Streetbeat News

Earnings

JMSB

John Marshall Bancorp (NASDAQ:JMSB) reported a decrease in Q2 earnings and sales YoY. Earnings per share fell by 42.86% to $0.32, and sales dropped by 27.12% to $12.69 million.

Portfolio Pulse from Benzinga Newsdesk

July 21, 2023 | 8:19 pm

BAC

MS

MSFT

NFLX

SCHW

TSLA

XOM

The Dow Jones marked a 10-day winning streak, driven by positive quarterly results from defensive stocks. The Nasdaq Composite, however, was down 0.42% due to disappointing results from Netflix and Tesla. Tesla's stock fell almost 10% after CEO Elon Musk's conference call failed to provide key details about future developments. Netflix's shares also fell despite better-than-expected earnings per share. Major banks, including Bank of America, Morgan Stanley, and Charles Schwab, showed resilience with positive quarterly results. ExxonMobil announced plans to mine lithium, indicating a diversification into the EV industry. The $69 billion merger of Microsoft and Activision Blizzard moved forward after the FTC paused an antitrust lawsuit.

Portfolio Pulse from Natan Ponieman

July 21, 2023 | 8:12 pm

KLAC

A whale investor has taken a bullish stance on KLA (NASDAQ:KLAC), with 50% of investors opening trades with bullish expectations and 50% with bearish. The whale has been targeting a price range from $430.0 to $520.0 for KLA over the last 3 months. The price of KLAC is up 1.95% at $458.89, with RSI indicators suggesting the stock is currently neutral. KLA's next earnings are expected to be released in 6 days.

Portfolio Pulse from Benzinga Insights

July 21, 2023 | 8:02 pm

WKHS

Workhorse Group Inc's (NASDAQ:WKHS) shares fell by 4.91% to $1.16 despite no company-specific news. The stock's decline is in line with several EV stocks that fell after Tesla reported its Q2 earnings. Workhorse's stock has been weak since losing the USPS's Next Generation Delivery Vehicle (NGDV) program contract to Oshkosh Corporation in February 2021. The loss significantly impacted Workhorse's stock price and disappointed investors who expected a substantial revenue stream and enhanced credibility in the EV market from the contract.

Portfolio Pulse from Henry Khederian

July 21, 2023 | 7:57 pm

CHPT

ChargePoint Holdings Inc (NASDAQ:CHPT) shares are trading higher by 1.1% to $8.35. The rise comes despite a lack of company-specific news and a recent fall in EV-related stocks, including Tesla. Tesla's Q2 earnings exceeded expectations, but its gross margins were down from 25% YoY. This could lead to investors adjusting their expectations for other EV companies like ChargePoint, potentially leading to a decrease in its stock price.

Portfolio Pulse from Henry Khederian

July 21, 2023 | 7:56 pm

PFBC

Stephens analyst Andrew Terrell reiterated an Overweight rating on Preferred Bank (NASDAQ:PFBC), raising the price target to $68 from $64. PFBC's Q2 earnings beat estimates, and despite NIB outflows exceeding anticipations, Terrell remains optimistic. The analyst expects tepid loan growth in the near term due to the company's selectivity on new credits and a broader slowdown in borrower demand. The company's near-term capital focus is expected to remain on buybacks, with ~$100mm incorporated in estimates. Terrell raised 2023 and 2024 Op. EPS estimates to $10.57 and $9.74 respectively.

Portfolio Pulse from Nabaparna Bhattacharya

July 21, 2023 | 7:37 pm

HOMB

Stephens analyst Matt Olney reiterated an Overweight rating on Home BancShares, Inc. (HOMB) and raised the price target to $27 from $26. The 2Q23 results were in line with consensus forecasts, driven by solid core fees and lower LLP expenses. However, NII was soft due to loan balance contraction and deposit remix headwinds. The 2023 Op EPS was increased from $1.97 to $1.99, while the 2024 EPS forecast was lowered from $1.80 to $1.78. The company is expected to remain conservative with new originations and forecasts modest loan growth contraction in 2H23.

Portfolio Pulse from Nabaparna Bhattacharya

July 21, 2023 | 7:08 pm

GPC

Genuine Parts Co (GPC) reported mixed Q2 2023 results, with sales growth of 5.6% Y/Y to $5.92 billion, missing the consensus of $5.96 billion, and adjusted EPS of $2.44 (+10.9% Y/Y) beating the consensus of $2.34. Following the results, analysts from Truist Securities, Stephens & Co., Wedbush, and JP Morgan lowered their price targets for GPC, while raising EPS estimates for 2023 and 2024.

Portfolio Pulse from Lekha Gupta

July 21, 2023 | 7:05 pm

AXP

American Express Company (NYSE:AXP) reported better-than-expected Q2 earnings, but shares fell due to higher provisions for credit losses. The company's dividend yield is currently 1.36%. To earn $500 per month from AXP's dividends, an investment of around $441,176.47, or about 2,575 shares, is needed. However, the deteriorating consumer financial health in the U.S. could impact the company's performance.

Portfolio Pulse from AJ Fabino

July 21, 2023 | 7:03 pm

ROKU

Wedbush analyst Alicia Reese reiterated Roku Inc (NASDAQ:ROKU) with an Outperform and a $80 price target, reflecting long-term global growth and significant leverage in Roku's business model. Despite a weak advertising market pressuring Average Revenue Per User (ARPU), Roku's share gains in the digital connected TV (CTV) space continue. The company is expected to return to meaningful profitability by year-end, with Q2 revenue likely to be $770 million, slightly below the consensus estimate of $773 million.

Portfolio Pulse from Anusuya Lahiri

July 21, 2023 | 6:57 pm