Streetbeat News

Earnings

PSNY

TSLA

Polestar shares are trading lower as EV stocks drop following worse-than-expected Q3 financial results from Tesla.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 7:26 pm

AMAT

LRCX

Applied Materials, Inc. (AMAT) shares are trading lower, possibly in sympathy with Lam Research Corporation (LRCX), which fell after its first-quarter earnings report. Despite beating analyst consensus estimates, LRCX reported a decrease in earnings and sales compared to the same period last year. AMAT shares were down 4.48% at the time of publication.

Portfolio Pulse from Ryan Gustafson

October 19, 2023 | 7:26 pm

AA

BMO Capital Markets analyst Katja Jancic has reiterated the Market Perform rating on Alcoa Corporation (NYSE:AA), but lowered the price target to $28 from $30. Alcoa reported quarterly adjusted losses of $(1.14) per share, missing the analyst consensus estimate. The company is expected to continue mining lower-quality bauxite until 2027 due to concessions made in its revised Mine Management Program. A restructuring program at the Kwinana refinery is expected to offset some of the negative impact. AA shares are trading lower by 8.11% to $24.37.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2023 | 6:59 pm

PG

Procter & Gamble Co (NYSE:PG) reported first-quarter FY24 sales and EPS above the street view. Analysts from Morgan Stanley, Stifel, and Raymond James gave their opinions on the results. Morgan Stanley maintains an Overweight rating and a $174 price target. Stifel maintains a Hold rating and raised the price target from $151 to $155. Raymond James maintains an Outperform rating and a $170 price target. Despite the positive reviews, PG shares are trading lower by 0.62% at $148.17.

Portfolio Pulse from Shivani Kumaresan

October 19, 2023 | 6:53 pm

REXR

Rexford Industrial Realty's shares have dropped following the release of its Q3 financial results and FY23 guidance. Stifel has maintained a Buy rating on the stock but reduced its price target from $60 to $56.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 6:43 pm

NDAQ

Nasdaq Inc (NASDAQ:NDAQ) reported strong Q3 earnings with a 6% Y/Y increase in revenue to $940 million, beating the consensus of $930.25 million. Adjusted EPS was $0.71 per share, up 4% Y/Y, beating the Street view of $0.68. Nasdaq declared a regular quarterly dividend per share of $0.22. Following the earnings announcement, several analysts increased their price targets on Nasdaq.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 6:42 pm

GBIO

MDAI

NXU

PTCT

SABS

SMTC

T

U.S. stocks traded lower with the Nasdaq Composite falling around 100 points. AT&T Inc reported better-than-expected third-quarter financial results with operating revenues of $30.35 billion, up 1% year-over-year, beating the consensus of $28.69 billion. SAB Biotherapeutics, Spectral AI, and PTC Therapeutics saw their shares rise after positive news, while Nxu, Semtech Corporation, and Generation Bio Co. saw their shares drop.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 6:37 pm

MSFT

Ahead of Microsoft's Q1 earnings, analysts from Citi and Evercore ISI have reiterated their positive ratings on the company, citing potential growth in Azure and AI. Citi analyst Tyler Radke sees Microsoft accelerating total revenue and profitability, helped by stabilizing IT budget trends and new GenAI revenue streams. Evercore ISI analyst Kirk Materne expects Microsoft to deliver solid Q1 results that demonstrate some stabilization in the Azure business, with Y/Y growth of ~26% for Azure seeming realistic due to the uptick in demand for AI services.

Portfolio Pulse from Anusuya Lahiri

October 19, 2023 | 6:36 pm

AA

Alcoa's Q3 earnings per share (EPS) results were below expectations, and the company has issued Q4 guidance. BMO Capital has maintained a Market Perform rating on the stock but reduced its price target from $30 to $28.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 6:36 pm

CMCSA

DIS

NFLX

Netflix Inc (NASDAQ:NFLX) reported strong Q3 results, with its biggest quarterly growth since Q2 2020, driven by a surge in subscribers and international content production. Despite the ongoing Hollywood strike, Netflix added 8.8 million subscribers and saw a 7.8% YoY increase in revenue to $8.542 billion. The company also raised prices for some of its subscription plans in the U.S., the U.K, and France. In contrast, The Walt Disney Company (NYSE:DIS) continues to struggle with big losses, labor strikes, and internal issues. Comcast Corporation (NASDAQ:CMCSA) was mentioned as a content provider for Netflix and a competitor to Disney in the streaming market.

Portfolio Pulse from Upwallstreet

October 19, 2023 | 6:35 pm