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On February 28th, U.S. stock markets closed lower, with the Dow Jones, S&P 500, and Nasdaq experiencing declines amid anticipation of an inflation update influencing Federal Reserve rate cut predictions. Economic data revealed a slowdown in U.S. annual growth rate and a drop in wholesale inventories. Market expectations for the Fed's rate cut shifted from March to June due to persistent inflation and a strong economy. Asian and European markets mostly saw gains, while commodities like crude oil, gold, and natural gas showed mixed performance. U.S. futures and the forex market also indicated varied movements.

Portfolio Pulse from Akanksha Bakshi

February 29, 2024 | 12:18 pm

M

TD Cowen analyst Adam Maeder has downgraded Macy's (NYSE:M) from Outperform to Market Perform and reduced the price target from $23 to $20.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:18 pm

MARA

Marathon Digital Holdings, Inc. (NASDAQ:MARA) shares dropped in premarket trading despite reporting a significant year-over-year revenue increase of 452% to $156.77 million and reversing to a profit of 66 cents per share. The decline was attributed to an adjusted loss of 2 cents per share, missing analyst expectations of a 3-cent per share profit. The company also reported a 172% increase in Bitcoin production. The drop occurred amidst a broader Bitcoin rally, with Bitcoin reaching a new intraday high of $63,432.97.

Portfolio Pulse from Shanthi Rexaline

February 29, 2024 | 12:17 pm

GDRX

GoodRx Holdings' shares surged following the announcement of its Q4 financial results and the issuance of Q1 revenue guidance that exceeded analysts' expectations.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:17 pm

XMTR

Xometry reported fiscal Q4 results and issued Q1 guidance below estimates, alongside announcing a CFO transition, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:15 pm

FIGS

Telsey Advisory Group analyst Dana Telsey downgraded FIGS (NYSE:FIGS) from Outperform to Market Perform and reduced the price target from $11 to $6, indicating a more cautious outlook on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:15 pm

BBWI

Bath & Body Works shares are trading lower following the company's Q4 earnings report, which included a worse-than-expected outlook for Q1 and FY24. Additionally, the company has authorized a $500 million stock buyback.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:14 pm

ADV

Advantage Solutions (NASDAQ:ADV) reported Q4 earnings of $0.05 per share, missing the $0.13 estimate, and sales of $1.08B, missing the $1.13B estimate. This represents a 70.59% decrease in earnings and a 2.09% decrease in sales from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:13 pm

NVRI

Enviri (NVRI) forecasts a significant shift in its financial outlook for FY24, expecting an adjusted earnings per share (EPS) ranging from a loss of $0.00 to $0.25, compared to the previous estimate of a $0.09 gain. For Q1, the company anticipates an adjusted EPS between a loss of $0.05 to $0.13, versus the earlier $0.01 estimate.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:11 pm

WES

Citigroup analyst Spiro Dounis downgraded Western Midstream (NYSE:WES) from Buy to Neutral but raised the price target from $30 to $34.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 12:11 pm