Streetbeat News

Earnings

SWTX

SpringWorks Therapeutics Inc (NASDAQ:SWTX) reported positive Phase 2b ReNeu trial results for mirdametinib in treating NF1-associated plexiform neurofibromas, with over 50% pediatric and 41% adult patients showing objective responses. Despite the promising results, SWTX shares fell 6.39% to $20.66, as the market reaction was not favorable. The company plans to submit a New Drug Application to the FDA in the first half of 2024.

Portfolio Pulse from Vandana Singh

November 16, 2023 | 5:30 pm

BV

BrightView Holdings, Inc. shares have declined following the announcement of their fourth-quarter results, which fell short of market expectations.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 5:28 pm

AAP

Advance Auto Parts, Inc. (NYSE:AAP) stock was downgraded by BofA Securities analyst Elizabeth L. Suzuki to Underperform from Neutral with a price target cut to $43 from $60. The downgrade follows AAP's Q3 earnings miss and lowered FY23 EPS outlook. The company also announced the initiation of sale processes for Worldpac and its Canada business. Other analysts from JP Morgan, Wedbush, and Goldman Sachs also lowered their price targets for AAP. AAP shares dropped 5.89% to $52.38.

Portfolio Pulse from Lekha Gupta

November 16, 2023 | 5:27 pm

ARCO

Arcos Dorados Holdings Inc. (ARCO) stock is trading higher following the release of their third-quarter financial results, which surpassed market expectations.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 5:23 pm

WMG

Warner Music Group Corp (NASDAQ:WMG) reported Q4 FY23 results with a 6% Y/Y revenue increase to $1.59 billion, surpassing consensus estimates. Recorded Music and Music Publishing revenues grew, as did Digital. Adjusted OIBDA was up 20% Y/Y, and adjusted EPS of $0.34 beat estimates. Despite positive results, WMG shares fell 4.57% to $31.35. The company holds $641 million in cash and equivalents, though operating cash flow decreased by 17%. CFO Bryan Castellani highlighted strong performance, cost management, and future growth opportunities.

Portfolio Pulse from Lekha Gupta

November 16, 2023 | 5:21 pm

META

Meta Platforms Inc (NASDAQ:META) is appealing the European Union's Digital Markets Act (DMA) designation as a 'gatekeeper' service. Despite regulatory challenges, Meta's stock has surged 171% year to date, with a 10% increase in November alone. Following Q3 earnings, the stock rose 11%, nearing last year's high of $343. The stock closed at $332.77 on November 15.

Portfolio Pulse from Zaheer Anwari

November 16, 2023 | 5:20 pm

UTI

Universal Technical Institute's stock is trading higher following the announcement of Q4 sales that exceeded expectations.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 5:18 pm

AMX

America Movil Inc. (NYSE:AMX) saw a 0.90% drop in its share price to $17.57 in the current market session. Despite a 6.77% increase over the past month, the stock has decreased by 11.52% over the past year. The company's P/E ratio of 11.92 is lower than the Wireless Telecommunication Services industry average of 41.07, which could indicate undervaluation or weaker growth prospects.

Portfolio Pulse from Benzinga Insights

November 16, 2023 | 5:15 pm

NVDA

TSM

Analysts from Oppenheimer and UBS have reiterated positive ratings on Nvidia Corp (NVDA), with price targets of $650 and $560 respectively, due to expected strong performance in data center and gaming segments, and an improvement in supply constraints. Taiwan Semiconductor Mfg. Co. Ltd. (TSM) is expected to increase CoWoS capacity, which should ease supply constraints for Nvidia. The U.S. government's export restrictions to China may affect Nvidia's sales, but new product announcements are expected to comply with these restrictions. Nvidia's gross margin is expected to rise, and revenue and EPS projections for Q3 and Q4 are above consensus estimates.

Portfolio Pulse from Anusuya Lahiri

November 16, 2023 | 5:07 pm

DRMA

FIXX

PLCE

SONO

VLCN

WAVD

WMT

U.S. stocks traded lower, with the Dow Jones down 0.40%, NASDAQ down 0.35%, and S&P 500 down 0.23%. Walmart's shares fell 7% post Q3 results, despite beating sales and EPS estimates, as it raised FY24 EPS guidance slightly below the estimate. Crude oil prices dropped 4.3%, while utilities shares surged by 1%. Other notable movements included Sonos up 17% after strong Q4 results, WaveDancer up 60% following a merger agreement, and Dermata Therapeutics up 22% after an FDA agreement. Conversely, Volcon plunged 68% due to a public offering, The Children's Place fell 26% after weak earnings, and Homology Medicines dropped 38% after announcing a stock transaction merger.

Portfolio Pulse from Lisa Levin

November 16, 2023 | 5:02 pm