Streetbeat News

Earnings

TTEK

Tetra Tech reported Q4 2023 adjusted earnings per share (EPS) of $1.78, surpassing the estimated $1.44. Revenue for the quarter was $1.26 billion, also exceeding the forecast of $990.8 million.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:06 pm

MOR

MorphoSys AG has updated its FY23 financial guidance, raising the lower end of its Monjuvi U.S. net product sales forecast from $80M to $85M, with the upper end remaining at $95M. The gross margin for Monjuvi sales is expected to be approximately 75%, and the profit/loss is split 50/50 with Incyte. R&D expenses are projected to be between €290M to €315M, and SG&A expenses between €140M to €155M. Tremfya royalties will be recorded as revenue but passed on to Royalty Pharma, and no significant cash-accretive revenues from milestones are expected in 2023. Sales of tafasitamab outside the U.S. to Incyte will result in zero gross profit/margin.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:05 pm

MOR

MorphoSys (NASDAQ:MOR) reported Q3 earnings with an EPS of $-0.95, beating the estimate of $-1.82 by 47.8%. However, revenue decreased by $27.14 million compared to the same period last year. In the previous quarter, the company also surpassed EPS estimates, which led to a slight increase in share price the following day. MorphoSys's past earnings performance shows variability in both EPS and revenue over the last four quarters.

Portfolio Pulse from Benzinga Insights

November 15, 2023 | 9:05 pm

UTI

Universal Technical Institute reported a Q4 revenue of $170.3M, surpassing the estimated $165.93M.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:04 pm

MOR

MorphoSys (NASDAQ:MOR) reported Q3 adjusted sales of $69.44M, surpassing the analyst consensus estimate of $59.33M by 17.04%. However, this represents a 28.10% decrease from the $96.58M in sales reported in the same period last year.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:03 pm

CYBN

Cybin Inc. (NYSE:CYBN), a clinical-stage biotech company, reported its Q2 financial results, showing a cash balance of $13.25 million and increased R&D expenses. The company has access to over $101 million, including proceeds from share issuances and an ATM equity program. Cybin has made progress in its psychedelics programs, with positive interim data for CYB003 in MDD, acquisition of Small Pharma Inc., and additional patent acquisitions. Upcoming milestones include Phase 2 data readouts, FDA submissions, and initiation of Phase 3 trials.

Portfolio Pulse from Lara Goldstein

November 15, 2023 | 8:38 pm

STNE

During its Investor Day in New York, Stone (NASDAQ:STNE) outlined plans to more than double its profitability in the next four years, targeting an adjusted net income of R$4.3 billion by 2027. The company aims to exceed R$600 billion in Total Payment Volume (TPV) with a take rate above 2.70% in the Micro, Small, and Medium Enterprise (MSMB) market, surpass R$14 billion in client deposits, and achieve a credit portfolio above R$5.5 billion. Stone's strategy focuses on growth in the MSMB market, enhancing customer engagement through financial services and software integration, and improving operational efficiency. The company will prioritize four verticals: retail, food, pharma, and gas stations. After appointing a new CEO, Pedro Zinner, StoneCo. has restructured to accelerate the integration of financial services with software assets. The company reported a tripling of adjusted net income to R$435 million for Q3 2023, with a net revenue of R$3.1 billion and an Adjusted EBT of R$545 million.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 8:30 pm

PXD

XOM

Pioneer Natural Resources Co (PXD) was downgraded by Mizuho Securities analyst Nitin Kumar from Buy to Neutral, maintaining a price target of $301. The downgrade reflects the pending acquisition by Exxon Mobil Corp (XOM). PXD's Q3 FY23 adjusted EPS was $5.83, surpassing consensus, but revenue fell short at $3.46 billion. The company raised its FY23 production guidance. Concerns include potential strategy missteps and underperformance on recoveries per lateral foot on new laterals. Q4 FY23 EBITDAX/CFPS estimates are above consensus. PXD shares dropped by 0.70% to $235.24.

Portfolio Pulse from Lekha Gupta

November 15, 2023 | 8:17 pm

BIDU

Baidu Inc (NASDAQ:BIDU) shares increased by 3.4% following JD.com's positive third-quarter results, which showed a slight decrease in net product revenue but a significant increase in net service revenues. Investors are optimistic about the Chinese e-commerce sector, potentially benefiting Baidu as well.

Portfolio Pulse from Henry Khederian

November 15, 2023 | 8:11 pm

BBY

TGT

Best Buy Co., Inc. (NYSE:BBY) stock rose in response to Target's (NYSE:TGT) strong Q3 financial results. Target's earnings of $2.10 per share surpassed estimates, and its revenue of $25.40 billion also beat expectations. Despite a 4.9% drop in comparable sales, same-day services grew by 8%. Target forecasts Q4 earnings between $1.90 and $2.60 per share, with a mid-single digit decline in comparable sales. Best Buy is expected to report its Q3 earnings on Nov. 21, with an estimated $1.19 per share and $9.91 billion in revenue. BBY shares increased by 3.40% to $68.74.

Portfolio Pulse from Ryan Gustafson

November 15, 2023 | 8:06 pm