Streetbeat News

Revenues

BAC

WFC

Bank of America (BAC) and Wells Fargo (WFC) stocks are falling after the FDIC reported a significant Q1 deposit decline, the largest since 1984. Total deposits fell 2.5% Q/Q, while wholesale funding rose 14.4%. U.S. banks' net income increased 16.9% Q/Q, and net operating revenues rose 7.6% Q/Q.

Portfolio Pulse from Lekha Gupta

May 31, 2023 | 6:12 pm

BRCC

Needham analyst Matt McGinley initiated coverage on BRC Inc (NYSE:BRCC) with a Hold rating. He expects the company to benefit from distribution gains in ready-to-drink and roast coffee in 2023 but projects a slight decline in the DTC business. The analyst sees wholesale business as the largest segment over time, with revenues more than doubling to over $500 million in the long term.

Portfolio Pulse from Lekha Gupta

May 31, 2023 | 6:05 pm

XTXXF

Adastra Holdings Ltd. reported Q1 2023 gross revenues of CA$9.5 million ($6.98 million), a 315% YoY increase and 39% QoQ increase. The company's CEO attributed the growth to market demand and nationwide presence. Adastra also received approval from Health Canada to produce and sell cocaine.

Portfolio Pulse from Jelena Martinovic

May 31, 2023 | 5:36 pm

MARK

Remark Holdings secured a 30-month recurring revenue subscription contract worth over $6 million to equip Rio De Janeiro police cars with license plate and facial recognition capabilities. The deal establishes credibility for a potential $130 million opportunity in Sao Paulo.

Portfolio Pulse from Akanksha Bakshi

May 31, 2023 | 5:07 pm

WIX

Wix.com Ltd (NASDAQ:WIX) reported Q1 earnings of 91 cents, beating estimates of 14 cents, with revenues of $374.1 million, surpassing the $369.4 million consensus. The company expects Q2 revenue to increase 12% YoY to $385 million and raised its 2023 revenue outlook to $1.543 billion. Wix's executive chair, Mark Tluszcz, highlighted the company's growth strategy and its focus on AI.

Portfolio Pulse from AJ Fabino

May 31, 2023 | 4:34 pm

TME

Tencent Music Entertainment Group (TME) shares are down 4.99% amid concerns over China's economic recovery following worse-than-expected PMI data and a resurgence of COVID-19 in the country. The official manufacturing PMI dropped to 48.8, indicating a contraction compared to the previous month.

Portfolio Pulse from Henry Khederian

May 31, 2023 | 4:11 pm

NIO

NIO Inc's stock is trading lower by 2.02% due to concerns over China's economic recovery and a potential COVID wave. The manufacturing PMI dropped to 48.8, indicating a contraction, and COVID infections could reach 65 million cases per week by the end of June.

Portfolio Pulse from Henry Khederian

May 31, 2023 | 3:14 pm

PKANF

SBBC

Simply Better Brands Corp. reported Q1 2023 revenue of $24.6 million, a 103% YoY increase. Gross profit rose 74% to $13.9 million, while net loss improved by $500,000 to $2.7 million. The company expects 2023 net sales to exceed $80 million and achieve positive adjusted EBITDA of $3-4 million.

Portfolio Pulse from Vuk Zdinjak

May 31, 2023 | 3:13 pm

INTC

An Intel executive at the TD Cowen Technology, Media and Telecom conference stated that he expects Q2 revenue to be in the upper half, likely tracking between $12B-$12.5B, compared to the $12.03B estimate.

Portfolio Pulse from Happy Mohamed

May 31, 2023 | 2:44 pm

SPY

Dallas Fed Services Revenues for May reported at 6.9, higher than the estimated 4.2 and equal to the prior month's figure.

Portfolio Pulse from Happy Mohamed

May 31, 2023 | 2:32 pm