Streetbeat News

Earnings

NTRS

Northern Trust's shares are trading higher following the release of their Q2 earnings report.

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 2:10 pm

NFLX

Netflix has discontinued its cheapest ad-free streaming plan in the U.S. and U.K., aiming to shift customers to its ad-supported package. The Basic plan, which offered a single stream for $9.99/month in the U.S. and £6.99/month in the U.K., is no longer available for new or rejoining members. The move is designed to boost customers on the ad-supported Standard With Ads plan, which was launched last November. Netflix is set to report Q2 2023 earnings soon, with analysts expecting a significant boost from its new paid-sharing program.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 2:10 pm

AAPL

AMZN

CVNA

JNJ

MSFT

Microsoft and Activision Blizzard have extended their $69 billion takeover deal to October 18, with increased termination fees. Microsoft also announced Bing Chat Enterprise and Microsoft 365 Copilot pricing. Goldman Sachs' Q2 profits fell 60% due to tepid M&A activity. Carvana reported a Q2 sales decline of 23.6% but beat consensus estimates. General Motors anticipates increased EV production in H2. Johnson & Johnson has joined a legal battle against the US government over drug pricing negotiation. Spain has penalized Amazon and Apple for conspiring to limit competition in device sales.

Portfolio Pulse from Vandana Singh

July 19, 2023 | 2:10 pm

NTRS

Northern Trust Corp reported a Q2 FY23 sales decline of 1.3% YoY to $1.76 billion, missing the analyst consensus. The EPS of $1.56 also missed the consensus estimate. Total noninterest expenses climbed 9% to $1.33 billion. The company declared $157.8 million in common stock dividends and repurchased $99.3 million of common stock in Q2. Total assets under custody/administration increased 5% YoY. The company's shares are trading higher by 8.78%.

Portfolio Pulse from Shivani Kumaresan

July 19, 2023 | 2:07 pm

HAL

Halliburton expects to generate free cash flow for FY23 that is 30%-40% higher than last year, according to Reuters.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 2:04 pm

AMRN

AQMS

CVNA

PBLA

SEV

SMX

US stocks traded higher with the Dow Jones gaining over 100 points. Goldman Sachs reported weaker-than-expected Q2 earnings with a 60% Y/Y plunge in EPS. SMX shares rose 39% after receiving a notice of allowance for its US patent application. Panbela Therapeutics shares rose 37% after divesting certain assets for $9.5 million. Carvana shares rose 28% after reporting better-than-expected Q2 sales. Sono Group shares dropped 33% after receiving a notice of delisting from Nasdaq. Amarin Corporation shares were down 22% after initiating an organizational restructuring program. Aqua Metals shares fell 22% after pricing a $17.4 million public offering.

Portfolio Pulse from Lisa Levin

July 19, 2023 | 1:58 pm

FOX

FOXA

FOX News Digital has posted year-over-year growth for the second quarter of 2023, leading news brands in multiplatform minutes and views. The brand also saw a 19% increase in average unique visitors for the quarter. FOX News remained the most engaged brand on social media, with 90.4 million total social interactions. FOXBusiness.com surpassed CNN Business and Forbes.com in multiplatform views, with 454 million views. The business network also delivered 840 million multiplatform minutes and averaged 23.4 million multiplatform unique visitors during the second quarter.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 1:57 pm

BKR

Baker Hughes Co (NASDAQ:BKR) reported Q2 FY23 revenue of $6.32 billion, a 25.1% increase YoY, beating the consensus of $6.26 billion. Orders grew by 28% YoY to $7.5 billion, driven by an increase in IET and OFSE segments. Adjusted EPS was $0.39, beating the consensus of $0.33. The company expects Q3 FY23 revenue of $6.4 billion-$6.5 billion and FY23 revenue of $24.8 billion-$26 billion. BKR shares are trading higher by 0.97% at $35.38.

Portfolio Pulse from Akanksha Bakshi

July 19, 2023 | 1:53 pm

CVNA

Carvana Co (NASDAQ:CVNA) reported better-than-expected Q2 results and issued positive guidance, leading to a rise in its stock. The company also entered into a distribution agreement for an offering of up to $1 billion of its common stock. Carvana reported Q2 revenue of $2.97 billion, beating estimates of $2.59 billion. The company also guided for positive adjusted EBITDA in Q3. Carvana has also entered into an agreement with noteholders to reduce total debt, extend maturities and lower near-term cash interest expenses.

Portfolio Pulse from Adam Eckert

July 19, 2023 | 1:51 pm

ATVI

MSFT

NVDA

SONY

Microsoft and Activision Blizzard have extended their $69 billion takeover deal to October 18. The agreement includes an increase in the termination fee payable to Activision Blizzard and amendments to Activision Blizzard's commercial Xbox arrangements with Microsoft. The deal also allows Activision Blizzard to declare and pay one regular cash dividend for FY23. Activision reported Q2 revenue growth of 34.2% YoY to $2.21 billion, missing the consensus of $2.37 billion. Microsoft has also made deals with Nvidia and Sony to counter opposition against the merger.

Portfolio Pulse from Anusuya Lahiri

July 19, 2023 | 1:45 pm