Streetbeat News

Revenues

SNOW

Snowflake has projected its Q3 product revenue to be between $670M and $675M. The company also forecasts its FY24 product revenue to be $2.6B.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 8:07 pm

AVNW

Aviat Networks has projected its FY24 revenue to be between $367M and $374M, compared to the estimated $370.44M.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 8:04 pm

BIDU

Analysts from Benchmark, Mizuho, and Citigroup have reiterated their 'Buy' ratings on Baidu Inc (NASDAQ:BIDU), despite geopolitical pressures and technological advancements. Baidu's 2Q results were solid, with healthy ad growth expected in 3Q. The company's exposure to offline mobility-driven industries and its technology infrastructure are seen as strengths. However, FY23 revenue estimates were lowered due to slower-than-expected cloud growth. Baidu's shares traded higher by 2.39% at $131.48.

Portfolio Pulse from Anusuya Lahiri

August 23, 2023 | 6:21 pm

NFLX

Oppenheimer analyst Jason Helfstein reiterated an Outperform rating for Netflix Inc (NASDAQ:NFLX) with a $515 price target. He predicts a positive impact from paid sharing and advertising initiatives, which should boost revenue by ~40% vs. FY22. Helfstein estimates that revenue from these sources will increase from 1% in 2Q to 17% in FY25. He also expects Netflix to recapture 46% of the estimated 100 million account sharers by the end of FY25. The analyst sees a buying opportunity in the ~15% sell-off since 2Q reporting.

Portfolio Pulse from Anusuya Lahiri

August 23, 2023 | 4:45 pm

PSN

Parsons Corporation (NYSE:PSN) has acquired Sealing Technologies, Inc. in a deal valued at up to $200 million. The acquisition is expected to generate $110 million of revenue in 2024 and will be accretive to Parsons' fiscal year 2024 revenue growth rate, adjusted EBITDA margin, and adjusted earnings per share. SealingTech will expand Parsons' customer base across the Department of Defense and Intelligence Community and enhance its capabilities in defensive cyber operations, AI and ML, edge computing and edge access modernization, critical infrastructure protection, and secure data management.

Portfolio Pulse from Shivani Kumaresan

August 23, 2023 | 3:50 pm

AGTI

AMC

CIX

CVI

DH

FL

GFGD

IQ

LANC

NKE

PINC

PTON

TIVC

Several big stocks recorded losses in Wednesday's trading session. Foot Locker shares tumbled 34.4% after a Q2 revenue miss and an increase in inventories. Peloton Interactive fell 23.6% following mixed Q4 results and a decline in Connected Fitness subscribers. Tivic Health Systems, AMC Entertainment Holdings, The Growth for Good Acquisition Corporation, Definitive Healthcare Corp., Lancaster Colony Corporation, Premier, CompX International, iQIYI, CVR Energy, Agiliti, and NIKE also experienced declines.

Portfolio Pulse from Lisa Levin

August 23, 2023 | 3:15 pm

NFLX

Netflix has seen an inflow of about 2.6 million American users registering in the last month, leading to a rise in its share price.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 3:04 pm

FL

Foot Locker's executive has reported that the company's comparable store sales (comps) were down in the low double-digit range in July, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 2:34 pm

MO

Altria Group's subsidiary, NJOY, has filed a patent infringement complaint against JUUL Labs with the U.S. International Trade Commission. The complaint seeks a ban on the importation and sale of certain JUUL e-vapor products, alleging they infringe on NJOY's patents. Altria recently acquired NJOY and reported a 1.2% growth in Q2 FY23 revenues to $5.438 billion.

Portfolio Pulse from Shivani Kumaresan

August 23, 2023 | 2:29 pm

KSS

Kohls Corp's CFO has reported that customers are returning to physical stores, and the elimination of online-only promotions in Q2 has impacted sales as expected.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2023 | 1:28 pm