Streetbeat News

Earnings

SJM

J.M. Smucker Company (NYSE:SJM) reported a 4% YoY decline in Q1 FY24 sales to $1.805 billion, missing the analyst consensus of $1.84 billion. However, its adjusted EPS of $2.21 beat the consensus estimate of $2.04. The company's gross profit increased 19% YoY to $654.8 million and the operating income increased 69% to $303.5 million. The company also repurchased approximately 2.4 million of its common shares for $372 million in Q1. The company raised its FY24 adjusted EPS guidance from $9.20 - $9.60 to $9.45 - $9.85.

Portfolio Pulse from Shivani Kumaresan

August 29, 2023 | 1:52 pm

BABA

MAR

On CNBC's 'Halftime Report Final Trades', analysts recommended Goldman Sachs, Boeing, Alibaba, and Marriott. Goldman Sachs missed earnings estimates but beat revenue consensus. Boeing is preparing to restart plane deliveries in China despite recent warnings of delivery delays. Alibaba was recommended as a great entry point, with its stock trading higher along with iShares China Large-Cap ETF and KraneShares CSI China Internet ETF. Marriott International announced new appointments to its Asia Pacific leadership team.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 1:51 pm

AXLA

BBY

CHSN

FLAG

ICCT

TIVC

VFS

US stocks traded mostly flat with the Dow Jones falling around 10 points. Best Buy Co Inc (BBY) posted better-than-expected results for the second quarter with sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. Axcella Health Inc. (AXLA), Tivic Health Systems, Inc. (TIVC), and iCoreConnect Inc. (ICCT) saw significant increases in their share prices. Meanwhile, VinFast Auto Ltd. (VFS), Chanson International Holding (CHSN), and First Light Acquisition Group, Inc. (FLAG) experienced drops in their share prices.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 1:44 pm

CACO

Caravelle International Group (NASDAQ:CACO) reported FY22 earnings per share of $0.24, up from $0.11 YoY, and revenue of $185.3M, up from $122M YoY. The company's net income also increased to $12.2M in 2022 from $5.3M in 2021. Despite challenges in the global shipping industry, Caravelle is optimistic about its future ventures, including the launch of its CO-Tech wood drying in transit and the export of wood products from Gabon, Africa into the U.S. duty-free.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 1:38 pm

TIGR

UP Fintech Holding Ltd (NASDAQ:TIGR) reported Q2 revenue growth of 23.5% Y/Y to $66.1 million, beating the consensus of $44.65 million. Despite a decrease in commissions due to lower trading volume, the company saw increases in financing service fees and interest income. The total account balance rose 16.2% Y/Y to $17.3 billion and the total number of customers with deposits increased by 15.0% Y/Y. The company also beat the consensus for non-GAAP net income per ADS.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 1:33 pm

BBY

Best Buy Co Inc (NYSE:BBY) reported Q2 FY24 sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. However, domestic and international revenues decreased by 7.1% and 8.8% Y/Y respectively. The company's gross profit fell to $2.2 billion from $2.3 billion a year ago. The company returned $79 million to shareholders through share repurchases and authorized a dividend of $0.92 per share. For FY24, the company revised its revenue guidance to $43.80 billion-$44.50 billion and tightened the adjusted EPS outlook to $6.00-$6.40.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 1:17 pm

BABA

PDD

PDD Holdings Inc reported a 66% YoY revenue growth in Q2 FY23, beating consensus estimates. The company's non-GAAP earnings per ADS also surpassed expectations. Revenues from online marketing services and transaction services saw significant increases. The company held $24.8 billion in cash and equivalents and generated $3.23 billion in operating cash flow.

Portfolio Pulse from Anusuya Lahiri

August 29, 2023 | 1:13 pm

STBX

Starbox Group Hldgs (NASDAQ:STBX) reported H1 earnings of $0.03 per share, unchanged YoY. The company's sales increased by 37.93% to $4.00 million, up from $2.90 million the same period last year.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 1:08 pm

NEGG

Newegg Commerce (NASDAQ:NEGG) reported a decrease in sales this quarter, with $723.20 million in sales, down 18.79% from $890.54 million in the same period last year.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 1:06 pm

GOGL

Golden Ocean Group Ltd (NASDAQ:GOGL) reported Q2 FY23 revenue of $213.38 million, exceeding consensus of $148.97 million. The company's operating expenses were $169.8 million, and net operating income declined to $43.6 million from $155.8 million in the prior year quarter. Adjusted EPS of $0.17 was better than the consensus of $0.12. The company announced a cash dividend of $0.10 per share for Q2 and repurchased shares worth $6.9 million in the quarter. GOGL shares are trading higher by 4.06% at $7.18 premarket on the last check Tuesday.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 12:41 pm