Streetbeat News

Earnings

ROK

Rockwell Automation's stock is trading lower due to the company reporting Q1 results that fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:58 pm

UMC

United Microelectronics Corp (UMC) reported a decline in Q4 FY23 revenue by 19% YoY to $1.79 billion, surpassing the consensus of $1.70 billion. Earnings per ADS were $0.17, beating the consensus of $0.15. The company saw growth in 22 and 28nm wafer revenue, which now represents 36% of total wafer sales. However, gross margin fell by 1,050 basis points to 32.4% due to lower utilization and weak demand. Co-President Jason Wang is optimistic about a mild increase in wafer demand for Q1 2024, despite cautious inventory management by customers. UMC expects Q1 wafer shipments to rise by 2%-3%, ASP in USD to decrease by 5%, and capacity utilization in the low 60% range. The company plans a 2024 capex of $3.3 billion. UMC shares dropped by 1.28% to $7.73.

Portfolio Pulse from Anusuya Lahiri

January 31, 2024 | 4:54 pm

PSX

Phillips 66 (NYSE:PSX) shares rose after reporting Q4 results surpassing expectations with revenue of $38.74 billion and adjusted EPS of $3.09, beating consensus estimates. The company saw varied performance across segments, with Midstream and Chemicals showing slight gains, while Refining and Marketing and Specialties segments reported lower income compared to Q3. Phillips 66 reported $2.2 billion in operating cash flow, significant capital expenditures, share repurchases, and dividends. The company is on track with its cost and capital reduction targets and plans to divest non-core assets to generate over $3 billion. PSX shares increased by 1.04% to $143.89.

Portfolio Pulse from Lekha Gupta

January 31, 2024 | 4:51 pm

TMO

Thermo Fisher Scientific reported a 7% decline in Q4 organic sales, leading to its shares trading lower.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:47 pm

GM

General Motors (GM) shares are experiencing an uptrend due to positive momentum from Tuesday's earnings report. Following the report, several analysts have increased their price targets for GM stock.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:41 pm

DHR

Danaher Corporation (NYSE:DHR) exceeded Q4 2023 earnings expectations with an adjusted EPS of $2.09, beating the consensus of $1.89. Sales fell 10% Y/Y to $6.4 billion, surpassing the consensus of $6.09 billion. The company will stop providing guidance for base business core revenue as the pandemic becomes endemic. For Q1 2024, Danaher anticipates a high-single-digit Y/Y decline in non-GAAP core revenue, and a low-single-digit decline for the full year 2024. Following the earnings report, Raymond James and RBC Capital raised their price targets for DHR, maintaining Outperform ratings. DHR shares dropped 1.6% to $241.10.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 4:39 pm

ADP

Shares of Automatic Data Processing (ADP) are trading higher after the company reported better-than-expected results for its second quarter.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:29 pm

BA

Boeing shares have risen following the release of their Q4 earnings, which surpassed expectations.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:27 pm

EXTR

Extreme Networks, Inc. (EXTR) reported a 6.9% year-over-year decline in Q2 FY24 revenue, with a disappointing outlook for Q3 and Q4. Despite beating revenue consensus, product revenue fell and adjusted EPS missed estimates. The company also repurchased shares but expects lower future revenues and a negative adjusted EPS in Q3, with a recovery anticipated in Q4.

Portfolio Pulse from Nabaparna Bhattacharya

January 31, 2024 | 4:26 pm

GM

GM CEO Mary Barra announced that 2024 is pivotal for GM's EV growth, with plans to launch six new EV models and expectations of EV profitability. Despite potential industry decline, GM anticipates increased EV sales, backed by 100,000 orders for EV pickups. GM's flexibility with factories that can switch between ICE and EV production, and increased plug-in hybrid production, positions it well for changing demands and regulations. GM shares rose 3.37% following the announcement.

Portfolio Pulse from Erica Kollmann

January 31, 2024 | 4:11 pm