Streetbeat News

Revenues

PFE

Pfizer has revised its 2023 revenue guidance to $58B-$61B, down from $66.02B, due to changes in its Covid products. The company has amended its supply agreement with the U.S. government for Paxlovid, reducing its revenue guidance for the drug by $7B. Pfizer will commercialize Paxlovid in the U.S. starting January 1, 2024. The company also plans to launch a cost realignment program expected to deliver savings of at least $3.5B.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 8:32 pm

META

Mizuho analyst James Lee maintains a Buy rating on Meta Platforms Inc (NASDAQ:META) with a price target of $400. Lee's agency checks indicate ad revenue growth is tracking ahead of consensus and expects further operating leverage from increased efficiency. He projects 3Q revenue of $33.36 billion vs. consensus $33.52 billion. Despite investor concerns about FY24 opex guidance reaching 20% YoY growth, Lee believes the probability is low. META remains Lee's top pick in his coverage universe.

Portfolio Pulse from Anusuya Lahiri

October 13, 2023 | 6:02 pm

AYRWF

INM

MRMD

TSNDF

The Benzinga Cannabis Capital Conference highlighted positive sentiment and growth potential in the cannabis industry. Water Tower Research's Jesse Redmond reported optimism and interest from larger investors. Keynote presentations featured executives from TerrAscend Corp, MariMed Inc, AYR Wellness Inc, and InMed Pharmaceuticals Inc, who discussed their companies' growth strategies and outlooks. MariMed plans to expand in 2023, AYR Wellness reported an 18% YoY revenue spike in Q2/23, and InMed Pharmaceuticals showcased its innovative endeavors in the rare cannabinoid domain.

Portfolio Pulse from Patricio Liddle

October 13, 2023 | 5:29 pm

AMZN

BofA analyst Justin Post maintains a Buy rating on Amazon (AMZN) with a price target of $174. Amazon's Big Deal Days event resulted in Prime members saving over $1 billion. Post estimates a 43% Y/Y unit growth, translating to $9.1 billion in total GMV. He also anticipates a solid start to 4Q and strong holiday demand, indicated by Amazon's plan to hire up to 250k employees. Despite a 2.04% drop in AMZN shares, Post remains bullish due to expected eCommerce and AWS acceleration.

Portfolio Pulse from Anusuya Lahiri

October 13, 2023 | 5:18 pm

BP plc shares are trading higher due to rising crude oil prices following U.S. sanctions on two Russian oil shipping companies and supply uncertainty caused by the Israel-Hamas conflict. The geopolitical conflicts can lead to concerns about the stability of oil supplies, benefiting companies like BP. BP's profitability is directly linked to the price of oil, so higher oil prices can lead to increased revenues and improved financial performance for the company.

Portfolio Pulse from Henry Khederian

October 13, 2023 | 3:46 pm

Citi CEO has announced that the revival of IPOs has helped increase the bank's investment banking revenue in Q3. The bank also played a significant role in advising one of the world's largest deals.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 3:11 pm

AMC

The AMC-distributed 'Taylor Swift: Eras Tour' concert film made $2.8 million in Thursday night previews. The film was shown in 2,700 theaters starting at 6 p.m. local time.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 2:50 pm

BLK

DRPRF

GOOG

JPM

MSFT

NFLX

SAVA

TSM

UNH

WFC

The UK's Competition and Markets Authority has approved Microsoft's $69B acquisition of Activision Blizzard. Google is testing generative AI functionalities for its search tool. Cassava Sciences faces controversy over scientific misconduct allegations. Ford is struggling with UAW negotiations. EHang shares are trading higher after obtaining a certificate for its EH216-S UAV system. OpenAI is valued at $90B and is close to selling shares. TSMC is seeking permanent US approval for chip supplies. Netflix plans to launch 'Netflix House' experiences. The Kroger-Albertsons deal faces potential legal challenges. Boeing and Spirit AeroSystems are inspecting 737 Max aircraft defects. Wells Fargo, JPMorgan, Citigroup, BlackRock, and UnitedHealth reported Q3 earnings. Porsche records a 10% surge in deliveries for the first three quarters.

Portfolio Pulse from Vandana Singh

October 13, 2023 | 1:48 pm

CLSH

CLS Holdings USA, Inc. (OTCQB:CLSH) reported a 15% YoY decrease in Q1 revenue to $5.1 million and a 22% decrease in gross profit to $2.3 million. However, the company saw a 154% increase in cash flow from operating activities. The company is exploring asset-light approaches in the Nevada market, which is expected to grow 33% between 2020 and 2025, and in nearby markets like Arizona and New Mexico.

Portfolio Pulse from Jelena Martinovic

October 13, 2023 | 1:31 pm

PSQH

PSQ Holdings, Inc. (NYSE:PSQH) reported preliminary 3Q23 revenue of approximately $2.2M, a 300% increase from Q2 23. The company's DTC brand EveryLife achieved over $3.5M of annualized subscription revenue in its first two months. PSQH ended 3Q23 with over $25M cash on balance sheet and expects its first profitable quarter in 2024. The company will report 3Q23 financial results on November 14, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 12:09 pm