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The Q2 2023 earnings for several bellwether REITs have been released, showing mixed results across different real estate subsectors. Equity LifeStyle Properties (ELS) reported FFO of $0.66, in line with estimates, and revenue of $370 million, missing estimates. Prologis (PLD) reported FFO of $1.83, beating estimates, and revenue of $1.65 billion, missing estimates. SL Green Realty (SLG) reported FFO of $1.43, beating estimates, and total revenue of $221.07 million, beating estimates. Crown Castle (CCI) reported FFO of $2.05, beating estimates, and revenue of $1.87 billion, beating estimates.

Portfolio Pulse from Ethan Roberts

July 20, 2023 | 8:17 pm

VLO

A significant bearish stance has been taken on Valero Energy (NYSE:VLO) by a large investor, as observed in the unusual options activity. The sentiment among these big-money traders is split between 38% bullish and 61% bearish. The whales have been targeting a price range from $45.0 to $125.0 for Valero Energy over the last 3 months. The price of VLO is up 2.3% at $120.73. B of A Securities, Morgan Stanley, and JP Morgan have maintained their positive ratings on Valero Energy with price targets of $160 and $171.

Portfolio Pulse from Benzinga Insights

July 20, 2023 | 8:15 pm

SFBS

Servisfirst Bancshares (NYSE:SFBS) reported Q2 earnings of $0.98 per share, beating the analyst consensus estimate of $0.89 by 10.11%. However, this is a 14.04% decrease from the same period last year. The company also reported quarterly sales of $109.83 million, beating the estimate of $105.94 million by 3.67%, but this is a 12.74% decrease from the same period last year.

Portfolio Pulse from mahesh@benzinga.com

July 20, 2023 | 8:15 pm

WRB

WR Berkley (NYSE:WRB) reported Q2 adjusted earnings of $1.14 per share, beating the analyst consensus estimate of $1.10 by 3.64%. This is a 1.79% increase from the same period last year. However, the company's quarterly sales of $2.995 billion missed the analyst consensus estimate of $3.00 billion by 0.17%, despite being a 19.18% increase from last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:12 pm

NKLA

Nikola Corp (NASDAQ:NKLA) has been consolidating after a surge of nearly 100% on July 13 and 14, following an agreement with BayoTech. The EV-maker recently announced that Fortescue Future Industries will acquire Nikola's Phoenix Hydrogen Hub project, causing a slight increase in stock price. The consolidation is helping to bring Nikola’s relative strength index (RSI) down from the 82% it reached on Wednesday. Nikola has been trading higher recently and if it can remain above the 200-day simple moving average (SMA), it indicates a new bull cycle.

Portfolio Pulse from Melanie Schaffer

July 20, 2023 | 8:11 pm

TCNNF

Florida-based Trulieve Cannabis Corp. (OTCEM: TRUL) (OTCQX:TCNNF) is backing an initiative by Smart & Safe Florida to put marijuana legalization on the state's 2024 ballot. The initiative faces opposition from Florida Attorney General Ashley Moody, who argues that the measure misleads voters and violates the state's single-subject rule for ballot measures. Despite this, the campaign remains optimistic that the court will side with them. If approved, the initiative could generate between $195.6 million and $431.3 million in new sales tax revenue annually.

Portfolio Pulse from Joana Scopel

July 20, 2023 | 8:11 pm

PPG

PPG Industries has raised its FY23 adjusted EPS outlook from $6.95-$7.25 to $7.28 -$7.48, surpassing the consensus estimate of $7.27.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:10 pm

MCB

Metropolitan Bank Holding (NYSE:MCB) reported Q2 earnings of $1.37 per share, missing the analyst consensus estimate of $1.74 by 21.26%. This is a 33.82% decrease from the same period last year. The company also reported quarterly sales of $61.61 million, missing the analyst consensus estimate of $62.28 million by 1.08%. This is a 1.11% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:06 pm

KNX

Knight-Swift (NYSE:KNX) reported Q2 earnings of $0.49 per share, missing the analyst consensus estimate of $0.57 by 14.04%. This is a 65.25% decrease from the same period last year. The company also reported quarterly sales of $1.55 billion, missing the analyst consensus estimate of $1.60 billion by 2.94%. This is a 20.81% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:04 pm

SCHL

Scholastic (NASDAQ:SCHL) reported Q4 adjusted earnings of $2.26 per share, beating the analyst consensus estimate of $1.70 by 32.94%. This is a 31.4% increase from the same period last year. However, the company's quarterly sales of $528.30 million missed the analyst consensus estimate of $541.76 million by 2.48%, though it's a 2.70% increase from last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:02 pm