Streetbeat News

Earnings

UUP

The ADP National Employment Report revealed that U.S. private employment grew by 184,000 jobs in March, surpassing expectations and indicating a resilient job market. The report, serving as a precursor to the Bureau of Labor Statistics' official data, showed significant job growth in services and goods production, with notable increases in leisure, hospitality, and construction sectors. Wage growth remained steady for job-stayers at 5.1%, while job changers saw a 10% increase. Following the report, the U.S. Dollar Index, as tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), experienced a slight increase, while U.S. equity futures faced a downturn.

Portfolio Pulse from Piero Cingari

April 03, 2024 | 12:45 pm

AA

ARQ

HMY

KALU

TG

Five materials sector stocks, Arq, Inc. (ARQ), Alcoa Corporation (AA), Harmony Gold Mining Company Limited (HMY), Tredegar Corporation (TG), and Kaiser Aluminum Corporation (KALU), are considered overbought as of April 3, 2024, based on their RSI values. These stocks have shown significant price gains over the past month, with ARQ, AA, HMY, TG, and KALU experiencing increases in their stock prices following positive financial results or strategic moves.

Portfolio Pulse from Avi Kapoor

April 03, 2024 | 12:44 pm

MGOL

MGO Global reported its FY23 earnings with an EPS of $(0.51), a decrease from $(0.25) YoY. However, its revenue saw a significant increase to $5.359M from $1.048M YoY.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 12:42 pm

ASML

INTC

TSM

Intel Corporation (NASDAQ:INTC) reported a $7 billion operating loss for its foundry business in 2023, a significant increase from the previous year's $5.2 billion loss. Revenue for the unit dropped 31% to $18.9 billion. Shares fell 4.3% following the disclosure. CEO Pat Gelsinger anticipates the worst losses in 2024 but aims for a break-even by 2027. The company's strategic missteps included not adopting EUV machines from ASML (ASML) earlier. Intel plans to reduce outsourcing to companies like TSMC and invest $100 billion in U.S. chip factories.

Portfolio Pulse from Benzinga Neuro

April 03, 2024 | 12:40 pm

ICE

Intercontinental Exchange announced an increase in its total average daily volume for March, showing a 4% year-over-year growth.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 12:36 pm

INTC

Intel Corp (NASDAQ:INTC) shares fell after announcing a $7 billion operating loss in its foundry business for 2023, down from $27.5 billion revenue in 2022. Intel aims for break-even margins by 2030 and appointed Lorenzo Flores as CFO of Intel Foundry. The company also introduced a new financial reporting structure to enhance transparency and drive cost discipline.

Portfolio Pulse from Adam Eckert

April 03, 2024 | 12:35 pm

ICCM

Icecure Medical (NASDAQ:ICCM) reported a FY EPS of $(0.32), meeting analyst consensus estimates and marking a 30.43% improvement over last year's $(0.46) per share. Quarterly sales reached $3.23M, exceeding the $3.14M estimate by 2.83% and showing a 4.67% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 12:33 pm

AMD

INTC

TSM

Intel Corp aims for $15B in foundry revenue by 2030, despite current challenges and competition from TSMC, which is expected to be 10x larger in foundry revenues. JPMorgan's Harlan Sur maintains an underweight rating on Intel with a $37 price target. Intel's transition to EUV technology and long-term margin targets remain key to its strategy, despite short-term headwinds including a downturn in stock performance, datacenter share loss to AMD, and muted traction in datacenter accelerator products.

Portfolio Pulse from Surbhi Jain

April 03, 2024 | 12:19 pm

SPY

The ADP National Employment Report for March showed that private sector employment increased by 184,000 jobs, surpassing the estimated increase of 148,000 jobs.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 12:15 pm

TCON

TRACON Pharmaceuticals announced that its ENVASARC Phase 2 pivotal trial is now fully enrolled, with final data expected in Q3 2024. This marks a significant milestone in the development of their treatment.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 12:12 pm