Streetbeat News

Revenues

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) shares plunged in premarket trading following the announcement of a $1.5 billion green convertible senior notes offering due in 2030. Despite not having a dilutive impact on the stock, the debt offering could trigger liquidity concerns. The company also pre-announced Q3 revenue of $1.29 billion to $1.33 billion, compared to $551.57 million a year ago. Rivian's stock fell 8.61% to $21.65 in premarket trading.

Portfolio Pulse from Shanthi Rexaline

October 05, 2023 | 9:54 am

ARBK

Argo Blockchain's mining revenue in September 2023 was $3.59 million, a 23% increase from August 2023. The company mined 136 Bitcoin or Bitcoin Equivalents (BTC) in September, averaging 4.5 BTC per day, and held 32 BTC as of September 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 7:01 am

MNOV

SNY

MediciNova has received a $1 million milestone payment from Genzyme Corporation, a subsidiary of Sanofi, under an assignment agreement. The payment is due to the successful achievement of a clinical development milestone for a gene therapy product based on AAV vector technology.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 6:08 am

NVO

WMT

Walmart Inc. has reported a 'slight pullback' in food demand due to the popularity of appetite-suppressing medications such as Ozempic and Wegovy, manufactured by Novo Nordisk A/S. The company is analyzing sales trends using anonymized shopper data to evaluate purchase changes amongst individuals using these drugs. Walmart sells GLP-1 drugs, including Ozempic, in its pharmacies and reported increased revenue from these drugs in August.

Portfolio Pulse from Benzinga Neuro

October 05, 2023 | 6:04 am

AMZN

DIS

NFLX

Netflix Inc (NASDAQ:NFLX) is planning to monetize its hit shows by creating experiences and merchandise for fans. The company has partnered with PacSun, FYE, Bandai, and Zara for its 'One Piece' merchandise. Netflix has also launched experiences such as pop-up restaurants and a collection of wedding gowns related to its hit 'Bridgerton'. The company aims to release products to coincide with a new series or season on the streaming platform, a strategy that carries more risk but could lead to more brand awareness and revenue opportunities.

Portfolio Pulse from Chris Katje

October 04, 2023 | 10:56 pm

RIVN

Rivian Automotive has reported preliminary estimates for Q3 2023 revenue of $1.29B-$1.33B, which is in line with estimates of $1.3B. The increase in revenue is primarily due to an increase in vehicle deliveries. The company also believes its existing cash, cash equivalents, and short-term investments will be sufficient to fund operations and capital expenditures through 2025.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 9:47 pm

CMBM

Cambium Networks has revised its revenue outlook for Q3 2023 to $40.0-$45.0 million, down from the previous estimate of $62.0-$70.0 million. The decrease is attributed to delays in government defense orders, sluggish revenues in the Point-to-Multi-Point business, decreased orders and increased stock rotations from distributors, and economic headwinds in EMEA. Consequently, the company is suspending its full-year 2023 guidance.

Portfolio Pulse from Bill Haddad

October 04, 2023 | 8:34 pm

CMBM

Cambium Networks Corporation has revised its Q3 revenue outlook downwards from $62M-$70M to $40M-$45M.

Portfolio Pulse from Bill Haddad

October 04, 2023 | 8:32 pm

MXCT

MaxCyte announced a year-over-year decrease of 25 to 27 percent in preliminary Q3 total revenue, leading to a drop in its share price.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 8:23 pm

COST

Costco Wholesale Corporation has reported its net sales for the retail month of September, amounting to $22.75 billion.

Portfolio Pulse from Bill Haddad

October 04, 2023 | 8:16 pm