Streetbeat News

Revenues

NTES

TCEHY

Tencent Holdings Ltd (TCEHY) launched a new game 'DreamStar', seen as a competitor to NetEase Inc's (NTES) 'Egg Party'. DreamStar is part of Tencent's 1.4 billion yuan investment in game development. JPMorgan analysts predict DreamStar could reduce NetEase's revenue by 2-3%, leading to a reduction in revenue forecasts for NetEase for the next two quarters. Goldman Sachs estimates DreamStar could earn 5-6 billion yuan in its first year, while Egg Party is expected to generate 7-8 billion yuan annually. NetEase recently became China's fourth-largest internet company, but Tencent remains the largest. NTES shares dropped by 1.24% to $103.14.

Portfolio Pulse from Anusuya Lahiri

December 15, 2023 | 7:49 pm

COHR

Needham analyst Jim Ricchiuti has reiterated a Buy rating on Coherent Corp. (NYSE:COHR) and raised the price target from $46 to $52. Despite macro headwinds in the Industrial sector, COHR is expected to see improvements in CY24. The company anticipates double-digit growth in the semi-cap business and a 70% increase in the excimer laser business from 2023-2028. COHR views the cutting market in China as a growth opportunity, contrasting with other western fiber laser companies. The overall TAM for Industrial is estimated at $22 billion with a 9% CAGR over five years, while Communications has a 16% CAGR with an estimated TAM of $23 billion. FY24 EPS is expected to be $1.20 with revenue estimates raised to $4.598 billion. COHR shares dropped by 1.75% to $43.34.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 7:25 pm

VALU

Value Line (NASDAQ:VALU) reported a decrease in earnings and sales for Q2, with EPS at $0.37, down from $0.46 YoY, and sales at $9.61M, down from $10.07M YoY.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 5:30 pm

AAL

The Panamanian government has ordered the shutdown of First Quantum Minerals' Cobre Panama copper mine due to a Supreme Court ruling and protests. This closure, which affects a significant portion of Panama's GDP and employment, exacerbates the global copper deficit, with potential impacts on prices and economic growth. The copper market is already facing a projected deficit due to increased demand, particularly from the electric vehicle sector, and production cuts from other major miners like Anglo American.

Portfolio Pulse from Stjepan Kalinic

December 15, 2023 | 3:33 pm

AAPL

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SPY

TSLA

USO

Market sentiment has become extremely positive, which is often a contrary indicator signaling a potential sell-off. SPDR S&P 500 ETF Trust (SPY) is at the low band of the top resistance zone, with room to run higher despite overbought conditions. Quadruple witching is causing volatility with over $5 trillion in options expiring, potentially leading to a market maker gamma squeeze. New York Fed President John Williams is attempting to moderate expectations after Powell's dovish comments. Records are being set with 44% of S&P 500 stocks overbought and small caps' rapid rise. Money flows are mixed in major tech stocks and ETFs like SPY and QQQ. The momo crowd is buying, while smart money's actions are undisclosed. Gold, oil, and Bitcoin are experiencing volatile trades. Investors are advised to maintain protection bands to balance risks and opportunities.

Portfolio Pulse from The Arora Report

December 15, 2023 | 3:27 pm

GNS

Genius Group Limited (GNS) shares surged after the company raised its FY23 revenue guidance to $27 million-$29 million, above the analyst consensus of $27.69 million. The company also adjusted its net profit expectations to $3.0 million-$5.0 million from a previously expected net loss of ($15.4) million to ($17.0) million. The positive outlook is attributed to organic growth, with expected student and user growth of 27% to 33%. CEO Roger Hamilton highlighted the shift from acquisitions in 2022 to organic growth in 2023. GNS shares jumped 22.03% to $0.72.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 3:26 pm

GEVO

Gevo, Inc. has expressed appreciation for the Biden Administration's decision to use the Argonne GREET method for the SAF tax credit, as outlined by the U.S. Department of Treasury. This method will provide a science-based approach to transparent carbon accounting in the SAF supply chain. The GREET model, which includes tools for precise measurement of SAF carbon intensity, will be finalized by March 1, 2024. Gevo's CEO, Dr. Patrick Gruber, highlighted the importance of data-driven integrity and the role of U.S. farmers in contributing to cleaner aviation fuel. The Inflation Reduction Act's tax credits for SAF with at least 50% lower emissions than conventional fuel are expected to create new markets for American farmers.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 3:22 pm

UTZ

Utz Brands, Inc. (NYSE:UTZ) is set to present its long-term growth strategy at its 2023 Investor Day, reaffirming its FY 2023 outlook with net sales growth of 2%-3% and organic net sales growth of 3%-4%. The company anticipates 4%-5% organic net sales growth from FY23 to FY26 and targets a ~16% adjusted EBITDA margin by FY26. Plans include expanding Power Brands, transforming the supply chain for margin improvements, and introducing new three-year financial targets. Utz also aims to reduce leverage and pursue acquisitions opportunistically.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 2:17 pm

LVO

LiveOne (NASDAQ:LVO) has announced a strategic B2B partnership with a Fortune 500 media conglomerate, which is expected to generate a minimum of $20M in revenues for calendar year 2024. This partnership has led LiveOne to raise its FY24 revenue guidance to $118M-$120M, compared to the estimated $118.31M. The company now has over 35 potential B2B partnerships across 8 verticals. The updated revenue guidance reflects management's optimism for continued revenue growth and business execution through Fiscal 2025. However, these are preliminary expectations and are subject to change during the quarter-end and fiscal year-end review process.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:48 pm

DRI

Darden Restaurants Inc (NYSE:DRI) reported Q2 FY24 sales of $2.727 billion, a 9.7% increase Y/Y but slightly below analyst estimates of $2.741 billion. Blended same-restaurant sales rose by 2.8%, with additional revenue from 78 Ruth's Chris Steak House locations and 45 other new restaurants. Operating margin was 10.2%, with operating income up 19.4% Y/Y to $278.5 million. Adjusted EPS of $1.84 exceeded estimates of $1.74. The company declared a quarterly dividend of $1.31 per share and has $328 million left in its share repurchase program. FY24 adjusted EPS guidance is $8.75-$8.90, with revenue projected at $11.5 billion, slightly below the $11.57 billion estimate. DRI shares dropped 1.7% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 15, 2023 | 1:47 pm