Streetbeat News

Earnings

XOM

Mizuho analyst Nitin Kumar reiterated a Buy rating on Exxon Mobil Corp (NYSE:XOM) with a price target of $139. Despite concerns over weak refining and chemicals margins, Exxon's upstream earnings have been strong. The company's 3Q23 earnings considerations showed an implied upstream earnings range of $5.7 billion - $6.3 billion, beating previous estimates. However, refining and chemicals earnings are expected to be weaker due to lower margins.

Portfolio Pulse from Anusuya Lahiri

October 05, 2023 | 7:21 pm

MXCT

MaxCyte Inc (NASDAQ:MXCT) shares dropped after the company reported a 25-27% Y/Y decrease in preliminary Q3 revenue, attributed to reduced customer activity. The company also lowered its FY23 sales and core revenue forecasts. Analysts from William Blair noted that the company's underperformance in Processing Assembly sales had a cascading effect on Q3's Cell Therapy and Drug Discovery results. Despite the decline, lease revenue remained steady.

Portfolio Pulse from Vandana Singh

October 05, 2023 | 6:35 pm

AMZN

NIO

RIVN

Electric vehicle (EV) manufacturers are spending heavily to compete in the booming EV market. Chinese EV maker NIO Inc (NYSE:NIO) reportedly lost about $35,000 per car last quarter, selling about 8,000 cars each month. The company is investing in differentiating features like augmented reality glasses and a high-end smartphone that communicates with its vehicles. US-based Rivian Automotive Inc (NASDAQ:RIVN), backed by Amazon.com, Inc. (NASDAQ:AMZN), is also focusing on demand, maintaining its pricing structure despite a pricing war among other EV makers. Rivian lost $32,594 per vehicle in Q2, but this figure is improving.

Portfolio Pulse from Adam Eckert

October 05, 2023 | 6:35 pm

CAG

CMBM

MXCT

ORTX

RIVN

U.S. stocks traded slightly lower with the Dow Jones index falling around 40 points. ConAgra Brands Inc (CAG) reported better-than-expected earnings for its first quarter. Orchard Therapeutics (ORTX) shares shot up 98% after agreeing to be acquired by Japan's Kyowa Kirin. Lamb Weston Holdings (LW) and SP Plus Corporation (SP) also saw significant increases in share prices. Cambium Networks Corporation (CMBM), Rivian Automotive (RIVN), and MaxCyte (MXCT) shares dropped significantly due to disappointing financial results and outlooks.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 6:31 pm

APLS

Apellis Pharmaceuticals reported preliminary U.S. Q3 net product revenue for SYFOVRE, which led to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 6:23 pm

ACCD

OMAB

ORTX

Several stocks experienced significant movement in Thursday's mid-day session. Orchard Therapeutics plc (ORTX) shares climbed 97.7% after agreeing to be acquired by Japan's Kyowa Kirin. SP Plus Corporation (SP) shares gained 47.5% after Metropolis Technologies announced it will acquire the company. Accolade Inc (ACCD) shares fell 9.9% after the company reported second-quarter results. Grupo Aeroportuario del Centro Norte (OMAB) shares dipped 39.6%.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 5:23 pm

1839.HK

2039.HK

BABA

BYDDY

NIO

XPEV

China International Marine Containers (CIMC) reported worse-than-expected H1 2023 earnings due to macroeconomic pressures, with revenue down 16% YoY. However, its EV subsidiary, CIMC Vehicles, saw a 20% increase in revenue. The overall poor performance of CIMC impacted its stock, while the success of CIMC Vehicles boosted its shares. Other exporter-related shares and energy-efficient vehicle stocks showed mixed results.

Portfolio Pulse from Daniel Harrison

October 05, 2023 | 4:18 pm

CMBM

MXCT

ORTX

RIVN

STZ

US stocks traded lower with the Dow Jones index falling over 100 points. Constellation Brands Inc (STZ) reported better-than-expected Q2 earnings and raised its FY24 EPS outlook. Orchard Therapeutics (ORTX) shares rose after agreeing to be acquired by Kyowa Kirin. Lamb Weston Holdings (LW) and SP Plus Corporation (SP) shares also rose after positive financial results and acquisition news respectively. Cambium Networks Corporation (CMBM), Rivian Automotive (RIVN), and MaxCyte (MXCT) shares fell due to disappointing financial forecasts.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 4:10 pm

CAL

Footwear company Caleres Inc (NYSE:CAL) has issued its three-year strategic and financial plan ahead of its Investor Day on Oct. 5. The company expects double-digit operating margin in 2023 and beyond, with about 50% of revenue to be derived from the Brand Portfolio segment by 2026. Caleres expects net sales to grow at a three-year CAGR of 3% - 5% and diluted adjusted EPS to increase at a three-year CAGR of 11% - 13% to reach $6.00 at the mid-point of the range. However, due to challenging consumer demand in September, Caleres expects sales to be at the low-end of the range for both the third quarter and fiscal year 2023.

Portfolio Pulse from Shivani Kumaresan

October 05, 2023 | 3:47 pm

ACCD

Accolade's shares are trading lower following the release of its Q2 financial results and Q3 guidance. Additionally, Raymond James and Truist Securities have reduced their price targets for the stock.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 3:43 pm