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CMI

Cummins Inc (NYSE:CMI) reported a slight decline in Q1 2024 sales by 0.6% YoY to $8.401 billion, missing consensus estimates. International demand weakened, particularly in China and Europe, while North American sales remained flat. Adjusted EPS was $5.10, below the expected $5.13. The company saw a net gain from the Atmus separation but faced restructuring expenses. Despite a decrease in operating income and cash flow, Cummins raised its 2024 revenue and profitability expectations, anticipating a demand slowdown in H2 2024. Shares fell by 1.50% to $279.62.

Portfolio Pulse from Akanksha Bakshi

May 02, 2024 | 3:59 pm

MGX

Metagenomi's shares dropped following the mutual termination of their collaboration with Moderna on the primary hyperoxaluria type 1 (PH1) program. Additionally, JP Morgan downgraded Metagenomi's stock from Overweight to Neutral and reduced the price target from $16 to $6.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:59 pm

NDRA

ENDRA Life Sciences shares are trading higher following the announcement of the issuance of five new patents, indicating a positive development for the company's intellectual property portfolio.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:54 pm

OPI

Office Properties Income Trust (OPI) shares surged following the announcement of Q1 revenue results that exceeded market expectations.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:52 pm

F

Ford has set a new all-time monthly sales record for its hybrid vehicles in the U.S., with sales reaching 17,997 in April, marking a 60% increase from the same month last year. The F-150 PowerBoost Hybrid led the surge with a 93.6% increase in sales, becoming America's top-selling full-size hybrid pickup. The 2024 Maverick Hybrid also performed strongly, being the best-selling hybrid pickup overall in the first four months of 2024, with 26,061 units sold. A significant portion of Maverick Hybrid customers, 59%, are new to Ford, coming from other brands and small SUV segments.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:51 pm

MGM

JP Morgan analyst Joseph Greff maintains an Overweight rating on MGM Resorts Intl (NYSE:MGM) and raises the price target from $54 to $57.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:48 pm

AI

C3.ai (NYSE:AI) has experienced unusual options activity, indicating a bearish sentiment among big-money investors. Benzinga's options scanner revealed 10 uncommon trades, with a sentiment split of 10% bullish and 50% bearish. The focus is on a price band between $17.5 and $35.0. Notable options activity includes both puts and calls with varying sentiments and strike prices. C3.ai is an enterprise AI company, and its stock price is currently up 1.1% at $22.94, with neutral RSI indicators. The next earnings report is expected in 27 days.

Portfolio Pulse from Benzinga Insights

May 02, 2024 | 3:47 pm

FSLR

First Solar CEO Mark Widmar appeared live on CNBC to discuss the company's earnings, the impact of China on their business, and the current state of energy prices. The discussion likely covered First Solar's financial performance, its competitive position relative to Chinese companies, and how global energy price trends are affecting its operations and outlook.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:43 pm

PBI

Pitney Bowes Inc. (NYSE:PBI) shares surged over 24% after reporting Q1 results that exceeded analyst expectations. The company posted a narrower loss per share of $(0.01) compared to the expected $(0.04) and revenues of $830.509 million against forecasts of $796.995 million. Despite a net loss of $(3) million, adjusted EBIT rose 71% year over year to $56 million, attributed to cost reduction from the 2023 restructuring plan. Shipping-related revenue increased by 8%, while mailing-related revenue declined by 4%. The company declared a quarterly dividend of $0.05 per share and reiterated its FY24 outlook for flat to low-single-digit revenue decline and stable EBIT margins.

Portfolio Pulse from Nabaparna Bhattacharya

May 02, 2024 | 3:43 pm

CI

Cigna Corporation (NYSE:CI) reported a 23% year-over-year increase in Q1 sales to $57.26 billion, surpassing estimates due to Evernorth's growth. Adjusted income from operations rose 16% to $1.88 billion. Healthcare sales were up 4%, and Evernorth Health Services sales jumped 28%. The medical cost ratio improved, and total pharmacy customers grew 24%. Adjusted EPS of $6.47 beat estimates, and Cigna raised its 2024 adjusted EPS guidance. However, CI shares dropped 1.9% following the announcement.

Portfolio Pulse from Vandana Singh

May 02, 2024 | 3:43 pm