Streetbeat News

Earnings

TSLA

Tesla, Inc. (NASDAQ:TSLA) shares are down in premarket trading, despite broader market optimism. The decline is attributed to rumors of potential large-scale layoffs, with reports suggesting up to 20% of the workforce could be affected. This news comes ahead of Tesla's quarterly results, which are anticipated to underperform following a first-quarter delivery miss. Additionally, Tesla recently halved the subscription price for its full self-driving software. In premarket trading, Tesla shares fell 0.61% to $171.05.

Portfolio Pulse from Shanthi Rexaline

April 15, 2024 | 10:10 am

CWD

GNTY

INSE

MTB

SCHW

Earnings reports for April 15, 2024, include key financial figures for companies such as M&T Bank, Charles Schwab, Goldman Sachs, and others, with expectations ranging from significant profits to losses across various sectors.

Portfolio Pulse from Benzinga Insights

April 15, 2024 | 9:44 am

FFND

LCID

RIVN

TSLA

Rivian Automotive, Inc. (RIVN) and Lucid Group, Inc. (LCID) face market challenges similar to Tesla, Inc. (TSLA), with significant stock declines. Elon Musk commented on a 2021 optimistic prediction for Rivian that did not materialize, as its market cap fell below $9 billion from a forecasted $70 billion. Rivian's production struggles and the broader economic downturn have impacted its performance, despite initial high expectations and backing from Amazon. Meanwhile, Tesla's Future Fund (FFND) reduced its Tesla stake, reflecting concerns over near-term prospects, although it remains bullish on Tesla's long-term potential.

Portfolio Pulse from Shanthi Rexaline

April 15, 2024 | 9:10 am

TSLA

Tesla's Q1 U.S. sales were primarily affected by lower sales of its older models, despite a rise in Model Y sales. Overall, Tesla's U.S. sales dropped 13.3% year-on-year to 140,187 vehicles. The decline in Tesla's sales contributed to the first quarter-over-quarter downturn in U.S. EV sales since Q2 2020, despite a 2.6% year-on-year increase in EV sales across brands. Other brands like BMW, Cadillac, Ford, Hyundai, Kia, Lexus, Mercedes, Rivian, and Vinfast saw significant EV sales growth. Cox Automotive forecasts a rise in U.S. EV sales for 2024.

Portfolio Pulse from Anan Ashraf

April 15, 2024 | 8:41 am

PEV

Phoenix Motor Inc. (NASDAQ:PEV), a manufacturer of heavy-duty transit buses and electrification solutions, forecasts Q1 2024 revenue of $8M-$9M, a substantial rise from Q1 2023's $1.8M.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 7:50 am

CME

CME Group announced a record international average daily volume of 7.4 million contracts in Q1 2024, marking a 2% increase year on year. Growth was led by energy products (38%), agricultural products (29%), and metals (7%).

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 7:03 am

BMRA

Biomerica (NASDAQ:BMRA) reported a Q3 EPS of $(0.11), an improvement from $(0.12) YoY, but saw a decrease in sales to $1.02M from $1.11M YoY.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 6:20 am

MTB

M&T Bank Corporation (NYSE:MTB) is set to release its Q1 earnings on April 15, 2024, with analysts forecasting earnings of $3.09 per share and revenue of $2.26 billion. The bank recently appointed Sarah Knakmuhs as Chief Communications Officer. Shares dropped 0.5% to $134.56 recently. Analysts from Jefferies, Keefe, Bruyette & Woods, Morgan Stanley, Piper Sandler, and RBC Capital have provided varied ratings and price targets for MTB, reflecting diverse expectations for the bank's financial performance.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:59 am

Goldman Sachs Group, Inc. (NYSE:GS) is anticipated to report lower Q1 earnings at $8.56 per share compared to $8.79 the previous year, with revenue expected to rise to $12.92 billion from $12.22 billion. The firm aims to expand its private credit portfolio to $300 billion in five years. Shares fell 2% recently. Analysts from JMP Securities, Keefe, Bruyette & Woods, RBC Capital, Oppenheimer, and BMO Capital have provided varied ratings and price targets for GS.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:50 am

JPM

MTB

SCHW

WFC

U.S. stocks closed lower on Friday amid geopolitical concerns, with the Dow Jones dropping around 475 points. The Fear & Greed Index remained in the 'Neutral' zone. JPMorgan Chase & Co. shares fell over 6% following Q1 earnings, while Wells Fargo and Citigroup Inc reported better-than-expected earnings. All sectors of the S&P 500 closed negatively, with significant losses in information technology, materials, and consumer discretionary stocks. Investors are looking forward to earnings results from M&T Bank Corporation, The Charles Schwab Corporation, and The Goldman Sachs Group, Inc.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 5:49 am