Streetbeat News

Stock Prices

AAPL

CMA

PARA

On CNBC's 'Halftime Report Final Trades,' Joshua Brown selected Zoom Video Communications (ZM) as his final trade, despite its upcoming removal from the Nasdaq index. Rob Sechan chose Comerica Incorporated (CMA) after Wells Fargo's price target increase. Jim Lebenthal picked Paramount Global (PARA), which is considering a streaming partnership with Apple Inc. (AAPL). ZM shares rose 1.3%, CMA gained 8.5%, and PARA increased by 6.6% in the last session.

Portfolio Pulse from Avi Kapoor

December 15, 2023 | 1:49 pm

LVO

LiveOne (NASDAQ:LVO) has announced a strategic B2B partnership with a Fortune 500 media conglomerate, which is expected to generate a minimum of $20M in revenues for calendar year 2024. This partnership has led LiveOne to raise its FY24 revenue guidance to $118M-$120M, compared to the estimated $118.31M. The company now has over 35 potential B2B partnerships across 8 verticals. The updated revenue guidance reflects management's optimism for continued revenue growth and business execution through Fiscal 2025. However, these are preliminary expectations and are subject to change during the quarter-end and fiscal year-end review process.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:48 pm

FSR

SGRY

VRCA

Verrica Pharmaceuticals' partner Torii Pharmaceutical announced positive Phase 3 trial results for TO-208 in Japan, boosting VRCA shares by 52%. Fisker released the final 2023 over-the-air software update for the Fisker Ocean, with plans for regular updates in 2024, increasing FSR shares by 11%. Surgery Partners' stock fell by 6% after announcing a proposed secondary offering of common stock.

Portfolio Pulse from ryanfaloona@benzinga.com

December 15, 2023 | 1:47 pm

DRI

Darden Restaurants Inc (NYSE:DRI) reported Q2 FY24 sales of $2.727 billion, a 9.7% increase Y/Y but slightly below analyst estimates of $2.741 billion. Blended same-restaurant sales rose by 2.8%, with additional revenue from 78 Ruth's Chris Steak House locations and 45 other new restaurants. Operating margin was 10.2%, with operating income up 19.4% Y/Y to $278.5 million. Adjusted EPS of $1.84 exceeded estimates of $1.74. The company declared a quarterly dividend of $1.31 per share and has $328 million left in its share repurchase program. FY24 adjusted EPS guidance is $8.75-$8.90, with revenue projected at $11.5 billion, slightly below the $11.57 billion estimate. DRI shares dropped 1.7% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 15, 2023 | 1:47 pm

LRHC

La Rosa Holdings Corp (NASDAQ:LRHC) has acquired La Rosa Realty CW Properties, a franchisee in Longwood, Florida. CW Properties reported $3.4 million in revenue and positive net income for 2022. The franchisee offers real estate brokerage and agent support services. CEO Joe La Rosa aims to acquire 9 more franchisees in the next 6-8 months and reach a $100 million annual revenue run rate by the end of 2024. La Rosa Holdings Corp's shares rose 9.33% to $1.64 in premarket trading.

Portfolio Pulse from Vandana Singh

December 15, 2023 | 1:45 pm

NOC

Deutsche Bank analyst Scott Deuschle downgraded Northrop Grumman (NOC) from Buy to Hold and reduced the price target from $541 to $473.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:44 pm

LEN

Lennar Corporation (NYSE:LEN) exceeded Q4 earnings and sales expectations, reporting adjusted earnings of $5.17 per share and quarterly sales of $10.97 billion, surpassing estimates of $4.59 per share and $10.22 billion, respectively. The company anticipates 17,500-18,000 net orders in Q1. Lennar's annual dividend yield is 0.97%, with a quarterly dividend of 37.5 cents per share. To earn $500 monthly from dividends, an investment of approximately $619,240 or 4,000 shares is needed. Lennar shares rose 6.7% to close at $154.81 following the earnings report.

Portfolio Pulse from Avi Kapoor

December 15, 2023 | 1:42 pm

COKE

ELF

FRPT

UVV

Four consumer staples stocks, Universal Corporation (UVV), e.l.f. Beauty (ELF), Freshpet (FRPT), and Coca-Cola Consolidated (COKE), are showing high Relative Strength Index (RSI) values, indicating they may be overbought. UVV reported a significant increase in operating income, ELF raised its FY23 guidance, FRPT also reported better-than-expected results and raised guidance, and COKE posted increased quarterly sales. Despite positive news, their high RSI values suggest a potential short-term pullback.

Portfolio Pulse from Avi Kapoor

December 15, 2023 | 1:41 pm

CTLT

Catalent, Inc. (CTLT) has regained compliance with NYSE continued listing standards after curing a previously disclosed non-compliance issue. The NYSE has removed Catalent from its noncompliant issuers list following the company's timely filing of its Annual Report on Form 10-K for the year ended June 30, 2023, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:40 pm

NIO

TSLA

Nio (9866.HK) plans to launch its more affordable Firefly brand in Europe by 2025, targeting family-oriented consumers with smaller models. The move comes as Chinese EV makers seek to expand in Europe amid slowing domestic demand and a cost advantage over Western competitors. However, the EU is scrutinizing Chinese EV imports for potential competition rule breaches. Nio, facing increased losses due to a price war initiated by Tesla (TSLA.O) and higher production costs, has reduced its workforce by 10% and is exploring spin-offs and partnerships to reduce expenses. Partnerships with Geely (0175.HK) and Changan Automobile (000625.SZ) aim to develop a new battery pack and chassis architecture.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 1:39 pm