Streetbeat News

Earnings

TMO

Thermo Fisher Scientific Inc (TMO) has been downgraded to Sector Weight from Overweight by KeyBanc Capital Markets analyst Paul Knight, following a Q3 revenue miss and lowered outlook for FY23. The company's management expressed concerns about cash conservatism from biotech customers, weakness in China, possible destocking, and overall industry decline. Other analysts from Morgan Stanley, Raymond James, and Citigroup also lowered their price targets for TMO.

Portfolio Pulse from Lekha Gupta

October 26, 2023 | 6:09 pm

AMT

American Tower Corp (NYSE: AMT) reported Q3 FY23 revenue growth of 5.5% YoY to $2.82 billion, beating the consensus estimate of $2.76 billion. Property revenue increased 7% YoY to $2.79 billion. The company generated $892 million in free cash flow and held $2.23 billion in cash and equivalents. CEO Tom Bartlett announced his retirement effective February 1, 2024, with Steve Vondran set to succeed him. The company raised its FY23 property revenue forecast and AFFO per share. AMT shares traded higher by 8.42% at $175.57.

Portfolio Pulse from Anusuya Lahiri

October 26, 2023 | 6:06 pm

CME

CME Group Inc reported better-than-expected Q3 earnings with an adjusted EPS of $2.25, surpassing the estimate of $2.22. However, the quarterly revenue of $1.338 billion slightly missed the consensus of $1.342 billion. Following the earnings announcement, Barclays, Rosenblatt, and Morgan Stanley adjusted their price targets on CME Group. The company's shares rose 0.9% to trade at $216.03 on Thursday.

Portfolio Pulse from Lisa Levin

October 26, 2023 | 6:03 pm

ADP

Automatic Data Processing, Inc. (ADP) reported mixed Q1 results with revenues of $4.512 billion, missing the analyst consensus of $4.52 billion, but beating EPS estimates with $2.08. The company reiterated its FY24 outlook. Following the announcement, Barclays and Morgan Stanley reduced their price targets on ADP. ADP shares rose 1.2% to trade at $220.98 on Thursday.

Portfolio Pulse from Lisa Levin

October 26, 2023 | 5:54 pm

NSC

Norfolk Southern Corp (NYSE:NSC) reported a Q3 FY23 railway operating revenue decline of 11% YoY to $2.97 billion, beating the consensus of $2.95 billion. However, its adjusted EPS was $2.65, below the consensus of $2.69. Following the earnings announcement, several analysts including Barclays, Morgan Stanley, Wells Fargo, Citigroup, BMO Capital, and RBC Capital have lowered their price targets on Norfolk Southern.

Portfolio Pulse from Lisa Levin

October 26, 2023 | 5:48 pm

Bunge Limited (NYSE:BG) reported a Q3 2023 sales decline of 15.1% YoY to $14.227 billion, missing the analyst consensus of $15.32 billion. However, its adjusted EPS of $2.99 beat the analyst consensus of $2.50. The company raised its fiscal year 2023 adjusted EPS outlook to $12.50 from the previous $11.75. BG shares are trading higher by 5.07% at 107.36.

Portfolio Pulse from Nabaparna Bhattacharya

October 26, 2023 | 5:46 pm

RCL

Royal Caribbean Cruises Ltd (NYSE:RCL) reported Q3 FY23 sales growth of 39% YoY to $4.16 billion, beating the analyst consensus estimate. Passenger ticket revenues rose 45.5% YoY. Operating income for the quarter jumped to $1.26 billion, with an operating margin of 30.4%. The company raised its FY23 adjusted EPS guidance from $6-$6.20 to $6.58 - $6.63. RCL shares are trading higher by 1.02%.

Portfolio Pulse from Shivani Kumaresan

October 26, 2023 | 5:44 pm

Cemex SAB de CV (NYSE:CX) reported a Q3 revenue increase of 9% Y/Y to $4.571 million, beating the consensus of $4.489 billion. The results were driven by strong pricing across all markets, decelerating input cost inflation, and contributions from growth investment strategy. However, volumes declined 4% Y/Y in cement and ready-to-mix segments. EBITDA rose 32% Y/Y to $910 million, and net sales in the U.S. operations rose 5% Y/Y. The company also reported progress on its decarbonization roadmap.

Portfolio Pulse from Lekha Gupta

October 26, 2023 | 5:41 pm

AMSF

CIA

EIG

FAF

FNF

GBLI

KINS

ORI

OSCR

RELI

STC

WTW

Insurance stocks saw significant movement in Thursday's intraday session. Willis Towers Watson, Stewart Information Servs, Global Indemnity Group, Old Republic Intl, First American Financial, and Fidelity National Finl were the gainers, with their stocks rising between 3.15% and 11.79%. On the other hand, Kingstone Companies, Oscar Health, Employers Holdings, Reliance Global Group, AMERISAFE, and Citizens saw their stocks fall between 3.55% and 5.33%. Q3 earnings reports were released for several of these companies.

Portfolio Pulse from Benzinga Insights

October 26, 2023 | 5:40 pm

CDRO

MGOL

MICS

MSC

MULN

REE

SAH

SDA

THRM

TKLF

WHR

During Thursday's intraday session, several consumer discretionary stocks experienced significant movement. Mullen Automotive, Yoshitsu Co, Singing Machine Co, REE Automotive, Sonic Automotive, and Codere Online Luxembourg saw gains, while SunCar Tech Gr, Visionary Education Tech, Gentherm, Whirlpool, Studio City Intl Hldgs, and MGO Global experienced losses. Q3 earnings were released for Sonic Automotive, Gentherm, and Whirlpool.

Portfolio Pulse from Benzinga Insights

October 26, 2023 | 5:31 pm