Streetbeat News

Earnings

CRM

Oppenheimer analyst Brian Schwartz reiterated an Outperform rating on Salesforce, Inc. (NYSE:CRM) with a price target of $235. Despite mixed business trends, Schwartz sees a slightly positive earnings risk for Salesforce ahead of its Q2 results. He detected improvement in the demand environment and stabilizing trends in sales operations. Schwartz estimates Q2 total revenue of ~$8.52 billion (+10% year/year) and $1.90 in adjusted EPS.

Portfolio Pulse from Anusuya Lahiri

August 24, 2023 | 6:03 pm

META

MSFT

NVDA

Nvidia Corporation (NASDAQ:NVDA) reported a strong quarterly performance, exceeding estimates and leading to a 6.5% rise in its shares. The company's success also boosted other Big Tech stocks, including Microsoft and Meta Platforms. Nvidia's adjusted revenue for the quarter was $13.51 billion, surpassing the consensus estimate of $11.22 billion. The company's data center business and gaming segment also exceeded estimates. Nvidia's net income rose to $6.19 billion, or $2.48 a share, from last year's $656 million, or 26 cents a share.

Portfolio Pulse from Upwallstreet

August 24, 2023 | 5:58 pm

AAPL

AMZN

DBX

GOOG

GOOGL

Dropbox Inc (DBX) has announced a policy change to limit its storage to 5 terabytes for its top-tier plans, citing excessive resource use by a minority of users. This follows similar moves by Google (GOOG, GOOGL), Apple (AAPL), and Amazon (AMZN). Dropbox will charge users $8 for each additional terabyte, a shift from their previous unlimited plan priced at $24 monthly. The company reported Q2 earnings of 51 cents per share, beating the consensus of 45 cents, and quarterly sales of $622.50 million, up by 8.70% YoY.

Portfolio Pulse from Anusuya Lahiri

August 24, 2023 | 5:58 pm

GRAB

Benchmark analyst Fawne Jiang maintained a Buy rating for Grab Holdings Limited (NASDAQ:GRAB) and raised the price target from $4 to $6. The company posted solid 2Q23 results and revised their full-year guidance positively. They now anticipate breaking even in 3Q23, an improvement from the earlier 4Q23 estimate. Barclays analyst Jiong Shao upgraded Grab from Equal-Weight to Overweight and a $4.5 price target. Citigroup analyst Alicia Yap maintained Grab with a Buy and raised the price target from $4.8 to $5.2.

Portfolio Pulse from Anusuya Lahiri

August 24, 2023 | 5:35 pm

AMC

NVDA

OIG

SPLK

Several stocks experienced significant movement in Thursday's mid-day session. Notable gainers included Electriq Power Holdings, Bruush Oral Care, VinFast Auto, Nemaura Medical, TDCX, Guess?, ESGL Holdings, Backblaze, OSI Systems, The Glimpse Group, Build-A-Bear Workshop, Splunk, Pieris Pharmaceuticals, China SXT Pharmaceuticals, SharkNinja, Aviat Networks, Groupon, Esports Entertainment Group, Foot Locker, FOXO Technologies, Weibo Corporation, and NVIDIA Corporation. On the other hand, stocks that fell included Orbital Infrastructure Group, Societal CDMO, AMC Entertainment Holdings, Cheetah Net Supply Chain Service, AgileThought, Momentus, Lendway, Moxian, Mullen Automotive, Petco Health and Wellness Company, GRI Bio, BTC Digital, T2 Biosystems, LQR House, Spirit AeroSystems Holdings, Invitae Corporation, Unifi, Opera Limited, Kiora Pharmaceuticals, Graphex Group Limited, C3.ai, Fulcrum Therapeutics, Zuora, Dollar Tree, and Burlington Stores.

Portfolio Pulse from Lisa Levin

August 24, 2023 | 5:22 pm

BURL

DLTR

FRO

GPS

INTU

JWN

MRVL

NTES

ULTA

WDAY

Several companies are scheduled to report their earnings on August 24, 2023. Some of the notable ones include Frontline, Burlington Stores, Toronto-Dominion Bank, Royal Bank of Canada, NetEase, Dollar Tree, Ulta Beauty, Intuit, Gap, Nordstrom, Marvell Tech, and Workday.

Portfolio Pulse from Benzinga Insights

August 24, 2023 | 5:21 pm

SPLK

Shares of Splunk Inc (NASDAQ:SPLK) surged after the company reported better than expected fiscal second-quarter results. Analysts from Mizuho Securities, Wedbush, BMO Capital Markets, and Oppenheimer provided their takeaways from the earnings release. While all analysts maintained their ratings, they raised their price targets citing strong annual recurring revenue (ARR) growth, improved operating margins, and raised F2H margin and FCF guidance. However, cloud revenue/ARR was below expectations.

Portfolio Pulse from Priya Nigam

August 24, 2023 | 5:06 pm

BLNK

Blink Charging Co (NASDAQ:BLNK) has signed a two-year contract with the Tennessee Valley Authority (TVA) to provide EV charging solutions. The agreement includes Level 2 charging equipment and DC Fast Chargers for public and commercial fleet applications. This follows Blink's strong Q2 2023 earnings, with revenues increasing to nearly $33 million. The company has also raised its 2023 revenue target to $110 million-$120 million.

Portfolio Pulse from Shivani Kumaresan

August 24, 2023 | 4:39 pm

PTON

Shares of Peloton Interactive Inc (NASDAQ:PTON) rose in early trading on Thursday, despite mixed to negative reviews from analysts following the company's Q4 earnings release. Analysts from Needham, Telsey Advisory Group, BMO Capital Markets, Goldman Sachs, Oppenheimer, and KeyBanc Capital Markets all expressed concerns about the company's financials, including a shift from lifetime value to customer acquisition costs, negative adjusted EBITDA, soft sales, and a decline in connected fitness subscribers. Despite these concerns, the stock price rose by 1.20% to $5.49 at the time of publication Thursday.

Portfolio Pulse from Priya Nigam

August 24, 2023 | 4:34 pm

SNAP

A significant number of Snap Inc. (SNAP) call options for September 8 with a strike price of $10 were purchased near the ask price. This indicates a bullish sentiment among investors. Snap's earnings report is expected on October 19, after market close.

Portfolio Pulse from Charles Gross

August 24, 2023 | 4:33 pm