Streetbeat News

Earnings

ADPT

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) announced a strategic restructuring into two businesses, MRD and IM, with dedicated resources and separate reporting. The company aims to preserve its strong capital position, bridging MRD to profitability and supporting IM investments. Preliminary Q1 FY2024 sales are expected to exceed consensus, with significant year-over-year growth in MRD revenue. CFO Tycho Peterson will depart, succeeded by Kyle Piskel. Despite external challenges, maintaining both businesses is seen as offering long-term valuation upside, with William Blair reiterating an Outperform rating. ADPT shares dropped 7.05% to $2.77.

Portfolio Pulse from Vandana Singh

April 03, 2024 | 5:42 pm

COTY

ELF

NBCC

ULTA

VSMV

Ulta Beauty, Inc. (NASDAQ:ULTA) shares are falling due to executives cautioning about a deceleration in demand across categories in Q1. Despite this, the company reaffirmed its annual comparable sales growth target of 4% to 5% and expects FY 2024 revenue to be between $11.7 billion and $11.8 billion. The news also negatively impacted shares of E.L.F. Beauty, Inc. (NYSE:ELF), Coty Inc. (NYSE:COTY), and Estee Lauder Companies, Inc. (NYSE:EL). Investors can gain exposure to ULTA through Neuberger Berman ETF Trust Neuberger Berman Next Generation Connected Consumer ETF (NYSE:NBCC) and VictoryShares US Multi-Factor Minimum Volatility ETF (NASDAQ:VSMV).

Portfolio Pulse from Nabaparna Bhattacharya

April 03, 2024 | 5:32 pm

INTC

OWL

SPOT

ULTA

Wall Street rebounded as the ISM Services PMI indicated slower growth, easing overheating concerns. The ADP report showed strong job growth, and the dollar declined. Fed Chair Powell hinted at potential rate cuts. WTI crude and precious metals prices rose. Major indices and ETFs like SPY, DIA, and QQQ saw gains, with GE Aerospace rallying post-separation and Intel facing losses. Blue Owl Capital announced a significant acquisition, while Spotify plans to raise subscription prices. Ulta Beauty and peers faced declines due to competition and demand slowdown.

Portfolio Pulse from Piero Cingari

April 03, 2024 | 5:31 pm

BAC

CFG

TFC

WFC

Analyst Vivek Juneja from JPMorgan highlights Bank of America (BAC) as a standout performer for Q1 earnings, expecting benefits from various revenue streams. Citigroup (C) is anticipated to face challenges due to trading performance and severance charges. Wells Fargo (WFC) has a cautious outlook with expected slow trading revenue growth. Truist Financial Corp (TFC) and Citizens Financial Group (CFG) are seen to benefit from investment banking but face NII pressures. Price targets for BAC, C, WFC, TFC, and CFG have been raised.

Portfolio Pulse from Surbhi Jain

April 03, 2024 | 5:13 pm

COP

CVX

MPC

USO

VLO

XLE

XOM

Crude oil prices surged in Q1 2024, with U.S. and European benchmarks reaching five-month highs due to a tighter supply/demand outlook and global geopolitical concerns. The United States Oil Fund (USO) saw an 18.1% increase, reflecting the rise in U.S. oil prices. Factors contributing to the price increase include OPEC's output curbs, robust U.S. economic data, and geopolitical tensions in Ukraine, Israel, and the Middle East. Energy analysts expect high prices to persist into Q2. Major oil and gas producers and related ETFs like XLE, XOM, COP, CVX, MPC, and VLO also reported significant gains.

Portfolio Pulse from Neil Dennis

April 03, 2024 | 5:05 pm

COTY

Coty's stock price declined following Ulta Beauty's report of weak guidance during a conference, indicating potential concerns in the beauty sector.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 4:59 pm

CVS

Recent options trading activity for CVS Health (NYSE:CVS) indicates a mixed market sentiment, with an equal split between bullish and bearish positions. Notable trades include both puts and calls, with a focus on strike prices between $72.5 and $80.0. The trading volume and open interest analysis suggest significant interest in these price ranges. CVS Health's current market standing shows a slight increase in stock price to $74.03, with neutral RSI indicators and an upcoming earnings announcement. Analyst opinions vary, with an average price target of $86.0, reflecting differing views on the company's future performance.

Portfolio Pulse from Benzinga Insights

April 03, 2024 | 4:46 pm

ANF

Abercrombie & Fitch (NYSE:ANF) has seen a mix of bullish and bearish options trading, with a slight majority being bullish. The trading volume and open interest suggest a price target range of $108.0 to $155.0. The company's stock is currently trading at $131.0, with neutral RSI indicators and an earnings announcement expected in 49 days. Analysts have varying opinions, with target prices ranging from $103 to $155.

Portfolio Pulse from Benzinga Insights

April 03, 2024 | 4:45 pm

LENZ

LENZ Therapeutics Inc announced positive results from its Phase 3 CLARITY study of aceclidine formulations LNZ100 and LNZ101 for presbyopia, with LNZ100 meeting primary and key secondary endpoints. LNZ100 showed significant improvement in Best Corrected Distance Visual Acuity without adverse effects, leading to a 4.33% increase in LENZ shares to $21.92. LENZ plans to submit a New Drug Application for LNZ100 in mid-2024.

Portfolio Pulse from Vandana Singh

April 03, 2024 | 4:34 pm

PLAY

Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) shares increased after a recent dip due to Q4 results missing expectations. The company reported earnings of $1.03 per share against an estimate of $1.10, and sales of $599.1 million versus an expected $602.609 million. Despite this, the board increased its share repurchase authorization by $100 million to $200 million. Analysts from UBS and Truist Securities maintained their ratings but raised their price targets for PLAY. The stock's rise is also attributed to a high short interest of 17.73%.

Portfolio Pulse from Erica Kollmann

April 03, 2024 | 4:32 pm