Streetbeat News

Earnings

UBS

UBS plans to achieve gross cost reductions of over $10 billion by the end of 2026. This will be achieved through the integration of UBS AG and Credit Suisse AG, planned for 2024, and other measures. The bank aims to have an exit rate cost income ratio of less than 70% by the end of 2026, and a return on CET1 capital of around 15%. UBS Group's 3Q23 underlying PBT is expected to be around breakeven, with positive PBT in 2H23.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 7:22 am

MOMO

Hello Gr (NASDAQ:MOMO) reported Q2 adjusted earnings per share of $0.43, beating the analyst consensus estimate of $0.35 by 22.86%. This is a 30.3% increase from the same period last year. The company also reported quarterly sales of $432.71 million, beating the analyst consensus estimate of $416.83 million by 3.81%. However, this is a 6.82% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 7:21 am

BNR

Burning Rock Biotech (NASDAQ:BNR) reported Q2 losses of $(0.18) per share, a 51.35% increase YoY. The company also reported $20.17M in sales, a 3.27% increase YoY.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 7:12 am

AVGO

DG

HPQ

HRL

The CNN Money Fear and Greed index showed an improvement in overall sentiment among U.S. investors. U.S. stocks closed higher, with the S&P 500 recording gains for the fourth straight session. However, shares of HP Inc. fell 6.6% after the company issued FY23 adjusted EPS guidance below estimates. Investors are awaiting earnings results from Dollar General Corporation, Broadcom Inc., and Hormel Foods Corporation.

Portfolio Pulse from Lisa Levin

August 31, 2023 | 7:10 am

UBS

UBS Gr reported Q2 earnings of $8.99 per share, a 1373.77% increase YoY. Quarterly sales were $9.54 billion, beating the analyst consensus estimate of $8.57 billion by 11.32%. Excluding certain costs, 2Q23 PBT was $1.14 billion, with a cost/income ratio of 80.3% and a return on CET1 capital of 4.5%.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 7:04 am

CPB

Campbell Soup Company (NYSE:CPB) is expected to report lower Q4 earnings of 50 cents per share, down from 56 cents per share a year ago. The company's revenue is projected to be $2.06 billion, up from $1.99 billion in the year-ago period. Several analysts have recently adjusted their price targets for the company, with most maintaining a neutral or hold rating.

Portfolio Pulse from Lisa Levin

August 31, 2023 | 7:01 am

CLCO

Cool Co (NYSE:CLCO) reported Q2 sales of $90.32 million, beating the analyst consensus estimate of $89.03 million by 1.45 percent. The company also reported a net income of $44.6 million.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 6:51 am

MESO

Mesoblast (NASDAQ:MESO) reported Q4 losses of $(0.11) per share, beating the analyst consensus estimate of $(0.57) by 80.7%. However, the company's quarterly sales of $7.50 million missed the analyst consensus estimate of $7.97 million by 5.90%. This represents a 26.47% decrease over sales of $10.20 million from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 6:07 am

RIVN

Rivian Automotive Inc's board has approved a pay raise for CEO RJ Scaringe, increasing his annual base salary to $1 million, a 50% jump from his previous pay of $650,000. Additionally, Scaringe has been granted stock awards worth approximately $15 million under the company's 2021 Incentive Award Plan. The raise comes as Rivian is looking to scale production to address its long backlog and customer complaints about wait times.

Portfolio Pulse from Anan Ashraf

August 31, 2023 | 6:06 am

CHWY

CRM

CRWD

ICCT

TSLA

US stocks ended in the green on Wednesday with the Nasdaq Composite marking a gain of around 75 points. The Dow Jones Industrial Average edged up by 0.11%, while the NASDAQ climbed by 0.54%. The S&P 500 also witnessed an uptick, rising by 0.38%. iCoreConnect Inc. (NASDAQ:ICCT) surged by 118.89% after closing its business combination with FG Merger Corp. Chewy, Inc. (NYSE:CHWY) reported a 14.3% YoY increase in its Q2 net sales. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) reported a 37% YoY increase in its Q2 revenue. Salesforce, Inc. (NYSE:CRM) reported an 11% YoY increase in its Q2 revenue. Tesla, Inc. (NASDAQ:TSLA) experienced a slight decrease of 0.11%.

Portfolio Pulse from Benzinga Neuro

August 31, 2023 | 2:14 am