Streetbeat News

Earnings

ABT

Abbott Laboratories reported better-than-expected Q3 results with an adjusted EPS of $1.14, beating the consensus of $1.04. However, sales decreased by 2.6% to $10.1 billion. The company also revised its FY23 adjusted EPS guidance to $4.42-$4.46. Following the announcement, analysts from Raymond James, Wells Fargo, and Morgan Stanley lowered their price targets on Abbott.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 6:28 pm

DFS

Discover Financial Services' shares are trading lower after the company reported its Q3 earnings.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 6:25 pm

IDEX

Ideanomics Inc (NASDAQ:IDEX) shares are trading lower by 9.1% to $2.44, despite no company-specific news. The stock is falling amid weakness in EV- and EV-related companies after Tesla Inc reported worse-than-expected Q3 financial results. This can erode investor confidence in the broader EV sector, causing them to reevaluate their investments in EV-related companies, including Ideanomics.

Portfolio Pulse from Henry Khederian

October 19, 2023 | 6:24 pm

Morgan Stanley reported Q3 earnings with a net profit of $2.4 billion, beating analysts' expectations. However, shares fell 1.5% following the announcement. Analysts from Oppenheimer, BMO Capital, and Evercore ISI Group have lowered their price targets on Morgan Stanley.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 6:22 pm

Procter & Gamble Co (NYSE:PG) reported better-than-expected Q3 earnings, with sales growth of 6.1% YoY to $21.87 billion and adjusted EPS of $1.83. Despite this, shares fell 0.4% to trade at $148.48. Analysts from Stifel and Wells Fargo have increased their price targets on Procter & Gamble following the earnings announcement.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 6:18 pm

WKHS

Workhorse Group Inc's (NASDAQ:WKHS) shares are down 8.4% to $0.42, with no company-specific news driving the decline. The stock is dropping amid a broader decline in the EV industry, following Tesla Inc's disappointing Q3 financial results. Tesla's performance often impacts the entire EV sector, leading to a general loss of confidence in EV-related stocks, including Workhorse.

Portfolio Pulse from Henry Khederian

October 19, 2023 | 6:17 pm

TSLA

Tesla Inc's stock plunged more than 8% following its Q3 earnings miss. Several analysts lowered their price targets for the company, citing low demand for the new Model 3 and the Cybertruck. Despite the bearish reaction, technical analysis suggests that the stock may see higher prices over the next few days due to its relative strength index (RSI) dropping to about 30%, indicating it is oversold.

Portfolio Pulse from Melanie Schaffer

October 19, 2023 | 6:08 pm

ACLS

AMAT

LRCX

MPWR

UMC

Semiconductor and chip stocks are trading lower, possibly in sympathy with Lam Research, which saw a decline after its Q1 earnings report.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 5:55 pm

ICU

NFLX

NOK

NXU

OTLK

PCCT

The article lists the stocks that gained and lost in Thursday's mid-day session. Notable gainers include SeaStar Medical Holding Corporation, Outlook Therapeutics, Inc., and Netflix, Inc., which reported better-than-expected results for its third quarter. On the other hand, notable losers include Nxu, Inc., Perception Capital Corp. II, and Nokia Oyj, which reported downbeat quarterly results and announced a headcount reduction.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 5:52 pm

BABA

BACHF

CICHF

CTRYF

EGRNQ

HSBC

NIO

SNCNQ

TCEHY

XPEV

Hong Kong and China stocks fell due to poor economic data from the housing and financial sector. China's housing prices fell the fastest in 11 months, and investment in the housing sector plunged 9.1% in the first 9 months of this year. Country Garden Holdings Limited (OTC:CTRYF) defaulted on US dollar bonds, and its stock fell 3%. Other property firms like China Evergrande Group (OTC:EGRNQ) and Sunac China Holdings Limited (OTC:SNCNQ) also saw their stocks fall. Alibaba Group Holdings Limited (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and JD.com Inc (NASDAQ:JD) fell due to a larger credit rout. Bank of China Ltd. (OTC:BACHF), China Construction Bank Ltd (OTC:CICHF), and HSBC plc (NYSE:HSBC) fell due to potential LGVF defaults. EV makers like Nio Inc (NYSE:NIO), XPeng Inc. (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) fell due to disappointing earnings from Tesla Inc (NYSE:TSLA).

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 5:36 pm