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US stock futures faltered on Tuesday due to China's unexpected rate cut and Home Depot's disappointing Q2 earnings report. Analysts from LPL suggest a 5-10% pullback in stocks is overdue. In premarket trading, the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ ETF (QQQ) both retreated. Home Depot, Discover Financial Services, Cardinal Health, Tencent Music Entertainment Group, Agilent Technologies, Jack Henry & Associates, and H&R Block are all mentioned in relation to earnings reports or leadership changes.

Portfolio Pulse from Shanthi Rexaline

August 15, 2023 | 11:36 am

ONON

On Holding AG reported Q2 FY23 results, with sales growth of 52.3% Y/Y to CHF 444.3 million. The company's adjusted EPS was CHF 0.04, lower than CHF 0.14 last year. In USD terms, the Q2 adjusted EPS of $0.04 missed the consensus of $0.13, while sales of $494.08 million beat the consensus of $463.07 million. The company raised its FY23 sales guidance, expecting revenues to reach at least CHF 1.76 billion. Despite the positive results, ONON shares are trading lower by around 7%.

Portfolio Pulse from Lekha Gupta

August 15, 2023 | 11:35 am

GLTO

Galecto has announced the topline results from its Phase 2b GALACTIC-1 trial of GB0139 for Idiopathic Pulmonary Fibrosis. The trial did not meet its primary endpoint, leading the company to plan to discontinue the development of GB0139.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 11:32 am

GLTO

Trading of Galecto's shares has been temporarily halted due to pending news.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 11:26 am

SPY

VGK

An explosion at a gas station in Russia's Dagestan region has resulted in 35 deaths and dozens of injuries. The incident could potentially impact global energy markets.

Portfolio Pulse from Charles Gross

August 15, 2023 | 11:19 am

IHS

IHS has revised its FY23 sales guidance down to $2.08B-$2.11B from $2.19B-$2.22B, which is in line with the consensus of $2.09B. The company also lowered its adjusted EBITDA forecast to $1.13B-$1.15B from the previous guidance of $1.2B-$1.22B.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 11:16 am

DCTH

Delcath Systems announced that the FDA has approved its HEPZATO KIT for the treatment of adult patients with unresectable hepatic-dominant metastatic uveal melanoma. Following the announcement, the company's shares surged by 69% in premarket trading.

Portfolio Pulse from Charles Gross

August 15, 2023 | 11:12 am

NAPA

B of A Securities analyst Peter Galbo maintains a Buy rating on Duckhorn Portfolio (NYSE:NAPA) but lowers the price target from $20 to $18.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 11:07 am

CALT

DFS

DSGN

FRHC

GETY

GOL

HRYU

HTH

VNO

Several US-listed stocks traded lower in Tuesday's pre-market session. Design Therapeutics fell 37.9% after reporting Q2 results and initial results from a Phase 1 study. Getty Images declined 18.6% after reporting Q2 earnings. Freedom Holding fell 12.8% after receiving a Nasdaq noncompliance notification. Sea Limited fell 11.7% following weaker-than-expected quarterly results. Calliditas Therapeutics fell 7.8% after announcing full results from a Phase 3 trial. Kanzhun, Hanryu Holdings, Discover Financial Services, Hilltop Holdings, Vornado Realty Trust, and Gol Linhas Aéreas Inteligentes also recorded losses.

Portfolio Pulse from Lisa Levin

August 15, 2023 | 11:00 am

PSFE

Paysafe Limited has updated its FY23 revenue forecast to $1.595B-$1.608B, up from the previous estimate of $1.580B-$1.600B. This is slightly above the estimated $1.59B.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 10:59 am