Streetbeat News

Earnings

RBC Capital Markets upgraded Boeing Company (NYSE:BA) from Sector Perform to Outperform, raising the target price from $200 to $275. The upgrade is based on a favorable outlook for 2024, despite supply chain issues and execution challenges that have previously hindered Boeing's Free Cash Flow (FCF) growth. Analysts expect ~380 737 deliveries in 2023 and 535 in 2024, contributing significantly to the FCF by 2025. Boeing's stock rose 1.48% to $222.54 following the news.

Portfolio Pulse from Vandana Singh

November 28, 2023 | 7:07 pm

DIA

GLD

IWM

NEM

PDD

QQQ

SPY

USO

U.S. stocks rebounded on Tuesday following dovish remarks from Federal Reserve officials, suggesting a potential slowdown in rate hikes if inflation continues to decline. Treasury yields and the U.S. dollar index fell, while gold prices surged to $2,040. The SPDR Gold Trust (GLD) and U.S. stock index ETFs like SPY, DIA, QQQ, and IWM saw gains. Utilities and energy sectors outperformed, while healthcare and biotech lagged. Newmont Corp. (NEM) and PDD Holdings Inc. (PDD) experienced significant stock price increases, while Micron Technology Inc. (MU) declined despite a positive outlook. Other assets like the United States Oil Fund (USO) and cryptocurrencies also saw gains.

Portfolio Pulse from Piero Cingari

November 28, 2023 | 6:40 pm

BBW

DLTR

EXPR

ULTA

Leading retail companies Ulta Beauty, Express, Build-A-Bear, and Dollar Tree are set to report quarterly earnings. Ulta Beauty has consistently beaten estimates but faces tough comparisons and a promotional environment. Express's new CEO and management's strategies are in focus, with potential for international expansion and acquisitions. Build-A-Bear is expected to show strong results from store expansions and product offerings. Dollar Tree's value proposition and new pricing strategies are anticipated to drive growth. Analysts have varying ratings and price targets for these companies.

Portfolio Pulse from Chris Katje

November 28, 2023 | 6:32 pm

IQV

IQVIA Hldgs Inc. (NYSE:IQV) shares increased by 0.95% to $212.73, with a 17.57% rise over the past month but a 2.49% decline over the past year. The company's P/E ratio of 35.36 is below the industry average of 37.67, which could suggest it is undervalued or expected to underperform. Investors are advised to consider the P/E ratio alongside other financial metrics and qualitative analysis for investment decisions.

Portfolio Pulse from Benzinga Insights

November 28, 2023 | 6:15 pm

AMZN

Amazon.Com Inc (NASDAQ:AMZN) reported record-breaking sales during its extended Black Friday and Cyber Monday event, with over 1 billion items sold. The event, which ran from November 17 to November 27, offered customers nearly 70% more savings than last year. CEO Doug Herrington stated that Amazon will continue to offer new deals daily until December 24. Popular items included COSRX Snail Mucin skincare, Fire TV sticks, Ring doorbells, and Bissell vacuum cleaners. U.S. consumers spent a record $12.4 billion on Cyber Monday, with total online sales for Cyber Week reaching $38 billion. AMZN shares were down 0.40% at $147.14 on the last check Tuesday.

Portfolio Pulse from Anusuya Lahiri

November 28, 2023 | 6:08 pm

CLGN

CollPlant Biotechnologies (NASDAQ:CLGN) is expected to release its quarterly earnings report on Wednesday, 2023-11-29, with analysts predicting an EPS of $-0.13. Investors are looking for an earnings beat and positive guidance for the next quarter. Historically, the company's stock price has been sensitive to earnings performance and guidance. Last quarter, CLGN beat the EPS estimate by $0.51, resulting in a 5.23% stock price increase the following day. Over the last 52 weeks, CLGN shares have risen by 22.65%, indicating a bullish sentiment among long-term shareholders.

Portfolio Pulse from Benzinga Insights

November 28, 2023 | 6:00 pm

AXL

BofA Securities analyst John Murphy downgraded American Axle & Manufacturing Holdings Inc (NYSE:AXL) from Neutral to Underperform and cut the price target from $9 to $8. Murphy cites no visible positive catalysts for AXL until well into 2024, potential volume pressure in late 2023 and early 2024, and persistent plant-level issues. The recent UAW strike is expected to impact Q4 revenue and EBITDA significantly. Despite the current outlook, Murphy acknowledges American Axle's history of solid execution and suggests potential investor interest mid-2024.

Portfolio Pulse from Priya Nigam

November 28, 2023 | 6:00 pm

CHPT

ChargePoint Holdings Inc (NASDAQ:CHPT) stock fell 6.3% to a new all-time low of $1.86 after UBS analyst Robert Jamieson downgraded the stock from Buy to Neutral and cut the price target from $9 to $2.25. The downgrade follows ChargePoint's preliminary Q3 results, which showed lower-than-expected revenue and the announcement of a new CEO, Rick Wilmer. The company's revenue is projected to be between $108 million to $113 million, well below the forecast of $150 million to $165 million, due to market pressures, delivery delays, and economic conditions. ChargePoint is also facing non-cash impairment charges and operating expense adjustments, although its cash position and credit facilities are reportedly stable.

Portfolio Pulse from Henry Khederian

November 28, 2023 | 5:56 pm

AMZN

CHWY

ETSY

GOOGL

META

NKE

Cyber Monday saw consumers taking advantage of discounts, with online sales growth in various categories. Goldman Sachs, Adobe, Salesforce, and Mastercard reported sales growth, with electronics, footwear, sporting goods, and jewelry performing well. Raymond James noted a significant increase in active footwear sales. Consumers showed a preference for value, with increased use of 'buy-now-pay-later' and 'no-rush shipping' options. Promotions were prevalent, with Nike, Foot Locker, Etsy, and Chewy offering substantial discounts. Analysts expect promotions to continue into 2024 due to a weak macroeconomic environment and high inventory levels. Goldman Sachs recommends Amazon as a preferred investment in the sector, with Alphabet and Meta also well-positioned to benefit from digital advertising.

Portfolio Pulse from Neil Dennis

November 28, 2023 | 5:47 pm

CTRN

FUV

GME

PDD

PLBY

REE

VLCN

In Tuesday's intraday session, several consumer discretionary stocks experienced significant movements. Arcimoto, REE Automotive, PDD Holdings, PLBY Group, GameStop, and Yunji saw their stocks rise, with PDD Holdings releasing Q3 earnings. Conversely, Volcon, Harbor Custom Dev, Citi Trends, U Power, Connexa Sports Techs, and Esports Entertainment witnessed declines in their stock prices, with Citi Trends also releasing Q3 earnings.

Portfolio Pulse from Benzinga Insights

November 28, 2023 | 5:31 pm