Streetbeat News

Earnings

PGR

Progressive Corporation's shares are trading higher following the announcement of its January 2024 results, indicating a positive market response to the company's performance.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 1:42 pm

ABNB

Airbnb's stock price has declined following the release of their Q4 financial results.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 1:41 pm

ELWS

IINN

PSN

Parsons Corp (PSN) shares surged 12% following Q4 financial results and FY24 revenue guidance surpassing estimates. Earlyworks (ELWS) saw a 229% increase due to two passive stakes. Inspira (IINN) jumped 124% after receiving its first US patent for a blood oxygenation delivery system, a key technology in its INSPIRA ART500 device.

Portfolio Pulse from ryanfaloona@benzinga.com

February 14, 2024 | 1:37 pm

EQT

EQT Corp (NYSE:EQT) shares fell after reporting Q4 FY24 adjusted operating revenues of $1.549 billion, missing estimates of $1.571 billion, and adjusted EPS of $0.48, below the consensus of $0.52. Production increased to 564 Bcfe, with a decline in average realized price to $2.75/Mcfe. The company saw a rise in adjusted EBITDA to $840 million and announced an acquisition of a ~34% stake in EQT-operated gathering systems for $205 million. EQT expects 2024 sales volume of 2,200 - 2,300 Bcfe and plans $200 million - $300 million on strategic growth capital expenditures.

Portfolio Pulse from Lekha Gupta

February 14, 2024 | 1:35 pm

AXP

HOOD

KPLT

MCY

TRV

As of Feb. 14, 2024, five financial stocks are considered overbought based on their RSI values, potentially indicating a short-term performance dip. These stocks include Robinhood Markets, Inc. (HOOD), Mercury General Corporation (MCY), Katapult Holdings, Inc. (KPLT), American Express Company (AXP), and The Travelers Companies, Inc. (TRV). Recent financial results and stock movements are highlighted for each.

Portfolio Pulse from Avi Kapoor

February 14, 2024 | 1:28 pm

SONY

Sony Group Corp (NYSE: SONY) reported a 22% year-on-year increase in Q3 FY23 sales to $25.34 billion, surpassing consensus estimates. Adjusted EPS was $1.99, beating the consensus of $1.65. The company saw revenue growth in various segments, with notable increases in Game & Network Services, Music, and Imaging & Sensing Solutions. Sony also revised its FY23 sales outlook downwards but increased its operating and net income projections. Additionally, Sony plans to IPO its financial division in October 2025. SONY shares rose 3.29% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

February 14, 2024 | 1:27 pm

LAD

Lithia Motors Inc (NYSE:LAD) reported Q4 FY23 sales growth of 10.5% Y/Y to $7.67 billion, missing analyst expectations of $7.95 billion. Adjusted EPS was $8.24, aligning with consensus. New vehicle retail revenues rose by 21.4%, and used vehicle retail revenues by 1.8%. Driveway's monthly unique visitors averaged nearly 2.8 million, with over $428 million in loans originated. Gross profit increased 4.3% Y/Y to $1.26 billion, though gross margin contracted by 100 basis points to 16.4%. Adjusted operating margin fell by 60 bps, with operating income dropping to $387.6 million from $393.4 million Y/Y. Cash and equivalents stood at $941.4 million, with inventories at $4.75 billion. A dividend of $0.50 per share was announced, payable on March 22, 2024, to shareholders on record as of March 9, 2024. LAD shares dropped 1.00% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

February 14, 2024 | 1:22 pm

PGR

Progressive Corporation (NYSE:PGR) reported its January 2024 results with a net income of $700.7M and EPS of $1.18. Net premiums written were $5,495.7M, and net premiums earned were $5,386.0M. The combined ratio improved to 87.3 from 96.0 the previous year. Policies in force saw an increase across all categories, with total companywide policies reaching 29,951.4 thousand, a 7.65% increase from the previous year. The company also noted a change in its accounting calendar to align with the Gregorian calendar, affecting year-over-year comparisons from October 2023 through September 2024.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 1:21 pm

AMIX

Autonomix Medical (NASDAQ:AMIX) reported a significant increase in its quarterly losses to $(0.23) per share, a 360% decrease from $(0.05) per share YoY.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 1:19 pm

BTCUSD

COIN

HOOD

Coinbase Global, Inc. (NASDAQ:COIN) shares surged in premarket trading, potentially due to Robinhood Markets, Inc.'s (NASDAQ:HOOD) unexpected Q4 profit and strong cryptocurrency transaction revenue. Coinbase, set to report quarterly results soon, may benefit from similar market optimism, especially with the recent rally in cryptocurrencies like Bitcoin (CRYPTO:BTC), which saw a 57% increase in Q4.

Portfolio Pulse from Shanthi Rexaline

February 14, 2024 | 1:16 pm