Streetbeat News

Earnings

BAC

C

JPM

KBE

SPY

WFC

Top U.S. banks JPMorgan, Citigroup, Bank of America, and Wells Fargo are set to report Q4 earnings on Friday with mixed expectations. Deloitte's 2024 outlook suggests a challenging year for financial services due to economic slowdown, rate cuts, geopolitical tensions, and assertive regulations. Disruptive technologies and other factors like GenAI and digitization will also impact the industry. Last year, KBE gained 3.2%, while SPY gained 16%. Zacks estimates vary for each bank, with JPM expected to post higher earnings and revenue, C to see a decline in earnings but increased revenue, BAC to have lower earnings and revenue, and WFC to report significant earnings growth with slightly higher revenue. Fitch Ratings maintains a deteriorating outlook for banks in 2024, while S&P Global sees steady outlook based on solid fundamentals, and Moody's holds a negative view due to a sluggish growth environment.

Portfolio Pulse from Neil Dennis

January 09, 2024 | 1:54 pm

AYI

XLI

Acuity Brands, Inc (NYSE:AYI) reported a slight miss in Q1 FY24 net sales at $934.7 million versus the consensus of $935.1 million but exceeded EPS expectations with $3.72 against a consensus of $3.23. The company saw a year-over-year sales decline of 9%, with mixed performance across segments. ABL's revenue decreased by 7.5% while ISG's revenue increased by 13.0%. Adjusted operating margins improved, and the company generated higher operating cash flow and adjusted EBITDA compared to the previous year. Acuity Brands' stock reached a 52-week high, outperforming the industrial sector index SPDR Select Sector Fund - Industrial (NYSE:XLI).

Portfolio Pulse from Anusuya Lahiri

January 09, 2024 | 1:54 pm

AYI

Acuity Brands' stock is trading higher following the announcement of their Q1 financial results, which exceeded expectations.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:53 pm

NEOG

Neogen Corporation's stock is trading lower following the announcement of disappointing Q2 financial results and a reduction in its sales guidance for FY24, which fell below analyst expectations.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:52 pm

EWTX

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) presented at the 42nd Annual J.P. Morgan Healthcare Conference, highlighting its 2023 accomplishments and 2024 milestones. In 2023, EWTX made significant progress in clinical trials for muscle diseases, including positive trial data for Becker muscular dystrophy and Duchenne muscular dystrophy treatments. The FDA granted Orphan Drug and Rare Pediatric Disease Designations for their drug EDG-5506. For 2024, EWTX plans to report further trial data and initiate a Phase 3 trial for EDG-5506, as well as announce Phase 1 data for their cardiac program EDG-7500.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:49 pm

AENT

Alliance Entertainment's COKeM gaming division reported higher-than-expected sales for Arcade1Up products in Q4 2023. The company successfully reduced arcade inventory from $54.3 million to $17.4 million and purchased over $20 million in new inventory for the holiday season. Aggressive sales and advertising campaigns, along with partnerships with key e-commerce retailers, contributed to the success. Core arcade titles are projected to grow sales by over 60% in 2024. Alliance Entertainment aims to continue this momentum and strengthen its position as a leading distributor of Arcade1Up products.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:49 pm

KULR

KULR Technology Group Inc. has announced a 15% reduction in its workforce as part of a strategic realignment to focus on servicing recurring aerospace and defense contracts and improving profitability in commercial customer engagements. The company aims to reach operational breakeven by the second quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:47 pm

ATOS

Atossa Therapeutics, Inc. (NASDAQ:ATOS), a biopharmaceutical company, issued a shareholder letter from CEO Steven Quay highlighting progress in 2023. Four Phase 2 trials of (Z)-endoxifen are underway, with primary data expected in the second half of the year. The Karisma-Endoxifen trial for breast density reached full enrollment. A federal law effective September 10 will require mammography facilities to notify patients about breast density. Atossa also initiated research with Weill Cornell Medicine on triple-negative breast cancer (TNBC). The company has a strong balance sheet with $94 million in cash as of September 30, 2023, and extended its share repurchase program through December 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:46 pm

MCHP

Microchip Technology's stock is trading lower following the company's preliminary Q3 revenue report, which indicates a roughly 22% sequential decrease. This is a larger decline than the previously guided range of 15% to 20%.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:45 pm

MSM

MSC Industrial Direct Co Inc (NYSE:MSM) shares dropped after reporting Q1 FY24 results with revenue and adjusted EPS below analyst estimates. Revenue decreased by 0.4% Y/Y to $954.0 million, and adjusted EPS was $1.25, missing the consensus of $1.31. The company also saw a decline in adjusted operating income and a compression in operating margin. Despite the slower start, the company reiterated its FY24 outlook and the CEO expressed optimism about future growth and margin expansion. MSM shares fell 6.40% in premarket trading.

Portfolio Pulse from Lekha Gupta

January 09, 2024 | 1:41 pm