Streetbeat News

Earnings

CLF

Morgan Stanley downgraded United States Steel Corporation (X) and Cleveland-Cliffs (CLF), adjusting their price targets. Cleveland-Cliffs announced the indefinite idling of its tinplate production plant in West Virginia due to tariff issues, affecting 900 employees. Reliance Steel & Aluminum Co. (RS), now Reliance Inc., reported strong financial results for 2023, announced acquisitions, and increased its dividend. Hecla Mining Company (HL) reported significant silver reserves and sales, operational improvements, and strong safety performance. Dakota Gold Corp. (DC) saw a significant share purchase by Director Robert Quartermain.

Portfolio Pulse from Austin DeNoce

February 15, 2024 | 8:38 pm

ALNY

Alnylam Pharmaceuticals Inc (NASDAQ:ALNY) reported a Q4 2023 adjusted EPS loss of $(0.77), beating estimates but missing sales consensus with $439.72 million. The company updated its HELIOS-B Phase 3 study timeline for vutrisiran and received FDA clearance for a Phase 1 study of ALN-APP. It forecasts FY 2024 net product revenues of $1.4 billion-$1.5 billion. Analyst ratings include a Neutral from Cantor Fitzgerald with a $165 target and a Peer Perform from Wolfe Research. ALNY shares dropped 8.83% to $149.66.

Portfolio Pulse from Vandana Singh

February 15, 2024 | 8:29 pm

APLT

Applied Therapeutics Inc (NASDAQ:APLT) shares surged 34.70% to $3.61 after announcing positive interim 12-month results from its Phase 3 INSPIRE trial for govorestat (AT-007) in treating SORD Deficiency. The trial met its primary and key secondary endpoints, demonstrating significant reductions in toxic sorbitol levels and improvements in patient mobility and well-being. The company plans to request a pre-NDA meeting with the FDA.

Portfolio Pulse from Vandana Singh

February 15, 2024 | 8:25 pm

BLK

WMT

Rick Rieder of BlackRock Inc (NYSE:BLK) is optimistic about the U.S. economy, predicting 4% nominal GDP growth this year, exceeding previous expectations. Despite high federal funds rates, Rieder expects rate cuts starting mid-year. He notes strong consumer spending, particularly in services, despite concerns from big retailers like Walmart (NYSE:WMT) and Kroger (NYSE:KR). Rieder manages BlackRock's $2.6 trillion global fixed-income portfolio.

Portfolio Pulse from Natan Ponieman

February 15, 2024 | 8:11 pm

MCD

Financial analysis reveals a bearish sentiment among traders towards McDonald's (NYSE:MCD), with 64% of options trades showing bearish tendencies. Notable options activity includes both calls and puts with a focus on strike prices between $280.0 and $310.0. Despite this, McDonald's remains a strong player in the restaurant industry, with system sales of $130 billion and a current stock price of $291.07, up by 1.01%. Analysts have given McDonald's an average target price of $332.0, with ratings ranging from Buy to Outperform.

Portfolio Pulse from Benzinga Insights

February 15, 2024 | 8:01 pm

COIN

SARK

TARK

Coinbase Global, Inc (NASDAQ:COIN) is anticipated to release its Q4 financial results, with analysts expecting earnings of 2 cents per share on revenues of $823.85 million. JPMorgan upgraded Coinbase to Neutral with an $80 price target. Investors are keen on Coinbase's Bitcoin and Ethereum trading revenue. For diversified investment, TARK ETF, which includes Coinbase as a top holding, and SARK ETF for bearish positions are options. Technical analysis suggests a mildly bullish outlook for Coinbase but indicates a potential need for a pullback.

Portfolio Pulse from Melanie Schaffer

February 15, 2024 | 7:54 pm

QSR

Restaurant Brands International (RBI) projects significant growth by 2028, aiming for at least 40,000 restaurants worldwide, $60 billion in system-wide sales, and $3.2 billion in adjusted operating income. This ambitious plan reflects RBI's confidence in its expansion strategy and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 7:47 pm

HLF

JXJT

NNOX

RNLX

SOUN

TGL

USFD

U.S. stocks saw gains with the Dow Jones up 0.75%, NASDAQ up 0.22%, and S&P 500 up 0.52%. US Foods (USFD) shares rose 3% after reporting Q4 revenue above estimates and providing optimistic FY24 guidance. JX Luxventure (JXJT), SoundHound AI (SOUN), and Nano-X Imaging (NNOX) shares surged following positive results and stake news. Conversely, Herbalife (HLF), Treasure Global (TGL), and Renalytix (RNLX) shares fell sharply after disappointing earnings and sales reports.

Portfolio Pulse from Avi Kapoor

February 15, 2024 | 7:34 pm

OXY

Occidental Petroleum Corporation's shares increased in value following the announcement of their fourth-quarter adjusted earnings per share (EPS) results, which exceeded market expectations.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 7:27 pm

APP

AppLovin Corporation (NASDAQ:APP) shares surged after reporting Q4 earnings that exceeded expectations and announcing a $1.25 billion increase in its share repurchase program. Earnings per share were 49 cents, surpassing the consensus estimate of 36 cents. Quarterly sales reached $953.26 million, beating estimates and marking a 35.73% year-over-year increase. Software Platform revenue now represents 60% of total revenue. Wedbush analyst Nick McKay upgraded the price target to $67. The stock's trading volume significantly increased, with shares up 25% at $58.65.

Portfolio Pulse from Erica Kollmann

February 15, 2024 | 7:25 pm