Streetbeat News

Earnings

AMZN

COST

ITRN

TGT

Investors are watching Zscaler, Amazon, Ituran Location and Control, Costco, and Target as U.S. stock futures trade lower. Zscaler is expected to report earnings before the bell, while Amazon and Costco are in focus for Cyber Monday deals. Ituran is also set to release earnings, and Target is offering deals on various brands. All mentioned stocks saw gains on Friday.

Portfolio Pulse from Lisa Levin

November 27, 2023 | 10:25 am

GSK

GSK announced positive results from the DREAMM-7 Phase 3 trial of Belantamab Mafodotin for relapsed or refractory multiple myeloma, meeting its primary endpoint of progression-free survival. The treatment, combined with bortezomib and dexamethasone, showed a significant extension in time to disease progression or death compared to the standard of care, daratumumab with BorDex. Additionally, a notable overall survival trend was observed.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 10:12 am

ADBE

CRM

SHOP

Shopify Inc (NYSE:SHOP) merchants achieved a record $4.1 billion in Black Friday sales, a 22% increase from last year. Sales peaked at $4.2 million per minute at 12:01 p.m. EST. Popular categories were clothing, personal care, and jewelry, with an average spend of $110.71 per cart. The U.S., U.K., and Canada were top countries, with Los Angeles, New York, and London as top cities. International orders comprised 15% of total sales. Shopify's POS system sales rose by 33%. Adobe Inc (NASDAQ:ADBE) reported a 5.5% increase in U.S. online spending on Thanksgiving, while Salesforce, Inc. (NYSE:CRM) reported a 1% growth in U.S. global online sales. SHOP shares closed down 0.86% at $70.35 on Friday.

Portfolio Pulse from Anusuya Lahiri

November 27, 2023 | 10:01 am

NTAP

NetApp, Inc. (NASDAQ:NTAP) is expected to report lower Q2 earnings of $1.39 per share compared to $1.48 per share a year ago, with revenue estimated at $1.53 billion. The company has renewed its collaboration with Microsoft. Ahead of the earnings call, analysts have revised their price targets and ratings for NetApp. TD Cowen and Stifel analysts maintain positive outlooks with increased price targets, while UBS, Wedbush, and Citigroup analysts remain neutral with slight price target adjustments.

Portfolio Pulse from Lisa Levin

November 27, 2023 | 9:08 am

TIGR

UP Fintech Holding (NASDAQ:TIGR) reported a significant increase in Q3 adjusted earnings per share (EPS) to $0.10, up from $0.04 year-over-year (YoY). Sales also rose to $70.10M, marking a 26.52% increase from $55.41M in the same period last year.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 9:04 am

LCID

RIVN

TSLA

Tesla, Inc. (TSLA) stock's recent weakness is partly attributed to Elon Musk's acquisition of Twitter, according to Future Fund Managing Partner Gary Black. Since Musk announced his intention to buy Twitter in April 2022, Tesla's stock has underperformed compared to the 'Magnificent Seven' tech stocks, dropping from $328 to around $235, a 28% decline, while the Nasdaq 100 Index rose 15%. Musk sold $15 billion worth of Tesla stock between April and August 2022, and $23 billion in total for the year to fund the Twitter purchase. Black also criticized comparisons of Tesla to other EV makers, stating that most are unprofitable and headed for bankruptcy. Additionally, Tesla's management decision to cut EV prices by an average of 18% year-over-year has not changed volume growth estimates for 2023 but has led to a 43% drop in 2024 earnings estimates. Despite these challenges, Black is optimistic about the potential 'halo effect' of the upcoming Cybertruck on Tesla's sales.

Portfolio Pulse from Shanthi Rexaline

November 27, 2023 | 7:41 am

REGN

SNY

Regeneron Pharmaceuticals and Sanofi announced positive results from the NOTUS trial for Dupixent, which significantly reduced COPD exacerbations by 34% compared to placebo. The trial confirmed earlier results from the BOREAS trial, and a supplemental BLA submission is planned by the end of 2023. This news could impact the treatment landscape for COPD, as there have been no new treatments approved for over a decade.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 7:06 am

NTZ

Natuzzi reported Q3 2023 sales of €74.9M, a 35.8% decrease from Q3 2022, and a 15.0% decrease from Q3 2019. Branded sales increased by 4.3% compared to Q3 2019. The company saw a positive change in written orders, particularly in the US market, ending a 15-month negative trend. Gross margin improved to 35.4% due to pricing discipline and cost management. However, Natuzzi experienced an operating loss of €1.3M, compared to a profit in Q3 2022. Cash flow from operating activities was positive at €2.3M, and the company invested €2.9M in retail and factory upgrades. As of September 30, 2023, cash reserves were €37.1M. Natuzzi is focusing on cost and capital efficiency, reducing fixed costs, and selling non-strategic assets. The company anticipates ongoing economic challenges but remains confident in its long-term growth strategy.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 4:53 am

BIGC

BigCommerce (NASDAQ:BIGC) reported a 14% increase in GMV on Thanksgiving and a 6% increase on Black Friday compared to last year, outpacing the broader industry. Total orders and AOV also saw increases. The company attributes this to its platform's capabilities and conversion rates. The NRF expects U.S. holiday sales to grow 3-4% over 2022. BigCommerce's Q3 data shows a high sitewide conversion rate, with enterprise stores using its hosted Stencil platform, checkout, PayPal Wallet, and ApplePay performing well above the internet average.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 4:46 am

JWEL

Jowell Global reported H1 earnings with a reduced loss per share of $(3.33), improving from $(4.80) YoY. However, sales declined to $84.41M from $100.41M YoY, indicating a 15.94% decrease.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 4:45 am