Streetbeat News

Earnings

NCTY

The9 Limited (NCTY) reported its FY23 net revenues at RMB 179M ($25M), marking a significant increase from RMB 108M year-over-year. Additionally, the company achieved a net income of RMB 13M ($2M), a substantial improvement from a net loss of RMB 975M in the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 6:44 am

JNJ

Johnson & Johnson (JNJ) is anticipated to report higher Q1 earnings with an EPS of $2.64, up from $2.41 year-over-year, but with a projected revenue decline to $21.40 billion from $24.75 billion. The company has also entered a collaboration with Rallybio to develop treatments for FNAIT. Analysts have provided mixed ratings and price target adjustments, with the most recent being an Overweight rating and a $215 price target by Cantor Fitzgerald.

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 6:15 am

ERIC

Ericsson (NASDAQ:ERIC) reported Q1 earnings of $0.07 per share, beating estimates of $0.05, but sales of $5.13B missed estimates of $5.34B, marking a 14.30% decrease from last year.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 6:15 am

BAC

JNJ

MITK

MYSZ

Bank of America, Morgan Stanley, My Size, Mitek Systems, and Johnson & Johnson are stocks to watch due to earnings reports and a reverse stock split. Bank of America and Morgan Stanley are expected to report earnings before the opening bell, with analysts predicting specific EPS and revenue figures. My Size announced a 1-for-8 reverse stock split, causing its shares to jump in after-hours trading. Mitek Systems reported worse-than-expected Q1 financial results, leading to a share price drop. Johnson & Johnson is also anticipated to report earnings, with its shares slightly falling in after-hours trading.

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 6:10 am

BAC

JNJ

SNPO

The CNN Money Fear and Greed index moved to the 'Fear' zone, indicating a decline in market sentiment. U.S. stocks, including the S&P 500, closed lower amid Middle East conflict concerns. Snap One Holdings Corp. (SNPO) shares surged after an acquisition announcement by Resideo Technologies. Goldman Sachs (GS) reported strong Q1 earnings. The market awaits earnings from Johnson & Johnson (JNJ), Morgan Stanley (MS), and Bank of America (BAC).

Portfolio Pulse from Avi Kapoor

April 16, 2024 | 6:09 am

EWU

The U.K. Average Earnings Index +Bonus for February was reported at 5.6%, exceeding the estimated 5.5% and matching the previous figure of 5.6%.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 6:06 am

CRM

DJT

RIVN

TSLA

On Monday, U.S. stock indices fell, with DJT, RIVN, GS, CRM, and TSLA being the most watched stocks. DJT plummeted 18.35% after announcing a new stock issuance. RIVN dropped 8%, continuing a 5-day decline. GS rose 2.92% on strong Q1 earnings. CRM fell 7.28% amid acquisition talks with Informatica. TSLA decreased 5.59%, reportedly due to workforce adjustments.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 3:07 am

TSLA

Tesla, Inc. (NASDAQ: TSLA) has reportedly put on hold the development of its proposed $25,000 electric vehicle, known as Model 2 or codenamed NV9, according to Electrek. This decision comes amid a round of massive layoffs, including high-profile executives, and a shift in focus towards the self-driving project. CEO Elon Musk had previously emphasized the importance of the low-cost EV and its production at Giga Texas and Giga Mexico, aiming for a second-half of 2025 start. However, the project's defunding and the layoffs of team members involved raise concerns about Tesla's future growth, particularly as the Model 2 vehicle and its sub-$30,000 price point were seen as crucial for driving mass demand globally.

Portfolio Pulse from Shanthi Rexaline

April 16, 2024 | 2:45 am

TSLA

Elon Musk is urged by Wedbush analyst Dan Ives to explain the rationale behind Tesla's decision to lay off 10% of its global workforce, following a quarter with a 20% drop in deliveries. High-ranking executives have left, and Tesla's stock has fallen 35% since the start of the year. Despite these challenges, Wedbush maintains an 'outperform' rating and a $300 price target for Tesla. The layoffs are part of a broader trend in the tech industry and are seen as a cost-cutting measure by Tesla.

Portfolio Pulse from Benzinga Neuro

April 16, 2024 | 2:09 am

AGFY

Agrify Corporation (NASDAQ:AGFY), a leader in cannabis cultivation and extraction technologies, reported its first-ever positive quarterly net income for Q4 2023, amounting to $572,000, compared to a net loss of $57.94 million in the same period in 2022. Despite a decrease in annual revenue to $16.9 million from $58.3 million, the company achieved a gross profit of $5.3 million for the year, reversing a gross loss of $31.8 million in 2022. These results reflect Agrify's successful strategic measures for financial stabilization and growth.

Portfolio Pulse from Nicolás Jose Rodriguez

April 16, 2024 | 12:17 am