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Earnings

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UBS

Goldman Sachs' fintech unit is under scrutiny by U.S. banking regulators due to compliance and risk issues. Microsoft is unbundling its Teams app from its productivity suite due to an EU antitrust probe. UBS recorded a Q2 profit of $29B, largely due to goodwill, and plans to cut 3K jobs in Switzerland. American Airlines flight attendants have voted to authorize a potential strike. Airbus and Korea Aerospace have partnered for mass production of light armed helicopters. Google's Fitbit is facing GDPR violation complaints in multiple countries. Boeing paused operations in South Carolina due to Hurricane Idalia. Campbell Soup, Signet Jewelers, and UBS reported better than expected earnings, while Dollar General, Hormel Foods, and Polestar Automotive reported worse than expected earnings.

Portfolio Pulse from Vandana Singh

August 31, 2023 | 1:57 pm

VEEV

Veeva Systems reported a Q2 earnings beat and issued guidance above estimates, leading to a rise in its share price. Several analysts have subsequently raised their price targets on the stock.

Portfolio Pulse from Bill Haddad

August 31, 2023 | 1:56 pm

CRWD

Cybersecurity firm CrowdStrike reported better-than-expected Q2 results and issued guidance above estimates, leading to a rise in its share price.

Portfolio Pulse from Bill Haddad

August 31, 2023 | 1:52 pm

TITN

Titan Machinery Inc (NASDAQ:TITN) has announced a definitive purchase agreement to acquire J.J. O'Connor & Sons Pty. Ltd. for $63 million in cash. The acquisition marks Titan's entry into the Australian agriculture market. The combined enterprise would generate approximately $2.9 billion in revenue and $5.20 in diluted earnings per share on an annualized basis. The company has also raised its FY24 EPS outlook from $4.50 - $5.10 to $4.60 - $5.25.

Portfolio Pulse from Shivani Kumaresan

August 31, 2023 | 1:51 pm

CAL

Caleres Inc (NYSE:CAL) reported a Q2 2023 sales decline of 5.8% Y/Y to $695.53 million, missing the consensus of $704.85 million. Net sales in the Famous Footwear segment declined 5.1% Y/Y, and the Brand Portfolio segment fell 7.2% Y/Y. The operating margin was 7.4%, down from 9.3% a year ago. However, EPS of $0.98 beat the consensus of $0.88 and the management guidance of $0.87-$0.92. The company reiterated the adjusted EPS outlook for 2023 at $4.10-$4.30. CAL shares are trading higher by 9.66% at $27.12.

Portfolio Pulse from Vandana Singh

August 31, 2023 | 1:48 pm

UBS

UBS shares are trading higher following the release of their Q2 earnings report.

Portfolio Pulse from Bill Haddad

August 31, 2023 | 1:42 pm

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