Streetbeat News

Earnings

BURL

Burlington Stores' shares surged following the announcement of their Q4 financial results, which exceeded expectations. Additionally, the company provided optimistic adjusted EPS guidance for FY24.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 2:26 pm

RAPT

RAPT Therapeutics (NASDAQ:RAPT) reported Q4 earnings, beating estimates with an EPS of $-0.8 against an expected $-0.86, a 7% beat. However, revenue remained unchanged from the previous year. This follows a quarter where the company missed EPS estimates by $0.07, yet saw a 5% share price increase the following day.

Portfolio Pulse from Benzinga Insights

March 07, 2024 | 2:25 pm

CYCC

CYCCP

Cyclacel Pharmaceuticals, Inc. announced that preclinical proof-of-concept data for its drug fadraciclib will be presented at the AACR Annual Meeting 2024. The data demonstrates fadraciclib's activity and antitumor effects in various cancers. Fadraciclib, a CDK2/9 inhibitor, has shown promising results in early trials for multiple cancer types. The company is currently conducting a Phase 1/2 trial for fadraciclib in advanced solid tumors and lymphoma.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 2:24 pm

GE

General Electric Company (NYSE:GE) shares rose after the company announced that GE Aerospace reaffirmed its guidance, including a $10 billion operating profit target for 2028. GE Aerospace is set to become an independent public company in 2024. GE plans to return 70-75% of available funds through dividends and share buybacks, with a 30% dividend payout and a $15 billion share buyback plan. The company forecasts low-double-digit revenue growth for FY24 and FY25, with operating profits increasing annually through FY28.

Portfolio Pulse from Nabaparna Bhattacharya

March 07, 2024 | 2:24 pm

DXPE

DXP Enterprises (NASDAQ:DXPE) reported Q4 2023 adjusted EPS of $1.120, significantly beating the $(0.150) estimate. However, their sales of $407.044M slightly missed the $411.000M estimate, marking a 0.18% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 2:21 pm

EVGN

Evogene Ltd. (NASDAQ:EVGN) reported a 237% increase in annual revenue for 2023, totaling $5.6 million, despite a 12% decrease in Q4 revenue year-over-year. The company highlighted its successful collaborations and is considering transferring its medical cannabis subsidiary, Canonic Ltd., to a third party due to challenging market conditions. Despite these developments, Evogene's shares dropped 4.43% in pre-market trading.

Portfolio Pulse from Jelena Martinovic

March 07, 2024 | 2:20 pm

VSCO

Victoria's Secret & Co (NYSE:VSCO) shares dropped following mixed Q4 results, with revenue missing and earnings beating estimates. JPMorgan downgraded the stock, and other analysts lowered price targets. The company reported operating cash flow of $589 million, repaid $410 million of its credit facility, and ended with $270 million in cash. A new $250 million share repurchase program was announced. Q1 net sales are expected to decrease mid-single digits, with adjusted operating income between $10 million and $35 million. Full-year 2024 revenue is projected at $6 billion, below estimates of $6.28 billion.

Portfolio Pulse from Adam Eckert

March 07, 2024 | 2:18 pm

OND

SOCL

SPOT

Spotify Technology SA (NYSE:SPOT) is raising its subscription fees in France in response to a new 1.2% music tax effective January 1, aimed at supporting the national music sector. This move comes after Spotify's criticism of the tax, which also affects other music streaming services like Apple Music and Google's YouTube Music. Despite a revenue increase in Q4, Spotify's earnings were below consensus. The company's strategy includes price adjustments rather than exiting the French market. Investors can access Spotify through Global X Social Media ETF (NASDAQ:SOCL) and ProShares On-Demand ETF (NYSE:OND).

Portfolio Pulse from Anusuya Lahiri

March 07, 2024 | 2:18 pm

TSLA

Tesla Inc (NASDAQ:TSLA) shares are declining, marking potentially their worst week since January due to disappointing China sales, a production halt at the Gigafactory in Germany following a suspected arson attack, and lowered analyst price targets. Tesla's China sales dropped significantly in February, with a 15.51% decrease from January and an 18.87% year-over-year decline. The Gigafactory Berlin was forced to halt production due to a power outage caused by a suspected arson attack, claimed by the Volcano Group. Analysts, including Morgan Stanley's Adam Jonas, have lowered price targets and expressed concerns over Tesla's ability to meet delivery numbers this quarter.

Portfolio Pulse from Adam Eckert

March 07, 2024 | 2:16 pm

AVGO

Broadcom Inc. (NASDAQ:AVGO) is set to release its Q1 earnings with expected earnings of $10.29 per share and projected revenue of $11.72 billion. The company recently unveiled the WatchTower Platform, an open observability solution. Broadcom's dividend yield stands at 1.56%, with a quarterly dividend of $5.25 per share. To earn a monthly dividend income of $500, an investor would need to own approximately 286 shares, valued around $386,100. The article also explains how dividend yield changes with stock price and dividend payment adjustments. AVGO shares rose 0.5% to close at $1,350.00 recently.

Portfolio Pulse from Avi Kapoor

March 07, 2024 | 2:14 pm