Streetbeat News

Earnings

LW

Lamb Weston Holdings Inc (NYSE:LW) shares dropped significantly after reporting Q3 FY24 sales of $1.46 billion, missing estimates of $1.645 billion. The decline was attributed to a 16% volume drop, partly due to unfilled orders from transitioning to a new ERP system. Gross profit margin contracted, and adjusted EPS fell short of expectations. The company also lowered its FY24 sales and earnings guidance due to the ERP transition's impact and soft restaurant traffic trends.

Portfolio Pulse from Shivani Kumaresan

April 04, 2024 | 2:35 pm

RIOT

Riot Blockchain, Inc. (RIOT) shares are experiencing an uptick following the announcement of their March Bitcoin production figures, which totaled 425 Bitcoins.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 2:30 pm

CADL

Candel Therapeutics Inc (NASDAQ:CADL) released updated interim survival data from a phase 2 trial of CAN-2409 plus valacyclovir for pancreatic cancer, showing prolonged survival compared to the control group. The data, presented after eight months of additional follow-up, demonstrated a median overall survival of 28.8 months in the CAN-2409 group versus 12.5 months in the control group. The treatment was well tolerated with no dose-limiting toxicities. Following the news, CADL shares surged 31.70% to $2.21.

Portfolio Pulse from Vandana Singh

April 04, 2024 | 2:24 pm

NOW

Deep-pocketed investors have shown a bullish sentiment towards ServiceNow (NYSE:NOW), with options activity indicating a focus on a price range between $600 and $1000. The analysis of options activity reveals a 60% bullish and 40% bearish sentiment among investors. Significant trades include both calls and puts, with a notable emphasis on calls. ServiceNow's current market performance shows a 1.0% increase in stock price to $766.75, with an upcoming earnings report in 20 days. Market experts have issued a consensus target price of $880 for NOW, with varying opinions from analysts at Stifel and Keybanc.

Portfolio Pulse from Benzinga Insights

April 04, 2024 | 2:19 pm

IZEA

IZEA Worldwide, Inc. (NASDAQ:IZEA) reported a 53% YoY increase in Q1 2024 Managed Services bookings, totaling $9.3 million, up from $6.1 million in Q1 2023. The growth is attributed to organic efforts and a record-setting sales pipeline. Additionally, the company saw a recovery in SaaS revenue, ending Q1 2024 with the highest number of SaaS customers ever. Bookings, which are not a direct indicator of revenue, are expected to be recognized over a seven to nine-month period.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 2:08 pm

PYZ

REGL

RPM

RPM International Inc. (NYSE:RPM) reported third-quarter FY24 results with a slight increase in sales and adjusted EPS beating consensus. Despite positive pricing and volume growth in certain segments, challenges like lower DIY consumer takeaway and tough comparables in disaster restoration offset revenue growth. Geographically, sales growth was strongest in emerging markets. Adjusted EBIT rose significantly, and the company returned $210.1 million to stockholders. RPM expects flat sales and an increase in adjusted EBIT for Q4 FY24. RPM shares are down 3.42%. Investors can also gain exposure through PYZ and REGL ETFs.

Portfolio Pulse from Lekha Gupta

April 04, 2024 | 2:02 pm

DIS

Disney CEO Bob Iger announced plans to achieve double-digit margins for the company's streaming business, signaling a strong focus on profitability in the near future.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 1:49 pm

NEM

Deep-pocketed investors have shown unusual options activity in Newmont (NYSE:NEM), with a bearish sentiment prevailing despite some bullish positions. The activity involves significant trades in both calls and puts, aiming for a price range of $30.0 to $42.5 over the next three months. Newmont, the world's largest gold miner, has recently acquired Newcrest and is expected to sell some higher cost mines. The stock is slightly up with a potential overbought RSI, and earnings are anticipated in 21 days.

Portfolio Pulse from Benzinga Insights

April 04, 2024 | 1:47 pm

TSLA

Gary Black of Future Fund highlighted Tesla's minimal ad spend compared to its significant price cuts in 2023, suggesting advertising as a solution to Tesla's declining sales. Tesla, traditionally relying on a direct-sales model, has started advertising on platforms like X, YouTube, Facebook, and Instagram. Despite these efforts, Tesla reported its first year-over-year decline in quarterly deliveries since Q2 2022. Black advocates for a better balance between price cuts and advertising to improve sales, especially as Tesla faces a shrinking auto margin and a slow recovery in EV adoption.

Portfolio Pulse from Shanthi Rexaline

April 04, 2024 | 1:41 pm

MARA

Marathon Digital Holdings, Inc. (MARA) shares are trading higher following the announcement that their Bitcoin production in March increased by 7% to 894 Bitcoin.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 1:41 pm