Streetbeat News

Revenues

CCL

CPB

HOOD

LCID

MDB

TLT

XLE

Stocks showed little movement while gold and Treasuries rose amid mixed sentiments due to weak ADP employment data. Investors are considering the implications for interest rates and corporate earnings. Oil prices fell, pressuring energy stocks like XLE. TLT gained on safe-haven demand. Citigroup announced a share buyback, boosting its stock, while Altria and Philip Morris were hit by British American Tobacco's brand devaluation. Lucid plans to lower prices, Campbell Soup reported strong earnings, and Carnival saw gains with travel optimism. Brown Forman and MongoDB fell on results, while SentinelOne and Robinhood rose.

Portfolio Pulse from Piero Cingari

December 06, 2023 | 7:04 pm

BMY

Bristol Myers Squibb's Abecma, a CAR T cell immunotherapy, has been approved in Japan for use in earlier lines of therapy for patients with relapsed or refractory multiple myeloma (RRMM) who have received at least two prior therapies. This makes Abecma the first CAR T therapy approved for such use in Japan. The approval is based on the KarMMa-3 study, which showed Abecma significantly increased median progression-free survival compared to standard regimens. The results will be presented at the American Society of Hematology Annual Meeting in San Diego.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 6:56 pm

HOOD

Bitcoin has surpassed $44,000 for the first time since April 2022, positively impacting Robinhood Markets Inc (HOOD). Robinhood CEO Vlad Tenev highlighted the company's role in the crypto industry on CNBC's 'Squawk Box.' He attributed the crypto surge to factors like institutional interest, optimism for a Bitcoin ETF, a potential end to the Fed's rate hikes, and Bitcoin's appeal as an inflation hedge. Robinhood has seen a 75% increase in crypto trading volumes and $1.4 billion in net deposits last month. Tenev also discussed the alignment of crypto's technology with Robinhood's mission to democratize finance. Robinhood's stock rose 8.64% to $11.44 following the news.

Portfolio Pulse from Adam Eckert

December 06, 2023 | 6:11 pm

THO

Thor Industries, Inc. (NYSE:THO) reported a 19.5% year-on-year decline in Q1 FY24 sales to $2.501 billion, missing estimates of $2.53 billion. North American Towable and Motorized RV sales dropped by 28.3% and 36.7% respectively, while European RV sales rose by 40.4%. EPS was 99 cents, below the expected $1.05. Gross profit margin fell to 14.3%. Despite the miss, Thor reiterated its FY24 sales outlook of $10.5 billion to $11 billion and EPS forecast of $6.25 to $7.25. THO shares rose by 6.66% to $109.99.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 5:11 pm

GOOGL

MCD

McDonald's executive discussed the benefits of their partnership with Google, highlighting technology's role in providing visibility across restaurants and potential cost savings. Additionally, McDonald's plans to open approximately 7,000 new restaurants in IDL markets by 2027, with over half of these openings in China, as stated in a conference call.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 4:55 pm

ODFL

Old Dominion Freight Line's stock is trading lower following the announcement of a year-over-year decline in their November revenues per day.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 4:22 pm

BTE

Baytex Energy Corp. (NYSE:BTE) has approved a 2024 budget for exploration and development expenditures of $1.2 to $1.3 billion, aiming for an average annual production of 150,000 to 156,000 boe/d. The budget focuses on free cash flow generation and shareholder returns, with 50% of free cash flow allocated to share buybacks and dividends, and the other 50% to strengthen the balance sheet. The company expects to generate approximately $530 million of free cash flow in 2024. The capital program will be split between their Eagle Ford light oil assets in the U.S. (60-65%) and Canadian assets (35-40%). Baytex has also purchased insurance coverage to manage litigation risk from tax reassessments by the Canada Revenue Agency. The company's five-year outlook anticipates production growth of 1% to 4% annually, reaching about 170,000 boe/d in 2028, with free cash flow per share increasing by 90% from 2024 to 2028.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 4:13 pm

AAPL

ADP

AMZN

GLD

GOOG

META

MSFT

NVDA

QQQ

SLV

SMIN

SPY

TSLA

USO

Investors expect the European Central Bank to cut rates six times by 2024, potentially before the Fed does. ADP data indicates a Goldilocks economy with employment change lower than expected but still positive. U.S. Q3 Unit Labor Costs fell more than anticipated, and productivity surged, which is positive for the stock market. India's stock market capitalization reached $4 trillion, with iShares MSCI India Small-Cap ETF (SMIN) up 31.2% YTD. Early trade money flows are positive for major tech stocks and ETFs like SPY and QQQ. Gold and oil are experiencing mixed actions from the momo crowd and smart money. Bitcoin crossed $44,000. The Arora Report advises investors to maintain a balance of cash, hedges, and good long-term positions.

Portfolio Pulse from The Arora Report

December 06, 2023 | 4:08 pm

MSFT

A market analysis compares Microsoft (NASDAQ:MSFT) to its competitors in the Software industry, examining financial metrics and market position. Microsoft's P/E ratio is below the industry average, suggesting growth potential, while its P/B ratio indicates potential undervaluation. However, its P/S ratio may point to overvaluation. Microsoft's ROE is below the industry average, suggesting inefficiency in profit generation. The company's EBITDA and gross profit are significantly above the industry average, indicating strong profitability. Microsoft's revenue growth is below the industry average, signaling a challenging sales environment. The company's low debt-to-equity ratio suggests a strong financial position with less reliance on debt.

Portfolio Pulse from Benzinga Insights

December 06, 2023 | 4:00 pm

NVDA

NVIDIA (NASDAQ:NVDA) is evaluated against its competitors in the Semiconductors & Semiconductor Equipment industry. It has a lower P/E ratio than the industry average, suggesting undervaluation, but higher P/B and P/S ratios, indicating a premium on assets and sales. NVIDIA's ROE is significantly above the industry average, showing efficient equity use. However, its EBITDA and gross profit are below the industry average, pointing to potential profitability challenges. The company's revenue growth is robust, outpacing the industry average.

Portfolio Pulse from Benzinga Insights

December 06, 2023 | 4:00 pm