Streetbeat News

Earnings

ADI

APLS

IDEX

ITOS

PTON

VCIG

US stocks traded higher with the S&P 500 gaining 1.08%. Analog Devices (ADI) reported weaker-than-expected Q3 results, with a YoY revenue decline of 1% to $3.08 billion. VCI Global (VCIG) shares rose 129% after announcing a collaboration with Microsoft Azure OpenAI. Apellis Pharmaceuticals (APLS) shares rose 31% after reporting rare events of retinal vasculitis in treatment with SYFOVRE. iTeos Therapeutics (ITOS) shares rose 28% following the release of Roche NSCLC data. Ideanomics (IDEX) shares dropped 27% after announcing a 1-for-125 reverse stock split. Foot Locker (FL) shares fell 30% after reporting a Q2 revenue miss and an 11% rise in inventories. Peloton (PTON) shares fell 24% after reporting mixed Q4 results and a quarterly decline in Connected Fitness subscribers.

Portfolio Pulse from Lisa Levin

August 23, 2023 | 6:25 pm

YMM

Full Truck Alliance's shares are trading higher after the company reported better-than-expected Q2 results.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 6:24 pm

PINC

Benchmark analyst Bill Sutherland has reiterated a Buy rating on Premier, Inc (NASDAQ:PINC), but lowered the price target to $32 from $37. The company's Q4 results showed flat GAAP net revenue of $340.4 million, impacted by a decline in direct sourcing product revenue. The analyst expects FY24 revenue of $1.37 billion, up 2%, and FY25 revenues of $1.425 billion, up 4% y/y. However, the analyst warns of a potential impact on growth due to an expected rise in GPO net admin fee share with providers.

Portfolio Pulse from Nabaparna Bhattacharya

August 23, 2023 | 6:22 pm

BIDU

Analysts from Benchmark, Mizuho, and Citigroup have reiterated their 'Buy' ratings on Baidu Inc (NASDAQ:BIDU), despite geopolitical pressures and technological advancements. Baidu's 2Q results were solid, with healthy ad growth expected in 3Q. The company's exposure to offline mobility-driven industries and its technology infrastructure are seen as strengths. However, FY23 revenue estimates were lowered due to slower-than-expected cloud growth. Baidu's shares traded higher by 2.39% at $131.48.

Portfolio Pulse from Anusuya Lahiri

August 23, 2023 | 6:21 pm

FSLY

INTU

NVDA

Shares of tech sector companies are trading higher in anticipation of NVIDIA's earnings report. The tech sector has been gaining attention due to increased interest in AI this year.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 6:07 pm

WSM

Williams-Sonoma, Inc. (NYSE:WSM) reported a Q2 FY23 revenue decline of 12.9% YoY to $1.86 billion, missing the consensus of $1.96 billion. However, the company managed to keep its costs low, leading to an EPS of $3.12, above the consensus of $2.71. The company has lowered its 2023 sales guidance to down 5%-10%. Despite the lower sales, the company's ability to manage costs and the EPS beat should support the stock, according to Telsey Advisory Group analyst Cristina Fernandez.

Portfolio Pulse from Nabaparna Bhattacharya

August 23, 2023 | 5:54 pm

BURL

ROST

Retail stocks are trading higher despite mixed earnings reports in the sector this week.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 5:53 pm

MRVL

Susquehanna analyst Christopher Rolland has reiterated a Positive rating on Marvell Technology, Inc. (NASDAQ:MRVL), raising the price target to $70 from $60. Rolland expects in-line Q2 results but an uncertain Q3 guide due to continued softness in traditional networking, storage, comms infra, and consumer. The analyst also notes high telco channel inventory and expects the company's enterprise networking to be soft. For FY24 and FY25, the analyst raised the EPS and revenue estimates.

Portfolio Pulse from Nabaparna Bhattacharya

August 23, 2023 | 5:52 pm

iQIYI's shares have dropped following the recent release of the company's Q2 financial results.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 5:51 pm

GOOG

GOOGL

Alphabet shares are trading higher as tech and AI-related stocks gain ahead of NVIDIA's earnings report after the close.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 5:48 pm