Streetbeat News

Earnings

ADI

AMAT

AMD

INTC

NVDA

Semiconductor stocks are experiencing a decline in share prices, likely due to recent earnings reports from various companies within the sector.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2024 | 5:50 pm

NVO

REGN

SNY

Regeneron Pharmaceuticals reported strong Q3 results with an 8% increase in EPS and 11% revenue growth, beating expectations. Despite this, the stock is down 10.7%, possibly due to concerns over lower net selling prices for Eylea.

Portfolio Pulse from Vandana Singh

October 31, 2024 | 5:46 pm

DIA

IWM

QQQ

SPY

Major indexes are experiencing a downturn as large and mega-cap stocks decline following quarterly earnings reports. Investors are also considering the impact of the upcoming US presidential election and macroeconomic uncertainties.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2024 | 5:42 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) shares fell sharply after poor Q3 results, with analysts divided on its future. Goldman Sachs maintained a Neutral rating, Needham raised its price target, and H.C. Wainwright lowered its target but remained bullish. Analysts noted potential positive regulatory changes.

Portfolio Pulse from Hayden Buckfire

October 31, 2024 | 5:40 pm

CNK

Cinemark Holdings Inc. (NASDAQ:CNK) reported strong Q3 2024 earnings, beating analyst expectations with an EPS of $1.19 and sales of $921.8 million. Despite this, shares fell 1.9% to $29.90. The company saw significant revenue from admissions and concessions, and refinanced unsecured notes due in 2026.

Portfolio Pulse from Dylan Berman

October 31, 2024 | 5:39 pm

BIIB

Biogen Inc reported better-than-expected Q3 earnings, with adjusted EPS of $4.08 and sales of $2.47 billion, both beating consensus estimates. Despite raising its 2024 EPS guidance, Biogen's stock fell 2.5% as analysts adjusted their price targets, with Morgan Stanley downgrading the stock.

Portfolio Pulse from Avi Kapoor

October 31, 2024 | 5:28 pm

ROOT

Root, Inc. (NASDAQ:ROOT) shares surged after reporting better-than-expected Q3 earnings, achieving net income profitability for the first time. The company beat EPS and revenue estimates, driven by strategic investments and operational efficiency. Root also refinanced its debt, reducing interest expenses significantly.

Portfolio Pulse from Vaishali Prayag

October 31, 2024 | 5:24 pm

CVNA

Carvana Co. (NYSE:CVNA) reported strong Q3 results, surpassing revenue and earnings expectations. The company anticipates further growth in Q4 and raised its full-year adjusted EBITDA guidance. Analysts have increased their price targets for Carvana, reflecting optimism about its future performance.

Portfolio Pulse from Avi Kapoor

October 31, 2024 | 5:20 pm

COIN

META

MSFT

QQQ

SPY

Tech stocks led a market downturn as Microsoft and Meta's earnings forecasts disappointed investors, causing major indices to drop. Microsoft fell over 5% due to slower Azure growth forecasts, while Meta declined over 4% due to projected capital expenditure increases. The Nasdaq 100 and S&P 500 experienced significant losses, and crypto-related stocks like Coinbase also suffered. ETFs tracking these indices, such as QQQ and SPY, mirrored these declines.

Portfolio Pulse from Piero Cingari

October 31, 2024 | 5:19 pm

SPY

The upcoming October jobs report is highly anticipated, with expectations of a slowdown in nonfarm payroll growth due to factors like hurricanes and strikes. Economists predict a decrease from 254,000 jobs in September to 113,000 in October. The Boeing strike and hurricanes are expected to impact the numbers, while government hiring for elections may provide a boost. The unemployment rate is expected to remain at 4.1%, with wages growing at a slower pace. Recent ADP data suggests strong private employment growth, which could indicate a positive surprise in the official report. Previous jobs reports have influenced market sentiment, with the S&P 500 reacting to employment data.

Portfolio Pulse from Piero Cingari

October 31, 2024 | 5:16 pm