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GM

HIBB

PEP

PKG

TSLA

U.S. stock futures are slightly lower with investor focus on upcoming earnings reports and acquisitions. PepsiCo is expected to report earnings of $1.52 per share. Packaging Corporation of America reported better-than-expected Q1 earnings and anticipates Q2 earnings of $2.07 per share. General Motors is expected to post earnings of $2.14 per share. Hibbett, Inc. is being acquired by JD Sports Fashion for $87.50 per share. Tesla is anticipated to report earnings of 51 cents per share.

Portfolio Pulse from Avi Kapoor

April 23, 2024 | 6:38 am

NVS

Novartis has updated its financial outlook for 2024, now expecting net sales to grow in the high single to low double-digit range, up from the previously forecasted mid-single-digit growth. Similarly, core operating income is now anticipated to grow in the low double-digit to mid-teens range, an increase from the prior expectation of high single-digit growth.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:37 am

VLRS

Volaris, a low-cost airline, has updated its 2024 guidance, expecting a decrease in Available Seat Miles (ASM) growth year-over-year of -16% to -18%, but projects an increase in EBITDAR margin from the previously forecasted 31%-33% to 32%-34%.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:32 am

NVS

Novartis (NYSE:NVS) reported Q1 2024 adjusted EPS of $1.80, surpassing the $1.67 estimate, and sales of $11.829B, exceeding the $11.433B estimate. This represents a 16.88% increase in EPS and an 8.68% decrease in sales from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:28 am

VLRS

Controladora Vuela (NYSE:VLRS) reported Q1 2024 earnings of $0.29 per share, surpassing the $(0.18) estimate, a 261.11% beat. Sales reached $768M, exceeding the $694.633M forecast by 10.56%, marking a 5.06% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:23 am

HIBB

JDSPY

Hibbett Sports, Inc. has agreed to be acquired by JD Sports Fashion for $87.50 per share in cash, totaling approximately $1.1 billion. This acquisition price represents a 21% premium over the April 22, 2024, closing price and a 29% premium over the 120-trading day volume weighted average price. The merger aims to create a global platform for athletic fashion distribution, with Hibbett's leadership, including Mike Longo and Jared Briskin, continuing in their roles. Hibbett will also maintain its headquarters in Birmingham.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:19 am

NVDA

SMCI

TSM

Taiwan Semiconductor Manufacturing Co. (TSM) stock has dropped over 13% in six days following a revised growth forecast for the semiconductor industry, leading to a market value loss exceeding $100 billion. The increase in put options indicates a bearish sentiment. Other tech companies like NVIDIA Corp (NVDA) and Super Micro Computer Inc (SMCI) also experienced significant stock price drops. TSMC's challenges, including a recent earthquake affecting production, reflect broader industry trends. Despite this, Taiwan is enhancing its chip diplomacy through international tech partnerships.

Portfolio Pulse from Benzinga Neuro

April 23, 2024 | 6:12 am

BA

Boeing Co. (NYSE:BA) anticipates a slower ramp-up in the production and delivery of its 787 widebody jets due to supplier shortages, as communicated by Scott Stocker, the 787 vice president and general manager, to employees. Despite these challenges, Boeing aims to gradually increase production to meet strong demand. The FAA is closely monitoring the situation to ensure compliance and safety. This news comes ahead of Boeing's Q1 earnings announcement and amidst scrutiny over manufacturing practices and safety concerns raised by whistleblower complaints.

Portfolio Pulse from Benzinga Neuro

April 23, 2024 | 5:46 am

PNFP

Pinnacle Financial Partners (PNFP) reported Q1 earnings of $1.57 per share, surpassing the $1.54 estimate, marking a 1.95% beat. Despite a 10.8% decrease from last year's $1.76, sales rose to $428.14M, exceeding the $422.49M forecast by 1.34% and representing a 6.57% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 5:02 am

WAFD

Washington Federal (NASDAQ:WAFD) reported Q2 adjusted EPS of $0.73, surpassing the $0.60 estimate, with sales of $171.99M also beating the $151.64M estimate. Despite these beats, both earnings and sales saw a decrease compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 4:59 am