Streetbeat News

Revenues

SentinelOne has projected its Q3 revenue to be $156M, which is higher than the consensus estimate of $154.2M.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 8:16 pm

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The nationwide median home-sale price has surged to $380,000, a 5% year-over-year increase, according to a report by Redfin Corp. This has resulted in the typical monthly mortgage payment reaching an all-time high of $2,649. The price surge is driven by a severe inventory shortage, with new listings down 10% and the total number of U.S. homes for sale down 19%. This has implications for key players in the housing market such as Rocket Companies Inc, Lennar Corp, Wells Fargo & Co, JPMorgan Chase & Co, Ocwen Financial Corp, PulteGroup, Inc, and Bank of America Corp.

Portfolio Pulse from AJ Fabino

August 31, 2023 | 7:51 pm

ALK

Alaska Air Group Inc expects passenger levels for the Labor Day period to reach pre-pandemic levels. The company anticipates nearly 700,000 guests throughout its network from Thursday to Monday, marking an increase of nearly 8% from last year.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 7:38 pm

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Benchmark analyst Robert Wasserman has reiterated a Buy rating on AbCellera Biologics Inc. (ABCL), but lowered the price target to $12 due to reduced valuations for other drug discovery stocks. AbCellera's shares have declined recently as royalties from sales of R&D partner Eli Lilly And Company's (LLY) COVID-19 antibody therapeutics have disappeared. However, the analyst notes that AbCellera has seven molecules in the clinical pipeline and the long-term prospects for new partnerships and royalty revenues look positive.

Portfolio Pulse from Nabaparna Bhattacharya

August 31, 2023 | 7:18 pm

WMS

Oppenheimer analyst Bryan F. Blair has reiterated an Outperform rating on Advanced Drainage Systems, Inc. (NYSE:WMS), raising the price target to $148 from $140. Blair highlighted the company's expanding partnerships and relationships with top homebuilders, broadening economic moats, and substantial earnings potential. The analyst expects revenues of $2.8 billion and an adjusted EPS of $5.72 for FY24, and revenues of $3 billion and an adjusted EPS of $6.30 for FY25.

Portfolio Pulse from Nabaparna Bhattacharya

August 31, 2023 | 7:03 pm

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Qualcomm Inc is expanding its automotive chip business using generative artificial intelligence (AI). The company is selling its Snapdragon Digital Chassis to automakers including General Motors Co, Hyundai Motor Co, Ltd, and Volvo Car AB. Qualcomm's revenue from automotive sales is relatively small, but it projects substantial growth, with an estimated sales target of over $9 billion by 2031. The company is also working on creating a smart user guide and leveraging AI for driver monitoring.

Portfolio Pulse from Anusuya Lahiri

August 31, 2023 | 6:46 pm

UPS

United Parcel Service Inc. (NYSE:UPS) is offering voluntary separation benefits to eligible pilots in an effort to reduce its workforce amid declining package volume. The company aims to entice 167 senior pilots to retire early. This is the first time since 2010 that UPS has sought to trim its pilot workforce. The company handled 9.4% fewer packages in Q2 2022 compared to the same period in 2021, with a more pronounced decline of 12% in domestic packages traveling via plane.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 6:46 pm

Wedbush analyst Moshe Katri reiterated Visa Inc (NYSE: V) with an Outperform and a $270 price target. Visa's U.S. Payments volume data suggests slight growth improvements month-to-month, with quarter-to-date in-line performance with the June quarter. Visa announced volume and transaction data for July and August 1-28, 2023, showing a 7% YOY growth in U.S. payments volume. Visa's shares traded higher by 0.13% at $246.54 on the last check Thursday.

Portfolio Pulse from Anusuya Lahiri

August 31, 2023 | 5:29 pm

FXI

China's Industrial Bank has announced a cut in its 1-year deposit rate by 10 basis points to 1.75% and a 20 basis point cut in its 2-year deposit rate to 2%. Additionally, China's top 100 developers have seen a 34% YoY decrease in sales in August.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 2:54 pm

CRYM

CryoMass Technologies Inc. (OTCQB:CRYM) has entered into a licensing agreement with RubberRock Inc., a California-based cannabinoid ingredient producer. The deal includes a territory licensing fee and ongoing royalties for CryoMass, including 25% of gross revenue from cannabinoid extracts, ingredients, or formulations using CryoSift. The minimum quarterly royalties start at $100,000 and will reach $750,000 by Q4 2024, guaranteeing CryoMass at least $3 million in annual royalties. The partnership aims to enhance scale and cost efficiency in cannabinoid production.

Portfolio Pulse from Jelena Martinovic

August 31, 2023 | 2:49 pm