Streetbeat News

Earnings

NKTX

Nkarta Inc (NASDAQ:NKTX) stock fell 29.4% to $9.17 after announcing the deprioritization of its NKX101 cancer drug program following a review of preliminary safety and response data. The company is redirecting resources to its lead pipeline program, NKX019, for autoimmune disease. Despite initial promising results, the aggregate CR/CRi rate for NKX101 in a clinical trial was lower than expected. Nkarta plans to focus on NKX019, with a study on lupus nephritis set to begin in the first half of 2024. As of December 31, 2023, Nkarta reported having sufficient funds to support operations into 2026.

Portfolio Pulse from Vandana Singh

March 22, 2024 | 5:49 pm

ASO

Truist Securities analyst Joseph Civello reiterated a Buy rating on Academy Sports and Outdoors Inc (NASDAQ:ASO) but lowered the price target from $77 to $75, citing a post-holiday slump and a conservative outlook under new leadership. The company's Q4 FY23 sales and adjusted EPS missed analyst estimates, with sales growing 2.8% year-on-year to $1.794 billion and adjusted EPS at $2.21. The FY comp guidance of down (4%) to +1% reflects the new CEO/CFO's conservative outlook, despite positive signs in the Outdoor category and potential for gross margin improvement.

Portfolio Pulse from Shivani Kumaresan

March 22, 2024 | 5:41 pm

FRSX

JFBR

LULU

NVFY

TCTM

In Friday's intraday session, several consumer discretionary stocks experienced significant movements. Notably, Nova Lifestyle (NVFY) surged by 58.9%, while Lululemon Athletica (LULU) saw a decline of 14.69%. Other stocks such as Jeffs Brands (JFBR), TCTM Kids IT Education (TCTM), and Foresight Autonomous (FRSX) also saw notable gains. Conversely, Lixiang Education Hldg (LXEH), Selina Hospitality (SLNA), and Chijet Motor Co (CJET) were among the losers. The movements were attributed to various factors including quarterly earnings releases.

Portfolio Pulse from Benzinga Insights

March 22, 2024 | 5:31 pm

BACK

BIOL

CUTR

NKTX

VIRI

In Friday's intraday session, several healthcare stocks experienced significant movements. IMAC Holdings, Virios Therapeutics, Regencell Bioscience, Ontrak, Outlook Therapeutics, and Biolase were among the gainers, with IMAC Holdings leading with a 91.5% increase. On the downside, SINTX Techs, Nkarta, Cutera, 180 Life Sciences, Zura Bio, and Sangamo Therapeutics saw notable declines, with SINTX Techs dropping by 30.4%. Notably, Biolase, Nkarta, and Cutera's movements were influenced by their Q4 earnings reports.

Portfolio Pulse from Benzinga Insights

March 22, 2024 | 5:31 pm

IDN

IREN

TROO

VERI

In Friday's intraday session, 12 Information Technology stocks showed significant movements. Notably, Intellicheck (IDN) surged by 68.6% following its Q4 earnings release. Other gainers included Veritone (VERI), Movella Holdings (MVLA), My Size (MYSZ), WaveDancer (WAVD), and BTC Digital (BTCT) with notable upward movements. Conversely, TROOPS (TROO), Wrap Technologies (WRAP), Iris Energy (IREN), SMX (Security Matters), Abits Group (ABTS), and SoundHound AI (SOUN) experienced declines.

Portfolio Pulse from Benzinga Insights

March 22, 2024 | 5:31 pm

AMZN

FDIS

XLY

Truist analyst Youssef Squali maintains a Buy rating on Amazon (AMZN) with a $195 price target, predicting revenue growth driven by AWS and retail sales. U.S. revenue is expected to exceed consensus, reaching $87.0 billion (+13% Y/Y) for the quarter. The first-ever U.S. Big Spring Sale is anticipated to boost demand. Total Q1 revenues are projected at $143.1 billion (+12.3% Y/Y), with AWS revenues at $24.5 billion (+14.5% Y/Y). Amazon's ads business is also expected to sustain above-market growth. AMZN shares rose 0.40% to $178.66. Exposure to AMZN can be gained through XLY and FDIS ETFs.

Portfolio Pulse from Anusuya Lahiri

March 22, 2024 | 5:24 pm

CAT

Recent options trading activity for Caterpillar (NYSE:CAT) indicates a bearish sentiment among deep-pocketed investors, with a notable division in market sentiment (34% bullish, 65% bearish). The trading focused on a price band between $280.0 and $380.0. Significant options trades were observed, including both puts and calls with varying sentiments and strike prices. Caterpillar, a leading manufacturer of heavy equipment, has seen its stock slightly down by -0.15%, with an RSI indicating it may be overbought. An earnings announcement is expected in 34 days, and an analyst from Truist Securities has set a target price of $390.0.

Portfolio Pulse from Benzinga Insights

March 22, 2024 | 5:00 pm

LULU

Lululemon Athletica Inc (NASDAQ:LULU) shares dropped after Q4 earnings, despite beating expectations, due to lower-than-expected 2024 guidance. Analysts from Truist Securities, JPMorgan, Wedbush, Goldman Sachs, BMO Capital Markets, Needham, Citi Research, and Telsey Advisory Group provided mixed reactions, adjusting their price targets and expressing concerns over slowing US trends and conservative outlooks. International growth, especially in China, remains strong, but North American growth is moderating. Analysts remain optimistic about product innovations and the company's ability to outperform guidance.

Portfolio Pulse from Priya Nigam

March 22, 2024 | 5:00 pm

FDX

FedEx Corp (NYSE:FDX) reported upbeat fiscal third-quarter earnings, leading to a rally in its shares. Analysts from BMO Capital Markets, Goldman Sachs, and Oppenheimer provided insights, with adjustments to price targets and ratings. The earnings beat was attributed to the Express division's performance, offsetting weaker results in Freight and Ground. Despite a decline in volumes, analysts remain hopeful for a recovery, especially in the Express division, due to cost reduction efforts and potential volume increases.

Portfolio Pulse from Priya Nigam

March 22, 2024 | 4:51 pm

WBA

Recent options trading activity indicates a bullish sentiment among high-rolling investors towards Walgreens Boots Alliance (NASDAQ:WBA), with a notable split in sentiment (50% bullish, 50% bearish) among major trades. The trading activity suggests an expected price range of $19.5 to $21.0 for WBA over the next three months. This activity, highlighted by Benzinga, includes significant trades in both calls and puts, with a larger volume in calls. Walgreens Boots Alliance, a major retail pharmacy chain in the U.S., is currently positioned neutrally in the market with its stock price slightly up at $20.86. The company is expected to release its next earnings in 6 days, and market experts have issued a consensus target price of $22.5 for the stock.

Portfolio Pulse from Benzinga Insights

March 22, 2024 | 4:31 pm