Streetbeat News

Earnings

BLK

JPM

Major US banks, including JPMorgan Chase & Co., Wells Fargo & Co., BlackRock Inc., and Citigroup Inc., reported Q1 2024 earnings that exceeded consensus forecasts, benefiting from high interest rates and a strong economy. JPMorgan highlighted strong results despite some figures slightly below estimates, maintaining a positive outlook. Citigroup surpassed expectations with significant revenue and EPS, with notable performance in U.S. Personal Banking. BlackRock also beat estimates, with AUM exceeding expectations and significant net inflows. Shares of JPMorgan fell 3% in premarket trading, while Citigroup and BlackRock shares rose.

Portfolio Pulse from Piero Cingari

April 12, 2024 | 1:18 pm

VIRC

Virco Mfg. Corporation (NASDAQ:VIRC) reported a 16.5% increase in full-year revenue to $269.1M for the fiscal year ended January 31, 2024. The company, a leading supplier of furniture for educational environments, also saw its gross margin improve to 43.1% from 36.9% in the prior year. Operating income surged to $31.9M from $10.6M, and net income after taxes rose to $21.9M from $16.5M. Virco's debt-free status, except for a small mortgage, and its vertically integrated business model were highlighted as key factors in its financial performance. The company's 'Shipments + Backlog' metric, a non-GAAP measure, exceeded $317.6M at year-end, indicating strong business velocity.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 1:04 pm

DIVZ

FTXO

Citigroup Inc reported a slight revenue decline in Q1 fiscal 2024 but exceeded consensus expectations with a revenue of $21.10 billion and GAAP EPS of $1.58. Investment Banking and U.S. Personal Banking saw significant growth, while net credit losses increased and net income decreased. Citigroup reaffirmed its fiscal 2024 revenue outlook, and its stock, along with related ETFs FTXO and DIVZ, saw positive movements.

Portfolio Pulse from Anusuya Lahiri

April 12, 2024 | 12:51 pm

CVX

GSG

TOST

On CNBC's 'Halftime Report Final Trades,' experts highlighted their top picks including iShares S&P GSCI Commodity-Indexed Trust (GSG), Chubb Limited (CB), Chevron Corporation (CVX), and Toast, Inc. (TOST). Chubb received a price target increase from Evercore ISI Group, while Chevron was upgraded by Scotiabank. Toast is anticipated to report improved quarterly results. The stocks showed varied price actions with Toast experiencing a significant surge.

Portfolio Pulse from Avi Kapoor

April 12, 2024 | 12:45 pm

NXPL

PXMD

PaxMedica (PXMD) shares surged 171% after announcing the completion of pivotal batches of PAX-101. NextPlat (NXPL) shares rose 98% with an increase in FY23 revenue. Globe Life (GL) shares increased 14% despite a short report from Fuzzy Panda Research, which the company refuted.

Portfolio Pulse from ryanfaloona@benzinga.com

April 12, 2024 | 12:43 pm

FTXO

KBWB

WFC

Wells Fargo & Company (NYSE:WFC) reported Q1 earnings per share of $1.20, surpassing analyst expectations of $1.09, with quarterly sales of $20.86 billion also beating forecasts. Despite these positive results, WFC shares traded slightly lower in premarket. The bank experienced an 8% decline in net interest income year over year, but saw a 17% increase in noninterest income, attributed to various factors including improved venture capital business results and higher investment banking fees. Wells Fargo also incurred a $284 million charge related to an FDIC special assessment. The bank's outlook for 2024 anticipates a 7-9% decrease in net interest income from 2023 levels, with noninterest expense expected to remain around $52.6 billion. Investors can also gain exposure to WFC through First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Invesco KBW Bank ETF (NASDAQ:KBWB).

Portfolio Pulse from Nabaparna Bhattacharya

April 12, 2024 | 12:40 pm

Goldman Sachs Group, Inc. (NYSE:GS) is anticipated to release its Q1 earnings on April 15, 2024, with expected earnings of $8.56 per share and revenue of $12.92 billion. JMP Securities analyst Devin Ryan maintained a Market Outperform rating and raised the price target from $440 to $460. Goldman Sachs offers a 2.77% annual dividend yield, equating to $2.75 per share quarterly. To earn $500 monthly from dividends, an investment of approximately $216,627 or 545 shares is needed. Shares of Goldman Sachs fell 0.8% to close at $397.48 recently.

Portfolio Pulse from Avi Kapoor

April 12, 2024 | 12:34 pm

IYF

IYG

JPM

JPMorgan Chase & Co. (NYSE:JPM) reported first-quarter FY24 results with net revenue of $42.5 billion, an 8% increase year-over-year, surpassing consensus estimates. EPS was $4.44, beating the consensus of $4.15. Despite positive financial performance, JPM shares are trading lower. The bank's outlook for FY24 includes an expected net interest income of ~$89 billion. Investors can also gain exposure to JPM through IShares U.S. Financial Services ETF (NYSE:IYG) and IShares U.S. Financial ETF (NYSE:IYF).

Portfolio Pulse from Lekha Gupta

April 12, 2024 | 12:27 pm

PGR

Progressive Corporation reported its earnings for March 2024, with an EPS of $1.52 and a net income of $893.6 million.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:19 pm

TSLA

Morgan Stanley analyst Adam Jonas reiterated a positive outlook for Tesla (TSLA), focusing on its energy storage business despite expecting increased volatility and earnings pressure in the near term. Jonas is optimistic about Tesla's long-term prospects due to its AI and robotics transition, highlighted by the potential of its full self-driving (FSD) software and upcoming robotaxi event. However, he expressed concerns over the immediate impact of FSD and robotaxis commercialization. Tesla's recent report of a year-on-year decline in quarterly deliveries, the first in four years, adds to the near-term challenges. Despite these challenges, Tesla's stock closed up 1.65% at $174.6.

Portfolio Pulse from Anan Ashraf

April 12, 2024 | 12:16 pm