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Earnings

BLK

BTCUSD

BlackRock CEO Larry Fink has expressed optimism about the growing demand for cryptocurrencies like Bitcoin among gold investors. He noted the potential for ETFs to democratize access to both gold and crypto. This comes as BlackRock filed for a spot bitcoin ETF with the SEC. BlackRock released its Q2 results with adjusted earnings per share of $9.28 and generating $4.46 billion in revenue. The company’s assets under management have surged to over $9 trillion.

Portfolio Pulse from Mehab Qureshi

July 17, 2023 | 4:25 am

AAL

AXP

BAC

DFS

DHI

IBM

JNJ

JPM

NFLX

NOK

PNC

SLB

SPY

TRV

TSLA

TSM

UAL

USB

The Q2 reporting season has begun with earnings reports from big banks and blue-chip stocks. The blended earnings of S&P 500 companies are expected to drop 7.1% YoY in Q2, marking the third consecutive quarter of negative earnings growth. Financial and tech earnings will headline the coming week's news. Companies reporting include Bank of America, Bank Of New York Mellon, Morgan Stanley, PNC Financial Services Group, Goldman Sachs, U.S. Bancorp, American Express, IBM, Netflix, Tesla, Nokia, Taiwan Semiconductor Manufacturing Company, United Airlines, Alcoa, Discover Financial Services, Travelers Companies, Johnson & Johnson, American Airlines, D.R. Horton, and Schlumberger. The SPDR S&P 500 ETF Trust ended Friday’s session at $449.19, down 0.02%.

Portfolio Pulse from Shanthi Rexaline

July 16, 2023 | 9:42 pm

TSLA

Ahead of Tesla's Q2 results, New Street Research analyst Pierre Ferragu warns of short-term margin disappointment due to the discounts offered by the company during the quarter. However, he also predicts a good recovery beyond Q2. Tesla's aggressive pricing has kept the company on track to grow annual deliveries by 50%, but this has driven margins down from 30% to 18.34% in Q1. Ferragu expects gross margins to slide a further 270 basis points to 15.6% in Q2. Despite this, he sees margins bottoming in Q2 and recovering afterwards, with auto gross margins expected to be at 25% in the long run.

Portfolio Pulse from Shanthi Rexaline

July 16, 2023 | 1:52 pm

GOEV

LCID

NKLA

RIVN

TSLA

The week ending July 14 saw mixed performances in electric vehicle (EV) stocks. Tesla (TSLA) advanced amid expectations for its Q2 earnings. The company shared a photo of the first Cybertruck off the Giga Texas production line, suggesting deliveries may begin in late Q3. Tesla is also reportedly discussing the second phase of its Giga Berlin project and potential EV factory in India. Lucid Group (LCID) fell short on quarterly deliveries, raising doubts about its ability to scale. Rivian Automotive (RIVN) saw its stock rally stall after a record winning streak. Nikola Corp. (NKLA) saw a surge after announcing a deal to sell 50 hydrogen fuel cell energy trucks to BayoTech. Canoo (GOEV) delivered three Artemis crew transportation vehicles to NASA.

Portfolio Pulse from Shanthi Rexaline

July 15, 2023 | 1:35 pm

RIVN

Rivian Automotive Inc. (NASDAQ:RIVN) has introduced three different drive system configurations for its R1 platform. The options include a quad-motor drive system, a performance dual-motor drive system, and a dual-motor system. The company reported that it produced 13,992 vehicles in Q2, up from 9,395 in Q1, and delivered 12,640 vehicles, in line with expectations. Rivian also stated it is on track to meet its annual production guidance of 50,000 vehicles.

Portfolio Pulse from Anan Ashraf

July 15, 2023 | 9:54 am

GreenPower Motor Co (NASDAQ:GP) is set to release its latest quarterly earnings report on Monday, 2023-07-17. Analysts estimate an earnings per share (EPS) of $-0.12. The company's past performance shows a pattern of share price increase following earnings reports, even when EPS estimates were missed. The stock is currently trading at $3.47 and has seen a 5.45% increase over the last 52-week period.

Portfolio Pulse from Benzinga Insights

July 14, 2023 | 9:00 pm

UUU

Universal Security (AMEX:UUU) reported Q4 earnings of $0.12 per share, a 220% increase YoY. The company also reported $5.93M in sales, a 38.16% increase YoY.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 8:30 pm

CCEL

Cryo-Cell International (NASDAQ:CCEL) reported Q2 earnings of $0.03 per share, beating the analyst consensus estimate of $(0.08) by 137.5%. However, this is a 57.14% decrease from the same period last year. The company's quarterly sales of $7.77 million met the analyst consensus estimate, marking a 1.83% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 8:17 pm

MICS

The Singing Machine Company, Inc. (NASDAQ: MICS) reported its FY23 financial results, showing a decrease in EPS from $0.14 YoY to $(1.65) and a decrease in revenue from $47.5M to $39.3M. The company attributes the decline to a slower holiday retail season due to inflation, higher interest rates, and overall economic conditions. However, the company improved its gross margins to 23.4% and reduced its short-term liabilities by 49%. The company also completed two capital raises and a successful uplisting to Nasdaq during FY23.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 8:08 pm

XCUR

Exicure reported Q1 losses of $(0.70) per share, a 66.67% increase over losses of $(2.10) per share from the same period last year. The company's cash, cash equivalents and restricted cash were $11.2M as of March 31, 2023.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 8:04 pm