Streetbeat News

Earnings

ABNB

Airbnb's stock (ABNB) is experiencing increased trading activity and higher prices following the release of its Q4 financial results earlier in the week. The movement is attributed to market volatility.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 6:11 pm

SPWR

SunPower Corp (NASDAQ:SPWR) reported a Q4 FY23 revenue decline of 28.3% YoY to $356.91 million, missing consensus estimates. The adjusted EPS loss widened to 51 cents, also missing expectations. Despite these results, SPWR's stock price increased after announcing a funding update, including $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners. The company added 16,000 customers but saw declines in adjusted gross margin and EBITDA. SunPower expects a net loss for FY24 but aims to be free cash flow positive in the second half of 2024.

Portfolio Pulse from Anusuya Lahiri

February 15, 2024 | 6:01 pm

LAD

Four financial analysts have recently shared mixed evaluations of Lithia Motors (NYSE:LAD), with ratings ranging from 'Somewhat Bullish' to 'Indifferent'. Over the last three months, there has been a shift towards a more cautious stance, with the latest ratings being 'Indifferent'. Analysts have adjusted their 12-month price targets for LAD, now averaging $356.0, marking a 19.06% increase from the previous target of $299.00. Lithia Motors has shown strong financial performance, with significant revenue growth, high net margin, and impressive ROE and ROA, outperforming industry averages. The company's debt-to-equity ratio is below the industry average, indicating a healthy balance between debt and equity.

Portfolio Pulse from Benzinga Insights

February 15, 2024 | 6:01 pm

AMGN

Financial giants have shown a bearish stance on Amgen (NASDAQ:AMGN) through options trading, with 83% of trades being bearish. The trading activity focuses on a price range between $125.0 and $292.5. Amgen, a leader in biotechnology-based human therapeutics, has seen its stock price slightly decrease by -0.68%, currently at $288.1. Analysts have mixed ratings on AMGN, with target prices ranging from $278 to $350. The next earnings report is expected in 70 days.

Portfolio Pulse from Benzinga Insights

February 15, 2024 | 6:00 pm

SAGE

Sage Therapeutics, Inc. (NASDAQ:SAGE) reported Q4 revenue surpassing expectations at $77.97 million against estimates of $60.98 million. The company highlighted the successful launch of ZURZUVAE for postpartum depression. Following the results, RBC Capital and HC Wainwright & Co. raised their price targets for SAGE, despite a slight 0.2% drop in its shares to $25.71.

Portfolio Pulse from Avi Kapoor

February 15, 2024 | 5:59 pm

CCG

CNFR

ITIC

MCY

PRU

WDH

Insurance stocks showed notable movements in Thursday's intraday session. Cheche Group (CCG) led the gainers with a 17.89% increase, while Conifer Holdings (CNFR) experienced the largest drop, falling 8.34%. Other notable movers included Mercury General (MCY) and Prudential Financial (PRU) with significant gains, and Waterdrop (WDH) and Investors Title (ITIC) with notable losses. The movements were attributed to various factors including recent earnings reports.

Portfolio Pulse from Benzinga Insights

February 15, 2024 | 5:40 pm

JMIA

Jumia Technologies AG (NYSE:JMIA) shares surged 34.4% after reporting Q4 FY23 results, showing a revenue decline of 2% Y/Y but a significant reduction in operating loss and adjusted EBITDA loss. Despite a decrease in marketplace revenue, orders, active consumers, TPV, and GMV, the company improved its gross profit margin and reduced spending. Jumia holds a positive outlook for 2024, expecting an increase in orders and GMV.

Portfolio Pulse from Lekha Gupta

February 15, 2024 | 5:38 pm

COIN

Coinbase Global, Inc. (NASDAQ:COIN) shares rose after JP Morgan upgraded the stock from Underweight to Neutral with an $80 price target, citing significant price appreciation of Bitcoin and Ethereum. However, concerns were raised about new spot Bitcoin ETFs as potential competition. Coinbase shares have gained 25% in the past five days, with investors eyeing the Bitcoin halving event. The company is expected to report a Q4 loss of 1 cent per share and revenue of $822.364 million.

Portfolio Pulse from Erica Kollmann

February 15, 2024 | 5:37 pm

EPAM

EPAM Systems, Inc. (NYSE:EPAM) reported Q4 FY23 sales of $1.16 billion, surpassing analyst estimates and showing a 6.0% year-on-year decline. Adjusted EPS was $2.75, beating the consensus of $2.50. The company is focusing on Generative AI growth after restructuring its delivery platforms. For Q1, EPAM forecasts revenues between $1.155 billion and $1.165 billion, with adjusted EPS of $2.26 to $2.34, slightly below the estimated $2.39. 2024 revenue growth is expected to be 1% to 4%, with adjusted EPS projected at $10.00 to $10.40. Needham and Piper Sandler have maintained positive ratings on EPAM, raising their price targets to $350 and $369, respectively. EPAM shares rose 7.77% to $299.75.

Portfolio Pulse from Anusuya Lahiri

February 15, 2024 | 5:36 pm

BZFD

MANU

TGL

In Thursday's intraday session, several communication services stocks experienced significant movements. Notably, BuzzFeed (BZFD) surged by 52.8%, while Treasure Global (TGL) plummeted by 44%. Other notable movers include Cheer Holding (CHR), AirNet Technology (ANTE), and Motorsport Games (MSGM) with substantial gains, and Cineverse (CNVS) and Manchester United (MANU) with notable losses. Earnings reports released yesterday influenced some of these movements.

Portfolio Pulse from Benzinga Insights

February 15, 2024 | 5:31 pm