Streetbeat News

Earnings

AAPL

FTEC

IXN

MSFT

XLK

Microsoft Corp. (MSFT) reached a $3 trillion market valuation on January 24, 2023, driven by optimism in AI, challenging Apple Inc. (AAPL) as the world's most valuable company. MSFT's stock rose 1.4% to $404, surpassing AAPL's market cap briefly. Microsoft's growth is buoyed by its AI initiatives, particularly its partnership with OpenAI. Analysts predict a 14.7% revenue increase to $243.16 billion and a 14.3% rise in EPS to 11.2 by 2024. Microsoft is a major holding in several ETFs, including XLK, FTEC, and IXN.

Portfolio Pulse from Piero Cingari

January 24, 2024 | 5:55 pm

APH

Amphenol Corporation (NYSE:APH) reported Q4 FY23 sales of $3.328 billion, a 3% increase YOY, surpassing the consensus of $3.150 billion. Adjusted EPS was $0.82, beating the consensus of $0.77. The adjusted operating margin improved slightly to 21.2%. The company ended the quarter with $1.66 billion in cash. Despite a slight YOY decrease in full-year sales, growth in certain markets and acquisitions offset declines in others. Amphenol forecasts Q1 sales of $3.04 to $3.10 billion, with adjusted EPS of $0.71 to $0.73, aligning with analyst expectations. APH shares rose 4.74% to $102.58.

Portfolio Pulse from Nabaparna Bhattacharya

January 24, 2024 | 5:52 pm

TEL

TE Connectivity Ltd (NYSE:TEL) reported Q1 FY24 net sales of $3.83 billion, nearly flat Y/Y but slightly below consensus of $3.86 billion. Adjusted EPS was $1.84, beating the consensus of $1.71. Orders increased by 4% Y/Y to $3.8 billion across all segments. Transportation Solutions revenue grew by 5% Y/Y, while Industrial Solutions and Communications Solutions saw declines. The adjusted operating margin improved to 19.1%. The company generated $570 million in free cash flow and has $1.17 billion in cash. CEO Terrence Curtin highlighted growth in automotive connectivity and expects strong margins in FY24. TEL forecasts Q2 net sales of $3.95 billion and adjusted EPS of $1.82, with shares trading up 7.40% at $144.62.

Portfolio Pulse from Anusuya Lahiri

January 24, 2024 | 5:51 pm

PGR

Progressive Corp (NYSE:PGR) shares surged after reporting strong Q4 financial results. Net premiums earned and written saw significant year-over-year increases, beating consensus estimates. The company also reported a substantial rise in net income and a lower combined ratio, indicating improved profitability. Adjusted EPS exceeded expectations. Progressive's policies in force grew, and it holds a substantial investment portfolio. The company's transition to the Gregorian calendar is expected to affect monthly results comparisons for a year.

Portfolio Pulse from Lekha Gupta

January 24, 2024 | 5:39 pm

ABT

TNDM

Abbott Laboratories (ABT) reported Q4 sales of $10.24 billion, surpassing the $10.18 billion consensus despite a decline in COVID-19 testing demand. Adjusted earnings were $1.19 per share, in line with expectations. The Medical Devices segment, particularly Diabetes Care and Electrophysiology, showed significant growth. The FreeStyle Libre glucose monitoring device sales increased by 25.5% Y/Y. Abbott provided a 2024 earnings forecast of $4.50-$4.70 per share and expects 8%-10% organic sales growth, excluding COVID-19 testing sales. ABT shares fell 3.08% following the announcement. Additionally, Abbott's collaboration with Tandem Diabetes Care (TNDM) on the t:slim X2 insulin pump was highlighted.

Portfolio Pulse from Vandana Singh

January 24, 2024 | 5:34 pm

QCRH

QCR Holdings, Inc. (QCRH) shares are trading higher following the release of their mixed Q4 financial results.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 5:31 pm

AAL

ALK

BA

SKYW

American Airlines (AAL) and Alaska Air (ALK) are set to report Q4 earnings on Jan. 25. AAL's stock is down 12% over the past year with expected EPS of 10 cents and $13.02 billion in revenue. ALK's stock is down 28% after a mid-air incident involving a Boeing 737 Max 9, with expected EPS of 18 cents and $2.55 billion in revenue. AAL has a global presence but high debt levels, while ALK has a strong West Coast presence and healthier balance sheet. Analysts predict more upside potential for ALK than AAL.

Portfolio Pulse from Surbhi Jain

January 24, 2024 | 5:28 pm

SRAD

Sportradar Group's shares are trading lower after the company announced a new organizational structure, reaffirmed its FY23 and FY24 guidance, and disclosed the resignation of its CFO.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 5:28 pm

ABT

Abbott Laboratories' stock is trading lower following the release of their Q4 financial results and the company's future guidance.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 5:09 pm

APH

Amphenol Corporation's stock is trading higher following the announcement of their Q4 financial results, which surpassed expectations. The company also provided positive guidance for the future.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 5:08 pm