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Earnings

GOOG

GOOGL

RDDT

Wedbush's Dan Ives highlighted the upcoming Reddit Inc. IPO as a potential 'watershed' moment for the tech industry, emphasizing its engagement, advertising potential, and AI data generation capabilities. Ives predicts Reddit will hit $1 billion in revenue next year. The IPO is drawing attention for its potential impact on tech and AI, with Reddit having secured a $60 million deal with Alphabet Inc. ahead of its IPO, which could be priced at the top range of $31 to $34 per share.

Portfolio Pulse from Rounak Jain

March 21, 2024 | 9:38 am

EWU

The S&P Global/CIPS U.K. Services Purchasing Managers Index (PMI) for the preliminary report came in at 53.4, slightly below the estimated 53.8 and equal to the prior reading of 53.8. This indicates a slight underperformance compared to expectations but shows stability in the sector's growth.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 9:34 am

SHOP

Jim Cramer, on CNBC's 'Mad Money', endorsed Shopify Inc. (NYSE:SHOP) as a strong e-commerce player, comparing it favorably with Amazon. Despite a recent stock decline after Q4 earnings, Cramer's support highlights Shopify's performance with small and medium-sized businesses. Shopify's stock saw a 4.90% increase to close at $81.33 in the latest trading session.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 9:08 am

YI

111, Inc. (NASDAQ:YI) reported Q4 adjusted EPS of $(0.08), unchanged YoY, with sales of $578.69M, down 3.78% from $601.44M YoY.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 8:49 am

BABA

XPEV

Alibaba Group Holding Ltd. (NYSE:BABA) sold approximately 33 million U.S.-traded shares of XPeng Inc. (NASDAQ:XPEV), totaling $317 million. The sale price was $9.60 each, a 2.9% discount to XPeng's closing price of $9.89. This follows a previous sale in December and comes despite ongoing collaboration between the two companies in R&D and marketing. XPeng reported a Q4 sales growth of 153.9% and expects vehicle deliveries to increase by 15.2% - 23.4% year-on-year in Q1. XPeng's stock closed down 3.84% at $9.51.

Portfolio Pulse from Anan Ashraf

March 21, 2024 | 8:48 am

LI

Li Auto has revised its Q1 delivery forecast to 76,000-78,000 vehicles, a significant decrease from the previously expected 100,000-103,000 vehicles, attributing the reduction to lower-than-expected order intake.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 8:34 am

ACN

FDX

GIS

NKE

SIG

Following the Federal Reserve's decision to keep interest rates unchanged, U.S. stocks closed higher, with the Dow Jones jumping 400 points. The CNN Money Fear and Greed index indicated improved market sentiment, remaining in the 'Greed' zone. Signet Jewelers reported disappointing Q4 sales and weak FY25 guidance, causing a 12% drop in its shares. General Mills posted better-than-expected Q4 results. Crude oil inventories fell, contrary to expectations. Sectors like communication services, consumer discretionary, and financials led gains in the S&P 500, while healthcare and energy lagged. Investors are looking forward to earnings from Accenture, FedEx, and NIKE.

Portfolio Pulse from Avi Kapoor

March 21, 2024 | 8:09 am

CMCM

Cheetah Mobile forecasts its total revenues for the first half of 2024 to range between $49.3M and $56.3M, based on current and preliminary expectations.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 8:08 am

CMCM

Cheetah Mobile reported a decrease in both adjusted earnings per share and sales for the fiscal year, with adjusted EPS down to $(2.70) from $(2.58) YoY and sales dropping to $94.30M from $128.18M YoY.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 8:06 am

LX

LexinFintech Holdings (NASDAQ:LX) reported a decrease in Q4 adjusted earnings per share to $0.23 from $0.30 YoY, while sales increased to $494.29M from $442.25M YoY.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 7:42 am