Streetbeat News

Revenues

SPY

Fed's Goolsbee comments on the October CPI report, stating it 'looked pretty good' and acknowledges the 'very real pain' caused by inflation.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 6:08 pm

BXP

Boston Properties Inc (BXP) has sold a 45% stake in two life sciences development properties in Cambridge, Massachusetts, to Norges Bank Investment Management for approximately $1.66 billion. BXP retains a 55% interest and will continue to provide development, property management, and leasing services. The deal will reduce BXP's future development spend by about $533.5 million. BXP recently reported a Q3 FFO per share of $1.86 and sales of $824.28 million, surpassing consensus estimates. BXP shares have risen 10.6% to $56.67.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 5:45 pm

CSIQ

Canadian Solar Inc (NASDAQ:CSIQ) reported a decline in Q3 FY23 revenue by 4.5% year-on-year to $1.85 billion, missing consensus estimates of $2.03 billion. The company saw a decrease in project sales and average selling price of modules, though module shipments increased. Gross profit and operating income also fell, with EPS dropping significantly from the previous quarter and year. Despite a decrease in operating cash flow, Canadian Solar has a $2.6 billion e-STORAGE contracted backlog and is making strategic investments in facilities to serve U.S. customers. The Q4 outlook is below consensus estimates, and shares fell 3.53% to $20.23.

Portfolio Pulse from Akanksha Bakshi

November 14, 2023 | 5:27 pm

TLIS

Talis Biomedical Corp (NASDAQ:TLIS) stock surged 30% after announcing strategic options exploration to enhance shareholder value. The company is considering financing, mergers, or asset divestiture, and is reducing its workforce by 90% and consolidating operations in Chicago. Despite lower revenues in Q3 2023, operating expenses and net losses decreased, with cash reserves reported at $88.0 million as of September 30. Talis Biomedical will not hold a Q3 results conference call but details are in their 10-Q report.

Portfolio Pulse from Henry Khederian

November 14, 2023 | 5:21 pm

PFE

Pfizer Inc (NYSE:PFE) is cutting 500 jobs at its Sandwich, Kent facility as part of a global cost-cutting initiative due to lower-than-expected COVID-19 vaccine and treatment sales. The pharmaceutical sciences small molecule operations will be discontinued, affecting primarily scientist roles and some administrative positions. The company plans to relocate these roles to other sites in Chennai, India, and Connecticut, US. Despite the job cuts, Pfizer's Q3 sales slumped 42%, and further details on the cost-cutting measures will be shared in the coming months.

Portfolio Pulse from Vandana Singh

November 14, 2023 | 5:15 pm

AMZN

Amazon.com, Inc (NASDAQ:AMZN) stock rose on Tuesday following the launch of 'Buy with Prime', a program offering Prime members new shopping benefits for the holiday season. The program allows shopping directly from brands' online stores with fast, free delivery and returns. Brands like Wyze, KNOW Beauty, and ALT. Fragrances are participating. Amazon Business's 2024 State of Procurement Report indicates procurement teams expect increased budgets and are focusing on new tools and technologies. The report provides insights into B2B trends and procurement across various industries and countries. AMZN shares were up 2.33% at $145.91.

Portfolio Pulse from Anusuya Lahiri

November 14, 2023 | 5:09 pm

WKHS

Workhorse Group Inc (NASDAQ:WKHS) reported Q3 FY23 sales of $3.03 million, significantly below the consensus estimate of $20.9 million. The company faced delays in HVIP voucher availability in California, impacting its ability to deliver vehicles. Despite resolving the HVIP issue, Workhorse slashed its FY23 revenue outlook from $65-$85 million to $10-$15 million, far below the consensus of $63.01 million. The company also reported a narrowed gross loss and is exploring strategic alternatives for its Aero business. Workhorse shares dropped by 4.18% following the news.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 4:57 pm

ZDPY

Zoned Properties, Inc. (OTCQB:ZDPY), a cannabis-focused real estate development firm, reported a 17.2% increase in revenue for Q3 2023 compared to the same quarter last year. The company saw a net income of $114,523, reversing a net loss from the previous year. Operating expenses increased slightly by 1.7%. For the nine-month period, revenues were up 6.3%, but the company experienced a slight increase in net loss. Cash on hand decreased from the previous quarter. The CEO highlighted a full pipeline of acquisitions and a disciplined capital allocation approach. ZDPY shares traded 9.4286% higher at $0.4979 following the announcement.

Portfolio Pulse from Jelena Martinovic

November 14, 2023 | 4:51 pm

HD

Home Depot Inc (NYSE:HD) reported FY23 sales of $37.71 billion, surpassing analyst estimates of $35.66 billion, despite a 3% year-on-year decline. Customer transactions decreased by 2.4%, and comparable sales fell by 3.1% overall, with a 3.5% drop in the U.S. Gross profit decreased by 3.7% to $12.7 billion, and operating income fell 12.1% to $5.4 billion. Operating expenses rose by 3.6% to $7.3 billion. EPS of $3.81 beat the consensus of $3.58. The company revised its sales and comparable sales forecast to a decline of 3%-4% and expects an EPS decline of 9%-11% for FY23. Home Depot's stock rose by 6.12% to $305.70.

Portfolio Pulse from Shivani Kumaresan

November 14, 2023 | 3:30 pm

COIN

Katherine Wu, a shareholder in Coinbase, revealed during the Q3 shareholder meeting that 52 million people own cryptocurrency, with ownership rates increasing among younger demographics.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 3:17 pm