Streetbeat News

Earnings

DRI

MURF

SEEL

SPLK

TVTX

US stocks traded lower with the Dow Jones falling around 200 points. Darden Restaurants Inc reported better-than-expected earnings for its first quarter with sales growth of 11.6% YoY to $2.73 billion. Murphy Canyon Acquisition Corp. shares shot up 39% after stockholder approval of the proposed combination with Conduit Pharmaceuticals. Cisco Systems agreed to acquire Splunk for $157 per share in cash. Travere Therapeutics shares dropped 41% after announcing topline two-year confirmatory secondary endpoint results from its Phase 3 PROTECT Study. Seelos Therapeutics was down 38% after announcing a $4.5 million registered direct offering of common stock and warrants to purchase common stock.

Portfolio Pulse from Lisa Levin

September 21, 2023 | 6:30 pm

Wedbush analyst Matt Bryson reiterated an Outperform rating on Micron Technology, Inc (NASDAQ:MU) with a price target of $80. Bryson sees a positive shift in Micron's pricing dynamics due to increased demand for AI, positive seasonal effects in the Chinese consumer retail space, and a pickup in Chinese builds at certain handset vendors. He projects Q4 revenue of $3.90 billion and an adjusted EPS loss of $(1.18), and FY23 revenue of $15.43 billion and an adjusted EPS loss of $(4.56).

Portfolio Pulse from Anusuya Lahiri

September 21, 2023 | 5:39 pm

BAC

Bank of America Corp (BAC) shares are trading lower by 1.2% amid overall market weakness and concerns about future rate hikes following the recent FOMC statement and lower-than-expected initial jobless claims data. Higher interest rates can lead to higher funding costs for banks, potentially squeezing their net interest income and reducing profitability. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range at its September meeting.

Portfolio Pulse from Henry Khederian

September 21, 2023 | 5:00 pm

KBH

KB Home (NYSE:KBH) reported a decline in sales for its fiscal third quarter, despite beating earnings expectations. Analysts from Wedbush and RBC Capital Markets expressed caution about the company's Q4 margins. Wedbush reduced the price target from $64 to $55, while RBC maintained a price target of $52. KB Home's shares were down 2.83% to $46.74 at the time of publication.

Portfolio Pulse from Priya Nigam

September 21, 2023 | 4:53 pm

FDX

UPS

FedEx Corp (NYSE:FDX) shares spiked after the company reported its quarterly results and gained market share. Analysts from Morgan Stanley, Stephens, and Oppenheimer provided their insights on the earnings release. Morgan Stanley maintained an Equal-Weight rating and raised the price target from $200 to $205. Stephens reiterated an Overweight rating and a price target of $290. Oppenheimer reaffirmed a Perform rating on the stock. FedEx's earnings beat was driven by FedEx Ground, which reported an operating margin of 13.3% due to stronger volumes.

Portfolio Pulse from Priya Nigam

September 21, 2023 | 4:29 pm

CZOO

FDX

MURF

NIR

SEEL

SPLK

TVTX

U.S. stocks traded lower with the Dow Jones falling around 150 points. FedEx Corp (FDX) shares gained over 4% after reporting better-than-expected earnings for Q1, despite sales missing estimates. Murphy Canyon Acquisition Corp. (MURF), Near Intelligence, Inc. (NIR), and Splunk Inc. (SPLK) saw significant gains. Travere Therapeutics, Inc. (TVTX), Cazoo Group Ltd (CZOO), and Seelos Therapeutics, Inc. (SEEL) experienced significant drops.

Portfolio Pulse from Lisa Levin

September 21, 2023 | 4:07 pm

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) shares are trading lower, with a 20% drop over the last five days. The cannabis sector has seen increased investor interest due to a recommendation to the DEA to reschedule marijuana and potential banking reform. Tilray is set to report its Q1 2024 earnings on Oct. 4, with an expected loss of 5 cents per share and revenue of $174 million.

Portfolio Pulse from Erica Kollmann

September 21, 2023 | 4:00 pm

FDS

FactSet reported mixed Q4 financial results and issued guidance, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 3:23 pm

QCOM

UMC

Qualcomm (NASDAQ:QCOM) is set to pay a dividend of $0.80 per share on September 21, 2023, with an annualized dividend yield of 2.60%. The company has shown a steady increase in its dividend per share from $2.48 in 2019 to $2.93 in 2022. Additionally, Qualcomm's earnings per share have also grown from $3.55 to $12.53 during the same period. The company's dividend yield is mid-range compared to its industry peers, with United Microelectronics (NYSE:UMC) having the highest annualized dividend yield at 8.41%.

Portfolio Pulse from Benzinga Insights

September 21, 2023 | 3:05 pm

RELX

RGP

Resources Connection (NASDAQ:RGP) is distributing a dividend payout of $0.14 per share, with an annualized dividend yield of 3.54%. The company has shown an upward trend in earnings from 2019 to 2022, with earnings per share rising from $0.98 to $2.39. It also surpasses RELX (NYSE:RELX) with an annualized dividend yield of 2.02%.

Portfolio Pulse from Benzinga Insights

September 21, 2023 | 3:05 pm