Streetbeat News

Revenues

RCEL

AVITA Medical's stock is trading lower following the company's announcement of reduced revenue guidance for FY23, which falls below analyst estimates.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 4:28 pm

ITB

XLRE

Morgan Stanley predicts a 3-5% drop in home prices in 2024, indicating a shift towards more affordable housing as mortgage rates ease. Freddie Mac reports the average 30-year fixed mortgage rate at 7.44%. Homeowners' reluctance to sell low-rate mortgages has led to the least affordable market since the 1980s. Goldman Sachs expects a modest 3% price drop by end of 2024. Real estate stocks, including REITs, have seen a positive trend in November, with the Real Estate Select Sector SPDR Fund (XLRE) up nearly 10%, and the U.S. iShares Home Construction ETF (ITB) up nearly 19%.

Portfolio Pulse from Piero Cingari

November 21, 2023 | 4:06 pm

ANF

Abercrombie & Fitch Co (NYSE:ANF) reported Q3 FY23 sales of $1.06 billion, missing estimates of $1.34 billion, but adjusted EPS of $1.83 beat estimates of $1.18. Sales grew 20% Y/Y with comparable sales up 16%. Gross profit margin expanded to 64.9%, and operating income increased to $138 million. The company updated its FY23 outlook, expecting net sales growth of 12%-14% and an operating margin of about 10%. Despite the mixed results and improved outlook, ANF shares dropped 4.12% to $69.31.

Portfolio Pulse from Shivani Kumaresan

November 21, 2023 | 3:59 pm

MDT

Medtronic's stock is trading higher following the announcement of their second-quarter results, which exceeded expectations. Additionally, the company has increased its guidance for the fiscal year 2024, signaling confidence in its future performance.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 3:44 pm

J

Jacobs Solutions Inc (NYSE:J) shares fell approximately 4% after reporting Q4 FY23 results. Revenue increased 10.5% Y/Y to $4.29 billion, surpassing estimates. Adjusted EPS was $1.90, beating consensus by $0.01. However, the FY24 EPS outlook of $7.70-$8.20 is below the consensus of $8.40. The company also announced a spin-off and merger of its CMS and Cyber & Intelligence units with Amentum. The stock was down 6.75% at $127.74.

Portfolio Pulse from Lekha Gupta

November 21, 2023 | 3:44 pm

MVST

J Capital Research has issued a short report on Microvast Holdings (MVST), alleging that the majority of MVST's sales may be fake and that its Chinese factory shows little activity. They also claim that MVST failed to inform investors in a timely manner about the loss of a $200M DOE grant and question the company's reported backlog. J Cap admits to possibly being short MVST shares, indicating a potential conflict of interest.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 3:41 pm

LEEEF

Leef Brands, Inc. reported a 19% YoY decrease in Q3 revenue to $5.7 million, but a 10% increase in revenue for the nine months ended Sept. 30, 2023. Gross margins improved YoY, and operating expenses decreased significantly. The company experienced a net loss of $2 million, and total liabilities and shareholders' equity decreased to $48.8 million. Post-market close on Monday, shares traded 13.8716% higher at $0.0137.

Portfolio Pulse from Jelena Martinovic

November 21, 2023 | 3:19 pm

KSS

Kohl's Corp (NYSE:KSS) shares dropped approximately 12% following its Q3 FY23 earnings release. Revenue fell 5.2% year-over-year to $3.84 billion, missing estimates of $4.11 billion. Comparable sales decreased by 5.5%. However, EPS of $0.53 exceeded expectations of $0.33. Gross margin improved, but operating income declined, and operating margin contracted. SG&A expenses rose, and inventory decreased by 13% Y/Y. Kohl's has $190 million in cash and cash equivalents and declared a quarterly dividend of $0.50 per share. The company revised its FY23 sales outlook to a larger decline and narrowed its EPS forecast, while maintaining its operating margin projection and lowering expected capital expenditures.

Portfolio Pulse from Lekha Gupta

November 21, 2023 | 3:13 pm

SPY

U.S. existing home sales have slumped to their lowest level in over 13 years this October, indicating a significant slowdown in the housing market. This downturn is attributed to high mortgage rates and prices, which have been deterring potential buyers. The decline in home sales could have broader implications for the economy and consumer spending.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 3:01 pm

SPY

USA Existing Home Sales for October decreased by 4.1%, a larger drop than the previous month's 2.2% decline, indicating a potential slowdown in the housing market.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 3:00 pm