Streetbeat News

Earnings

ACOR

GOEV

PAYX

VVPR

U.S. stocks traded lower with the Dow Jones falling over 400 points. Paychex, Inc. reported mixed Q3 results, missing sales expectations. VivoPower International, XTI Aerospace, and Kidpik Corp saw significant stock increases due to merger agreements and acquisitions. Conversely, Acorda Therapeutics, Gritstone bio, and Canoo Inc experienced substantial drops, with Acorda filing for Chapter 11 bankruptcy and Canoo issuing weak revenue guidance.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 1:58 pm

AYI

Acuity Brands, Inc. (NYSE:AYI) is set to announce its Q2 earnings on April 3, 2024, with expected earnings of $3.25 per share, up from $3.06 the previous year, and projected revenue of $908.75 million. The company recently increased its quarterly dividend to 15 cents per share and authorized an additional 3 million share repurchase. To earn a $500 monthly dividend from Acuity Brands, an investor would need to own approximately 10,000 shares, valued at $2,651,400. The article also explains how dividend yield changes with stock price and dividend payment adjustments. AYI's stock fell 1.3% to close at $265.14 recently.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 1:56 pm

PVH

PVH Corp. (NYSE:PVH) shares fell after issuing weak Q1 guidance despite beating Q4 earnings and revenue expectations. The company reported Q4 earnings of $3.72 per share and revenues of $2.49 billion, with Tommy Hilfiger and Calvin Klein seeing revenue increases. However, PVH projects a Q1 EPS of $2.15 and a revenue decrease of about 11%, with a full-year revenue decrease of 6% to 7%. The board approved a $2.0 billion increase to the stock repurchase program.

Portfolio Pulse from Nabaparna Bhattacharya

April 02, 2024 | 1:53 pm

DJT

Trump Media and Technology Group (NASDAQ:DJT), which operates Truth Social, reported a loss of $58.18 million in 2023 against revenues of $4.13 million, with interest payments of $39.43 million. An auditor expressed 'substantial doubt' about its ability to continue, impacting its stock value. Despite financial challenges, CEO Devin Nunes claims the company is debt-free with over $200 million in the bank. Shares dropped 21.47% to close at $48.66.

Portfolio Pulse from Benzinga Neuro

April 02, 2024 | 1:51 pm

RIVN

TSLA

Rivian's stock price dropped after reporting Q1 deliveries, affecting the broader electric vehicle (EV) sector, including a decline in Tesla deliveries and general market weakness.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 1:47 pm

VERB

Verb Technology Company, Inc. (NASDAQ:VERB) announced its MARKET.live livestream shopping business plan is fully funded, with a significant increase in cash and a decrease in notes payable. The company's 2023 Form 10-K revealed a cash position of $14.2M and notes payable of $1.2M, marking a substantial improvement from the previous year. This financial stability has removed the 'Going Concern' opinion from its audited financial statements for the first time. VERB's partnerships, including with TikTok, and new technology integrations are expected to drive revenue growth and stockholder returns.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 1:38 pm

CIFR

Cipher Mining Inc (NASDAQ:CIFR) shares fell alongside other bitcoin mining stocks as bitcoin's price dropped. The company reported mining 316 bitcoins last month, increasing its total holdings to 1,741. The decline in stock price is attributed to a decrease in bitcoin value, influenced by lower rate cut expectations from the Federal Reserve and an increase in the 10-year U.S. Treasury yield. Additionally, bitcoin mining rewards are set to halve later this month, a factor historically followed by market rallies.

Portfolio Pulse from Adam Eckert

April 02, 2024 | 1:29 pm

AAPL

TSLA

UBS

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced a market correction, with analysts predicting all-time highs for Bitcoin as its halving event nears. The US and UK are collaborating to regulate and address risks associated with emerging artificial intelligence technologies. In the US, market sentiment is cautious with Wall Street poised for a weak open, influenced by Fed speeches and key data. Internationally, the Russia-Ukraine conflict may reach a stalemate, and China is seen as a preferred ally in Southeast Asia. In tech, Apple unveils a new AI model, and Tesla's China sales offer hope ahead of its Q1 deliveries report. UBS announces a $2B buyback plan amid its Credit Suisse takeover.

Portfolio Pulse from Akanksha Bakshi

April 02, 2024 | 1:28 pm

GEV

NETZ

PPA

GE Aerospace (NYSE:GE) has officially launched as an independent public company following the spin-off of GE Vernova (NYSE:GEV). Both companies will ring the NYSE opening bell on April 2, 2024. GE Aerospace, with a significant global presence in commercial and military engines, expects a $10 billion operating profit by 2028 and plans to return 70%-75% of available funds to shareholders this year. GE Vernova, focusing on power generation, aims for mid-single digit organic revenue growth and a 10% adjusted EBITDA margin by 2028. TCW Transform Systems ETF (BATS:NETZ) and Invesco Aerospace & Defense ETF (NYSE:PPA) offer exposure to these stocks.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 1:27 pm

GDNSF

Goodness Growth Holdings, Inc. (OTC:GDNSF) reported a significant increase in Q4 2023 revenue, gross margin, and operating profits, with revenue reaching $24.2 million, a 34.4% increase year-over-year. Operating income for Q4 was $5.4 million, marking the second consecutive quarter of surpassing the $5 million threshold. The company also highlighted the successful execution of its CREAM & Fire strategy and anticipates the launch of adult-use cannabis sales in Minnesota in 2025. Additionally, Goodness Growth announced the divestiture of its New York operations to ACE Venture Enterprises, Inc., including a $20 million investment from Ace for development and assumption of the IIP lease.

Portfolio Pulse from Nicolás Jose Rodriguez

April 02, 2024 | 1:27 pm