Streetbeat News

Earnings

DFLI

DKS

FRBK

FULC

PMN

U.S. stocks traded mostly lower with the Dow Jones falling over 100 points. Dick's Sporting Goods (DKS) reported worse-than-expected Q2 results and lowered FY23 guidance. Fulcrum Therapeutics (FULC), Fabrinet (FN), and ProMIS Neurosciences (PMN) saw their shares rise after positive news. Republic First Bancorp (FRBK) and Dragonfly Energy Holdings (DFLI) shares dropped due to negative news.

Portfolio Pulse from Lisa Levin

August 22, 2023 | 7:07 pm

DDOG

SNOW

Ahead of Snowflake's 2QFY24 earnings report, Needham analyst Mike Cikos reiterated a Buy rating with a $216 price target. Investors expect roughly $645 million - $650 million in Product Revenue during 2Q. Cikos expects revenue of $657.95 million in Q2 and an adjusted EPS of $0.12. Citigroup analyst Tyler Radke maintained Snowflake with a Buy and raised the price target from $189 to $191. Guggenheim analyst John Difucci reiterated a Sell and a $105 price target. Difucci expects revenue of $661.6 million in Q2 and an adjusted EPS of $0.04.

Portfolio Pulse from Anusuya Lahiri

August 22, 2023 | 7:03 pm

AMZN

LRLCY

ULTA

Oppenheimer analyst Rupesh Parikh reiterated an Outperform rating on Ulta Beauty Inc (ULTA) with a price target of $540. The company is expected to report its Q2 FY23 earnings on August 24. Despite challenges in the hair category, the analyst sees a healthy beauty backdrop with continued strength in the mass category. The analyst will continue to monitor student loan impacts on the beauty category, increased promotional intensity, and prestige brand additions on Amazon.com Inc (AMZN), with L'Oreal Co (LRLCY) moving more aggressively on the platform.

Portfolio Pulse from Shivani Kumaresan

August 22, 2023 | 6:49 pm

BBY

DKS

Best Buy Co., Inc. (NYSE:BBY) shares are trading lower amid weakness in the retail sector, in sympathy with Macy's (NYSE:M) and Dick's (NYSE:DKS), which dropped following their quarterly earning reports. Macy's reported better than expected earnings and sales, but sales fell 8.39% from the same period last year. Dick's missed earnings and sales estimates and lowered its full-year 2023 earnings per share guidance. Best Buy is set to report second-quarter earnings on Aug. 29.

Portfolio Pulse from Ryan Gustafson

August 22, 2023 | 6:47 pm

IRM

RBC Capital Market analyst Jonathan Atkin has upgraded the rating on Iron Mountain Inc (NYSE:IRM) to Outperform from Sector Perform, with an increased price target of $68 from $58. The upgrade reflects Q2 results, roll-forward impacts in the updated model, and less conservative valuation metrics. Iron Mountain reported Q2 revenue growth of 5% YoY to $1.36 billion, beating consensus estimates. The board declared a quarterly cash dividend of $0.65 per share, a 5% increase. The analyst raised the estimates for FY23 and FY24 revenue and AFFO per share.

Portfolio Pulse from Lekha Gupta

August 22, 2023 | 6:35 pm

PTON

Peloton Interactive (NASDAQ:PTON) is set to report its Q4 financial results. Analysts expect the company to report a revenue of $639.9 million and a loss of 38 cents per share. The company has missed revenue estimates in five of the last seven quarters and earnings per share estimates in the last eight quarters. Several analysts have lowered price targets for the stock after Q3 results. The company's new initiative, Peloton for Business, is expected to be a focal point in the upcoming earnings.

Portfolio Pulse from Chris Katje

August 22, 2023 | 6:30 pm

SPKY

UVXY

The ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) spiked up almost 1% higher on Tuesday, possibly confirming a new uptrend. The move was in tandem with an upward swing in the S&P 500 VIX Short-Term Futures Index (VIX), which was moving inversely to the S&P 500 ahead of Nvidia Corporation’s earnings print and the Jackson Hole Symposium. SPKY is a 1.5x leveraged fund, similar to ProShares Ultra VIX Short Term Futures ETF (UVXY), which tracks the movement of the VIX.

Portfolio Pulse from Melanie Schaffer

August 22, 2023 | 5:43 pm

CCL

Carnival Corporation (CCL) has seen a significant option alert with Friday $16 calls sweep near the ask, with 1719 contracts at $0.15 versus an open interest of 3562. The company is expected to release its earnings on 9/19 before the market opens.

Portfolio Pulse from Charles Gross

August 22, 2023 | 5:39 pm

CRM

MSFT

Zoom Video Communications (NASDAQ:ZM) exceeded Q2 estimates and raised its full-year outlook, causing its shares to rise 8%. However, shares fell 6% as Wall Street compared the figures to rival Microsoft Corporation (NASDAQ:MSFT). Zoom's Q2 revenue increased 3.6% YoY to $1.14 billion, with enterprise revenue making up 58% of total revenue. Net income expanded to $182 million. Zoom's Q3 outlook expects adjusted earnings per share between $1.07 and $1.09 and revenue between $1.115 billion and $1.120 billion. Zoom also invested in AI startup Anthropic to compete with Microsoft Teams.

Portfolio Pulse from Upwallstreet

August 22, 2023 | 5:08 pm

NVDA

SWKS

Skyworks shares are trading lower due to volatility in the semiconductor sector ahead of NVIDIA's upcoming earnings report.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 5:08 pm