Streetbeat News

Earnings

CNXC

Concentrix Corporation's shares are trading higher following the release of their Q3 earnings report.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 6:02 pm

AMZN

COST

TGT

WMT

Costco Wholesale Corporation (NASDAQ:COST) topped quarterly earnings expectations despite weaker sales trends in discretionary items. The company reported $78.9 billion in revenue, a 9.4% increase, and a net income of $2.2 billion. However, Costco's e-commerce sales contracted 0.9% YoY. The company also reported an increase in memberships, with 71 million paid household members, an 8% YoY rise. Unlike other retailers, Costco has not experienced significant issues with retail theft.

Portfolio Pulse from Upwallstreet

September 28, 2023 | 5:54 pm

FLS

Flowserve Corp (FLS) has provided preliminary FY24 guidance and FY27 outlook at its investor day. For FY23, the company reiterated revenue growth of 16.0% to 18.0%, adjusted EPS of $1.85 - $2.00, and capital expenditure of $75 million - $85 million. For FY24, it projects revenue growth in mid-single-digit percentages, adjusted operating margins in low-double digits, and adjusted EPS growth of over 20%-25% Y/Y. For FY27, Flowserve guided revenue CAGR of +5% to over $5.0 billion, adjusted operating margins of 14%-16%, and adjusted EPS of over $4.00. The company's cash and cash equivalents stood at $422.8 million as of June 30.

Portfolio Pulse from Lekha Gupta

September 28, 2023 | 4:54 pm

Micron Technology's Q4 results were largely in line with expectations, but shares fell in early trading. Analysts from BMO Capital Markets, Piper Sandler, Mizuho Securities, Stifel, BofA Securities, Needham, and Morgan Stanley provided their takeaways. Most analysts maintained their ratings, with price targets ranging from $58 to $82. Key points included excess inventory clearing in most end markets, expectations of improving inventory levels, and anticipation of DRAM and NAND pricing improvement into 2024.

Portfolio Pulse from Priya Nigam

September 28, 2023 | 4:45 pm

NCNO

NCino has updated its long-term target model during its inaugural Investor Day. The company expects its subscription gross margin to increase by 75% in the first half of 2024 and sees its long-term target model up 78%-80%.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 4:19 pm

ASTI

BCLI

BNOX

BXRX

CHS

GCT

KMX

U.S. stocks traded higher with the Nasdaq Composite gaining 1%. CarMax Inc reported weaker-than-expected earnings for its second quarter with a revenue decline of 13.2% YoY to $7.07 billion. Bionomics Limited shares shot up 247% after the ATTUNE trial met its primary endpoint. Baudax Bio, Inc. shares boosted by 86% after the FDA granted orphan drug designation for TI-168. Chico's FAS, Inc. shares were up by 62% following its acquisition by Sycamore Partners. Ascent Solar Technologies, Inc. shares dropped 62% after announcing pricing of a public offering of units. Brainstorm Cell Therapeutics Inc. shares were down 54% after the FDA Advisory Committee voted that NurOwn did not demonstrate substantial evidence of effectiveness for ALS treatment. GigaCloud Technology Inc. fell 26% after Culper Research issued a short report on the stock.

Portfolio Pulse from Lisa Levin

September 28, 2023 | 3:53 pm

AYTU

Aytu BioPharma reported Q4 losses of $(0.59) per share, beating the analyst consensus estimate of $(0.95) by 37.89%. The company also reported quarterly sales of $30.73 million, surpassing the analyst consensus estimate of $27.69 million by 10.99%. Both figures represent significant increases over the same period last year.

Portfolio Pulse from Happy Mohamed

September 28, 2023 | 3:48 pm

RNLX

Renalytix reported worse-than-expected FY23 revenue results and issued FY24 guidance, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 3:31 pm

BSET

Bassett Furniture Industries Inc (NASDAQ:BSET) reported a 26% YoY sales decline in Q3 FY23 to $87.22 million, beating the analyst consensus estimate of $86.95 million. The company's gross margin expanded 10 basis points to 51.6%, and operating loss for the quarter totaled $(3.8) million. Despite a 4.6% decline in wholesale orders, the company maintains a strong balance sheet with $65.8 million in cash and equivalents.

Portfolio Pulse from Shivani Kumaresan

September 28, 2023 | 3:30 pm

PAYX

Paychex Inc (NASDAQ:PAYX) reported a 7% YoY sales growth in Q1 FY24, slightly missing the analyst consensus estimate. However, its adjusted EPS of $1.14 beat the estimate. Following the earnings announcement, B of A Securities, TD Cowen, and Morgan Stanley raised their price targets on Paychex. Paychex shares gained 0.4% to trade at $116.96 on Thursday.

Portfolio Pulse from Lisa Levin

September 28, 2023 | 3:22 pm