE Vernova and monetized shares in GE HealthCare Technologies Inc. (NASDAQ:GEHC), leading to a profit margin expansion and a share repurchase. The company raised its full-year profit and free cash flow guidance for 2024.

Portfolio Pulse from Akanksha Bakshi

April 23, 2024 | 1:13 pm

CLF

NUE

Cleveland-Cliffs Inc (NYSE:CLF) and Nucor Corp (NYSE:NUE) shares fell after reporting Q1 financial results that missed analyst estimates. CLF reported revenue of $5.2 billion and earnings of 18 cents per share, missing estimates. NUE reported revenue of $8.14 billion and earnings of $3.46 per share, also missing estimates. Both companies engaged in share repurchases, with CLF also announcing a new $1.5 billion repurchase program. Nucor expects Q2 earnings to decrease due to lower average selling prices in its steel mills segment.

Portfolio Pulse from Adam Eckert

April 23, 2024 | 1:12 pm

HAL

Halliburton anticipates revenue growth in the low double digits for 2024, as revealed in their recent conference call. This projection indicates a positive outlook for the company's financial performance in the upcoming year.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 1:09 pm

IVZ

Invesco's shares have declined due to the company reporting financial results for the first quarter that fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 1:08 pm