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HIBB

NKE

Nike, Inc (NYSE:NKE) is expected to forecast full-year profit below Wall Street estimates due to inflation affecting demand for its products from wholesalers like Foot Locker Inc (NYSE:FL) and Hibbett Inc (NASDAQ:HIBB). Several analysts have trimmed their FY24 expectations for Nike's EPS and slashed their price targets on the company's stock. Despite this, analysts expect a robust rebound in China to offset the hit to sales from cooling consumer appetite in the North American region.

Portfolio Pulse from Anusuya Lahiri

June 29, 2023 | 11:44 am

GBX

Greenbrier Companies Inc (NYSE:GBX) reported Q3 FY23 sales growth of 30.8% YoY to $1.04 billion, beating the analyst consensus. Adjusted EPS of $1.02 also beat the consensus of $0.58. The company recorded new railcar orders for 4,600 units valued at $650 million, and deliveries of 6,600 units. The board increased the quarterly dividend by 11% to $0.30 per share and repurchased 1.2 million shares of stock for $32 million. Greenbrier raised its FY23 revenue outlook to $3.8 billion – $3.90 billion.

Portfolio Pulse from Shivani Kumaresan

June 29, 2023 | 11:37 am

AMD

AMZN

MSFT

NVDA

ORCL

Oracle Corp is investing billions of dollars in Nvidia Corp chips to expand its cloud computing service targeting the AI boom. The company is also investing heavily in central processor units from Ampere Computing and Advanced Micro Device Inc. Oracle's cloud division is working to compete with larger rivals like Amazon Web Services and Microsoft Corp. In June, Oracle reported a 17% YoY increase in Q4 revenue to $13.8 billion, beating analyst estimates.

Portfolio Pulse from Anusuya Lahiri

June 29, 2023 | 11:37 am

BABA

BIDU

Alibaba Group's cloud unit and Fudan University have partnered to create a cloud-based computing platform for universities in China. The platform supports large language models and has released a model with 4.5 billion parameters, improving weather forecasting. Chinese firms, including Alibaba and Baidu, are developing large-language model technology. Meanwhile, the U.S. is reportedly adopting a stricter stance over China's AI ambitions, aiming to revise export controls on AI chips to limit China's access to advanced technologies.

Portfolio Pulse from Anusuya Lahiri

June 29, 2023 | 11:27 am

RAD

Rite Aid Corporation's shares are trading higher following the company's announcement of better than expected Q1 FY24 earnings and a positive guidance outlook.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 11:19 am

QQQ

SPCE

SPY

US stock futures indicate a positive start for Thursday as traders digest the Federal Reserve’s bank stress test results and strong earnings reports. The major averages ended Wednesday on a mixed note, with the Nasdaq Composite and Russell 2000 Index closing higher, while the Dow Industrials and S&P 500 Index retreated. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) rose. Stocks in focus include Virgin Galactic Holdings, Inc. (NYSE:SPCE), BlackBerry Ltd. (NYSE:BB), and Micron Technology, Inc. (NASDAQ:MU) due to their quarterly results.

Portfolio Pulse from Shanthi Rexaline

June 29, 2023 | 11:18 am

RAD

Rite Aid has revised its FY24 sales guidance to $22.6B-$23B, up from the earlier expected range of $21.7B-$22.1B and consensus of $21.8B. The company also anticipates an adjusted EPS loss of $(4.29)-$(4.78), narrower than the previously expected $(4.44)-$(4.93) and consensus of $(4.82).

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 11:09 am

BAC

JPM

SCHW

WFC

Bank stocks are trading higher after the Federal Reserve's stress test results showed all 23 banks tested remained above their minimum capital requirements during a hypothetical recession.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 11:09 am

ERIC

Ericsson shares are trading higher in sympathy with BlackBerry, which reported better-than-expected Q1 results on Wednesday.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 11:08 am

SMPL

The Simply Good Foods Company (SMPL) has reaffirmed its FY23 outlook, expecting a slight increase in net sales, greater than the 4%-6% long-term algorithm. However, the company anticipates a decline in gross margin compared to the previous year.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 11:06 am