Streetbeat News

Revenues

MU

Micron anticipates that next-generation AI PC units will experience growth and constitute a significant portion of the total PC units by 2025, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 8:15 pm

CHWY

Chewy projects Q1 net sales to be between $2.84B and $2.86B, falling short of the estimated $2.89B. However, for FY24, Chewy anticipates net sales to range from $11.6B to $11.8B, surpassing the estimated $11.12B.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 8:14 pm

FIVE

Five Below projects its FY24 earnings per share (EPS) to be between $5.71 and $6.22, with revenue forecasts ranging from $3.97 billion to $4.07 billion, surpassing the estimated $3.569 billion.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 8:12 pm

AVGR

Avinger (NASDAQ:AVGR) reported a Q4 2023 GAAP EPS of $(3.93) and sales of $1.906M, missing the consensus estimate of $2.521M by 24.40%. This represents a 4.75% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 8:10 pm

RIO

Rio Tinto (NYSE:RIO) announced a $350 million investment in its Rincon lithium project in Argentina, aiming to expand the plant and support the EV market with high-quality lithium. This move highlights Argentina's growing role in the global lithium market, with the country's production increasing by 45% from 2022 to 2023. The Rincon project, part of the lithium-rich Salta province, aims for first lithium production by year's end, aligning with Rio Tinto's decarbonization goals.

Portfolio Pulse from Stjepan Kalinic

March 20, 2024 | 6:53 pm

CMPS

CYBN

MNMD

PSIL

Cybin Inc. received FDA Breakthrough Therapy designation for its psilocybin therapy for Major Depressive Disorder, alongside positive clinical data and a $150M private placement. MindMed also received the designation for its LSD-derived treatment for Generalized Anxiety Disorder, with expected proceeds of $175M from share offerings. Gilgamesh Pharmaceuticals was awarded a $14M grant for ibogaine analog research. Psyence Biomedical, Red Light Holland, and Clearmind Medicine were mentioned for their developments in psychedelics. The article also covered stock performances of several psychedelics companies.

Portfolio Pulse from Lara Goldstein

March 20, 2024 | 6:49 pm

CIBR

CSCO

FDN

Cisco Systems Inc (CSCO) secured EU clearance for its Splunk acquisition, closing the deal ahead of schedule. Piper Sandler analyst James Fish maintained a Neutral rating on Cisco but raised the price target from $47 to $51, citing the deal's potential for significant revenue and free cash flow growth by fiscal 2026. Cisco financed the transaction by raising $13.5 billion of debt. Despite some concerns, the acquisition is seen as a positive move for Cisco's growth, especially in AI and cybersecurity, although challenges in networking and cloud exposure remain. CSCO shares saw a slight increase, and the stock can also be accessed through ETFs like CIBR and FDN.

Portfolio Pulse from Anusuya Lahiri

March 20, 2024 | 6:34 pm

DHI

HD

LEN

LOW

The U.S. housing market is experiencing a mortgage lock-in issue, where high mortgage rates discourage homeowners from selling, contributing to a housing shortage and pushing prices up. Home development retailers like Home Depot Inc (HD) and Lowe's Companies Inc (LOW) have seen sales boosts due to homeowners opting to improve their current homes instead of moving. This situation pressures builders like D.R. Horton Inc (DHI) and Lennar Corporation (LEN) to increase new home construction. The Federal Housing Finance Agency reports that mortgage lock-in reduced home sales by 57% in Q4 2023, suggesting solutions like tax credits and mortgage portability to alleviate the issue.

Portfolio Pulse from Neil Dennis

March 20, 2024 | 6:29 pm

SPY

The Federal Reserve has reported that economic activity is expanding at a solid pace, with job gains continuing to be strong and the unemployment rate remaining low. This indicates a robust economic environment.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:03 pm

STNE

StoneCo (NASDAQ:STNE) has received mixed analyst ratings over the past three months, with a recent shift towards a more bullish outlook. The average 12-month price target for STNE has increased to $20.4, up from $15.00, indicating a 36.0% rise. Analysts from Citigroup, UBS, Banco Bradesco BBI S.A, Goldman Sachs, and Barclays have updated their ratings and price targets, reflecting dynamic market conditions and StoneCo's performance. StoneCo's financials show a positive revenue growth rate of 25.35% and a net margin of 13.84%, outperforming industry benchmarks. However, its ROE is below industry averages, suggesting challenges in generating satisfactory returns for shareholders.

Portfolio Pulse from Benzinga Insights

March 20, 2024 | 6:01 pm