Streetbeat News

Earnings

CBRE

DE

GLD

IWM

TSLA

USO

WFC

U.S. stocks surged with the S&P 500 crossing 5,000 points, driven by strong corporate earnings and speculation of Fed rate cuts following disappointing retail sales. Small caps led gains, with the iShares Russell 2000 ETF up 1.4%. Commodities rose, with gold and crude oil prices increasing. Key ETFs like SPY, DIA, and QQQ showed varied performance. Sector-wise, energy stocks outperformed while technology lagged. Notable stock movements included Tesla's rise on regulatory optimism, Wells Fargo's gain after regulatory clearance, and mixed reactions to earnings reports from companies like CBRE, Deer & Company, and others.

Portfolio Pulse from Piero Cingari

February 15, 2024 | 7:12 pm

PLUG

Truist Securities analyst Jordan Levy maintained a Hold rating on Plug Power Inc. (NASDAQ:PLUG) with a price target of $3, following the company's announcement of a plan to reduce annual operational expenses by $75 million through layoffs, supply chain optimizations, and other measures. The plan aims to address liquidity concerns and reduce cash burn, with a target of a 70% YoY reduction in FY24. However, Levy expressed uncertainty about the impact of these cost-saving measures on the startup timing for green hydrogen production facilities, which are crucial for improving fuel margins. PLUG shares dropped 3.43% to $4.08.

Portfolio Pulse from Nabaparna Bhattacharya

February 15, 2024 | 7:11 pm

FSLY

Fastly, Inc. (NYSE:FSLY) shares dropped after reporting mixed Q4 financial results and guidance. Earnings per share were at 1 cent, beating estimates, but quarterly sales of $137.78 million missed expectations. Analyst Jeff Van Rhee downgraded Fastly from Buy to Hold with a $20 price target. The stock's heavy trading volume was noted, and its FY23 revenue growth was 16.93%. Economic conditions and comparisons with peers were discussed, highlighting Fastly's underperformance in the Information Technology sector.

Portfolio Pulse from Erica Kollmann

February 15, 2024 | 7:08 pm

EPAM

EPAM Systems, Inc. (NYSE:EPAM) reported a 6.0% year-on-year decline in Q4 FY23 sales to $1.16 billion, surpassing analyst estimates. Adjusted EPS was $2.75, beating the consensus of $2.50. The company provided strong Q1 revenue guidance and expects 2024 revenue growth of 1% - 4%. Following the report, EPAM shares rose 7.8% to $300.01. Analysts from Piper Sandler and Needham raised their price targets on EPAM, maintaining Overweight and Buy ratings respectively.

Portfolio Pulse from Avi Kapoor

February 15, 2024 | 7:04 pm

PFE

Pfizer Inc. (NYSE:PFE) reported mixed results in its Q4 2023 earnings call, highlighting a year of contrasts. Despite setbacks in COVID-19 product revenues, Pfizer achieved market leadership in pharma-only products, a record number of FDA approvals, and successfully closed the Seagen acquisition. However, missed projections, significant sales declines in COVID-19 products, a 93% dip in full-year diluted EPS, and nearly $1 billion in impairment charges for Prevnar 13 were notable negatives.

Portfolio Pulse from Tornado

February 15, 2024 | 7:01 pm

MFC

Manulife Financial's stock is trading higher following the announcement of better-than-expected Q4 adjusted EPS results and an increase in its common share dividend.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 6:55 pm

PLMR

Palomar Holdings' shares surged following the announcement of their Q4 earnings per share (EPS), which exceeded market expectations.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 6:47 pm

APD

BofA Securities analyst Steve Byrne upgraded Air Products & Chemicals Inc (NYSE:APD) to Buy from Neutral with a price target of $264, citing an unwarranted valuation disconnect, lower risk in speculative project backlog, and a strong base business. Despite missing Q1 2024 earnings expectations due to challenges in its helium business, the company's long-term outlook remains positive with a $20 billion project backlog. APD shares rose 4.4% to $226.54.

Portfolio Pulse from Lekha Gupta

February 15, 2024 | 6:47 pm

ZBRA

Zebra Technologies Corp (NASDAQ:ZBRA) reported Q4 FY23 net sales of $1.01 billion, surpassing consensus estimates despite a 32.9% Y/Y decline. Adjusted EPS of $1.71 also beat expectations. The company anticipates Q1 net sales to decrease by 17-20% Y/Y but expects an adjusted EPS above consensus. FY24 net sales are projected to change by (-1)% to 3% Y/Y. Shares surged 13.10% to $286.01.

Portfolio Pulse from Anusuya Lahiri

February 15, 2024 | 6:37 pm

CNVS

Cineverse Corp. (NASDAQ:CNVS) shares dropped 25.5% to $1.75 after launching Cineverse 360, a new ad platform, and reporting Q3 results with revenues of $13.276 million missing the consensus of $13.355 million. The company's shares have lost over 80% in the last year. Cineverse also announced cineSearch, an AI-powered movie search platform, set for a public beta in Spring 2024.

Portfolio Pulse from Nabaparna Bhattacharya

February 15, 2024 | 6:30 pm