Streetbeat News

Earnings

BRTX

CGEM

ITCI

Cullinan Therapeutics (CGEM) shifts focus to autoimmune diseases, discontinuing its B-NHL study to develop CLN-978, with lupus as the first target. Intra-Cellular (ITCI) reports positive Phase 3 results for Lumateperone in major depressive disorder. BioRestorative Therapies (BRTX) sees shares rise after FDA clearance for a Phase 2 study protocol amendment.

Portfolio Pulse from ryanfaloona@benzinga.com

April 16, 2024 | 12:36 pm

CMCM

EGIO

RCAT

VISL

As of April 16, 2024, Red Cat Holdings, Inc. (RCAT), Edgio, Inc. (EGIO), Vislink Technologies, Inc. (VISL), and Cheetah Mobile Inc. (CMCM) are identified as overbought tech stocks based on their RSI values, indicating potential short-term performance concerns. RCAT, EGIO, and VISL have shown significant gains following positive financial updates, while CMCM experienced a jump despite a decline in FY sales.

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 12:35 pm

NVOS

Novo Integrated Sciences shares surged following a report of increased Q2 revenue year-over-year.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:25 pm

BK

The Bank Of New York Mellon Corporation (NYSE:BK) reported Q1 earnings with an EPS of $1.29, surpassing the expected $1.19, and revenue of $4.527 billion, exceeding forecasts of $4.388 billion. Despite an 8% decrease in net interest income, total fee revenue grew by 5% year over year. The company also declared a quarterly dividend of $0.42 per share, payable on May 9, 2024. Shares rose 2% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

April 16, 2024 | 12:20 pm

TEVA

Teva Pharmaceuticals announced positive final results from the Phase 4 START study of AUSTEDO's 4-week Titration Kit for Huntington's disease (HD) chorea at the 2024 AAN Annual Meeting. The study showed that nearly 80% of patients achieved optimal dosing within four weeks, with significant improvements in symptoms and high patient satisfaction. AUSTEDO is highlighted as the only VMAT2 inhibitor with 3-year data for HD chorea, emphasizing its real-world effectiveness, safety, and adherence.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:18 pm

MS

Morgan Stanley's stock price increased following the announcement of their Q1 financial results, which exceeded expectations.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:15 pm

AAPL

Apple, Inc. (AAPL) may disappoint investors in its Q2 earnings due to lower iPhone sales and weakness in China, despite slight increases in iPad and Mac revenue, according to Needham analyst Laura Martin. Martin maintains a Buy rating with a $220 price target but has reduced fiscal year 2024 Q2 estimates, expecting a 4% year-over-year drop in sales to $90.8 billion and a 7% reduction in EPS to $1.51. The reduction reflects a 9% year-over-year drop in iPhone revenue, with iPad and Mac revenues slightly above previous estimates.

Portfolio Pulse from Shanthi Rexaline

April 16, 2024 | 12:14 pm

GIL

Browning West, holding 5% of Gildan Activewear's shares, criticizes CEO Vince Tyra's strategy and governance, highlighting his track record of value destruction and underwhelming plans for the company. They propose electing eight new directors at the 2024 shareholder meeting to implement a value creation strategy, contrasting Tyra's approach with speculative spending and poor capital allocation. Browning West's plan aims to increase operating margins and shareholder returns, setting specific targets for share price growth.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:12 pm

PACB

PacBio announced preliminary Q1 revenue of $38.8M, significantly below the estimated $50.27M. The company also projected 2024 revenue to be between $170M-$200M, which is lower than the expected $238.67M.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 12:07 pm

AGFY

DFLI

SKIL

In Tuesday's pre-market session, several industrials stocks showed significant movement. Dragonfly Energy Holdings (DFLI) and Agrify (AGFY) reported Q4 earnings, leading to a 56.0% increase in DFLI's stock to $0.7 and an 8.69% rise in AGFY's stock to $0.32. Markforged Holding (MKFG), Enovix (ENVX), noco-noco (NCNC), and Castor Maritime (CTRM) also saw gains. Conversely, Skillsoft (SKIL) reported Q4 earnings, resulting in a 19.6% decrease in its stock to $7.4. Complete Solaria (CSLR), Flux Power Holdings (FLUX), Lennox Intl (LII), Erayak Power Solution Gr (RAYA), and NN (NNBR) experienced declines.

Portfolio Pulse from Benzinga Insights

April 16, 2024 | 12:07 pm