Streetbeat News

Earnings

AAPL

FRCB

Goldman Sachs Group, Inc. (GS) reported a 60% YoY drop in Q2 profits, partly attributed to its partnership with Apple, Inc. (AAPL). The bank's Q2 provisioning for credit losses was $615 million, reflecting net provisions related to credit card and point-of-sale loan portfolios. The Platform Solutions business segment, which includes the Apple Card business, reported a revenue of $659 million but a net loss of $672 million. Goldman is reportedly trying to transition the Apple credit card portfolio to American Express.

Portfolio Pulse from Shanthi Rexaline

July 20, 2023 | 8:31 am

TSM

Taiwan Semiconductor (TSM) reported worse-than-expected Q2 earnings results, leading to a drop in its share price.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:17 am

AAL

ABT

JNJ

NFLX

TSLA

Johnson & Johnson, Tesla, American Airlines Group, Netflix, and Abbott Laboratories are the stocks to watch heading into Thursday. Johnson & Johnson is expected to post quarterly earnings at $2.62 per share on revenue of $24.66 billion. Tesla reported better-than-expected earnings and sales results for its second quarter, but its operating margin narrowed. American Airlines Group is expected to have earned $1.58 per share on revenue of $13.74 billion. Netflix reported upbeat earnings for the second quarter, while sales missed expectations. Abbott Laboratories is expected to report quarterly earnings at $1.05 per share on revenue of $9.70 billion.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 8:17 am

RELL

Richardson Electronics reported worse-than-expected Q4 earnings results, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:14 am

BTC

DOGE

TSLA

Tesla, Inc. (NASDAQ:TSLA) maintained its Bitcoin (NYSE:BTC) position in Q2 2023, with no transactions in buy or sale. The company's balance sheet showed it held $184 million in digital assets, unchanged from the previous two quarters. Tesla's CFO Zachary Kirkhorn attributed the lack of activity to the uncertainty of COVID-19 lockdowns in China. However, he stated the company is open to increasing its Bitcoin holdings in the future. CEO Elon Musk expressed his preference for Dogecoin (CRYPTO: DOGE) over Bitcoin due to its better transaction value.

Portfolio Pulse from Shanthi Rexaline

July 20, 2023 | 7:29 am

TSM

Taiwan Semiconductor (TSM) has projected its Q3 2023 revenue to be between $16.7B and $17.5B, which is slightly below the estimated $17.68B. The company also expects its gross margin to be between 51.5% and 53.5%, and operating margin to be between 38% and 40%.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 7:22 am

Philip Morris International Inc. (NYSE:PM) is expected to report higher Q2 earnings at $1.47 per share, up from $1.32 per share a year ago. The company's revenue is projected to be $8.65 billion. The stock closed at $98.77 on Wednesday. Analysts from Morgan Stanley, Stifel, Goldman Sachs, and Argus Research have recently reiterated or upgraded their ratings on the stock, with price targets ranging from $105 to $120.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 7:15 am

AAL

ABT

JNJ

USB

The Dow Jones recorded gains for the eighth straight session, its longest winning streak since September 2019. Goldman Sachs reported weaker-than-expected Q2 earnings, while U.S. Bancorp reported a Q2 total adjusted net revenue growth of 19.7% YoY. Approximately 78% of S&P 500 companies that have released quarterly results so far have exceeded profit estimates. Investors are awaiting earnings results from Johnson & Johnson, American Airlines Group, and Abbott Laboratories.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 6:23 am

TSM

Taiwan Semiconductor (NYSE:TSM) reported Q2 earnings of $1.14 per share, beating the analyst consensus estimate of $1.08 by 5.56%. However, this is a 26.45% decrease from the same period last year. The company also reported quarterly sales of $15.68 billion, beating the estimate of $15.49 billion by 1.23%, but this is a 13.66% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 6:14 am

ABB

ABB (NYSE:ABB) reported Q2 earnings of $0.48 per share, beating the analyst consensus estimate of $0.44 by 9.09%. This is a 140% increase from the same period last year. The company also reported quarterly sales of $8.16 billion, beating the estimate of $7.95 billion by 2.68%, a 12.58% increase from last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 6:06 am