Streetbeat News

Revenues

ASX

ASE Technology's net revenues for August 2023 have declined by 22.4% YoY to $1.66B, although they have increased sequentially by 5.9%. The company's ATM revenue fell by 18% YoY.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 7:06 am

CGC

CRON

OGI

SNDL

TLRY

US legal cannabis sales are predicted to exceed $28 billion in 2023, prompting Canadian cannabis producers to consider focusing on exporting or partnering with US companies. Some Canadian companies, such as Canopy Growth and Sundial Growers, have already made strides in the US market. Canopy Growth has outperformed other producers since the news of cannabis rescheduling. Canadian cannabis exports reached C$160 million in FY23, a 50% increase from the previous fiscal year.

Portfolio Pulse from Nicolás Jose Rodriguez

September 10, 2023 | 4:48 pm

LCAA

Lotus Technology Inc., a global luxury electric vehicle maker, announced that its subsidiary, Lotus Robotics, has been selected to license its intelligent driving technology and software to several leading automakers. This move is expected to boost Lotus Tech's technology-related revenues as part of its Vision80 business transformation strategy.

Portfolio Pulse from Charles Gross

September 10, 2023 | 3:11 pm

AAPL

Apple Inc. (NASDAQ:AAPL) could potentially mitigate the impact of China's decision to ban iPhones from government offices and related companies, according to Gene Munster of Deepwater Asset Management. Munster estimates that the ban could reduce Apple's overall revenue by about 1% in 2024. However, he believes that Apple's brand loyalty in China will remain unaffected and that India could become a significant part of Apple's growth strategy. Currently, India accounts for about 3% of Apple's sales, but this could increase to match China's contribution of 20% over the next seven years.

Portfolio Pulse from Shanthi Rexaline

September 09, 2023 | 10:30 pm

UBER

Uber Technologies, Inc. (NYSE:UBER) is reportedly developing a service similar to TaskRabbit, Inc. to help app users hire individuals for various tasks. The potential new feature, 'Chore,' was discovered within Uber's iPhone application by developer Steve Moser. The feature is still in the initial development phase and is not currently being tested. The move into the tasking domain could provide a significant growth avenue for Uber, which recently posted a 14% YoY growth to $9.23 billion in Q2, slightly missing the Street view.

Portfolio Pulse from Nabaparna Bhattacharya

September 09, 2023 | 9:58 pm

INTC

Intel Corporation (NASDAQ:INTC) shares are trading down roughly 1% after the stock gained on Thursday. This is due to China's iPhone crackdown and Huawei's 5G Kirin 9000s chip-powered smartphone, which have added pressure to several sector stocks. If China bans iPhones, it could disrupt the supply chain for various semiconductor components, including those produced by Intel, leading to fluctuations in Intel's production, orders, and revenue.

Portfolio Pulse from Henry Khederian

September 08, 2023 | 7:43 pm

SMAR

BMO Capital Markets analyst Keith Bachman reiterated an Outperform rating on Smartsheet Inc. (NYSE:SMAR), raising the price target to $50 from $44. The company reported Q2 FY24 revenue growth of 26% Y/Y to $235.6 million, beating the consensus of $229.51 million. Bachman sees new AI offerings and monetization strategies as potential growth drivers for SMAR, and expects some modest upside to the October quarter.

Portfolio Pulse from Nabaparna Bhattacharya

September 08, 2023 | 7:40 pm

RIOT

Riot Platforms, Inc. (NASDAQ:RIOT) has clarified its power strategy following a CNBC report that claimed Texas paid the company $31.7 million to shut down during a heat wave in August. Riot stated that it provided over 84,000 megawatt hours of energy to the Texas market to reduce demand and stabilize the grid during the heat wave. The company earned approximately $7 million from the Electric Reliability Council of Texas, Inc. (ERCOT) ancillary services program and sold approximately $24 million of pre-purchased energy to its energy provider, TXU.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 7:15 pm

PL

Benchmark analyst Josh Sullivan has reiterated a Buy rating on Planet Labs PBC (NYSE:PL) but lowered the price target from $6.5 to $5. This comes after PL reported 2QFY24 revenues of $53.8 million, slightly below the Street’s $54.1 million. FY24 revenue guidance was also reduced due to extended defense sales cycles. Despite a 13.3% drop in share price, the analyst believes PL is in a position to control costs and consolidate attractive but financially stressed assets.

Portfolio Pulse from Shivani Kumaresan

September 08, 2023 | 6:20 pm

BXP

BMO Capital Markets analyst John P. Kim has reiterated an Outperform rating on Boston Properties, Inc. (BXP), raising the price target to $80 from $75. Kim remains bullish on BXP's healthy leasing activity, particularly in Midtown Manhattan and Boston CBD. BXP's $2.55 billion pipeline is expected to deliver 4% CAGR in 2024-25. However, Kim notes that the uncertainty in the financing market is a cause for concern. For FY24 and FY25, the analyst expects total revenue to surge 1.87% to $3.38 billion and 2.49% to $3.36 billion respectively.

Portfolio Pulse from Nabaparna Bhattacharya

September 08, 2023 | 6:18 pm