Streetbeat News

Earnings

BAC

Bank Of America Corp (NYSE:BAC) has announced plans to increase its quarterly dividend by 9%, from 22 cents per share to 24 cents per share, starting in the third quarter. The dividend increase is yet to be approved by the company's board. The bank is set to report its Q2 financial results on July 18, with expected earnings of 85 cents per share on quarterly revenue of $25.16 billion.

Portfolio Pulse from Adam Eckert

July 05, 2023 | 9:10 pm

ABCM

Abcam's total revenue and adjusted operating profit are trending in line with the board's expectations for H1 and full year 2023. H1 2023 estimated revenues grew approximately 10% on a reported basis or 5.5% on a constant exchange rate basis, compared to 20% growth in the comparable prior period. The adjusted operating profit margin is up by approximately 300 basis points to over 26% for the half.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 8:50 pm

GM

A large investor has taken a bullish stance on General Motors (NYSE:GM), as evidenced by a significant position in the company's options. The sentiment among these big-money traders is split evenly between bullish and bearish. The whales have been targeting a price range from $23.0 to $50.0 for General Motors over the last 3 months. The price of GM is currently up 1.18% at $39.42, with the next earnings expected to be released in 20 days.

Portfolio Pulse from Benzinga Insights

July 05, 2023 | 8:46 pm

XOM

ExxonMobil anticipates a negative impact on its Q2 upstream earnings by $2.2B-$1.8B due to changes in gas prices. Additionally, changes in unsettled derivatives are expected to impact Q2 energy products earnings by negative $0.3B to positive $0.1B, according to an SEC filing.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 8:30 pm

CGC

GLD

HEINY

QQQ

SPY

STZ

Constellation Brands Inc (NYSE:STZ), a Fortune 500 company and the largest beer import company in the US, reported better than expected Q1 results due to a more than 40% improvement in e-commerce direct to consumer sales. However, the company's growth is slowing down to a single-digit-percentage pace, joined by rising input costs. Constellation Brands also has a significant debt of $12.3 billion as of May 2023, which could become an issue if earnings continue to decline.

Portfolio Pulse from Upwallstreet

July 05, 2023 | 7:39 pm

TSLA

Tesla has set a new record for vehicle deliveries in Q2 2023 due to strategic price reductions and increased production. The company's stock price has shown significant recovery with a 30% surge in June and a 135% increase year-to-date. Tesla's Q2 financial results, set to be released on July 19th, have the potential to greatly impact the stock price. The stock closed at $279.82, trading up by 6.79% on July 3.

Portfolio Pulse from Zaheer Anwari

July 05, 2023 | 7:17 pm

GBX

KeyBanc Capital Markets analyst Steve Barger reiterated the Sector Weight rating on Greenbrier Companies (NYSE:GBX), following a strong 3Q report and a solid preliminary 4Q order book. Barger expects more orders for GBX as the quarter progresses, reversing the trend of backlog declines. The analyst is also optimistic about easing supply chain constraints and cost-saving initiatives contributing to margin expansion. Barger raised EPS estimates for FY23, FY24, and FY25, and remains optimistic about GBX's progress towards its cost optimization goal.

Portfolio Pulse from Nabaparna Bhattacharya

July 05, 2023 | 6:59 pm

NFLX

Goldman Sachs has upgraded Netflix (NASDAQ:NFLX) from Sell to Neutral and raised the price target from $230 to $400. The upgrade comes ahead of the company's Q2 earnings report due on July 19. Despite optimism about Netflix's operating performance and momentum, the analyst noted that global competition in the streaming industry could be a hindrance.

Portfolio Pulse from Ryan Gustafson

July 05, 2023 | 6:26 pm

NDLS

Benchmark analyst Todd M. Brooks has reiterated a Buy rating on Noodles & Company (NDLS), but lowered the price target from $8 to $6. The analyst has observed only modest traffic recovery in Q2 2023, despite the company's value pricing initiatives. The analyst also decreased the Q2 2023 systemwide same-store sales (SSS) estimate to (3.1)% from the prior estimate of (0.3)%. Adjusted EPS and EBITDA estimates for the quarter were also lowered. However, the recent appointment of Michael Hynes as NDLS's new CFO was viewed positively.

Portfolio Pulse from Nabaparna Bhattacharya

July 05, 2023 | 6:14 pm

JWN

Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on Nordstrom Inc (NYSE:JWN) with a price target of $21. The 2023 Anniversary Sale, running for 21 days, is expected to negatively impact Q2 sales but boost Q3 sales by approximately 200 basis points. New brands have been added to the sale, and despite consumer pressure, the company's customer-focused changes are expected to drive traffic and topline.

Portfolio Pulse from Shivani Kumaresan

July 05, 2023 | 6:11 pm