Streetbeat News

Earnings

ZM

Zoom Video Communications reported better-than-expected Q2 earnings and issued a strong earnings outlook for the year. However, several analysts including Bernstein, Wells Fargo, and Baird have cut their price targets on Zoom Video following the earnings announcement. Zoom's shares gained 1.3% in pre-market trading.

Portfolio Pulse from Lisa Levin

August 22, 2023 | 11:50 am

DKS

Dick's Sporting Goods Inc (NYSE:DKS) shares dropped over 19% following a Q2 FY23 earnings miss. Q2 sales grew 3.6% Y/Y to $3.22 billion, missing the analyst consensus of $3.23 billion. The company also reported a contraction in gross profit margin and operating margin, and a 32.3% Y/Y fall in operating income. Adjusted EPS of $2.82, down 23% Y/Y, missed the analyst consensus of $3.81. The company reduced its FY23 adjusted EPS outlook and cut positions at its customer support center to streamline costs.

Portfolio Pulse from Lekha Gupta

August 22, 2023 | 11:48 am

SPHR

Sphere Entertainment (NYSE:SPHR) reported Q4 earnings of $10.21 per share, a 780.67% increase YoY. The company also reported $129.10 million in sales, a 92.41M% increase YoY.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 11:36 am

COTY

Coty Inc. reported Q4 FY23 sales growth of 16% YoY to $1.35 billion, beating the consensus of $1.31 billion. Adjusted EPS was $0.01, missing the analyst consensus of $0.02. The company's sales were driven by robust global demand across categories, geographies, and channels. Coty also divested a 3.6% stake in Wella Brand for $150M. The company targets total FY24 adjusted EPS, excluding equity swap, of $0.44-$0.47, implying 16%-25% YoY growth. Coty shares are trading lower by 0.64% at $10.90 in premarket on the last check Tuesday.

Portfolio Pulse from Nabaparna Bhattacharya

August 22, 2023 | 11:36 am

AAL

American Airlines Group has reached an agreement with the Allied Pilots Association that includes enhancements such as retroactive pay for January-April. The company anticipates an expense of approximately $230 million related to this retroactive pay, which will be reflected in its Q3 results.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 11:34 am

ET

OEC

WLKP

Insider trades were noted in Energy Transfer LP (ET), Orion S.A. (OEC), and Westlake Chemical Partners LP (WLKP). ET's Executive Chairman acquired 3 million shares for around $38.89 million, following a merger agreement with Crestwood Equity Partners. OEC's CEO bought 15,000 shares for around $323,850 after reporting upbeat Q2 earnings. WLKP's SVP bought 5,000 shares for around $110,410 after posting downbeat quarterly earnings.

Portfolio Pulse from Lisa Levin

August 22, 2023 | 11:24 am

LVTX

LAVA Therapeutics reported Q2 losses of $(0.48) per share, missing the analyst consensus estimate of $(0.47) by 2.13%. This is a 54.84% decrease from the same period last year. However, the company's quarterly sales of $5.14 million beat the analyst consensus estimate of $830.00 thousand by 519.28%, a 998.29% increase from last year.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 11:17 am

DFLI

Dragonfly Energy Holdings Corp (NASDAQ:DFLI) reported a Q2 FY23 sales decline of 10.6% YoY to $19.27 million, missing the analyst consensus of $20.80 million. The company's gross profit for Q2 dropped 41.7% to $4.1 million, and the net loss for the quarter expanded to $(11.7) million from $(1.5) million last year. The company's Q3 outlook is also weak, with expected revenue of $16 million - $20 million, significantly lower than the consensus estimate of $36.35 million.

Portfolio Pulse from Shivani Kumaresan

August 22, 2023 | 11:16 am

DKS

Dick's Sporting Goods reported worse-than-expected Q2 results and lowered its FY23 guidance, leading to a drop in its share price.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 11:08 am

GDS

GDS Holdings has confirmed its previously provided 2023 guidance for total revenues, adjusted EBITDA, and Capex.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 11:06 am