Streetbeat News

Earnings

SHEL

Shell PLC has revised its Q3 FY23 operational outlook. The company updated the production outlook for Integrated Gas and LNG liquefaction volumes, reflecting scheduled maintenance. Shell also narrowed production guidance for Upstream and lowered the higher end of the sales volume guidance for marketing. The company currently sees refinery utilization of 82% - 86% and Chemicals utilization of 68% - 72%. Shell projects Q3 chemicals sub-segment adjusted earnings to align with Q2 FY23. The company expects to release Q3 FY23 results on November 2, 2023.

Portfolio Pulse from Lekha Gupta

October 06, 2023 | 12:28 pm

CAG

STZ

The CNN Money Fear and Greed index showed a slight increase in investor fear, remaining in the 'Extreme Fear' zone. U.S. stocks closed slightly lower as investors await a key jobs report. ConAgra Brands Inc (NYSE:CAG) and Constellation Brands Inc (NYSE:STZ) reported better-than-expected earnings. Most S&P 500 sectors closed negatively, with consumer staples and materials stocks recording the biggest losses.

Portfolio Pulse from Lisa Levin

October 06, 2023 | 12:19 pm

AAPL

NVDA

TSM

Taiwan Semiconductor Manufacturing Company Ltd (TSMC) reported a less-than-expected decline in its Q3 revenue, thanks to robust demand from the AI sector. The company posted a revenue of $17 billion, an 11% drop from the previous year, yet surpassing the anticipated amount. TSMC's advanced packaging service is also witnessing increased demand, promising an uplift in sales even as the semiconductor industry grapples with an excess inventory.

Portfolio Pulse from Anusuya Lahiri

October 06, 2023 | 12:09 pm

CHSN

Chanson International Holding has announced its financial results for the first half of fiscal year 2023. The company reported a total revenue of $8.8 million, up 3.1% from the same period last year. Gross profit was $4.3 million, up 4.5% from last year. Net income was $0.3 million, up from $0.2 million last year. The company's earnings per share increased to $0.03 from $0.02. The increase in revenue was attributed to increased revenue from stores in China, partially offset by slightly decreased revenue from the United States stores.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 12:09 pm

SIMO

Silicon Motion Technology Corporation (NASDAQ:SIMO) has announced that its Q3 2023 sequential revenue growth is expected to be slightly above its original guidance range of 15%-20%. The company's gross margin (non-GAAP) is expected to be similar sequentially and in-line with the original guidance range. The company will release its Q3 2023 financial results on November 1, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 12:05 pm

TSLA

Tesla shares fell in premarket trading as the company lowered prices of its Model 3 and Y vehicles in the U.S. The price cuts are expected to lead to a reduction in the 2024 earnings per share estimate for Tesla. The company's third-quarter deliveries trailed expectations due to factory shutdowns. Analysts suggest that Tesla's strategy is to sell EVs at no profit in anticipation of a high-margin revenue stream from the sale of full self-driving software.

Portfolio Pulse from Shanthi Rexaline

October 06, 2023 | 11:37 am

MGM

MGM Resorts International has disclosed that a recent cybersecurity breach could negatively impact its Q3 2023 results by approximately $100 million, predominantly in its Las Vegas operations. The breach, which occurred in September, resulted in unauthorized access to some customer personal information. The company has incurred less than $10 million in one-time expenses related to the issue. Despite this, MGM expects a strong Q4, with record results expected in November.

Portfolio Pulse from Shivani Kumaresan

October 06, 2023 | 11:30 am

LEVI

PXD

QQQ

SPY

TSLA

XOM

US stocks are set to open higher in the final trading session of the week, with the September jobs report being the main focus. The upcoming earnings season and corporate profit growth are also in focus. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both saw gains in premarket trading. Tesla (NASDAQ:TSLA) fell over 1% in premarket trading after reducing prices of its Model 3, Y EVs in the U.S. Levi Strauss & Co. (NYSE:LEVI) also fell about 2% following the release of its quarterly results. Pioneer Natural Resources Company (NYSE:PXD) jumped over 11% following a report that it is nearing a $60 billion deal to be bought by Exxon Mobil Corp. (NYSE:XOM).

Portfolio Pulse from Shanthi Rexaline

October 06, 2023 | 11:11 am

IMOS

ChipMOS TECHNOLOGIES has reported Q3 revenues of $173.1M, a 6.2% increase YoY, due to healthier channel inventory levels. The company's revenues in September also saw a 20.2% YoY increase to $59.3M.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 10:11 am

APA

APA Corp has provided supplemental information regarding its Q3 FY23 financial results, which will be announced on November 2, 2023. The company expects adjusted production and adjusted oil production in the upper half of its guidance range, mainly aided by strong Permian oil and U.K. North Sea volumes. However, APA projects a 10% to 15% decline in production in the U.K. North Sea in Q4 due to unscheduled compressor motor repairs. APA shares closed lower by 0.74% at $37.73 on Thursday.

Portfolio Pulse from Lekha Gupta

October 06, 2023 | 10:08 am