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Earnings

BIOC

PSTV

Biocept Inc has filed for Chapter 7 bankruptcy and announced the resignation of its president and CEO, along with several board members. The company had been exploring strategic alternatives and had implemented a restructuring plan that included reducing staff by 35%. Biocept's Q2 revenues fell to $589,000 from $5.8 million a year ago due to lower COVID-19 testing volume. The company's shares are down 46.1%.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 4:22 pm

ATEC

Alphatec Holdings Inc (NASDAQ:ATEC) reported strong preliminary Q3 FY23 revenues and increased its FY23 outlook. The company expects Q3 revenues of $117.7 million-$118.5 million, higher than the consensus of $111.78 million. ATEC also raised its FY23 revenue outlook to $472 million from $462 million. The company's shares are trading higher by 1.96% at $11.43.

Portfolio Pulse from Lekha Gupta

October 16, 2023 | 4:17 pm

HDB

HDFC Bank Ltd (NYSE: HDB) reported a Q2 consolidated net revenue increase of 114.8% Y/Y to INR 66,317 crore ($8.02 billion). The company's consolidated profit after tax rose 51.1%. On a standalone basis, the Bank's net revenue rose by 33.1% Y/Y. Net interest income grew 30.3% Y/Y. Total deposits stood at INR 21,72,858 crore (+29.8% Y/Y), and gross advances came in at INR 23,54,633 crore (+57.7% Y/Y). Gross non-performing assets stood at 1.34% of gross advances. HDB shares are trading higher by 1.94% at $59.33.

Portfolio Pulse from Lekha Gupta

October 16, 2023 | 4:08 pm

ALDX

CNSL

ETWO

OMER

PCTI

SCHW

STRM

U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. Charles Schwab Corporation reported better-than-expected earnings for Q3, despite a 16% YoY decline in net revenue. Consolidated Communications Holdings, PCTEL, and E2open Parent Holdings saw their shares rise following acquisition announcements and stake reporting. Aldeyra Therapeutics, Streamline Health Solutions, and Omeros Corporation saw their shares drop due to FDA feedback, strategic restructuring, and discontinuation of a trial respectively.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 4:08 pm

ARKK

TARK

ARK Innovation ETF (ARKK) was trading higher on Monday, following a 5.34% drop last week due to the fund offloading $20.67 million worth of Tesla shares. This comes ahead of Tesla's Q3 earnings report, expected on Wednesday. Analysts predict a decrease in earnings per share but a 10% YoY increase in revenue. ARKK may be forming a triple bottom pattern, indicating a potential reversal to the upside. Traders seeking leveraged long exposure to ARKK can consider the AXS 2x Innovation ETF (TARK), which aims to return 200% of ARKK's daily performance.

Portfolio Pulse from Melanie Schaffer

October 16, 2023 | 4:00 pm

RARE

Ultragenyx Pharmaceuticals has announced interim Phase 2 Data from its Phase 2/3 Orbit study and issued preliminary Q3 revenue. This has led to an increase in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 3:51 pm

BAC

Goldman Sachs Group Inc. (GS) and Bank of America Corp. (BAC) are set to release their Q3 earnings. Analysts predict a 2.5% YoY increase in BAC's EPS and revenue, while GS is expected to see a 35% decline in EPS and a 7% decrease in revenue. BAC's stock has declined by 47% since February 2022, and GS's stock has seen a 26% decline since November 2021.

Portfolio Pulse from Piero Cingari

October 16, 2023 | 3:25 pm

DIS

NFLX

Netflix, Inc. (NASDAQ:NFLX) is expected to have boosted its subscriber count by about 6 million in Q3 due to its crackdown on password-sharing. Analysts predict that the company may increase its prices when it reports earnings. Netflix is also expected to double its ad-supported viewership next year and increase ad frequency. The ad tier is projected to bring in $188.1 million in Q3 revenue with 2.8 million subscriber additions. NFLX shares traded higher by 1.10% at $359.58.

Portfolio Pulse from Anusuya Lahiri

October 16, 2023 | 3:16 pm

OMC

Omnicom Group (NYSE:OMC) is set to release its quarterly earnings report on Tuesday, 2023-10-17. Analysts estimate an earnings per share (EPS) of $1.85. The company's past performance shows a pattern of share price drops following earnings beats. The stock was trading at $74.55 as of October 13, with a 52-week return of 8.96%.

Portfolio Pulse from Benzinga Insights

October 16, 2023 | 3:00 pm

PFBC

Preferred Bank (NASDAQ:PFBC) is set to release its quarterly earnings report on October 17, 2023. Analysts estimate an earnings per share (EPS) of $2.56. The bank's past performance shows a trend of beating EPS estimates, which has generally led to an increase in share price. However, the bank's shares have seen a 9.58% decrease over the last 52-week period.

Portfolio Pulse from Benzinga Insights

October 16, 2023 | 3:00 pm