Streetbeat News

Earnings

FL

NKE

Nike Inc's shares are trading lower in sympathy with Foot Locker Inc, which reported a Q2 revenue miss and lowered its guidance. This suggests weaker consumer demand for athletic footwear and apparel, potentially leading to decreased sales and revenue for Nike. Foot Locker's stock is slumping more than 30% following its Q2 results and lowered 2023 sales and earnings guidance.

Portfolio Pulse from Henry Khederian

August 23, 2023 | 1:00 pm

NEE

SYK

ZBH

On CNBC's 'Halftime Report Final Trades', Josh Brown of Ritholtz Wealth Management recommended NextEra Energy, Inc. (NEE) which reported Q2 revenue of $7.35 billion, beating estimates. Jason Snipe of Odyssey Capital Advisors recommended Stryker Corporation (SYK) which reported Q2 sales of $5 billion, up 11.2% Y/Y. Stephanie Link of Hightower picked Zimmer Biomet Holdings, Inc. (ZBH), which is down almost 18% in the past month and announced leadership changes.

Portfolio Pulse from Lisa Levin

August 23, 2023 | 12:56 pm

ANF

Abercrombie & Fitch (ANF) reported Q2 FY23 sales growth of 16% YoY to $935.35 million, beating the consensus of $842.38 million. Adjusted EPS of $1.10 also beat the consensus of $0.17. The company saw sales growth across all regions and brands, with a significant increase in gross profit margin. ANF ended the quarter with $617 million in cash and equivalents, and a 30% YoY decrease in inventories. The company raised its outlook for Q3 and FY23. ANF shares are trading higher by 16.15% premarket.

Portfolio Pulse from Nabaparna Bhattacharya

August 23, 2023 | 12:55 pm

SMFL

Smart for Life (NASDAQ:SMFL) reported Q2 sales of $2.30 million, missing the analyst consensus estimate of $3.00 million by 23.33 percent. This represents a 46.32 percent decrease compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 12:41 pm

NVDA

NVIDIA Corporation is set to report its quarterly earnings after the closing bell on Wednesday. The options market implies a move of around +/-11% by the end of the week. Traders bought 3,418 of the September 470-calls at an average price of $29 per contract and sold 3,418 of the September 520-calls at an average price of $13.60 per contract. Analysts expect NVIDIA to report quarterly earnings at $2.09 per share on revenue of $11.22 billion.

Portfolio Pulse from Lisa Levin

August 23, 2023 | 12:38 pm

FL

GRAB

VCIG

VCI Global Limited announced a collaboration with Microsoft Azure OpenAI. Foot Locker shares dropped after a Q2 revenue miss, an 11% rise in inventories, and lowered gross margin guidance. Grab's Q2 EPS and sales beat estimates.

Portfolio Pulse from ryanfaloona@benzinga.com

August 23, 2023 | 12:24 pm

VEXTF

Vext Science, Inc. (OTCQX:VEXTF) (CSE:VEXT) reported Q2 2023 revenue of $9.2 million, up 4.8% YoY and 0.8% QoQ. However, gross profit, gross margin, net income, and adjusted EBITDA all decreased significantly compared to Q2 2022. The company also announced the approval of the Ohio Department of Commerce for the ownership transfer of Appalachian Pharm Processing, LLC, as part of its acquisition of APP for approximately $12.5 million.

Portfolio Pulse from Vuk Zdinjak

August 23, 2023 | 12:00 pm

LANC

Lancaster Colony (NASDAQ:LANC) reported Q4 earnings of $1.19 per share, missing the analyst consensus estimate of $1.29 by 7.75%. The company also reported quarterly sales of $454.66 million, missing the analyst consensus estimate of $481.12 million by 5.50%. However, both earnings and sales saw a slight increase compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 11:53 am

FL

Foot Locker Inc's (NYSE:FL) shares have dropped by over 30% following its Q2 results and lowered 2023 sales and earnings guidance. The company reported a 9.9% YoY sales decline to $1.86 billion, missing the analyst consensus of $1.88 billion. The company is also pausing its dividend to enhance flexibility. Foot Locker has also cut its FY23 sales guidance from down 6.5%-8% to down 8%-9% and its FY23 gross margin guidance from 28.6%-28.8% to 27.8%-28%.

Portfolio Pulse from Shivani Kumaresan

August 23, 2023 | 11:53 am

ADI

Analog Devices' shares are trading lower following a miss on third-quarter consensus and weak fourth-quarter guidance.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 11:44 am