Streetbeat News

Earnings

GL

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

GS

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

JPM

JPMorgan Chase's CFO commented on the current quarter's performance in investment banking as 'nice' but expressed caution regarding future activity due to regulatory headwinds in mergers and acquisitions (M&A).

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:10 pm

GPAK

HRYU

LBTYA

NXPL

VSME

In Friday's pre-market session, 11 Communication Services stocks showed notable movements. NextPlat (NXPL) led the gainers with a 51.3% increase following their Q4 earnings release, while Gamer Pakistan (GPAK) experienced the largest drop among the losers, falling 6.8%. Other notable movers included Hanryu Holdings (HRYU), VS Media Holdings (VSME), and Liberty Global (LBTYA) on the gainers' side, and Brera Holdings (BREA), Motorsport Games (MSGM), and TuanChe (TC) among the losers.

Portfolio Pulse from Benzinga Insights

April 12, 2024 | 12:10 pm

C

Citigroup shares are trading higher after the bank reported better-than-expected Q1 financial results and provided upbeat FY24 guidance.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:08 pm

C

Citigroup reported a mixed financial performance for Q1, with a 7% decline in Markets Revenue, a 35% increase in Investment Banking Revenue, a 4% decrease in Wealth Revenue, and a 10% rise in US Personal Banking.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 12:08 pm