Streetbeat News

Earnings

PEP

RBC Capital Markets analyst Nik Modi reiterates a Sector Perform rating on PepsiCo, Inc. (NASDAQ:PEP), with a price target of $178. The analyst expects a strong second quarter from PEP driven by Frito Lay momentum, solid results in PBNA, and international led by Latin America and emerging markets. Modi also sees an upside to PEP’s guidance for the year given the higher margin Frito driving momentum. The analyst raised 2Q revenue estimates to $21.518 billion from $21.488 billion. 2Q EPS is expected to be $1.95.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 6:47 pm

CVX

Mizuho Securities USA analyst Nitin Kumar reiterated a Neutral rating on Chevron Corporation (NYSE:CVX) and raised the price target from $202 to $205. The analyst expects well performance in the Permian to be the main focus for investors in 2Q23 earnings, following the underperformance of Delaware wells in 2022. The analyst also sees signs of well productivity improvements and expects total production of 2,954kboed, slightly above the guided -80kboed. However, the analyst forecasts a miss vs. consensus for EBITDA / FCF / EPS, lower by 12%, 15%, and 6%.

Portfolio Pulse from Shivani Kumaresan

July 11, 2023 | 6:43 pm

BAC

BLK

C

GS

JPM

KRE

MS

QQQ

SCHW

SPY

STT

WFC

XLF

Major US banks are set to release their Q2 results on July 14 and 17. The top performers in Q2 were Wells Fargo, JP Morgan, and Charles Schwab, while Morgan Stanley and Citigroup lagged behind. The financial sector, tracked by the Financial Select Sector SPDR Fund, posted a 5.44% gain, while regional banks saw a 4.8% decline. Investors should monitor the impact of rising deposit rates, credit normalization, and the aftermath of the regional bank crisis in March. All 23 large US banks passed the Federal Reserve's stress tests last month.

Portfolio Pulse from Piero Cingari

July 11, 2023 | 6:20 pm

BX

Blackstone Inc. (BX) shares are trading higher on Tuesday after Wells Fargo analyst Timothy O'Shea maintained an Overweight rating and raised the price target from $101 to $104. Blackstone is set to report second-quarter earnings in nine days with estimated earnings per share of 93 cents and revenue of $2.42 billion. BX stock experienced above-average trading volume of 4.63 million shares on Tuesday.

Portfolio Pulse from Ryan Gustafson

July 11, 2023 | 6:16 pm

FMC

FMC Corp (NYSE:FMC) has seen several analysts cut their price targets for the company following a reduction in Q2 and 2023 guidance. The company has lowered its Q2 revenue expectations to $1.00 billion-$1.03 billion and adjusted EBITDA to $185 million-$190 million. 2023 revenue guidance has also been cut to $5.20 billion-$5.40 billion and adjusted EBITDA to $1.30 billion-$1.40 billion. Analysts from Mizuho Securities, Loop Capital, Morgan Stanley, Keybanc Capital Markets, RBC Capital Markets, BMO Capital Markets, and Credit Suisse have all lowered their price targets for FMC.

Portfolio Pulse from Lekha Gupta

July 11, 2023 | 6:08 pm

Z

Zillow Group, Inc. (NASDAQ:Z) shares are trading higher after receiving an analyst upgrade from Piper Sandler from Neutral to Overweight and a price target increase from $42 to $62. The company also announced the release of its Q2 2023 financial results on Aug. 2. The stock experienced above-average trading volume of 5.35 million shares on Tuesday.

Portfolio Pulse from Ryan Gustafson

July 11, 2023 | 5:39 pm

DDOG

A significant number of investors have taken a bearish stance on Datadog (NASDAQ:DDOG), with 59% of detected trades showing bearish expectations. However, the price of DDOG is up 4.36% at $105.88. Whales have been targeting a price range from $70.0 to $130.0 for Datadog over the last 3 months. The next earnings are expected to be released in 23 days.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 5:34 pm

RICK

RCI Hospitality reported lower 3Q23 club and restaurant sales, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 5:10 pm

RICK

RCI Hospitality Holdings, Inc. (NASDAQ:RICK) reported Q3 2023 sales of $76.4 million for its Nightclubs and Bombshells restaurants, an 8.9% YoY increase. Nightclubs sales increased by 14.1% YoY to $62.0 million, while Bombshells sales declined by 9.0% YoY to $14.4 million. The company expects new projects and acquisitions to contribute to sales in 4Q23 and FY24.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 5:03 pm

SLB

A significant amount of unusual options activity has been detected for Schlumberger Limited (NYSE:SLB), with a mix of bullish and bearish stances. Of the 10 strange trades detected, 60% were opened with bullish expectations and 40% with bearish. The trades included 5 puts totaling $273,300 and 5 calls totaling $184,298. Whales have been targeting a price range from $32.5 to $60.0 for SLB over the last 3 months. The current price of SLB is up 2.8% at $55.12, and the next earnings are expected in 10 days.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 5:02 pm