Streetbeat News

Earnings

DAL

Delta Air Lines, Inc. (NYSE:DAL) reported better-than-expected Q1 2024 earnings with an 8% YoY operating revenue growth to $13.748 billion and an adjusted EPS of 45 cents, surpassing consensus estimates. The company anticipates repaying at least $4 billion of debt this year, with credit rating improvements recognized by Moody’s and Fitch. For Q2, Delta expects a revenue growth of 5%-7% and an EPS of $2.20-$2.50. Analysts from Deutsche Bank, B of A Securities, and Susquehanna have raised their price targets on Delta Air following the earnings announcement. Despite the positive report, Delta Air shares fell 2.3% to close at $46.24.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 1:26 pm

OP

OceanPal reported a significant improvement in its Q4 earnings with a loss of $(0.42) per share, up from a loss of $(13.89) per share YoY. Sales also increased slightly to $5.81M from $5.72M YoY.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:24 pm

COST

Costco Wholesale Corp (NASDAQ:COST) shares rose after reporting a 9.4% year-over-year increase in March sales to $23.48 billion and a quarterly dividend increase from $1.02 to $1.16 per share. Total comparable sales increased by 7.7%, with e-commerce sales surging 28.3%. The company's net sales for the first 31 weeks of the year reached $146.64 billion, up 6.4% from the previous year. Telsey Advisory Group maintained an Outperform rating on Costco with a price target of $800.

Portfolio Pulse from Adam Eckert

April 11, 2024 | 1:22 pm

RENT

Rent The Runway, Inc. (NASDAQ:RENT) shares surged in premarket trading after reporting Q4 financial results. Despite missing EPS estimates with a loss of $(7.02) per share, quarterly sales of $75.8 million exceeded expectations. Gross profit fell by 10.2% year over year, and gross margin contracted. However, adjusted EBITDA improved significantly, and the company provided positive revenue guidance for Q1 and FY 2024.

Portfolio Pulse from Nabaparna Bhattacharya

April 11, 2024 | 1:17 pm

KMX

During a conference call, CarMax's CFO announced that they anticipate an increase in Selling General and Administrative (SG&A) expenses in Q1, indicating potential pressure on the company's operational costs.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:17 pm

STZ

Constellation Brands Inc (NYSE:STZ) reported Q4 FY24 sales of $2.14 billion, up 7.1% Y/Y, beating estimates. Beer sales rose 11% to $1.702 billion, while Wine and Spirits fell 6%. Operating income surged 35% to $629.4 million, with an operating margin of 29.4%. Comparable EPS was $2.30, above the $2.09 estimate. The company declared a 13% higher dividend of $1.01 per share and expects FY25 net sales growth of 6%-7% and Comparable EPS of $13.50-$13.80. STZ shares rose 0.73% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 11, 2024 | 1:08 pm

ENLV

Enlivex shares are trading lower following the announcement of topline results from its Phase II trial evaluating Allocetra in sepsis.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 1:08 pm

AZN

FUSN

AstraZeneca Plc (NASDAQ:AZN) announced a 7% increase in its annual dividend to $3.10 per share for 2024, signaling confidence in its financial health and future performance. This decision comes ahead of a shareholder vote on CEO Pascal Soriot's pay package, which could see an increase of £1.8 million. The company also highlighted its acquisition of Fusion Pharmaceuticals Inc (NASDAQ:FUSN) for $21.00 per share plus a contingent value right. AstraZeneca expects a low double-digit to low teens percentage increase in total revenues and core EPS for fiscal year 2024. Additionally, the FDA approved AstraZeneca's Fasenra for severe asthma in younger patients.

Portfolio Pulse from Vandana Singh

April 11, 2024 | 1:04 pm

FN

Over the past three months, Fabrinet (NYSE:FN) has been evaluated by 5 analysts, showing a mix of bullish to bearish sentiments. The average 12-month price target for FN is now $216.4, marking a 1.44% increase from the previous target of $213.33. Analyst actions include ratings adjustments and price target changes by firms such as JP Morgan, Needham, and Northland Capital Markets. Fabrinet's financial performance is strong, with notable revenue growth, high net margin, and effective debt management, positioning it well in the Information Technology sector.

Portfolio Pulse from Benzinga Insights

April 11, 2024 | 1:01 pm

ALL

AMAT

BHP

On CNBC's 'Halftime Report Final Trades,' experts highlighted their picks including U.S. 2 Year Treasury Note, Applied Materials (AMAT), BHP Group (BHP), and Allstate (ALL). Applied Materials faces uncertainty around its $4 billion R&D facility in Silicon Valley due to funding issues. BHP Group has cut contractor workforce amid considerations to freeze its nickel division. Allstate is set to discuss Q1 2024 earnings in an upcoming conference call. Shares of AMAT and BHP fell, while ALL shares gained.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 12:48 pm