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BENF

BHRB

NCPL

PAYS

TCJH

The article lists the top 5 oversold financial stocks that may surge in Q3. These include Top KingWin Ltd (TCJH), Netcapital Inc. (NCPL), PaySign, Inc. (PAYS), Burke & Herbert Financial Services Corp. (BHRB), and Beneficient (BENF). The stocks are considered oversold as their Relative Strength Index (RSI) is near or below 30.

Portfolio Pulse from Lisa Levin

July 26, 2023 | 11:36 am

RIO

Rio Tinto PLC (NYSE:RIO) reported H1 2023 sales revenue of $26.7 billion, down 10% Y/Y. Iron-ore shipments from Pilbara increased by 7% Y/Y, while mined copper production fell 1% Y/Y. Underlying EBITDA fell to $11.7 billion from $15.6 billion, and underlying EPS fell 34% Y/Y to $3.52. The company's net debt stood at $4.35 billion as of June 30, 2023. RIO shares are trading lower by 2.16% at $68.30 premarket.

Portfolio Pulse from Lekha Gupta

July 26, 2023 | 11:33 am

HES

Hess Corporation (NYSE:HES) reported Q2 earnings of $0.65 per share, beating the analyst consensus estimate of $0.50 by 30%. The company's quarterly sales were $2.32 billion, surpassing the analyst consensus estimate of $2.09 billion by 11%. However, both earnings and sales have decreased compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 11:33 am

T

AT&T Inc (NYSE:T) reported Q2 FY23 operating revenues of $29.9 billion, up 0.9% YoY, slightly beating the consensus of $29.9 billion. Adjusted EPS of $0.63 also beat the consensus of $0.54. The company saw higher Mobility, Mexico, and Consumer Wireline revenues, offset by lower Business Wireline revenues. AT&T's adjusted EBITDA of $11.05 billion was up from $10.33 billion a year ago. The company remains confident in its FY23 guidance and expects to grow wireless service revenue by 4% or higher and Broadband revenue growth by 5% or higher.

Portfolio Pulse from Anusuya Lahiri

July 26, 2023 | 11:32 am

SPOT

Spotify Technology SA (NYSE:SPOT) reported a Q2 loss, with revenue growth of 11% YoY to $3.46 billion, missing the consensus of $3.57 billion. The company expects Q3 revenue of $3.78 billion. Following the earnings announcement, several analysts adjusted their price targets on Spotify. Goldman Sachs raised the price target from $156 to $163, Barclays from $180 to $182, Rosenblatt from $141 to $150, and Deutsche Bank upgraded Spotify from Hold to Buy with a $180 price target.

Portfolio Pulse from Lisa Levin

July 26, 2023 | 11:29 am

INTC

TSEM

Tower Semiconductor Ltd reported mixed Q2 results, following which its shares traded higher. The company is also a potential acquisition target for Intel Corp.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 11:24 am

NOG

Northern Oil & Gas Inc (NOG) has revised its 2023 guidance and provided an operational update for Q2 2023. The company has raised its 2023 production targets to 96,000 - 100,000 Boe per day, up from 91,000 - 96,000, due to better-than-expected well performance and contributions from the Forge and Novo acquisitions. However, Q2 2023 production is expected to be negatively impacted by around 900 Boe per day due to lower oil prices. The company's shares closed higher by 2.77% at $38.15 on Tuesday.

Portfolio Pulse from Lekha Gupta

July 26, 2023 | 11:23 am

TGT

Raymond James analyst Bobby Griffin has downgraded Target (NYSE:TGT) from Strong Buy to Market Perform.

Portfolio Pulse from richadhand@benzinga.com

July 26, 2023 | 11:21 am

GOOGL

Alphabet Inc. reported better-than-expected Q2 results with a 7% YoY increase in revenue to $74.604 billion, beating the consensus estimate of $65.42 billion. The company's shares jumped 6.5% in pre-market trading. Following the earnings announcement, Needham and Keybanc analysts raised their price targets on Alphabet.

Portfolio Pulse from Lisa Levin

July 26, 2023 | 11:18 am

SLAB

Silicon Labs has provided its Q3 outlook, expecting revenue to be between $190M-$210M, lower than the $256.16M estimate. Adjusted EPS is projected to be $0.45 - $0.73, also lower than the $1.08 estimate. GAAP gross margin is expected to be 59%, with operating expenses of approximately $120M. Non-GAAP figures, excluding certain items, project a gross margin of 59% and operating expenses of approximately $95M.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 11:09 am