Streetbeat News

Earnings

JBLU

JetBlue Airways is cutting routes and service to improve profitability following a judge's decision to block its acquisition of Spirit Airlines. The airline is discontinuing flights from New York to Portland, San Jose, Ponce, and Milwaukee, and from Westchester, NY to Martha's Vineyard. JetBlue is also ending its focus city status at Baltimore/Washington International Thurgood Marshall Airport. The changes were planned before the court's decision, aiming to focus on profitable leisure routes and Caribbean and Paris services.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:47 pm

TSM

Arm Holdings shares are trading higher due to the positive sentiment in the semiconductor sector following strong earnings from TSMC.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:34 pm

ALLY

AVGO

CELH

DIA

LRCX

PYPL

QCOM

QQQ

SMH

SPY

TXN

XLK

XLU

The S&P 500 and Nasdaq hit new all-time highs, with the S&P 500 reaching 4,819 points and the Nasdaq 100 surpassing 17,000 points. The surge is attributed to AI-driven stocks and strong chipmaker performance, with the VanEck Semiconductor ETF (SMH) up significantly. Consumer confidence reports exceeded expectations, and despite mixed signals from Fed officials, the market did not react negatively. Treasury yields rose, and major ETFs like SPY, DIA, and QQQ also saw gains. Sector-wise, XLK outperformed while XLU lagged. Notable stock movers included PayPal (PYPL), Broadcom (AVGO), QUALCOMM (QCOM), Texas Instruments (TXN), Lam Research (LRCX), Ally Financial (ALLY), Wayfair (W), and Celsius Holdings (CELH).

Portfolio Pulse from Piero Cingari

January 19, 2024 | 6:30 pm

AREN

Arena Group Holdings Inc anticipates incurring approximately $5M-$7M in total restructuring charges, with plans to execute the restructuring and recognize the majority of these charges within the first two quarters of 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:16 pm

PNST

Pinstripes Holdings' shares rose following the announcement of their preliminary unaudited Q3 2024 revenue results, indicating a positive market reaction to the financial update.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:06 pm

SBUX

Ahead of its Q1 earnings report on Jan. 30, Starbucks Corp (NASDAQ:SBUX) faces mixed sentiments from analysts due to past inflationary pressures and technical indicators showing negative volume pressure. Piper Sandler analyst Brian Mullan has downgraded the price target from $107 to $100 while maintaining a Neutral rating. Concerns include U.S. consumer and restaurant industry traffic, uncertainty in Starbucks' China business, and future same-store sales trends. Despite these challenges, the company's valuation is seen as favorable, and cost-saving initiatives may help achieve adjusted EPS guidance for fiscal 2024.

Portfolio Pulse from Surbhi Jain

January 19, 2024 | 6:05 pm

IRBT

KAMN

RNAZ

TransCode Therapeutics, Inc. (RNAZ) shares fell by over 24% after pricing a common stock offering at $1.22 per share. Other stocks moved in Friday's mid-day session with notable gainers including Charge Enterprises (CRGE), Kaman Corporation (KAMN), and Mesa Air Group (MESA), among others. Losers included C3is Inc. (CISS), Azitra, Inc. (AZTR), and iRobot Corporation (IRBT). The market also reacted to various company announcements such as acquisitions, earnings reports, and analyst upgrades or downgrades.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 6:05 pm

COUR

DUOL

Goldman Sachs analyst Eric Sheridan downgraded shares of Duolingo Inc (DUOL) and Coursera Inc (COUR), citing risks from generative AI disruption in the EdTech sector. Sheridan sees traditional EdTech offerings being challenged by free, centralized content access. Duolingo's rating was lowered from Neutral to Sell with a price target of $160, and Coursera was downgraded from Neutral to Sell with a price target reduced from $18 to $14. Adjusted EBITDA margin and revenue estimates for both companies were also reduced. Shares of DUOL and COUR fell by 4.491% and 11.3%, respectively.

Portfolio Pulse from Lekha Gupta

January 19, 2024 | 5:54 pm

AZN

AstraZeneca Plc (NASDAQ:AZN) announced positive results from the EMERALD-1 Phase 3 trial of Imfinzi in combination with TACE and bevacizumab for unresectable hepatocellular carcinoma (HCC). The trial showed a significant improvement in progression-free survival (PFS) compared to TACE alone. The data will be presented at the American Society of Clinical Oncology Gastrointestinal Cancers Symposium. The safety profile was consistent with the known profiles of the medicines. AZN shares saw a slight increase of 0.06% to $66.56.

Portfolio Pulse from Vandana Singh

January 19, 2024 | 5:41 pm

CMI

BofA Securities analyst Michael Feniger downgraded Cummins Inc. (NYSE:CMI) from Neutral to Underperform and lowered the price target from $243 to $225. Despite a strong balance sheet and market leadership, consensus earnings expectations for Cummins are considered high, especially with an anticipated decline in North American truck production in 2024. Cummins is also facing uncertainties in its hydrogen business amidst heavy investments to comply with a rising regulatory environment. Cummins shares fell by 2.12% to $228.12 following the downgrade.

Portfolio Pulse from Priya Nigam

January 19, 2024 | 5:34 pm