Streetbeat News

Earnings

AMZN

JPM

MSFT

VMW

WFC

US stocks settled higher on Wednesday, with the Nasdaq surging over 1% due to easing inflation rates. Big banks such as JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Company are set to release earnings on Friday. Vmware, Inc shares gained 2.8% after Broadcom Inc won approval to acquire it. The Nasdaq 100 rose 1.24% amid gains in shares of Amazon.com, Inc. and Microsoft Corp. The CBOE Volatility Index fell 8.8%.

Portfolio Pulse from Lisa Levin

July 13, 2023 | 10:00 am

CYRX

Cryoport has reduced its FY23 sales guidance to $233M-$243M, down from the previous range of $270M-$290M. This is below the consensus estimate of $274.85M.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 8:44 am

CYRX

Cryoport announced its Q2 FY23 sales forecast of $56.5M-$57.5M, which is down 11% at midpoint compared to Q2 FY22 and below the consensus of $67.4M. The lower forecast is due to weaker global demand for capital equipment, clinical trial start delays, and slower client ramps.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 8:41 am

CAG

DAL

DIS

PGR

STRC

Delta Air Lines, Sarcos Technology and Robotics Corporation, Conagra Brands, The Walt Disney Company, and The Progressive Corporation are stocks to watch heading into Thursday. Delta Air Lines and Conagra Brands are expected to post quarterly earnings, while Sarcos Technology has reported preliminary revenue of $1.3 million for Q2 and withdrawn its full-year revenue forecast. Disney has extended Bob Iger's contract as CEO through 2026, and The Progressive Corporation is also expected to report quarterly earnings.

Portfolio Pulse from Lisa Levin

July 13, 2023 | 8:08 am

CAG

DAL

DIS

PGR

The CNN Money Fear and Greed index showed improved sentiment among U.S. investors following the release of inflation data. The S&P 500 and the Nasdaq reached their strongest levels since April 2022. The annual inflation rate in the U.S. eased to 3% in June, the lowest level since March 2021. Investors are expecting a 25 bps rate hike at the Federal Reserve’s July meeting. The Walt Disney Company extended Bob Iger's contract as CEO through 2026. Investors are awaiting earnings results from Delta Air Lines, Conagra Brands, and The Progressive Corporation.

Portfolio Pulse from Lisa Levin

July 13, 2023 | 7:00 am

TSLA

Ahead of Tesla's Q2 earnings, the company has started taking questions from shareholders. The top voted questions pertain to Tesla’s full self-driving software, the upcoming Cybertruck, Tesla’s Supercharger network plans, the status of the announcements made on battery day and its robotaxi plans. Tesla reported record Q2 deliveries exceeding forecasts, with 466,140 units delivered, a 10% increase from the preceding quarter and 83% higher than a year earlier.

Portfolio Pulse from Anan Ashraf

July 13, 2023 | 4:08 am

LOOP

Loop Industries reported Q1 losses of $(0.15) per share, missing the analyst consensus estimate of $(0.11) by 36.36 percent. However, this is a 60.53 percent improvement over losses of $(0.38) per share from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 8:43 pm

OPTT

Ocean Power Techs (OPTT) reported Q4 losses of $(0.17) per share, a 88.89% decrease YoY. However, the company's sales increased by 32.28% to $1.00 million compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 8:20 pm

STRC

Sarcos Technology and Robotics Corporation (STRC) has withdrawn its full-year revenue guidance and reported preliminary Q2 revenue of $1.3 million.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 8:11 pm

MLKN

MillerKnoll has projected its adjusted earnings per share (EPS) for FY24 to be between $1.70 and $2.00, compared to the estimated $1.81.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 8:10 pm