Streetbeat News

Earnings

CRM

Salesforce (NYSE:CRM) is set to release its quarterly earnings report on August 30, 2023. Analysts estimate an EPS of $1.76. Last quarter, the company beat EPS by $0.08, which led to a 4.69% drop in the share price the next day. Shares of Salesforce were trading at $211.72 as of August 28, with a 35.73% increase over the last 52-week period.

Portfolio Pulse from Benzinga Insights

August 29, 2023 | 7:00 pm

AEHL

AXLA

BIG

GNS

JOAN

LFVN

SJM

US stocks traded higher with the Dow Jones gaining around 250 points. The J. M. Smucker Company reported better-than-expected earnings for its first quarter, despite a sales decline of 4% YoY. Axcella Health shares shot up 287% after being granted a patent for long COVID fatigue treatment. Big Lots shares rose 25% following better-than-expected quarterly results. LifeVantage shares were up 18% after posting fourth-quarter results and declaring a special one-time cash dividend. JOANN shares dropped 10% following weak quarterly earnings. Shares of Genius Group were down 21% after jumping 57% on Monday. Antelope Enterprise Holdings was down, falling 13%.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 6:50 pm

NAT

B. Riley Securities analyst Liam Burke reiterated a Buy rating on Nordic American Tankers Limited (NYSE:NAT), raising the price target to $6 from $5.50. The company's Q2 FY23 revenue was $67.80 million, missing the consensus of $68.32 million. EPS improved to $0.13 from a loss per share of $(0.02) in Q2 FY22, also missing the consensus of $0.14. The company's Suezmax fleet benefited from the EU ban on Russian oil and production cut from Saudi Arabia, and is expected to benefit from increased production out of Guyana.

Portfolio Pulse from Nabaparna Bhattacharya

August 29, 2023 | 6:43 pm

AVGO

VMW

BMO Capital Markets analyst Ambrish Srivastava reiterated an Outperform rating on Broadcom Inc. (NASDAQ:AVGO) with a price target of $890. The company is expected to release its Q3 results on August 31, 2023. Srivastava expects Broadcom to report revenues of $8.85 billion and EPS of $10.35. The analyst also expects an update on the generative AI opportunity and forecasts Q3 gross margin to be 75%. An update on Vmware, Inc. (NYSE: VMW) is also expected during the results.

Portfolio Pulse from Nabaparna Bhattacharya

August 29, 2023 | 6:39 pm

NKE

TGT

TJX

URBN

WMT

The retail sector continues to show divergent quarterly results, with Foot Locker Inc (FL) and Urban Outfitters (URBN) being the latest examples. Foot Locker shares plunged 28% after the company slashed its outlook for the second time this year and reported another quarter of falling sales. In contrast, Urban Outfitters reported improved YoY second quarter earnings and a positive outlook. Other retailers mentioned include Target Corporation (TGT), The Home Depot Inc (HD), Walmart Inc (WMT), The TJX Companies Inc (TJX), and Nike (NKE).

Portfolio Pulse from Upwallstreet

August 29, 2023 | 6:19 pm

TIGR

UP Fintech, also known as TIGR, reported better-than-expected Q2 financial results, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 5:29 pm

ASO

DKS

Telsey Advisory Group analyst Cristina Fernández reiterated an Outperform rating on Academy Sports And Outdoors, Inc. (NASDAQ:ASO) with a price target of $72. The analyst is cautious about Academy's Q2 results due to weak outdoor product demand, as indicated by Dick's Sporting Goods Inc (NYSE:DKS). Fernández expects Academy's Q2 same-store sales to slump 9% Y/Y and forecasts operating margin compression. However, she views Academy Sports as a unit and sales growth story driven by market share gains.

Portfolio Pulse from Nabaparna Bhattacharya

August 29, 2023 | 5:19 pm

AXLA

NIO

The article lists the stocks that gained and lost in Tuesday's mid-day session. Notable gainers include Axcella Health, Tivic Health Systems, iCoreConnect, LifeVantage Corporation, and EBET, among others. On the other hand, Antelope Enterprise Holdings, Genius Group, BioNexus Gene Lab, T2 Biosystems, and ReTo Eco-Solutions were among the losers. NIO Inc. also fell by 7.5% after reporting worse-than-expected Q2 financial results and issuing Q3 guidance.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 4:51 pm

CNTMF

TIUM

Cansortium Inc. (CSE:TIUM) (OTCQX:CNTMF), a vertically-integrated, multi-state cannabis company operating under the FLUENT brand, reported Q2 2023 financial results. The company saw a 9% YoY revenue increase to $24.4 million, with Florida revenue up by 11% YoY. Adjusted gross profit rose 5% YoY to $15.8 million. However, net loss amounted to $5.35 million, down from $12 million in the prior year's period. The company also announced operational highlights, including new store openings and a headquarters relocation.

Portfolio Pulse from Jelena Martinovic

August 29, 2023 | 4:35 pm

LOW

SPY

WMT

Ryan Detrick, chief market strategist at the Carson Group, predicts that the S&P 500 (NYSE:SPY) will break out to new highs by October and November, setting up the market for a strong start to 2024. Despite a rough start to the third quarter, Detrick believes that the market has not yet seen its peak for the year. He notes that earnings expectations have risen by 2% since the beginning of the earnings season and that companies like Walmart Inc (NYSE:WMT) and Lowe’s Companies Inc (NYSE:LOW) have been posting impressive gains in online sales.

Portfolio Pulse from AJ Fabino

August 29, 2023 | 4:29 pm