Streetbeat News

Earnings

NKE

Nike, Inc (NYSE:NKE) is heading into its fourth-quarter earnings print with the stock trading flat. In the third quarter, Nike beat earnings and revenue estimates, but the stock dropped nearly 5% the following day. For the fourth quarter, analysts estimate earnings per share of 67 cents on revenues of $12.59 billion. JPMorgan analyst Matthew Korn maintained an Overweight rating on Nike but cut the price target from $152 to $146. From a technical analysis perspective, Nike’s stock looks bullish, having formed a possible bull flag pattern above the 200-day simple moving average (SMA).

Portfolio Pulse from Melanie Schaffer

June 29, 2023 | 7:17 pm

DMTTF

UK-based biotech firm Small Pharma Inc. (OTCQB:DMTTF) reported a net loss of $17.2 million for the fiscal year ended Feb. 28, 2023, compared to $16.7 million in FY2022. The company's cash reserves decreased to $13.9 million from $30.6 million over the same period. Small Pharma is implementing a cost-cutting strategy to reduce its annual cash burn and extend its runway to Q4 2024. The company's DMT-related compounds, SPL026 and SPL028, have shown progress in clinical trials, with positive outcomes in a Phase 2a trial for SPL026 and preliminary findings validating the target drug profile for SPL028.

Portfolio Pulse from Lara Goldstein

June 29, 2023 | 6:55 pm

CCL

Carnival Corp's (CCL) shares are trading lower by 1.04% following Monday's earnings report. The company reported quarterly losses of 31 cents per share, beating the analyst consensus estimate of a loss of 34 cents. Quarterly sales were $4.91 billion, exceeding the analyst consensus estimate of $4.77 billion by 2.96%. Adjusted FY23 EBITDA is projected to be between $4.10 billion and $4.25 billion, surpassing the previously guided range. However, there is an estimated unfavorable impact of approximately $0.5 billion from fuel price and currency compared to 2019.

Portfolio Pulse from Henry Khederian

June 29, 2023 | 6:53 pm

AYI

BTAI

GNLN

IMNM

MOBQ

SGTX

WAVE

US stocks traded higher with the Dow Jones gaining more than 200 points. Acuity Brands reported better-than-expected earnings for its third quarter but missed the consensus on net sales. Sigilon Therapeutics shares shot up 505% after Eli Lilly agreed to acquire the company. Shares of Eco Wave Power Global and Immunome also rose after announcing a share repurchase program and a definitive merger agreement respectively. BioXcel Therapeutics, Greenlane Holdings, and Mobiquity Technologies shares dropped after releasing topline results from a Phase 3 trial, announcing a public offering, and reporting pricing of a public offering respectively.

Portfolio Pulse from Lisa Levin

June 29, 2023 | 6:32 pm

TXRH

Wedbush analyst Nick Setyan has reiterated an Outperform rating on Texas Roadhouse, Inc. (NASDAQ:TXRH), with a price target of $123. Despite near- and medium-term margin headwinds, TXRH is expected to be a primary share gainer within the casual dining category. The analyst projects stronger dine-in traffic and increased sales for Q2 due to higher levels of local marketing. The 2023 and 2024 EPS estimates have been raised to $4.74 and $5.48 respectively. However, risks to commodity inflation and hourly labor growth could weigh on current consensus expectations.

Portfolio Pulse from Nabaparna Bhattacharya

June 29, 2023 | 6:09 pm

GIS

Morgan Stanley analyst Pamela Kaufman has reiterated an Underweight rating on General Mills, Inc. (NYSE:GIS) and lowered the price target to $72 from $77 following mixed 4Q23 results. The analyst remains cautious about the company's long-term growth outlook due to weaker end markets and potential for demand elasticity from recent price increases. General Mills reported 4Q23 sales growth of 3% year-on-year to $5.03 billion, missing the analyst consensus of $5.17 billion. The company sees FY24 Organic net sales growth of 3% - 4%. The analyst also forecasts the risk of rising promotions as Mills is losing share in its categories.

Portfolio Pulse from Nabaparna Bhattacharya

June 29, 2023 | 6:06 pm

ISPR

Ispire Technology has raised its Q4 2023 revenue guidance for its cannabis vaping hardware, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 5:45 pm

LNN

Lindsay Corporation reported worse-than-expected Q3 financial results, leading to a drop in its share price.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 5:31 pm

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MSSTF

REUN

Reunion Neuroscience Inc. (NASDAQ:REUN) reported Q4 and full year 2023 financial results, showing a decrease in cash and cash equivalents, increased R&D and G&A expenses, and a net loss from continuing operations. The company's lead asset RE104 showed promising results in a Phase 1 analysis for the treatment of Postpartum Depression. Reunion also announced a take-private transaction by MPM BioImpact valued at approximately $13.1 million. The company faces financial risks including future expenses and expected losses, and IP risks including ongoing litigation with Mindset Pharma (OTC:MSSTF).

Portfolio Pulse from Lara Goldstein

June 29, 2023 | 5:22 pm

FUL

H. B. Fuller's shares are trading higher despite the company's worse-than-expected Q2 results and weak guidance. The stock is reversing after a fall.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 4:53 pm