Streetbeat News

Earnings

AAPL

AVGO

IWM

Following the Federal Reserve's dovish signal, major US stock indices, including the S&P 500 and Nasdaq 100, hit new record highs. The iShares Russell 2000 ETF (IWM) also saw gains. Apple Inc. (AAPL) shares dropped due to an antitrust lawsuit. The SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and Invesco QQQ Trust (QQQ) all rose. Micron Technology (MU) surged after earnings, while Broadcom Inc. (AVGO) benefited from a bullish analyst note. Other notable stock movements were linked to earnings reports.

Portfolio Pulse from Piero Cingari

March 21, 2024 | 5:00 pm

GEO

GEO Group (NYSE:GEO) has been analyzed by 4 analysts, showing a somewhat bullish consensus with a new average 12-month price target of $14.75, up from $14.00. The company specializes in detention facilities and community reentry centers but faces financial challenges, including a revenue decline of -2.0% and below-average profitability metrics. Analyst Jay McCanless of Wedbush maintains an 'Outperform' rating, adjusting the price target to $15.00 from $14.00.

Portfolio Pulse from Benzinga Insights

March 21, 2024 | 5:00 pm

Micron Technology Inc (NASDAQ:MU) shares surged after reporting strong fiscal Q2 results, leading to several analysts raising their price targets. The positive outlook is driven by significant price increases in DRAM and NAND, robust demand, and the company's advancements in high-margin areas such as HBM and data center SSDs. Analysts anticipate further price hikes and revenue growth, particularly from HBM and SSD sales, into fiscal 2024 and beyond.

Portfolio Pulse from Priya Nigam

March 21, 2024 | 4:57 pm

LRCX

Lam Research Corporation (LRCX) shares increased by 4.7% to $993.54, influenced by Micron's positive Q2 financial results and Q3 guidance. Micron reported $5.82 billion in revenue and a profit of 42 cents per share, exceeding expectations. Despite this, analysts have mixed views on LRCX, with an average 12-month price target of $902.58, suggesting potential downside. LRCX has risen 89.29% year-to-date, with a 52-week range between $478.77 and $1,007.39.

Portfolio Pulse from Henry Khederian

March 21, 2024 | 4:55 pm

SDOT

Sadot Group's shares are trading lower following the announcement of Q4 revenue results that fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 4:49 pm

FDIV

RTH

TGT

WMT

Target Corp (NYSE:TGT) is reportedly set to double the bonuses for its salaried employees for 2023, paying out 100% of eligible bonuses, up from 50% the previous year. This move, reported by Bloomberg, showcases Target's financial strength despite facing challenges in 2022 with inflation and sales declines. The company has seen positive developments recently, including better-than-expected fourth-quarter FY23 earnings and the introduction of a paid membership program. Shares of Target have risen nearly 20% year to date. Competitor Walmart Inc (NYSE:WMT) also made headlines with a stock split and increased compensation for store managers. Investors can gain exposure to Target through VanEck Retail ETF (NASDAQ:RTH) and MarketDesk Focused U.S. Dividend ETF (NASDAQ:FDIV).

Portfolio Pulse from Shivani Kumaresan

March 21, 2024 | 4:43 pm

AVGO

GOOG

GOOGL

META

NVDA

Broadcom Inc (NASDAQ:AVGO) hosted an 'Enabling AI Infrastructure Investor Meeting', projecting AI chip sales to exceed $10 billion in fiscal 2024. Analysts from BofA Securities, JPMorgan, Benchmark, Goldman Sachs, and Rosenblatt Securities reiterated Buy ratings with price targets ranging from $1,276 to $1,720. The event highlighted Broadcom's leadership in high-speed switches Ethernet and its expanding AI accelerator (XPU) business, with a third custom ASIC accelerator customer potentially being ByteDance. Broadcom's AI silicon is expected to account for 35% of 2024 revenues. Shares of Broadcom rose by 8.71% to $1,386.70.

Portfolio Pulse from Priya Nigam

March 21, 2024 | 4:35 pm

PYXS

Pyxis Oncology's shares are trading lower following the announcement of their FY23 financial results.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 4:26 pm

NXTC

NextCure shares surged following the announcement of an increase in its FY23 EPS results compared to the previous year.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 4:21 pm

LUNR

Intuitive Machines, Inc. (NASDAQ:LUNR) reported Q4 sales of $30.56 million, surpassing analyst estimates by 37.66%. The company achieved a significant milestone with the United States' first lunar landing in over 50 years, earning $12.5 million in mission completion payments. CEO Steve Altemus highlighted the mission's impact on lunar economics and program costs. Analysts have a bullish outlook on LUNR, with an average 1-year price target of $12.40, indicating a potential upside of 126.48%.

Portfolio Pulse from Erica Kollmann

March 21, 2024 | 4:13 pm