Streetbeat News

Revenues

BAC

Bank of America Corp (NYSE:BAC) reported a Q4 FY23 adjusted net income of $5.9 billion with an EPS of $0.70, surpassing the consensus of $0.68. However, revenue fell 10% Y/Y to $22.0 billion, missing the consensus of $23.7 billion. The bank saw a decrease in Consumer Banking and Global Wealth and Investment Management income, but an increase in Global Markets. Net interest income dropped due to higher deposit costs and lower deposit balances, while noninterest income also declined. The bank added 4.6 million credit card accounts in 2023, indicating organic growth. BAC shares dropped 2.29% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 12, 2024 | 1:55 pm

TSLA

VWAGY

Volkswagen AG's passenger cars brand is confident in overcoming disruptions from recent Red Sea attacks, unlike Tesla Inc, which halted production at its Giga Berlin factory. Volkswagen has been working with shipping companies to prevent delays and reported a 12% increase in deliveries for 2023, with significant growth in Europe, North America, and China. The company also saw a 34.7% increase in fully electric vehicle deliveries, now making up 8.3% of total deliveries.

Portfolio Pulse from Shivani Kumaresan

January 12, 2024 | 1:22 pm

JPM

SPY

JPMorgan Chase & Co. (NYSE:JPM) reported a record quarterly profit and a Q4 beat, with shares rising in premarket trading. CEO Jamie Dimon expressed caution about the economy, citing stickier inflation and potentially higher rates than expected due to government spending, debt levels, and global events. Dimon's comments are significant as they come after December's CPI data exceeded expectations, and amid uncertainty about the Fed's monetary policy. The SPDR S&P 500 ETF Trust (NYSE:SPY) saw a slight premarket drop.

Portfolio Pulse from Shanthi Rexaline

January 12, 2024 | 1:08 pm

C

Citigroup projects its FY24 revenue to be between $80 billion and $81 billion, surpassing the analyst estimate of $79.357 billion. This positive outlook may influence the bank's stock performance in the short term.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 1:07 pm

TTGT

TechTarget (NASDAQ:TTGT) has received mixed analyst ratings over the past three months, with 5 analysts offering diverse perspectives. The average 12-month price target has increased by 31.76% to $44.8, with a high of $58.00 and a low of $31.00. Analysts from Keybanc, Raymond James, and Needham have adjusted their ratings and price targets, reflecting changes in market conditions and company performance. TechTarget's financials show challenges with a revenue decline of -26.2%, below-average net margin, ROE, and ROA, and a high debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 1:01 pm

LPRO

Open Lending (NASDAQ:LPRO) has been rated by 7 analysts in the past three months, with a mix of bullish to bearish sentiments. The average 12-month price target is now $7.21, down 35.28% from the previous $11.14. Analysts have adjusted their ratings and price targets, with one analyst raising and five lowering their targets. Open Lending's financial health shows a decline in revenue growth, below-average net margin, ROE, and ROA, and a high debt-to-equity ratio, indicating potential financial strain.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 1:00 pm

PATK

Patrick Industries (NASDAQ:PATK) received mixed analyst ratings with 2 bullish and 2 somewhat bullish ratings. The average 12-month price target is $108.75, a 12.5% increase from the previous target. Brett Andress of Keybanc and Michael Swartz of Truist Securities raised their targets, while Swartz also lowered a separate target. The company faces challenges with revenue decline, below-average net margin, ROE, and ROA, but has a healthy debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 1:00 pm

PCOR

Procore Technologies (NYSE:PCOR) has been the subject of 15 analyst ratings over the past three months, with sentiments ranging from bullish to bearish. The average 12-month price target is $71.67, down 10.5% from the previous $80.08. Analysts have adjusted their ratings and price targets, with some raising and others lowering their expectations. Procore Technologies is a cloud-based construction management software company with a lower market capitalization compared to industry averages, impressive revenue growth of 32.98%, but below-average net margin, ROE, and ROA. The company has a conservative debt-to-equity ratio of 0.08.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 1:00 pm

BLK

CVX

QQQ

SPY

TSLA

UNH

XOM

U.S. stock futures indicate a weaker open on Friday after mixed trading on Thursday following the consumer price inflation report. The Nasdaq Composite closed slightly up, extending its winning streak, while the S&P 500 and Dow Industrials saw marginal movements. The focus now shifts to the producer price inflation report. In premarket trading, SPY and QQQ are down, while individual stocks like TSLA, UNH, BLK, BK, DAL, BAC, and JPM show varied reactions to earnings reports and other news. Energy stocks like CVX and XOM are up due to tensions in the Red Sea. The upcoming economic data and comments from Minneapolis Fed President Neel Kashkari are also in focus.

Portfolio Pulse from Shanthi Rexaline

January 12, 2024 | 12:21 pm

BABA

Analysts have provided 12 ratings for Alibaba Gr Holding (NYSE:BABA) over the last three months, with a mix of bullish to bearish sentiments. The average 12-month price target is now $123.58, down from $137.09, with high and low estimates of $150.00 and $90.00, respectively. Several analysts have lowered their price targets and ratings, reflecting changes in market conditions and company performance. Alibaba's financial performance shows strong revenue growth and net margin, but a lower ROE compared to industry averages. The company's market capitalization and ROA are above industry benchmarks, and it has a low debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

January 12, 2024 | 12:01 pm