Streetbeat News

Earnings

ICU

LNN

MDAI

MULN

NFLX

NXU

SMTC

US stocks traded higher with the Dow Jones index gaining over 150 points. Netflix reported better-than-expected Q3 results with a 7.8% YoY increase in revenue to $8.54 billion, beating the consensus estimate of $8.53 billion. SeaStar Medical, Spectral AI, and Lindsay Corporation shares rose significantly due to FDA approval and better-than-expected financial results respectively. Nxu, Semtech Corporation, and Mullen Automotive shares dropped due to public offering of common stock, private placement offering, and a potential reverse stock split respectively.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 4:28 pm

CHTR

DIS

Needham analyst Laura Martin has reiterated a Hold rating on Walt Disney Co (NYSE:DIS) due to concerns over high consensus estimates, DTC losses, and weak earnings from linear TV and box office. Martin also highlighted the potential downside risk to Disney's valuation due to $60 billion of capital spending at Parks & Resorts. Despite these concerns, Martin believes Disney's asset mix and benefits from generative AI make it a potential takeover target. Disney recently disclosed ESPN's revenue and operating income, with the latter representing a significant portion of DMED's revenue and operating income. Martin projected FY23 and FY24 revenues and EPS slightly above consensus.

Portfolio Pulse from Anusuya Lahiri

October 19, 2023 | 4:22 pm

TTOO

T2 Biosystems, Inc. (NASDAQ:TTOO) shares are trading lower, having lost more than 65% over the last five days. The company announced preliminary Q3 financial results, reporting a 60% decrease in total revenue compared to the prior year. T2 Biosystems also submitted a 510(k) premarket notification to the FDA to expand the number of pathogens detected on the FDA-cleared T2 Bacteria Panel.

Portfolio Pulse from Erica Kollmann

October 19, 2023 | 4:21 pm

WNS

WNS shares are trading lower following the company's mixed Q2 financial results and updated FY24 guidance.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 4:20 pm

F

GM

TSLA

Tesla Inc (NASDAQ:TSLA) reported Q3 financial results that missed analysts' estimates for revenue and earnings per share. Analysts from Evercore, Roth MKM, Morgan Stanley, Guggenheim, Oppenheimer, Needham, Wedbush, GLJ Research, and Bank of America provided their ratings and price targets for Tesla. The analysts expressed concerns about Tesla's gross margins, pricing, competition, and the impact of macroeconomic factors. Tesla's shares are down 8.62% to $221.77.

Portfolio Pulse from Chris Katje

October 19, 2023 | 4:12 pm

GPC

Genuine Parts Company reported lower than expected Q3 revenue results and issued FY23 guidance, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 4:07 pm

FCX

Freeport-McMoRan Inc (NYSE:FCX) reported a Q3 FY23 revenue growth of 16.4% YoY to $5.82 billion, beating the consensus of $5.41 billion. Adjusted EPS was 39 cents, beating the consensus of 34 cents. The company saw increases in copper and molybdenum sales, but a decrease in gold sales. Operating income increased by 55.1% YoY to $1.49 billion, and margin expanded by 640 bps to 25.6%. The company expects operating cash flows of ~$5.4 billion in FY23 and capital expenditures to be ~$4.8 billion.

Portfolio Pulse from Akanksha Bakshi

October 19, 2023 | 4:06 pm

MAN

ManpowerGroup's Q3 FY23 results show a decline in revenues and gross profit, with revenues missing analyst consensus. The company attributes this to challenging North American and European operating environments and a weaker U.S. dollar. Despite beating analyst consensus on adjusted EPS, the company's Q4 EPS outlook is lower than expected. This has led to a 4.21% drop in share price.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2023 | 4:05 pm

WSO

Watsco, Inc. reported Q3 sales of $2.127 billion, beating the analyst consensus of $2.050 billion, and an EPS of $4.35, beating the analyst consensus of $4.27. The company registered a 3% increase in gross profit and a 9% increase in operating income. Watsco's CEO expressed confidence in future growth and welcomed the acquisition of Gateway Supply Company.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2023 | 3:59 pm

PGR

Progressive Corp's Q3 earnings significantly exceeded analyst expectations, reporting $2.09 versus the anticipated $1.72, marking a 21.51% surprise increase. This led to an 8% surge in the company's stock, surpassing the previous all-time high of $149 and the psychological resistance level of $150. Despite facing a lawsuit from America First Legal, the stock has remained steadfast in its upward trajectory, surging by 14% since October.

Portfolio Pulse from Zaheer Anwari

October 19, 2023 | 3:53 pm