Streetbeat News

Earnings

FITB

Fifth Third Bancorp (NASDAQ:FITB) reported Q3 2023 sales of $2.16 billion, beating the consensus of $2.15 billion, and an adjusted EPS of 92 cents, beating the analyst consensus of 82 cents. The company also reported a 44% Y/Y increase in interest income to $2.54 billion, with a net interest income (NII) of $1.45 billion (down 4% Y/Y). Following the earnings announcement, Morgan Stanley raised the price target on Fifth Third Bancorp from $28 to $29, while RBC Capital cut the price target from $34 to $30.

Portfolio Pulse from Lisa Levin

October 20, 2023 | 6:19 pm

AMZN

GOOGL

Mizuho analyst James Lee reiterated a Buy rating on Amazon (AMZN) and Alphabet (GOOGL), with price targets of $180 and $150 respectively. Lee's ad tracking shows both platforms gaining market share, with Amazon's ad spending and e-commerce revenue growth exceeding expectations. For Google, ad tracking was solid and advertising revenue is expected to be in line or modestly above consensus. However, Lee noted that Google's consensus operating expenditure growth for 2H23 appears aggressive without meaningful cost cuts.

Portfolio Pulse from Anusuya Lahiri

October 20, 2023 | 6:12 pm

MAN

ManpowerGroup Inc. reported better-than-expected Q3 earnings but missed revenue estimates. The company also provided lower-than-expected Q4 EPS guidance. Following the earnings announcement, BMO Capital and Truist Securities lowered their price targets on ManpowerGroup.

Portfolio Pulse from Lisa Levin

October 20, 2023 | 6:06 pm

BAC

GS

MS

Goldman Sachs, Bank of America, and Morgan Stanley have released their earnings reports, exceeding estimates despite challenging macroeconomic conditions. Goldman Sachs reported a 33% profit drop but still exceeded expectations with earnings per share of $5.47. Bank of America's profit rose 10% YoY to $7.8 billion, topping estimates. Morgan Stanley's revenue rose 2% YoY to $13.27 billion, slightly above estimates, but its wealth management performance disappointed.

Portfolio Pulse from Upwallstreet

October 20, 2023 | 6:03 pm

NOK

Nokia Corp (NYSE:NOK) reported a 20% YoY decline in Q3 FY23 net sales to $5.42 billion, missing the consensus of $6.20 billion. The company reiterated its full-year 2023 net sales of $26.19 billion with a comparable operating margin of 11.5%-13.0%. Following the announcement, analysts from Raymond James and Goldman Sachs lowered their price targets on Nokia. The company's shares fell 0.2% to trade at $3.2050 on Friday.

Portfolio Pulse from Lisa Levin

October 20, 2023 | 6:00 pm

SEDG

SolarEdge Technologies (NASDAQ:SEDG) shares dropped significantly after the company reduced its Q3 revenue outlook to $720 million-$730 million, down from $880 million-$920 million, and below the consensus of $909.02 million. Analysts from Goldman Sachs, Scotia Bank, and Piper Sandler have downgraded their ratings and lowered their price targets for SEDG due to concerns about European demand and margin challenges. The company's earnings call is scheduled for November 1, 2023.

Portfolio Pulse from Nabaparna Bhattacharya

October 20, 2023 | 5:55 pm

WAL

Western Alliance Bancorporation's shares are trading lower following the release of their Q3 results.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 5:49 pm

LIPO

SEDG

WBUY

XRTX

The article lists the stocks that gained and lost the most in Friday's mid-day session. Among the gainers were XORTX Therapeutics, Lipella Pharmaceuticals, and Catalyst Biosciences, while the losers included WEBUY GLOBAL, SolarEdge Technologies, and Processa Pharmaceuticals. Factors influencing these movements include FDA clearances, strategic appointments, acquisitions, and financial results.

Portfolio Pulse from Lisa Levin

October 20, 2023 | 5:45 pm

BX

Blackstone Inc (BX) reported mixed 3Q23 earnings with fundraising and deployment below average, but solid investment performance. The stock ended the day down ~8%. Analyst Brian McKenna from JMP Securities maintained a Hold rating on BX, noting mixed trends that have weighed on growth. He cut 4Q23 and 2024 estimates but remains confident in the company's long-term growth potential, expecting mid-to-upper-teen growth through the cycle.

Portfolio Pulse from Anusuya Lahiri

October 20, 2023 | 5:43 pm

KNX

Morgan Stanley analyst Ravi Shanker has reiterated an Overweight rating on Knight-Swift Transportation Holdings Inc (NYSE:KNX) and raised the price target from $70 to $75. The company reported better-than-expected Q3 FY23 earnings results, beating revenue consensus and EPS estimates. Despite a decline in Trucking EBIT and Logistics revenues, the company's performance was better than feared. The management lowered the high-end of FY23 guidance, but the analyst believes this was driven by non-core items and was much better than feared. The analyst reinstated KNX as the Top Pick.

Portfolio Pulse from Shivani Kumaresan

October 20, 2023 | 5:18 pm