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JPMorgan analysts project an 8% drop in the S&P 500 for 2024, forecasting the SPDR S&P 500 ETF Trust (SPY) to trade at pre-summer highs or October 2023 lows. The bearish outlook is based on high valuations, an aging business cycle, restrictive monetary policy, and geopolitical risks. The bank warns of a potential 30% fall in EPS during the next economic slowdown and advises sectoral shifts, recommending overweight positions in energy, consumer staples, healthcare, and utilities, while suggesting neutral or underweight positions for other sectors.

Portfolio Pulse from Piero Cingari

November 30, 2023 | 5:44 pm

DLTH

Duluth Holdings Inc. (NASDAQ:DLTH) reported a decrease in Q3 FY23 sales by 6.1% to $138.21 million, missing estimates. The EPS loss of $(0.32) also missed expectations. Retail store sales dropped by 8.8% due to slower traffic, although average transaction value was higher. Gross margin and profit decreased, attributed to a lower mix of full-price sales. The company revised its FY23 outlook downwards for net sales and EPS, expecting $640 million-$655 million in sales and an EPS of $(0.25)-$(0.15). DLTH shares fell by 3.79% to $4.95.

Portfolio Pulse from Nabaparna Bhattacharya

November 30, 2023 | 5:43 pm

AAPL

AMZN

DIS

IBM

MSFT

WBD

Elon Musk's explicit response to advertisers boycotting Twitter could further alienate companies and impact the platform's financial stability. Companies like Disney, Warner Bros. Discovery, IBM, Apple, Amazon, Coca-Cola, and Microsoft have paused ads on Twitter. Twitter's ad revenue, which constitutes 90% of its income, has reportedly declined since Musk's acquisition. The platform also faces a high debt burden and reduced valuations, with Fidelity marking it down by 58%. Musk remains optimistic about Twitter's future valuation.

Portfolio Pulse from Chris Katje

November 30, 2023 | 5:11 pm

CBRL

Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) reported Q1 FY24 revenues of $823.8 million, a 1.9% decrease year-over-year, missing consensus estimates. Comparable store restaurant sales slightly decreased, while retail sales fell 8.1%. Adjusted operating income and EPS both declined, with EPS missing consensus estimates. The company provided FY24 revenue guidance that aligns with consensus and plans to open new stores. CBRL shares fell 5.47% following the report.

Portfolio Pulse from Vandana Singh

November 30, 2023 | 4:46 pm

RWBYF

Red White & Bloom Brands Inc. (RWBYF), a Canadian MSO, reported increased Q3 2023 revenue of CA$20.1 million and a net loss decrease to CA$6.5 million. Adjusted EBITDA rose to CA$1.6 million. The company reduced expenses and expanded into Ohio, with a focus on high-margin products and the upcoming Aleafia acquisition. RWBYF's stock surged 70.25% to $0.0475 per share.

Portfolio Pulse from Patricio Liddle

November 30, 2023 | 4:43 pm

SLNH

Soluna Holdings, Inc. has registered for ERCOT's Demand Response Program, which will allow the company to generate over $10/MWh in additional revenue for Project Dorothy and potentially reduce power costs below $20/MWh. This positions Soluna as one of the lowest cost operators in the industry. The company also reported strong Q3 results with a 176% increase in revenue and an operating profit milestone. Additionally, Soluna completed the Third Amendment of October Notes to facilitate early payoff of convertible notes, signed new hosting customers at Project Sophie, and established an Advisory Board with AI and data center experts to expand its pipeline of candidates with AI expertise.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:38 pm

SLNH

Soluna Holdings, Inc. (NASDAQ:SLNH) announced the completion of its registration for Ancillary Services, aiming to diversify revenue streams. The company reported strong Q3 results with a 176% increase in revenue and an operating profit milestone. Soluna registered for ERCOT's Demand Response Program, which could add over $10/MWh in revenue and potentially reduce power costs below $20/MWh. The company also achieved hosting diversification, established an Advisory Board, and provided updates on key metrics and project developments.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:34 pm

NUMIF

Numinus Wellness (OTC:NUMIF) reported Q4 and full year fiscal 2023 results, showing a 256.9% year-over-year revenue increase to $23.2 million, largely due to the Novamind acquisition and organic growth. Q4 revenue grew 1.7% to $6.1 million, despite a gross margin decrease to 29.5%. The company reduced its cash burn rate to under $1 million per month and is focusing on profitability. Numinus also partnered with MAPS for MDMA-assisted therapy training and doubled its PAT course cohort.

Portfolio Pulse from The Dales Report

November 30, 2023 | 4:27 pm

WBD

'Friends' has seen a surge in viewership on Warner Bros. Discovery's Max streaming platform following the death of actor Matthew Perry on October 28. Nielsen data shows a 31% increase in minutes watched for the week of Oct. 23 to Oct. 29, compared to the previous week. This event could potentially impact Warner Bros. Discovery's stock as increased viewership may translate to higher engagement and potentially more subscribers.

Portfolio Pulse from Chris Katje

November 30, 2023 | 4:20 pm

DIS

The Walt Disney Company responded to Nelson Peltz's statement, announcing it is on track to achieve approximately $7.5 billion in cost savings, which is $2 billion more than the original target. Disney also expects its free cash flow to approach pre-COVID levels in FY24.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:18 pm