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AXTI

CAN

KEYS

WETG

In Friday's pre-market session, several IT stocks showed significant movement. AXT, WeTrade Group, Aeva Technologies, Dolby Laboratories, Argo Blockchain, and ComSovereign Holding saw gains, while Canaan, Keysight Techs, Datasea, Zuora, BILL Holdings, and Iris Energy experienced losses. Keysight Techs and BILL Holdings' losses followed their Q3 and Q4 earnings reports, respectively.

Portfolio Pulse from Benzinga Insights

August 18, 2023 | 1:06 pm

BKE

Buckle, Inc. (NYSE:BKE) reported a 3.2% YoY decrease in Q2 FY23 sales to $292.43 million, beating the analyst consensus of $290.36 million. Comparable store net sales and online sales also fell by 3.3% and 5.6% respectively. Gross profit fell 4.8% YoY to $138.41 million, and operating income decreased 13.6% to $56.76 million. Net income was $45.6 million, lower than $50.1 million a year ago. EPS of $0.92 beat the analyst consensus of $0.81.

Portfolio Pulse from Nabaparna Bhattacharya

August 18, 2023 | 1:05 pm

NVS

Novartis AG plans to spin off its Sandoz unit on October 4, ending the coexistence of its generic and prescription drugs businesses. The separation will occur through a distribution of Sandoz shares to existing Novartis shareholders. Sandoz generated pro forma 2022 net sales of $9.12 billion and a net profit of $677 million. After the spin-off, Sandoz will remain dependent on Novartis for technical development and manufacturing for a significant time. Sandoz's potential market capitalization could be approximately $18-$25 billion.

Portfolio Pulse from Vandana Singh

August 18, 2023 | 1:04 pm

LGVC

Nuvo Group is set to become a public company through a business combination with LAMF Global Ventures. The transaction values Nuvo at a pre-money equity valuation of $269M and approximately $300M upon achieving a commercial milestone.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 1:03 pm

AMZN

HNST

WMT

Honest Company Inc (NASDAQ:HNST) is relying on an expanded presence in Walmart Inc (NYSE:WMT) to boost its revenue, following a 91% slump in shares since its 2021 public offering. The company has brought in former Amazon.com (NASDAQ:AMZN) executive, Carla Vernón, as CEO to help with the turnaround strategy. The company reported an 8% increase in Q2 revenue after making changes including eliminating the chief digital and strategy officer role and pulling the business out of Asia and Europe.

Portfolio Pulse from Shivani Kumaresan

August 18, 2023 | 1:01 pm

C

In the last quarter, Citigroup (NYSE:C) received various analyst ratings, with 2 being bullish, 5 somewhat bullish, 3 indifferent, and 3 somewhat bearish. The company has an average 12-month price target of $56.58, a decrease of 4.91% from the previous average price target of $59.50.

Portfolio Pulse from Benzinga Insights

August 18, 2023 | 1:01 pm

MS

In the last quarter, 8 analysts have provided ratings for Morgan Stanley (NYSE:MS), with 1 being bullish, 4 somewhat bullish, and 3 indifferent. The company has an average 12-month price target of $97.25, a slight decrease from the previous average of $97.33. Analysts determine these ratings based on the company's predicted future earnings and the risk associated with its revenue streams.

Portfolio Pulse from Benzinga Insights

August 18, 2023 | 1:00 pm

BILL

BILL shares are trading lower following the release of their Q4 financial results and future guidance.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 1:00 pm

LITE

In the last quarter, Lumentum Holdings (NASDAQ:LITE) received various ratings from analysts, with 2 bullish, 3 somewhat bullish, 1 indifferent, and 2 somewhat bearish. The company's average 12-month price target is $55.81, an increase of 1.84% from the previous average of $54.80.

Portfolio Pulse from Benzinga Insights

August 18, 2023 | 1:00 pm

WMB

Williams Companies's (NYSE:WMB) short percent of float has fallen 12.77% since its last report, with 26.69 million shares sold short, which is 2.46% of all regular shares available for trading. This decrease in short interest could signal a more bullish sentiment towards the stock. However, it does not necessarily mean that the stock price will rise in the near term. Compared to its peers, Williams Companies has less short interest.

Portfolio Pulse from Benzinga Insights

August 18, 2023 | 1:00 pm