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USB

U.S. Bancorp (NYSE:USB) reported better-than-expected Q2 sales results with a 19.7% YoY growth to $7.197 billion. The company's shares gained 6.5% to close at $38.91 on Wednesday and added 1.4% in pre-market trading. Following the earnings announcement, B of A Securities and Citigroup increased their price targets on U.S. Bancorp, while Raymond James upgraded the company from Underperform to Market Perform.

Portfolio Pulse from Lisa Levin

July 20, 2023 | 10:53 am

SLG

SL Green Realty Corp's shares are trading lower by around 5% after reporting worse-than-expected Q2 2023 earnings results. The company reported rental revenues of $165.65 million, an increase from $136.5 million a year ago, and total revenues of $221.07 million. However, FFO per share declined from $1.87 a year ago to $1.43. The company also declared a dividend of $3.25 per share in the quarter.

Portfolio Pulse from Lekha Gupta

July 20, 2023 | 10:50 am

FITB

Fifth Third Bancorp reported Q2 earnings of $0.87 per share, beating the analyst consensus estimate of $0.83 by 4.82%. However, the company's quarterly sales of $2.19 billion missed the analyst consensus estimate of $2.19 billion by 0.05%. This represents a 14.47% increase in earnings and an 8.47% increase in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 10:42 am

DHI

D.R. Horton reported better-than-expected Q3 earnings and raised its FY23 revenue outlook, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 10:38 am

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