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BAC

Bank Of America's shares are trading lower after the company announced its Q1 financial results.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:52 am

PNC

PNC Financial Services Group reported Q1 adjusted EPS of $3.36, surpassing the $3.02 estimate, but its sales of $5.14B fell short of the $5.188B forecast. This represents a decrease in both earnings and sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:38 am

CAVA

Wedbush analyst Nick Setyan has maintained an Outperform rating on Cava Group (NYSE:CAVA) and increased the price target from $65 to $74, indicating a positive outlook on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:36 am

IAS

Morgan Stanley analyst Matthew Cost downgraded Integral Ad Science (NASDAQ:IAS) from Overweight to Equal-Weight and reduced the price target from $18 to $12.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:35 am

BK

Bank of New York Mellon (NYSE:BK) reported Q1 2024 adjusted EPS of $1.29, surpassing the $1.19 estimate, with quarterly sales of $4.527 billion also beating the $4.388 billion estimate, marking a 3.74% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:34 am

BK

Bank of New York Mellon (NYSE:BK) reported Q1 2024 earnings of $1.25 per share, surpassing the $1.19 estimate, with sales of $4.527B also beating the $4.388B estimate, marking a 3.74% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:34 am

DITHF

IP

International Paper Company (NYSE:IP) has announced the acquisition of DS Smith Plc (OTC:DITHF) for approximately $9.9 billion, planning a secondary listing on the London Stock Exchange. The deal, expected to close by Q4 2024, values DS Smith shares at 415 pence each, with IP issuing 0.1285 shares for each DS Smith share. This transaction will result in IP shareholders owning 66.3% and DS Smith shareholders 33.7% of the combined entity. The merger aims to create a leading sustainable fiber-based packaging company, expecting to achieve $514 million in annual pre-tax cash synergies by the fourth year post-completion. The combined company will be headquartered in Memphis, Tennessee, with an EMEA headquarters in London.

Portfolio Pulse from Shivani Kumaresan

April 16, 2024 | 10:31 am

JNJ

Johnson & Johnson has updated its fiscal year 2024 operational sales forecast to $88.7B-$89.1B, an increase from its previous guidance of $88.2B–$89.0B, surpassing the consensus estimate of $88.43B.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:28 am

MT

ArcelorMittal's stock (MT) trades lower following a downgrade from Buy to Hold by Deutsche Bank.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:26 am

JNJ

Johnson & Johnson has updated its 2024 adjusted EPS forecast to $10.57–$10.72, aligning closely with the consensus estimate of $10.66 and slightly adjusting its prior guidance of $10.55–$10.75. The company also provided an adjusted operational EPS range of $10.60–$10.75.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 10:26 am