Streetbeat News

Earnings

KTB

Kontoor Brands, Inc. (NYSE:KTB) shares rose after Q2 FY23 earnings beat expectations with an adjusted EPS of $0.77, surpassing the consensus of $0.66. However, Q2 sales of $616.01 million missed the consensus of $625.50 million. The company expects FY23 revenue to increase at a low-single-digit percentage Y/Y, and reiterates FY23 Adjusted EPS of $4.55 - $4.75. KTB also anticipates gross margin expansion in the second half of the year.

Portfolio Pulse from Nabaparna Bhattacharya

August 04, 2023 | 1:52 pm

FWONK

Liberty Formula One Group (NASDAQ:FWONK) is set to release its quarterly earnings report on August 4, 2023. Analysts estimate an EPS of $0.05. The company's past performance shows a mixed trend of beating and missing EPS estimates. The stock price has seen varied changes post-earnings announcements. The shares were trading at $72.16 as of August 2, with a 52-week increase of 16.58%.

Portfolio Pulse from Benzinga Insights

August 04, 2023 | 1:52 pm

ARAV

BPTH

COOK

RBOT

UPWK

VITL

U.S. stocks were mixed with the Nasdaq Composite slightly higher. The ISM services PMI declined to 52.7 in July from 53.9 in June. Upwork Inc., Vital Farms, Inc., and Traeger, Inc. saw their shares rise after posting strong quarterly results. Aravive, Inc., Bio-Path Holdings, Inc., and Vicarious Surgical Inc. saw their shares drop due to disappointing news.

Portfolio Pulse from Lisa Levin

August 04, 2023 | 1:52 pm

UPWK

Upwork, Inc. (NASDAQ:UPWK) shares are trading higher after the company reported better-than-expected Q2 financial results and analysts raised price targets on the stock. The company reported Q2 revenue of $168.6 million, a 7% increase YoY, and a net loss of $4 million. Upwork raised its Q3 and full-year 2023 revenue guidance. Analysts from JMP Securities and Needham maintained their positive ratings and raised the price target for UPWK shares.

Portfolio Pulse from Erica Kollmann

August 04, 2023 | 1:52 pm

GCI

Gannett Co., Inc. (NYSE:GCI) shares are trading higher after the company reported better-than-expected Q2 results. Despite a 10.2% YoY sales decline to $672.36 million, the figure beat the consensus of $624.41 million. Adjusted EBITDA grew by 39.9% YoY to $71.2 million. Total digital revenues were $262.1 million, up 0.8% YoY. The company reiterated its FY23 sales guidance of $2.75 billion-$2.80 billion and raised its 2023 outlook for net income.

Portfolio Pulse from Nabaparna Bhattacharya

August 04, 2023 | 1:52 pm

EPAM

EPAM Systems reported better-than-expected Q2 financial results and issued Q3 adjusted EPS guidance above estimates, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 1:51 pm

AMD

BAC

NVDA

QCOM

QQQ

SPY

Nvidia Corp and Advanced Micro Devices, Inc are performing well due to their artificial intelligence capabilities, while Qualcomm Inc's underwhelming third-quarter results and guidance are dragging down the broader indexes. The U.S. stock market is also under pressure from Fitch's downgrade of the U.S. credit rating. Bank Of America Corp's CEO Brian Moynihan dismissed recession forecasts citing strength in the jobs market and robust consumer spending. Broader index ETFs, including SPDR S&P 500 and Invesco QQQ Trust, Series 1, are trading lower by less than 1%.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 1:51 pm

Realty Income's shares are trading lower following the release of the company's Q2 financial results.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 1:51 pm

PYPL

PayPal Holdings Inc's (NASDAQ:PYPL) stock fell despite reporting a Q2 earnings beat. Analysts from Truist Securities, Canaccord Genuity Capital Markets, Oppenheimer, Susquehanna, and Needham weighed in on the results. While some analysts maintained a Buy rating and raised the price target, others cut the price target or maintained a Hold or Neutral rating. The analysts highlighted strong revenue, accelerating ecommerce growth, and promising new initiatives, but also noted concerns about margin pressure and the shift to lower margin unbranded revenue.

Portfolio Pulse from Priya Nigam

August 04, 2023 | 1:51 pm

VITL

Vital Farms, Inc. (NASDAQ:VITL) shares surged by 29.9% after the company reported strong quarterly earnings of 15 cents per share, exceeding the analyst consensus estimate of 6 cents. The company's quarterly sales reached $106.44 million, surpassing the analyst consensus estimate of $104.89 million by 1.5%. This reflects a 28.7% increase compared to sales of $82.87 million during the same period last year. The company's strong performance was driven by higher sales, improved pricing and volume gains from both new and existing retail customers.

Portfolio Pulse from Henry Khederian

August 04, 2023 | 1:51 pm