Streetbeat News

Earnings

MRNA

Moderna expects its 2023 Covid-19 sales to be between $6B-$8B, depending on U.S. vaccination rates. The company is resizing its manufacturing footprint and supply base to accelerate gross margin expansion towards its longer-term target of 75-80%.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 10:41 am

SAVE

Spirit Airlines has revised its Q3 revenue forecast to $1.245B-$1.255B, down from the previous estimate of $1.30B-$1.32B. The company also expects its adjusted operating margin to be between (14.5)% and (15.5)%, a significant drop from the prior range of (5.5)% to (7.5)%.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 10:26 am

SAVE

Spirit Airlines, Inc has revised its Q3 revenue forecast to $1.245B-$1.255B, down from the previous estimate of $1.30B-$1.32B, and below the estimated $1.32B. The adjusted operating margin is also expected to be worse, at (14.5)%-(15.5)%, compared to the prior (5.5)% to (7.5)%.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 10:23 am

FARM

Farmer Brothers Company (NASDAQ:FARM) reported Q4 FY23 sales growth of 1% YoY to $85.496 million, beating the analyst consensus. However, gross profit decreased 22.7% to $27.8 million and the operating loss expanded to $(10.1) million from $(705,000) last year. The company held $5.4 million in cash and equivalents as of June 30, 2023. EPS of $(0.84) missed the consensus estimate of $(0.61). The company is planning for positive free cash flow by the fiscal year-end and is evaluating strategic opportunities to improve its liquidity position. FARM shares closed lower by 6.67% at $1.82 on Tuesday.

Portfolio Pulse from Shivani Kumaresan

September 13, 2023 | 10:13 am

ORCL

SPY

US markets closed lower on Tuesday, September 12, with significant declines in the information technology and communication services sectors. The Nasdaq Composite declined due to a sharp drop in Oracle's stock following disappointing results. Asian markets also closed lower, with Japan's Nikkei 225, Australia's S&P/ASX 200, China's Shanghai Composite, and Hong Kong's Hang Seng Stock Exchange all recording losses. European markets were down ahead of US inflation data, with the European STOXX 600 index, Germany's DAX index, France's CAC 40, and the U.K.'s FTSE 100 all trading lower.

Portfolio Pulse from Akanksha Bakshi

September 13, 2023 | 10:09 am

ZGN

Ermenegildo Zegna (NYSE:ZGN) reported a 371.25% increase in quarterly adjusted earnings of $0.22 per share, up from losses of $(0.08) per share YoY. The company also reported a 22.89% increase in sales to $980.23 million, up from $797.63 million YoY.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 10:04 am

ACB

CGC

EPM

GRNT

NIO

PKX

SQSP

XPEV

Several US-listed stocks traded lower in Wednesday's pre-market session. Evolution Petroleum Corporation (EPM) dipped 13.9% after reporting downbeat Q4 results. Aurora Cannabis (ACB), Canopy Growth Corporation (CGC), Granite Ridge Resources (GRNT), WeWork (WE), POSCO Holdings (PKX), Squarespace (SQSP), XPeng (XPEV), and NIO (NIO) also recorded losses. Squarespace priced its secondary offering of 5 million class A common shares at $29 per share. Shares of China EV makers fell following report of possible EU tariffs.

Portfolio Pulse from Lisa Levin

September 13, 2023 | 10:02 am

CODA

Coda Octopus Group (NASDAQ:CODA) reported Q3 earnings of $0.09 per share, missing the analyst consensus estimate of $0.12 by 25%. This is a 43.75% decrease from the same period last year. The company also reported quarterly sales of $4.89 million, missing the analyst consensus estimate of $6.20 million by 21.12%. This is a 22.00% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 10:01 am

CBRL

MAMA

REVG

SBOW

SMTC

Cracker Barrel, Mama's Creations, REV Group, SilverBow Resources, and Semtech Corporation are stocks to watch on Wednesday. Cracker Barrel and REV Group are expected to report earnings, while Mama's Creations reported upbeat Q2 results. SilverBow Resources announced a proposed public offering of common stock, and Semtech is also expected to report earnings.

Portfolio Pulse from Lisa Levin

September 13, 2023 | 8:34 am

AAPL

CBRL

ORCL

REVG

SMTC

The CNN Money Fear and Greed index showed a decline in investor sentiment on Tuesday, with U.S. stocks closing lower. Oracle reported weak sales and a downbeat revenue forecast, while Apple shares fell after unveiling a new iPhone model. Investors are awaiting key inflation data and earnings results from Cracker Barrel Old Country Store, REV Group, and Semtech Corporation.

Portfolio Pulse from Lisa Levin

September 13, 2023 | 6:46 am