Streetbeat News

Earnings

HRL

Hormel Foods Corp (NYSE:HRL) shares are trading lower after the company reported worse-than-expected Q3 FY23 earnings and a reduced FY23 outlook. The company reported sales of $2.96 billion, missing the consensus of $3.05 billion. Adjusted EPS of $0.40 came below the consensus of $0.41. Hormel lowered FY23 adjusted EPS to $1.61 - $1.67 from $1.70-$1.82 versus the consensus of $1.73. HRL shares are trading down by 2.07% at $38.84 on the last check Thursday.

Portfolio Pulse from Lekha Gupta

August 31, 2023 | 1:41 pm

CAL

Caleres reported mixed Q2 FY23 earnings and reiterated its 2023 guidance, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 1:36 pm

CPB

Campbell Soup Company reported Q4 FY23 sales growth of 4.2% YoY to $2.068 billion, slightly beating the analyst consensus. Organic net sales rose 5%. The company's gross margin expanded to 31.7%. Adjusted EBIT decreased by 10% YoY. The company held $189 million in cash and equivalents as of July 30, 2023. Campbell expects FY24 adjusted EPS of $3.09-$3.15. The company's shares are trading higher by 3.74% in premarket.

Portfolio Pulse from Shivani Kumaresan

August 31, 2023 | 1:30 pm

BRAXF

Braxia Scientific Corp. (OTC:BRAXF) reported a Q1 net loss of $592,785, an 18% decrease from the same period in 2022. The company's cash held as of June 30, 2023, was $636,483, compared to $5.67 million by June 30, 2022. Despite the financial challenges, the company saw a 44% YoY increase in revenue and a 17% decrease in operating expenses. CEO Dr. Roger McIntyre mentioned that the company is facing challenges in accessing capital through public markets and is considering alternative sources of capital and partnerships.

Portfolio Pulse from Lara Goldstein

August 31, 2023 | 1:28 pm

UBS

UBS Group reported a Q2 EPS of $8.99, up from $0.61 a year ago and $0.32 in Q1 FY23, following its takeover of Credit Suisse. The company's adjusted EPS stood at $(0.01), excluding goodwill of $28.925 billion. Sales increased 7% Y/Y to $9.54 billion, beating the consensus of $8.57 billion. UBS also announced plans for cost savings of at least $10 billion by 2026, starting with the elimination of 3,000 jobs in Switzerland. UBS shares are up 5.10% at $26.58 during the premarket session on the last check Thursday.

Portfolio Pulse from Vandana Singh

August 31, 2023 | 1:19 pm

ASO

Academy Sports And Outdoors Inc (NASDAQ:ASO) reported a Q2 FY23 sales decline of 6.2% YoY to $1.58 billion, in line with analyst consensus. Adjusted EPS of $2.09 beat the consensus of $1.99. The company increased its adjusted EPS guidance for FY23 to $6.95-$7.65, versus the consensus of $6.92. ASO shares traded higher by 12.54% at $56.20 premarket.

Portfolio Pulse from Nabaparna Bhattacharya

August 31, 2023 | 1:17 pm

PSNY

Polestar Automotive Holding UK's shares are trading lower after the company missed second-quarter analyst estimates.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 1:16 pm

CIEN

Ciena Corp reported positive third-quarter results, leading to an increase in its share price.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 1:14 pm

NIO

NIO Inc's shares have been trending lower after reporting Q2 earnings that missed estimates. The company reported a revenue of $1.21 billion, missing the consensus estimate of $1.35 billion, and a quarterly loss of 45 cents per ADS, missing estimates for a loss of 36 cents per ADS. Vehicle deliveries in the quarter totaled 23,520, down 24% sequentially and 6% YoY. Several analysts lowered price targets following the results. However, NIO provided optimistic guidance for Q3, expecting revenue of $2.61 billion to $2.69 billion and deliveries between 55,000 and 57,000.

Portfolio Pulse from Adam Eckert

August 31, 2023 | 1:12 pm

PSNY

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) reported Q2 FY23 sales growth of 16% YoY, to $685.2 million, missing the consensus of $756.2 million. The company delivered 15,765 vehicles during Q2, a growth of 36% YoY. However, the gross loss was $(0.8) million versus $60.7 million a year ago due to higher manufacturing costs and supplier charges. The company expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023. PSNY stock has lost 28% YTD.

Portfolio Pulse from Anusuya Lahiri

August 31, 2023 | 1:09 pm