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ABEO

CDNS

IBRX

Abeona Therapeutics' stock plummeted by 55% following an FDA Complete Response Letter for pz-cel, Cadence Design System shares dropped 10% due to weak Q2 guidance, and ImmunityBio surged 41% after receiving FDA approval for ANKTIVA for bladder cancer.

Portfolio Pulse from ryanfaloona@benzinga.com

April 23, 2024 | 12:35 pm

PALI

Palisade Bio's stock is trading higher following the announcement of a collaboration with Strand Life Sciences, indicating a positive market response to the partnership.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 12:34 pm

OND

SOCL

SPOT

Spotify Technology SA (NYSE:SPOT) reported a 20% year-on-year revenue growth for Q1 2024, reaching €3.64 billion ($3.95 billion), surpassing the consensus of $3.85 billion. EPS was €0.97 ($1.05), beating the consensus of $0.70. Premium revenue and subscribers grew by 20% and 14% respectively, with ARPU increasing by 5%. However, total MAUs of 615 million fell short of guidance by 3 million. The company cited moderated marketing activity and recent layoffs as factors. Ad-supported MAUs and revenue saw significant growth. Gross margin improvements were noted across the board, with operating income hitting a new quarterly high of €168 million. Spotify expects Q2 revenue of €3.8 billion and 631 million MAUs. SPOT shares rose 8.27% in premarket trading. Investors can also gain exposure through Global X Social Media ETF (NASDAQ:SOCL) and ProShares On-Demand ETF (NYSE:OND).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 12:33 pm

GATX

GATX reported Q1 2024 adjusted earnings of $2.01 per share, surpassing the consensus estimate of $1.76. Sales reached $379.9M, exceeding estimates of $375.8M and marking a 12.10% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 12:32 pm

RBLX

Roblox shares surged following an upgrade by JP Morgan from Neutral to Overweight, with a price target increase from $41 to $48.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 12:30 pm

PNR

Pentair's stock is trading higher following the announcement of their Q1 financial results, which surpassed expectations.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 12:29 pm

PHM

PulteGroup's stock is trading higher after the company reported financial results for the first quarter that exceeded expectations.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 12:28 pm

NBIX

Neurocrine Biosciences' shares surged following the success of its Phase 2 SAVITRI study for major depressive disorder, meeting its primary endpoint.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 12:27 pm

BMY

NVS

Novartis AG (NYSE:NVS) shares rose after the company reported Q1 earnings that exceeded expectations and raised its full-year guidance. Adjusted EPS was $1.80, up 17% year over year, with sales of $11.83 billion, a 10% increase. Key products like Entresto and Cosentyx saw significant sales growth. Novartis also announced plans to propose former Bristol Myers Squibb CEO Giovanni Caforio as chair of the board at the 2025 annual meeting. The company now expects net sales to grow by a high-single to low-double-digit percentage and core operating income to increase by a low double-digit to mid-teens percentage.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 12:25 pm

PII

Polaris Inc. (NYSE:PII) reported Q1 adjusted earnings per share of 23 cents, surpassing analyst expectations of 6 cents, but saw a 20% decline in sales to $1.736 billion, missing forecasts. The company attributes the sales drop to lower volume and net pricing, despite gains in market share across several product lines. Polaris maintains its 2024 outlook, expecting sales to decrease by 5% to 7% and adjusted EPS to fall by 10% to 15%. Shares rose 2.04% to $90.00 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

April 23, 2024 | 12:25 pm