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TSLA

Matt Higgins, CEO of RSE Ventures, criticized Elon Musk's leadership at Tesla, particularly highlighting issues following recent layoffs. Higgins pointed out Musk's 'cultural immaturity' and lack of empathy, which he believes could lead to a decrease in employee performance due to cultural insecurity. The layoffs, part of a 'hardcore cost-cutting' strategy, have led to over 10% of Tesla's global workforce being cut, alongside the departure of two senior executives. Despite these changes, Musk plans to continue expanding Tesla's Supercharger network, albeit at a slower pace.

Portfolio Pulse from Pooja Rajkumari

May 02, 2024 | 6:33 am

SHEL

Shell plc has initiated a $3.5 billion share buyback program aimed at reducing its issued share capital. The program, set to last around three months, will see all repurchased shares cancelled. Completion is targeted before the Q2 2024 results announcement on August 1.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 6:31 am

SHEL

Shell (SHEL) reported Q1 2024 adjusted earnings per share (EPS) of $2.40, surpassing the $1.86 estimate, marking a 29.03% beat but a 13.67% decrease from last year's $2.78 EPS. However, their sales of $72.478 billion fell short of the $82.039 billion estimate by 11.65%, and saw a 16.65% decrease from the previous year's $86.959 billion.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 6:29 am

AAPL

COP

K

MT

SRPT

Wall Street anticipates earnings reports from Apple, Kellanova, ConocoPhillips, and others, with Apple expected to report $1.50 per share on $90.01 billion revenue. ArcelorMittal exceeded Q1 expectations, while Sarepta Therapeutics reported strong Q1 results. Analysts predict earnings for ConocoPhillips and Kellanova, with their stocks showing varied movements in after-hours trading.

Portfolio Pulse from Avi Kapoor

May 02, 2024 | 6:25 am

NVO

Novo Nordisk (NYSE:NVO) exceeded Q1 2024 earnings and sales estimates with a GAAP EPS of DKK 5.68, beating the DKK 5.15 forecast, and reported sales of DKK 65.349B, surpassing the DKK 63.229B estimate. This represents a significant year-over-year growth in both earnings (29.38%) and sales (22.45%).

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 6:02 am

BYDDY

TM

TSLA

Tesla Inc. (NASDAQ:TSLA) has reportedly halted its gigacasting manufacturing process, a move aimed at cutting costs amid declining sales and increasing competition, particularly from BYD Co. (OTC:BYDDY) (OTC:BYDDF) and traditional automakers like Toyota Motor Corp (NYSE:TM). This decision marks a strategic shift for Tesla, which had previously aimed to innovate car manufacturing by casting large sections of the vehicle's underbody in one piece. Despite this pause, Tesla plans to focus on producing more affordable cars using existing platforms and has not completely abandoned the small-vehicle platform intended for the so-called Model 2, now pivoting towards developing a self-driving robotaxi.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 5:42 am

MT

ArcelorMittal (NYSE:MT) reported Q1 2024 adjusted EPS of $1.16, surpassing the $0.92 estimate, with sales of $16.282B also beating the $16.238B estimate. However, this represents a decrease from the previous year's earnings and sales.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 5:17 am

COP

ConocoPhillips (NYSE:COP) is anticipated to report lower earnings for Q1 2024, with analysts forecasting a decrease in both earnings per share and revenue compared to the previous year. The company's Q4 revenue missed expectations, while adjusted EPS exceeded forecasts. Recent analyst ratings have varied, with price targets adjusted accordingly.

Portfolio Pulse from Avi Kapoor

May 02, 2024 | 4:05 am

CRK

Comstock Resources (NYSE:CRK) reported Q1 adjusted losses of $(0.03) per share, beating estimates by 25% but showing a 109.09% decrease from last year's earnings. Sales were $335.77M, missing estimates by 7.49% and marking a 31.42% decrease from the previous year.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:59 am

NWPX

Northwest Pipe (NASDAQ:NWPX) reported Q1 earnings of $0.52 per share, surpassing the $0.31 estimate, a 126.09% increase from last year. Sales reached $113.22M, beating the $103.34M estimate, up 14.25% from the previous year.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:55 am