Streetbeat News

Earnings

BZFD

BuzzFeed Inc (NASDAQ:BZFD) and Vice Media are facing financial difficulties, leading to downsizing and asset sales. BuzzFeed's stock has dropped over 97% since its 2021 IPO, and it is now looking to sell its food-focused sites Tasty and First We Feast. Vice Media, overseen by Fortress Investment Group after bankruptcy, is trying to sell Refinery29 after a failed attempt to sell the entire company. Both companies are struggling with a volatile advertising market and reduced traffic, reflecting broader industry challenges for digital media.

Portfolio Pulse from Vandana Singh

January 25, 2024 | 8:06 pm

COLB

Columbia Banking System, Inc. (NASDAQ:COLB) reported Q4 earnings of $0.44 per share, missing estimates of $0.79 per share, with sales of $519.16 million versus expected $526.68 million. Following the results, the stock fell 22.3% to $19.89. Analysts from Piper Sandler, DA Davidson, RBC Capital, and Wedbush adjusted their price targets and ratings, generally lowering expectations.

Portfolio Pulse from Avi Kapoor

January 25, 2024 | 8:02 pm

MTCH

Evercore ISI has indicated that a change in Apple's fee structure could potentially lead to a 5% or more increase in Match Group's adjusted operating income for 2024. This assessment suggests that Match Group (MTCH) could benefit financially from the adjustments made by Apple.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 7:56 pm

RLI

RLI Corp's stock is trading lower following the announcement of their Q4 financial results.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 7:54 pm

TSLA

Jim Cramer removed Tesla Inc (TSLA) from the 'Magnificent Seven' due to its recent underperformance and disappointing quarterly results. Tesla's stock has been in a downtrend since late 2021, losing a quarter of its value this year. Cramer sees a potential return for Tesla to the group with its new mass-market EV 'Redwood', expected to start production in 2025. Despite a 'train wreck' conference call, Cramer isn't giving up on Tesla long-term and suggests Eli Lilly could join the mega-cap index.

Portfolio Pulse from Adam Eckert

January 25, 2024 | 7:54 pm

WRB

W. R. Berkley Corporation (NYSE:WRB) exceeded Q4 earnings expectations with $1.45 per share against estimates of $1.38 and reported sales of $3.22 billion versus $3.21 billion expected. Following the strong earnings report, WRB shares rose 7.4% to $83.46. Analysts from Keefe, Bruyette & Woods, RBC Capital, Wells Fargo, and Truist Securities have raised their price targets for WRB, maintaining positive ratings ranging from Outperform to Buy.

Portfolio Pulse from Avi Kapoor

January 25, 2024 | 7:52 pm

BANC

Banc of California's stock is trading higher following the announcement of their fourth-quarter financial results.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 7:51 pm

ASB

Associated Banc-Corp reported its full-year 2023 earnings per share (EPS) of $2.27, excluding certain items. This financial metric is crucial for investors as it reflects the company's profitability excluding one-time charges or gains.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 7:51 pm

HMY

Harmony Gold Mining's stock is trading higher following the company's announcement that it is on track to meet or exceed the higher end of its full-year production guidance.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 7:50 pm

DD

DuPont de Nemours Inc (NYSE:DD) was downgraded by BMO Capital Markets analyst John P. McNulty from Outperform to Market Perform with a reduced price target of $72 from $80. DuPont's preliminary Q4 net sales were approximately $2.90 billion, slightly below the consensus of $3 billion, and adjusted EPS was between $0.85 and $0.87, in line with the $0.85 estimate. The company expects Q1 net sales of around $2.8 billion, below the $3.04 billion estimate, and adjusted EPS of about $0.63 to $0.65, significantly lower than the $0.88 estimate. McNulty anticipates the first quarter to be the bottom for earnings, with the rest of the year's guidance also below his expectations. He has reduced the 2024 and 2025 EBITDA estimates and cut EPS estimates to $3.33 for 2024 and expects $4.10 in 2025. Wells Fargo also downgraded DuPont to Equal-Weight from Overweight with a price target of $69, down from $85. DuPont's shares dropped by 0.70% to $63.75.

Portfolio Pulse from Lekha Gupta

January 25, 2024 | 7:46 pm