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KEY

KeyCorp (NYSE:KEY) reported Q2 earnings of $0.27 per share, missing the analyst consensus estimate of $0.31 by 12.9%. This is a 50% decrease from the same period last year. The company also reported quarterly sales of $1.59 billion, missing the analyst consensus estimate of $1.63 billion by 2.15%. This is a 10.99% decrease from the same period last year.

Portfolio Pulse from Bill Haddad

July 20, 2023 | 10:32 am

AMZN

GOOGL

TSLA

Tesla, Inc. reported a record quarterly revenue of $24.93 billion, surpassing the consensus estimate of $24.48 billion. If Tesla continues its impressive performance, it could reach the $100 billion annual revenue mark faster than many large-cap companies. However, aggressive price cuts to maintain cost superiority may challenge competitors in the electric vehicle space. Tesla's stock closed Wednesday's session at $291.26, representing a 0.71% decline, and fell an additional 4.19% in after-hours trading.

Portfolio Pulse from Shanthi Rexaline

July 20, 2023 | 10:31 am

JNJ

Johnson & Johnson has revised its FY23 adjusted EPS guidance to $10.70-$10.80, up from the previous guidance of $10.60-$10.70. The company also increased its FY23 sales forecast to $99.3B-$100.3B, up from $97.9B-$98.9B. Both revisions are above the consensus estimates.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 10:26 am

CCI

COHR

CPA

DFS

NFLX

RELL

SLG

TSLA

TSM

Several major stocks are recording losses in today's pre-market trading session. Discover Financial Services reported downbeat quarterly earnings and paused share buybacks, causing a 12.2% dip. Richardson Electronics also reported worse-than-expected Q4 earnings, leading to a 9.3% tumble. Netflix's shares declined by 6.8% despite upbeat Q2 earnings due to sales missing expectations. Other companies experiencing pre-market losses include Copa Holdings, Crown Castle Inc., SL Green Realty Corp., Coherent Corp., Tesla, and Taiwan Semiconductor Manufacturing Company.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 10:15 am

ZION

Zions Bancorp reported its Q2 earnings results, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 10:13 am

TFC

Truist Finl (NYSE:TFC) reported Q2 earnings of $0.92 per share, missing the analyst consensus estimate of $1.01 by 8.91%. This is a 15.6% decrease from the same period last year. The company also reported quarterly sales of $5.97 billion, missing the analyst consensus estimate of $5.99 billion by 0.30%. This is a 5.09% increase from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 10:07 am

HCCI

Heritage-Crystal Clean Inc (NASDAQ:HCCI) is set to be acquired by an investment affiliate of J.F. Lehman & Company (JFLCO) in a $1.2 billion all-cash deal. The purchase price represents a 24.9% premium to Crystal Clean's 60-day volume-weighted average price on July 19. Post-acquisition, Crystal Clean will become a privately held company and its shares will no longer be listed on the Nasdaq Stock Exchange. The transaction is expected to close in Q4 2023.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 9:55 am

OMCL

Wells Fargo analyst Stan Berenshteyn has downgraded Omnicell (NASDAQ:OMCL) from Overweight to Underweight and lowered the price target from $65 to $56.

Portfolio Pulse from richadhand@benzinga.com

July 20, 2023 | 9:55 am

CAR

Deutsche Bank analyst Chris Woronka has downgraded Avis Budget Gr (NASDAQ:CAR) from Buy to Hold and set a price target of $263.

Portfolio Pulse from richadhand@benzinga.com

July 20, 2023 | 9:50 am

RELL

Richardson Electronics Ltd (RELL) shares fell by around 10% after the company reported a Q4 FY23 earnings miss. Net sales fell 4.5% Y/Y to $58.8 million, missing the consensus of $61.5 million. Revenues declined across Power and Microwave Technologies (PMT) and Canvys business units, partly offset by higher revenues from Green Energy Solutions (GES) business. The company declared a quarterly cash dividend per share of $0.06 to holders of common stock and $0.054 to holders of Class B common stock.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 9:49 am