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PNC

PNC Financial Services Group reported Q3 earnings of $3.60 per share, beating the analyst consensus estimate of $3.10 by 16.13%. However, this is a 4.76% decrease from the same period last year. The company's quarterly sales were $5.23 billion, missing the analyst consensus estimate of $5.32 billion by 1.64%, and marking a 5.69% decrease from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 10:53 am

AVPT

JD

KIND

OM

PUYI

SAVA

SGH

Several US stocks traded lower in Friday's pre-market session. Outset Medical, Inc. (OM) fell 38.1% after reporting preliminary Q3 financial results. Cassava Sciences, Inc. (SAVA) shares dipped 28.8% following a statement regarding a leaked internal CUNY report. SMART Global Holdings, Inc. (SGH) declined 25.8% after reporting worse-than-expected Q4 financial results and a weak Q1 forecast. Puyi Inc. (PUYI), Nextdoor Holdings, Inc. (KIND), AvePoint, Inc. (AVPT), and JD.com, Inc. (JD) also recorded losses.

Portfolio Pulse from Lisa Levin

October 13, 2023 | 10:37 am

F

TSLA

Despite a rise in electric vehicle sales in the US, Tesla Inc's market share has dropped, according to a report from Cox Automotive. Tesla's share of the EV market fell to a record low of 50%, down from 62% earlier this year. However, Tesla's sales increased by 19.5% YoY, maintaining its position as the leader in EV sales. The report suggests that the upcoming Cybertruck could reverse this downward trend, despite competition from Ford, Rivian, and Chevrolet.

Portfolio Pulse from Anan Ashraf

October 13, 2023 | 10:37 am

VTNR

Vertex Energy has revised its Q3 forecast, expecting conventional throughput volumes to be 80,000 bpd, up from the previous forecast of 74,000-77,000 bpd. The company also expects Q3 finished product yield to be between 65%-67%, higher than the previous forecast of 59%-63%.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 10:34 am

BP

HAL

MRO

OXY

SLB

Shares of oil companies are trading higher due to the rise in crude oil prices following the US sanctions on two shipping companies for violating the price cap on Russian oil. The ongoing Israel-Hamas conflict has also contributed to supply uncertainty.

Portfolio Pulse from Bill Haddad

October 13, 2023 | 10:34 am

CMTL

Comtech Telecommunications Corp's shares are up by about 18% after reporting Q4 results. The company posted revenue of $148.81 million, beating the consensus of $140.13 million. Revenues in the Satellite and Space Communications segment rose 22.7% Y/Y to $94.2 million, and the Terrestrial and Wireless Networks segment revenue grew 8.8% Y/Y to $54.6 million. The company also announced a deal to sell its Power Systems Technology product line to Stellant Systems, Inc. for $40 million.

Portfolio Pulse from Lekha Gupta

October 13, 2023 | 10:31 am

GLD

SPY

US stock markets closed in red on October 13 due to rising bond yields and higher-than-expected September consumer price. Asian and European markets also slid, with concerns over strong US inflation data and its impact on interest rates. Commodities saw crude oil jump by 3.90% and gold surpass $1,900. US futures were down in early trading.

Portfolio Pulse from Akanksha Bakshi

October 13, 2023 | 10:26 am

JD

Morgan Stanley analyst Eddy Wang has downgraded JD.com from Overweight to Equal-Weight and lowered the price target from $55 to $33.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 10:22 am

FTNT

Barclays analyst Saket Kalia has downgraded Fortinet (NASDAQ:FTNT) from Overweight to Equal-Weight and lowered the price target from $71 to $63.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 10:16 am

ARQT

Goldman Sachs analyst Jonathan Block has downgraded Arcutis Biotherapeutics (NASDAQ:ARQT) from Buy to Neutral and lowered the price target from $32 to $6.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 10:15 am