Streetbeat News

Revenues

LRHC

La Rosa Holdings has informed Benzinga that its subsidiary, CW Properties, generated revenue of $3.4 million and achieved positive net income in 2022.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:45 pm

COKE

ELF

FRPT

UVV

Four consumer staples stocks, Universal Corporation (UVV), e.l.f. Beauty (ELF), Freshpet (FRPT), and Coca-Cola Consolidated (COKE), are showing high Relative Strength Index (RSI) values, indicating they may be overbought. UVV reported a significant increase in operating income, ELF raised its FY23 guidance, FRPT also reported better-than-expected results and raised guidance, and COKE posted increased quarterly sales. Despite positive news, their high RSI values suggest a potential short-term pullback.

Portfolio Pulse from Avi Kapoor

December 15, 2023 | 1:41 pm

SWK

Stanley Black & Decker has agreed to sell its STANLEY Infrastructure division to Epiroc AB for $760 million in cash. The Infrastructure division is projected to generate $450 to $470 million in revenue with a mid-to-high teens adjusted EBITDA margin in FY2023. The proceeds from the sale, after taxes, will be used by Stanley Black & Decker to reduce its debt.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:02 pm

CBAY

CymaBay Therapeutics has announced the submission of a New Drug Application (NDA) to the FDA for Seladelpar, aimed at treating Primary Biliary Cholangitis (PBC). This step is crucial for the company as it seeks approval to market Seladelpar as a treatment option for PBC, a chronic liver disease. The FDA's acceptance of the NDA would be a significant milestone for CymaBay, potentially leading to future revenue streams from the drug if approved.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:01 pm

BABA

COST

DRI

LEN

QQQ

SCHL

SPY

US stocks are set for a seventh consecutive session of gains, with small-cap stocks showing strength. The market is cautious due to the upcoming 'quadruple witching' which could introduce volatility. Economic data on manufacturing and industrial production will be watched to assess the Federal Reserve's soft-landing approach. Energy stocks led Thursday's gains, while defensive utilities fell. Analysts predict the S&P 500 Index to end 2024 between 4,700 and 4,800, with small-cap stocks potentially outperforming. In premarket trading, SPY and QQQ ETFs rose, while individual stocks like COST, LEN, and SCHL showed varied movements. Alibaba and JD.com rallied on Chinese stimulus hopes. DRI is set to report earnings, and global markets are generally up, with oil prices increasing.

Portfolio Pulse from Shanthi Rexaline

December 15, 2023 | 12:35 pm

GNS

Genius Group anticipates a significant increase in full-year 2023 revenue, projecting $27M-$29M, which suggests a 43%-60% year-over-year growth. The company also revised its net profit guidance to $3.0M-$5.0M, a substantial improvement from the previously expected net loss of $(15.4)M-$(17.0)M.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 12:09 pm

DRI

Darden Restaurants, Inc. reported a 9.7% increase in total sales to $2.7 billion for Q2 2024, with a 2.8% rise in blended same-restaurant sales. The growth was partly due to the addition of 78 Ruth's Chris Steak House locations and 45 other new restaurants. Olive Garden and LongHorn Steakhouse saw same-restaurant sales growth of 4.1% and 4.9%, respectively, while Fine Dining and Other Business segments experienced declines of 1.7% and 1.1%.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 12:09 pm

DRI

Darden Restaurants, Inc. (DRI) has updated its FY24 financial outlook, expecting total sales of approximately $11.5 billion, which is slightly below the estimated $11.57 billion. The company forecasts adjusted EPS of $8.75-$8.90, compared to the estimated $8.81. These projections include the operating results of Ruth's Chris but exclude about $55 million of pre-tax costs related to the acquisition. Other outlook details include same-restaurant sales growth of 2.5%-3.0%, 50-55 new restaurant openings, total capital spending of $600 million, total inflation of 3.0%-3.5%, an effective tax rate of 12%-12.5%, and approximately 121.0 million weighted average diluted shares outstanding.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 12:07 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) has released a report indicating that its Powerwall, when combined with solar power, is more cost-effective than traditional backup generators. The report suggests that users could save approximately $20 per month on electricity bills, leading to the system being up to 20% less expensive over a 10-year period. Tesla has increased Powerwall production to meet demand and is now focusing on generating new demand. The Powerwall has been part of significant renewable energy initiatives in Texas and Puerto Rico, contributing to energy generation and grid support.

Portfolio Pulse from Benzinga Neuro

December 15, 2023 | 11:13 am

VGK

The Eurozone Manufacturing Purchasing Managers Index (PMI) for December remained unchanged at 44.2, which is in line with the previous month's figure but below the estimated 44.6.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:00 am