Streetbeat News

Earnings

NSSC

NAPCO Security Technologies (NSSC) shares are down after the company announced it would restate the prior three-quarters of FY23 due to cost-accounting errors. This restatement will lower the 9-month GAAP net income by $9.5 million, or around 36% from the previously reported financials. Needham analyst James Ricchiuti has reiterated a Buy rating on NSSC but lowered the price target to $30 from $39. The company expects Q4 revenues to be $44.7 million, about 7% below consensus and up 3% Y/Y.

Portfolio Pulse from Nabaparna Bhattacharya

August 21, 2023 | 6:16 pm

AMD

INTC

NVDA

VMW

At the VMware Explore 2023 event, Advanced Micro Devices (AMD) showcased its AMD EPYC CPUs, AMD Pensando data processing units (DPUs), and adaptive computing products. The company highlighted the superior performance of its 4th Gen AMD EPYC 9654 CPUs and Pensando DPU compared to standard NICs and Intel's Xeon 8490H-based servers. However, analysts are divided over AMD's potential in the artificial intelligence market against Nvidia. AMD's Q2 2023 earnings per share beat estimates, but revenue fell 17.56% YoY.

Portfolio Pulse from Anusuya Lahiri

August 21, 2023 | 6:05 pm

TGT

Target's shares are trading lower after a surge last week due to the company's positive earnings report.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 5:50 pm

NVDA

SPKY

The Convexity Daily 1.5x SPIKES Futures ETF (SPKY) started the trading session with a slight gap down before trading near flat. SPKY is a 1.5x leveraged fund that follows the SPIKES Futures Short-Term Index, similar to the ProShares Ultra VIX Short Term Futures ETF (UVXY). The market may see increased volatility due to Nvidia Corporation’s upcoming earnings report and Federal Reserve chair Jerome Powell's speech at the Jackson Hole Symposium. If Nvidia's report is positive and Powell hints at rate cuts, big tech could push significantly higher.

Portfolio Pulse from Melanie Schaffer

August 21, 2023 | 4:58 pm

PANW

Shares of Palo Alto Networks Inc (NASDAQ:PANW) spiked after the company reported its fiscal fourth-quarter results. Analysts from RBC Capital Markets, Raymond James, Rosenblatt Securities, Oppenheimer, and Guggenheim Securities provided their insights on the earnings release. The analysts highlighted the company's strong position in enterprise security, profitable growth, margin improvement, and long-term product growth opportunities. However, they also noted increasing macro headwinds and deal scrutiny.

Portfolio Pulse from Priya Nigam

August 21, 2023 | 4:46 pm

MRNA

NSSC

PANW

SLGG

TMBR

U.S. stocks traded mixed with the Dow Jones falling over 100 points while NASDAQ and S&P 500 rose. Palo Alto Networks reported better-than-expected Q4 earnings and issued a strong billings outlook, causing its shares to rise by 17%. Timber Pharmaceuticals' shares spiked by 98% as it agreed to be acquired by LEO US Holding. Moderna's shares also rose by 9% after announcing positive preliminary clinical trial data for its updated COVID-19 vaccine. Meanwhile, shares of Super League Gaming, Napco Security Technologies, and PARTS iD fell significantly.

Portfolio Pulse from Lisa Levin

August 21, 2023 | 4:45 pm

RNW

ReNew Energy Global reported its Q1 financial results, which led to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 4:18 pm

NVDA

NVIDIA Corporation (NASDAQ:NVDA) shares are trading higher after analysts raised their price targets ahead of the company's upcoming earnings report. HSBC, Keybanc, and Wedbush analysts all maintained positive ratings and raised price targets, citing Nvidia's strong position in AI trends and expected robust earnings. Nvidia is set to release its Q2 earnings on Wednesday, with Wall Street anticipating earnings of $2.07 per share and quarterly revenue of $11.17 billion.

Portfolio Pulse from Erica Kollmann

August 21, 2023 | 3:53 pm

AMZN

DIS

KHC

META

MPW

ODFL

SCU

TSLA

WMT

Meta Platforms is preparing to launch a desktop version of Threads to compete with Elon Musk's X. Amazon has restarted its external shipping service, challenging FedEx and UPS. High-profile investors have presented a competing bid for Sculptor Capital Management. Kraft Heinz plans to offer Lunchables to school cafeterias. Medical Properties Trust's deal with Prospect Medical Holdings is on hold. Tesla has suffered a data breach affecting over 75,000 people. Old Dominion Freight Line has offered $1.5 billion to acquire Yellow Corp's terminals. General Motors' Cruise is under investigation after a collision. DuPont is in talks to sell its Delrin resins unit. Disney is in a legal battle with Florida Governor Ron DeSantis. Goldman Sachs faces potential lawsuits over the 1MDB scandal. Citigroup is considering splitting its largest division. Walmart and Centric Brands are examining their Cambodian supply chains. US Steel denies union veto rights in company sale.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 3:17 pm

NSSC

NAPCO Security Technologies reported preliminary Q4 financial results, which led to a decrease in its share prices. Several firms also downgraded their ratings and price targets for the company's stock.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 3:16 pm