Streetbeat News

Earnings

PCAR

PACCAR (NASDAQ:PCAR) has received mixed analyst ratings over the past quarter, with a shift towards a more neutral stance in the last 30 days. The average 12-month price target for PACCAR is now $112.25, marking a 15.33% increase from the previous target. Analysts from firms including Truist Securities, JP Morgan, Evercore ISI Group, UBS, Goldman Sachs, B of A Securities, and Morgan Stanley have updated their ratings and price targets, reflecting various adjustments based on market conditions and company performance. PACCAR, known for its medium- and heavy-duty trucks, has shown strong financial performance with notable revenue growth, net margin, ROE, ROA, and a healthy debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

March 14, 2024 | 2:00 pm

BUD

MO

Altria Group, Inc. (MO) announced a $2.4B increase to its existing $1B share repurchase program following the sale of 35 million shares of Anheuser-Busch InBev SA/NV (BUD) for approximately $2.4B. The sale includes a direct repurchase by ABI of $200M of its shares from Altria. The expanded share repurchase program is expected to be completed by December 31, 2024. Altria also raised its FY24 EPS guidance to $5.05-$5.17 from an estimated $5.05, reflecting confidence in its future and the value of its shares. The transactions are expected to be accretive to Altria's 2024 full-year adjusted diluted EPS.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 2:00 pm

GIII

G-III Apparel Group Ltd (NASDAQ:GIII) shares dropped after reporting a Q4 FY24 sales decline of 10.5% Y/Y to $764.78 million, missing estimates. Despite a slight gross profit increase and beating EPS estimates, the company's FY25 outlook disappointed, with expected sales and adjusted EPS below consensus estimates, leading to a 15.9% decrease in share price.

Portfolio Pulse from Shivani Kumaresan

March 14, 2024 | 1:57 pm

APM

FSR

IMRX

PRST

SPRB

WIMI

U.S. stocks traded higher following the release of Producer Price Index (PPI) data, showing a 0.6% increase in February, surpassing expectations. Energy shares led gains, while real estate lagged. Notable movements included Presto Automation Inc. (PRST), Aptorum Group Limited (APM), and WiMi Hologram Cloud Inc. (WIMI) trading up, whereas Spruce Biosciences, Inc. (SPRB), Fisker Inc. (FSR), and Immuneering Corporation (IMRX) traded down.

Portfolio Pulse from Avi Kapoor

March 14, 2024 | 1:46 pm

DKNG

DraftKings Inc. (NASDAQ:DKNG) launched 'My Stat Sheet', a tool for users to track their gaming statistics, promoting responsible play. The company's shares have surged over 133% in the last year, outperforming the S&P 500. UBS analyst Robin Farley maintained a Buy rating on DraftKings, raising the price target from $44 to $56. DraftKings also raised its 2024 revenue guidance to $4.65 billion to $4.90 billion, indicating a 27% to 34% year-over-year growth.

Portfolio Pulse from Nabaparna Bhattacharya

March 14, 2024 | 1:36 pm

ABVC

ABVC BioPharma, Inc. (NASDAQ:ABVC) announced its fiscal year 2024 Q1 business update, highlighting a licensing deal with AiBtl BioPharma Inc. for CNS drugs, regaining Nasdaq compliance, strategic investments in real estate for healthcare development, and various financial transactions including securities purchase agreements with Lind Global Fund II, LP. The company reported a decrease in revenues and operating expenses, a net loss reduction, and progress in R&D including patents, FDA approvals, and a licensing agreement with Xinnovation Therapeutics Co., Ltd for the Chinese market.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 1:35 pm

CSIQ

Canadian Solar Inc (NASDAQ:CSIQ) reported a 14% year-on-year decline in Q4 fiscal 2023 revenue to $1.70 billion, slightly above consensus estimates. Despite a decrease in module average selling price and lower project sales, total module shipments increased by 26% Y/Y to 8.2 GW. The company experienced a decrease in EPS to $(0.02), down from $1.11 in Q4 2022. Gross profit and margin also declined due to lower ASPs and an inventory write-down. Operating cash flow decreased to $190 million from $395.4 million last year. CSIQ provided a conservative Q1 outlook with expected revenue of $1.20 billion to $1.40 billion, below consensus estimates, and anticipates a gross margin of 17% - 19%. For fiscal 2024, revenue is expected to be between $8.50 billion and $9.50 billion, with total module shipments of 42 GW - 47 GW and battery energy storage shipments of 6.0 GWh - 6.5 GWh. CSIQ shares rose 1.15% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

March 14, 2024 | 1:34 pm

SPRB

Spruce Biosciences Inc (NASDAQ:SPRB) stock plummeted after releasing topline results from its Phase 2b studies of tildacerfont in congenital adrenal hyperplasia (CAH). The CAHmelia-203 study failed to meet its primary efficacy endpoint, while the CAHptain-205 study in pediatric patients showed better outcomes. Despite this, SPRB shares dropped 77.80% to $1.15 in premarket trading. The company plans to prioritize resources and reduce costs, including terminating the CAHmelia-203 trial and reducing its workforce by 21%, to extend its cash runway through the end of 2025.

Portfolio Pulse from Vandana Singh

March 14, 2024 | 1:19 pm

GMGI

Golden Matrix Group (NASDAQ:GMGI) reported a 9.89% increase in Q1 sales to $11.84M from $10.78M YoY.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 1:18 pm

LEN

Lennar Corporation's shares traded lower after the company reported mixed financial results for the first quarter.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 1:17 pm