Streetbeat News

Earnings

JOBY

Joby Aviation's shares are trading lower following the release of its fourth-quarter earnings and the provision of a 2024 outlook.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 8:08 pm

ADI

TXN

Analysts from Oppenheimer, Needham, and Morgan Stanley provided updates on Analog Devices, Inc (ADI) following mixed Q1 results and a lower Q2 outlook. Oppenheimer remains optimistic, reiterating an Outperform rating with a $215 target, highlighting ADI's strong position in auto and industrial sectors. Needham maintains a Hold rating, expecting a muted recovery due to sluggish demand in the automotive segment. Morgan Stanley remains Overweight but reduced its target from $219 to $212, citing margin resilience and inventory management as positive signs amid a historic downturn. ADI's shares dropped slightly by 0.57% to $192.62.

Portfolio Pulse from Anusuya Lahiri

February 22, 2024 | 8:04 pm

WDAY

Workday (NASDAQ:WDAY) has seen a surge in options activity, with a bullish sentiment from whales targeting a price range of $250 to $450. Analysis of trades shows 62% bullish and 37% bearish sentiment. The company, specializing in cloud-based HCM and financial management solutions, has seen its stock price increase by 3.24% to $308.64. Analysts maintain positive ratings, with an average price target of $333.6. The next earnings report is due in 4 days, potentially influencing stock movement.

Portfolio Pulse from Benzinga Insights

February 22, 2024 | 8:01 pm

CHRD

Chord Energy (NASDAQ:CHRD) has been analyzed by 4 analysts, showing a unanimous bullish sentiment with an average 12-month price target of $196.0, down from $198.00. The company's financial performance indicates challenges with a -5.51% revenue decline and below-average net margin and ROE, but excels in ROA and debt management.

Portfolio Pulse from Benzinga Insights

February 22, 2024 | 8:00 pm

DPRO

GBNH

KDP

LRHC

MNPR

RIVN

ROOT

U.S. stocks saw significant gains with the Dow Jones rising over 400 points. Keurig Dr Pepper's shares fell after Q4 results showed a slight revenue miss. La Rosa Holdings, Root Inc., and Monopar Therapeutics experienced substantial share price increases due to positive company news. Conversely, Draganfly, Greenbrook TMS, and Rivian Automotive saw their shares decline due to various challenges including public offerings and wider-than-expected losses.

Portfolio Pulse from Avi Kapoor

February 22, 2024 | 7:56 pm

SARK

TARK

Block, Inc (NYSE:SQ) is experiencing a surge over 5% ahead of its Q4 earnings, following a Q3 earnings beat. Analysts predict Q4 EPS of 59 cents on $5.699 billion revenue. Wedbush upgraded Block's rating to Outperform with a price target of $90. For diversification, investors might consider AXS 2X Innovation ETF (NASDAQ:TARK) and AXS Short Innovation Daily ETF (NASDAQ:SARK), related to ARK Innovation ETF's performance, which includes Block. Technical analysis shows Block trading neutrally with potential for both bullish and bearish reactions post-earnings.

Portfolio Pulse from Melanie Schaffer

February 22, 2024 | 7:47 pm

COGT

Cogent Biosciences, Inc. (NASDAQ:COGT) reported positive data from Part 1b of the SUMMIT trial for bezuclastinib in NonAdvSM patients, showing significant symptom reduction and quality-of-life improvements. The trial, presented at the AAAAI meeting, demonstrated a 51% mean change in Total Symptom Score at week 12, with 70% of patients achieving a ≥50% reduction. The safety profile was comparable to placebo, with no severe adverse events. SUMMIT Part 2 has been initiated globally. Cogent plans an investor webcast to discuss these findings.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 7:45 pm

BBWI

Telsey Advisory Group analyst Dana Telsey maintains an Outperform rating on Bath & Body Works, Inc. (NYSE:BBWI) with a price target of $50, ahead of their Q4 earnings report. Sales are expected to decline 1.9% YOY to $2.833 billion, with a same-store sales decline of 5%. However, gross margin is projected to improve by over 100 bps to 44.4%, driven by merchandise margin improvement and cost optimization. Operating margin is expected to be 22.6%, slightly below market expectations. The company is also on track to generate $200 million in annual cost savings from its profit improvement plan.

Portfolio Pulse from Nabaparna Bhattacharya

February 22, 2024 | 7:36 pm

RIVN

Rivian Automotive reported a Q4 loss of $1.36 per share, with a per-vehicle loss of $43,000. Despite this, CEO RJ Scaringe remains confident in achieving positive gross margin in Q4 2023 through cost-cutting measures, including workforce reduction and operational efficiencies. The company's 2024 production guidance is below analyst estimates due to a planned production facility shutdown for significant vehicle changes.

Portfolio Pulse from Erica Kollmann

February 22, 2024 | 7:25 pm

CVNA

Whales have shown a bearish stance on Carvana (CVNA), with 72% of detected trades being bearish. The trades range between puts and calls with a focus on a price range of $37.5 to $80.0 for CVNA over the last 3 months. The largest trades include both bearish and neutral sentiments, with significant amounts invested in options. Carvana's market status shows a slight increase in stock price to $49.74, with an RSI indicating it may be approaching overbought territory. An earnings announcement is expected imminently.

Portfolio Pulse from Benzinga Insights

February 22, 2024 | 7:16 pm