Streetbeat News

Earnings

FCX

Freeport-McMoRan Inc (NYSE:FCX) reported Q2 2023 revenue of $5.74 billion, beating the consensus of $5.54 billion. However, copper sales were down 5% Y/Y due to shipping delays in Indonesia. The company's total debt as of June 30 was $9.5 billion. FCX shares are trading lower by 4.26% at $39.60.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 1:58 pm

DRRX

NCPL

PRFX

SGMA

TSLA

TTOO

VIR

U.S. stocks traded mixed with the Dow Jones gaining and the NASDAQ falling. Tesla Inc reported better-than-expected earnings and sales results for its second quarter. T2 Biosystems, PainReform Ltd, and SigmaTron International shares shot up while Vir Biotechnology, Netcapital Inc, and DURECT Corporation shares dropped.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 1:43 pm

NVDA

SSNLF

TSM

Nvidia Corp (NVDA) and other chipmaking stocks are trading lower due to Taiwan Semiconductor Manufacturing Company Ltd's (TSM) disappointing Q2 results. TSMC's revenue declined by 13.7% YoY to $15.68 billion, and it projected a 10% fall in sales in FY23. TSMC also postponed production at a planned facility in Arizona until 2025. Samsung Electronics Co, Ltd (SSNLF) is reportedly eyeing Nvidia orders as TSMC's packaging capacity remains tight. Meanwhile, Nvidia received an Outperform rating and a price target of $570 from Wolfe Research, and an Overweight rating and a price target of $600 from Barclays.

Portfolio Pulse from Anusuya Lahiri

July 20, 2023 | 1:42 pm

MAN

ManpowerGroup Inc (NYSE:MAN) reported a 4% YoY decline in Q2 FY23 sales to $4.856 billion, slightly beating analyst consensus. The company's gross profit decreased by 6.4% YoY to $862.3 million, and its adjusted EPS of $1.58 missed the analyst consensus of $1.62. The company's challenging operating environment in the U.S. and Europe contributed to revenue declines. The company's Q3 EPS outlook is $1.32-$1.42, lower than the analyst consensus of $1.55. MAN shares are trading lower by 7.78%.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 1:41 pm

TRV

Travelers Companies Inc (NYSE:TRV) reported Q2 2023 revenues of $10.1 billion, up 11% Y/Y, slightly beating the consensus of $10.02 billion. However, the company reported a net loss of $14 million compared to net income of $551 million in the previous year. Core income declined to $15 million from $625 million due to higher catastrophe losses ($1.481 billion pre-tax). Core EPS of $0.06 missed the consensus of $2.08. The company repurchased 2.2 million shares for $400 million and declared a dividend of $1.00 per share.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 1:40 pm

DFS

Discover Financial Services reported Q2 results that missed analyst expectations, despite a 21% YoY increase in revenue to $3.878 billion. The company reported earnings of $3.54 per share, lower than the estimated $3.67. Total loans grew by 19% YoY to $117.9 billion, but digital banking revenue fell by $322 million. Payment services volume and income increased. The company repurchased 6.8 million shares for $700 million and declared a quarterly cash dividend of 70 cents per share. Stephens & Co. analyst maintained a $124 price target.

Portfolio Pulse from Adam Eckert

July 20, 2023 | 1:29 pm

NEM

Newmont Corp (NYSE:NEM) reported a 12% Y/Y decline in Q2 2023 revenues to $2.68 billion, missing the consensus of $3.88 billion due to lower gold and silver sales volumes. Gold production declined 17% Y/Y, and costs rose. Adjusted EPS of $0.33 significantly missed the consensus of $0.58. The company reiterated its 2023 outlook and declared a dividend of $0.40 per share. NEM shares are trading lower by 4.01% premarket.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 1:28 pm

DHI

D R Horton Inc's executive has projected consolidated revenues of $9.7B to $10.1B for Q4 during a conference call.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 1:21 pm

EWBC

East West Bancorp (NASDAQ:EWBC) reported Q2 earnings of $2.20 per share, beating the analyst consensus estimate of $2.14 by 2.8%. This is a 21.55% increase from the same period last year. However, the company's quarterly sales of $566.75 million missed the analyst consensus estimate of $599.45 million by 5.46%, despite being a 19.83% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 1:20 pm

TURN

180 Degree Capital Corp. (NASDAQ:TURN) reported a preliminary net asset value per share of $6.22, a -1.6% YTD, and liquid public securities and cash of 87% of net assets as of June 30, 2023. The company's underperformance in Q2 2023 was due to declines in value of certain holdings, including Intevac, Inc. (IVAC) and Comscore, Inc. (SCOR). However, strength in holdings of Commercial Vehicle Group, Inc. (CVGI) and Potbelly Corporation (PBPB), and renewed interest in D-Wave Quantum, Inc. (QBTS) were not enough to offset the declines. The company believes that its stock does not reflect the appropriate value of the company and its holdings.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 1:16 pm