Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Reddit Insiders Selling Days After IPO; Shares Fall
https://www.investors.com/news/technology/reddit-insiders-selling-days-after-ipo-shares-fall/?src=A00220
red= my words
ED CARSON08:16 AM ET 03/28/2024
Reddit CEO Steve Huffman and other top executives and board members late Wednesday disclosed share sales, just a week after the social network had in its initial public offering. RDDT stock fell early Thursday.
Reddit CEO Steve Huffman sold 500,000 shares (Still owns 710,306) on Monday at an average $32.30 price, receiving $16.15 million. CFO Vollero Andrew sold 71,765 (still owns 681,660) Reddit shares for $2.318 million. Chief Operating Officer Jennifer Wong sold 514,000 shares (still owns 1,736,813) for $16.602 million.
Chief Technology Officer Christopher Slowe sold 185,000 shares (still owns 413,684 and 30,068) for $5.975 million. Chief Accounting Officer Michelle Reynolds sold 3,033 (still owns 96,413) RDDT shares for $97,966. Board member David Habiger sold 3,000 shares (still owns 24,906) for $102,000.
All told, that's $41.245 million worth of Reddit shares sold.
At least some Reddit share sales by CEO Huffman and other key officers was expected.
Reddit stock fell 4.5% to 55.15 early Thursday. Shares tumbled 11.3% to 57.75 on Wednesday. Reddit hit a record 74.90 intraday Tuesday.
The RDDT IPO priced at 34 a share on March 20, at the top of the expected range.
RDDT: Day ranges
3-21-24 (IPO) 45.05 - 57.80/ close 50.40 / Vol 48,705,533 Mil
3-22-24 (Friday) 45.34 - 51.00 / close 46.00 / Vol 15,983,139 Mil
3-25-24 (Monday) 46.08 - 61.94 / close 59.80 / Vol 24,398,838 Mil
3-26-24 (Tuesday) 63.21 - 74.90 / close 65.11 / Vol 35,330,978 Mil
3-27-24 (Wednesday) 55.62 - 63.76 / close 57.75 / Vol 18758308 Mil
New Street Analysts Just Set a $54 Price Target on Reddit (RDDT) Stock
Analyst Dan Salmon expects volatility for RDDT in the coming weeks
2h ago · By Eddie Pan, InvestorPlace Financial News Writer
https://investorplace.com/2024/03/new-street-analysts-just-set-a-54-price-target-on-reddit-rddt-stock/
New Street Research has initiated coverage of Reddit (RDDT) stock with a price target of $54.
Analyst Dan Salmon expects 2024 revenue to grow by 44% to $1.16 billion.
He also believes that Reddit’s adjusted EBITDA will turn positive this year.
The Reddit (NYSE:RDDT) initial public offering (IPO) has been extremely successful so far. Shares of RDDT were priced at $34, the higher end of the targeted $31 to $34 range. The community forum company sold a total of 25.30 million shares, raising gross proceeds of $631.60 million. RDDT stock is currently trading in the high $60 range after closing at $59.80 on its first day of trading.
On top of that, Reddit received its first analyst price target and rating this morning. Led by analyst Dan Salmon, New Street Research initiated coverage of Reddit stock with a price target of $54 and a “neutral” rating.
Salmon had written about Reddit before its IPO with a bear case market capitalization of $5.3 billion and a bull case market cap of $16.7 billion.
The analyst expects significant volatility in RDDT stock until Reddit reports its first earnings, which Salmon forecasts to be in early May. He also expects volatility to continue until three days after the lockup period expires, which will be 180 days after the IPO.
As of now, Salmon is focused on three narratives. The analyst believes that the price of RDDT already accounts for a successful OpenAI data licensing contract while DAUq (daily active uniques) growth is the “#1 fundamental controversy.” Furthermore, he notes that the number of advertisers and the number of advertisers competing on auction bids is the most important factor in terms of generating ad revenue.
Salmon has forecasted 2024 revenue of $1.16 billion, signaling a 44% increase from 2023’s revenue of $804 million. He also forecasts revenue growth of 34% to $1.55 billion in 2025.
Notably, Reddit remains unprofitable with a 2023 loss of $90.8 million and an adjusted EBITDA loss of $69.3 million. Salmon expects the company to report a positive adjusted EBITDA of $172 million this year, $326 million in 2025 and $525 million in 2026.
PayPal: The Cheapest, Highest-Quality Tech Stock to Buy in 2024
Darren Samson, The Motley Fool
Mon, Mar 25, 2024, 1:28 PM MDT5 min read
https://finance.yahoo.com/news/paypal-cheapest-highest-quality-tech-192800253.html
Nearly 25 years ago, Elon Musk and Peter Thiel disrupted the world with digital payments company PayPal (NASDAQ: PYPL). Today, it remains the strongest competitor in a fast-moving industry, and it is by far the cheapest, highest-quality tech stock you can buy in 2024.
The core of PayPal's business comes from the merchants who accept it as a form of payment and the customers who rely on it to pay their bills.
For merchants, the main value of accepting PayPal is it gives a customer the flexibility to pay with their credit/debit card, Venmo, or even competing digital wallets. This reduces friction and makes it easier (and therefore more likely) for a transaction to occur.
For customers, the biggest benefit is privacy and security. PayPal customers can buy something without sharing their financial information with the merchant.
PayPal's simplicity and security has created widespread brand awareness among people of all ages.
Steady annual revenue growth
Today, PayPal has 391 million consumer accounts and 35 million merchant accounts, but its most important metric is total payment volume (TPV), which rose 13% in 2023 to $1.53 trillion. It is the single biggest driver of the company's revenue.
Overall, PayPal's net revenue increased 8% in 2022 and 2023, and there's good reason to think it will grow by a consistent 8%-plus annually for years to come.
Although this company is no longer the rapidly expanding Silicon Valley start-up it once was, it's still providing solid revenue and payment volume growth 25 years later, and there are three main reasons this should continue.
First-mover advantage
First, PayPal's massive size gives it a moat in the competitive digital payments industry. It was the first mover and operates in 200 countries and territories around the world. For a competitor to take away market share, it has to have a much better value proposition for someone to stop using their PayPal account.
The more customers who use PayPal, the more merchants will accept it as payment. This will keep total payment volume growing for years to come.
Widespread reach
Second, PayPal isn't just a high-value, well-known global brand. The company also owns brands including Venmo, Braintree, HyperWallet, and Xoom.
Venmo is one of the most popular digital payment apps. Over 78 million people use it, mostly in the United States, and Venmo's revenue doubled from 2020 to 2022. Braintree helps merchants accept both PayPal and credit cards with a single integration. HyperWallet makes global payments quick and simple, and Xoom lets people transfer money.
Whenever someone makes a purchase using any of PayPal's brands, the company receives a portion of the amount. It's a lucrative business to be in, especially when TPV is rising consistently like PayPal's is.
A government-backed moat
Finally, PayPal's moat extends beyond its size and well-known brands. Because the industry is so regulated, that makes it extremely difficult for new competitors to enter. PayPal's government licenses allow it to operate, and a competitor can't simply join the industry without government approval.
The company owns licenses in the U.S. to operate as a money transmitter, and in the state of New York it holds a full BitLicense issued by the New York Department of Financial Services to offer cryptocurrency services. These licenses extend to its other brands.
PayPal has a consistently growing business, as well as a clear path to staying ahead of the competition, but we haven't reached my biggest reason to be bullish...
The cheapest, highest-quality tech stock today
PayPal is a tech stock in the digital payments space, but its valuation is closer to a bargain value stock.
As I'm writing, its price-to-sales ratio (P/S) is just 2.16, which means investors are paying $2.16 for every dollar of the company's sales.
In June 2021, the P/S was nearly 15! This stock is cheap compared to its historical average, and cheap compared to its competitors, too.
Global Payments is a digital payments company and member of the S&P 500 and Fortune 500. Its P/S is 3.52 today, roughly 63% more expensive than PayPal.
Block, which owns CashApp and Square, has a P/S of 2.29 -- just a little more than PayPal.
Buy and hold
PayPal's ubiquity has made it one of the world's most well-known brands among nearly every demographic, and its size and scale are fueling its next evolution of growth.
The new era of cryptocurrencies has made digital payment software even more important, and PayPal is in a perfect position to capitalize.
The stock's 2.16 P/S makes it the cheapest, highest-quality tech company in the market today. PayPal probably won't trade at a discount for long, because its Venmo subsidiary and its government licenses ensure years of steady growth.
This is the type of stock you can buy and hold for years.
RNG cpps 34.97
year/eps
2017 .47
2018 .77
2019 .82
2020 .98
2021 1.34
2022 1.99
2023 3.23
2024 est 3.55
2025 est 4.06
486 funds
11 p/e
5.71 cash flow
EPS last 8 q's: .39, .45, .55, .60, .76, .83, .78, .86
Sales last 8 q's: 467, 486, 509, 524, 533, 539, 558, 571
C&H 172 days
depth 42%
Handle 6%
Pivot 36.94
Trump’s Truth Social is going public today. Experts warn $9 billion valuation defies logic
Matt Egan
By Matt Egan, CNN
Updated 5:51 AM EDT, Tue March 26, 2024
https://www.cnn.com/2024/03/26/markets/trump-media-stock-truth-social/index.html
For the first time in almost 30 years, part of Donald Trump’s business empire is going public.
Trump Media & Technology Group, the owner of struggling social media platform Truth Social, is set to begin its long-delayed journey as a public company at Tuesday’s opening bell under the ticker symbol “DJT.”
Wall Street is assigning Trump Media an eye-popping valuation of around $9 billion – a price tag that experts warn is untethered to reality.
Shares of Digital World Acquisition Corp., the shell company that is about to become Trump Media, have spiked nearly 200% so far this year. That includes a 35% surge Monday after the deal closed. Shares are climbing another 8% in premarket trading Tuesday.
The skyrocketing share price comes despite the fact that Trump Media is burning through cash, piling up losses and its main product – Truth Social – is losing users.
“This is a very unusual situation. The stock is pretty much divorced from fundamentals,” said Jay Ritter, a finance professor at the University of Florida’s Warrington College of Business, who has been studying initial public offerings (IPOs) for over 40 years.
Ritter said the closest parallel would be GameStop, AMC and other so-called meme stocks that skyrocketed during Covid-19 as an army of retail traders piled in. He said Trump Media is likely worth somewhere around $2 a share – nowhere near its implied stock price of $50.
“The underlying business doesn’t seem to be worth much. There is no evidence this is going to become a large, highly profitable company,” he said. “I’m reasonably confident the stock price will eventually drop to $2 a share and could even go below that if the company blows through the money it got from the merger.”
The eye-popping valuation is a massive windfall for Trump, who owns a dominant stake of 79 million shares.
At Monday’s closing price of nearly $50, that stake is worth nearly $4 billion, although lock-up restrictions likely prevent Trump from selling or even borrowing against those shares anytime soon.
Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to filings. The company lost $49 million over that span.
And yet the market is valuing Trump Media at approximately $9 billion.
For context, Reddit was only valued at $6.4 billion at its IPO last week – even though it generated 160 times more revenue than Trump Media. (Reddit hauled in $804 million in revenue in 2023, compared with Trump Media’s annualized revenue of about $5 million.)
“At these levels, it appears untethered to its underlying business results,” said Matthew Kennedy, senior IPO strategist at Renaissance Capital. “Eventually, valuations tend to fall back on fundamentals. That means this stock is definitely at risk of plummeting back down to earth.”
Truth Social is tiny
Truth Social faces real challenges and is still dwarfed by its rivals.
Truth Social had just 494,000 monthly active US users on iOS and Android combined in February, according to Similarweb stats provided to CNN. That’s a small fraction of the 75 million on X (formerly known as Twitter) and 142 million on Facebook.
Even Threads had more than 10 times the number of monthly active users that Truth Social had in February, according to Similarweb.
Not only that, but Truth Social is shrinking. Its monthly active users plunged 51% year-over-year in February, Similarweb stats show. Truth Social’s 648,000 unique visitors to its website was down 20% year-over-year.
Kennedy described Trump Media as a “meme-SPAC,” alluding to both its astronomical valuation and the fact it was formed through a merger with a special purpose acquisition company, or SPAC.
“Stocks that trade on momentum are subject to falling rapidly,” he said.
Jonathan Macey, a law professor at Yale, told CNN last week that the Digital World stock price is “clearly a bubble.”
Of course, history shows that bubbles can always inflate further, and it’s very difficult to pinpoint when they will pop.
That means Trump Media’s share price could keep skyrocketing – even if those gains are not backed up by fundamentals. In theory, a rival company or wealthy group could swoop in and acquire Trump Media even at these price levels, although Ritter said that’s very unlikely.
‘Stay away from it’
Matthew Tuttle, CEO of Tuttle Capital Management, told CNN that Trump Media is probably not worth anything close to $9 billion.
“But it doesn’t really matter,” he said.
Tuttle noted that there is a history of SPACs spiking on their first day of trading, and he placed options bets that stand to make money if the stock shoots up.
“Because of what this is, and because it’s Trump – you’ve got people expecting this thing will take off tomorrow,” he said.
But Tuttle advised everyday investors to use extreme caution trading Trump Media, noting the implied volatility is “insane.”
“Stay away from it,” said Tuttle, who has sold his shares of Digital World but still owns options that would pay out if the stock rises sharply. “Normally, I wouldn’t touch this with a ten-foot pole. But I’m not playing with much money and I already made a lot on this. If I wake up tomorrow and it’s trading at $1, oh well.”
Beyond the valuation concerns, there are other risks involved in Trump Media.
For example, this company’s future is inextricably linked to that of one person: Trump.
“There is a unique keyman risk because Donald Trump is the chairman, top shareholder and the most popular user. He is one man, and he’s 77 years old,” said Kennedy.
Not only that, but Trump is facing felony prosecution in multiple simultaneous cases.
Trump Media noted that risk in SEC filings, saying: “Donald J. Trump is the subject of numerous legal proceedings, the scope and scale of which are unprecedented for a former President of the United States and current candidate for that office. An adverse outcome in one or more of the ongoing legal proceedings in which President Trump is involved could negatively impact TMTG and its Truth Social platform.”
A history of Trump bankruptcies
Not only does Trump himself face reputational issues, but his companies have a history of going bankrupt.
The last Trump company to go public, Trump Hotels and Casino Resorts in 1995, used the same DJT ticker symbol. It went bankrupt in 2004 and was delisted from the New York Stock Exchange.
Trump Media even highlighted Trump’s history of bankruptcies as a risk in its SEC filing.
“A number of companies that were associated with President Trump have filed for bankruptcy. There can be no assurances that TMTG will not also become bankrupt,” the company said.
Another question is what happens when the lock-up restrictions on Trump and other key insiders lapse in the coming months.
Trump’s legal troubles could give him a reason to sell his commanding stake, an outcome that would threaten Trump Media’s share price.
Betting on a Trump victory in November
Other insiders, including the sponsor of the SPAC, would also be able to sell.
Like any social media business, Truth Social faces pressure to grow its user base, expand its advertising business and build a subscription service.
Those tasks are complicated by the polarizing political backdrop where at least some portion of the country views the Trump movement skeptically.
Kennedy said that in many ways, Trump Media going public amounts to a “mutli-billion dollar bet” on a second Trump term, a return to the White House that could be lucrative for his social media network.
“If he wins in November, Truth Social will probably be the primary means of presidential communication,” said Kennedy. “That’s the bet here.”
Trump’s Truth Social company starts trading on Nasdaq with a market value near $6.8 billion after SPAC deal
BYTHE ASSOCIATED PRESS
March 26, 2024 at 3:49 AM MDT
https://fortune.com/2024/03/26/trump-truth-social-digital-world-acquisition-starts-trading-nasdaq-market-value-6-8-billion-spac/
Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on March 26, 2024
JOHN MINCHILLO—AP
As Donald Trump’s social media company begins trading publicly Tuesday, would-be investors might ask themselves if the stock is too pricey and potentially too volatile.
Trump Media & Technology Group Corp. was acquired Monday by a blank-check company called Digital World Acquisition Corp. Trump Media, which runs the social media platform Truth Social, now takes Digital World’s place on the Nasdaq stock exchange.
Trump Media debuts with a stock price near $50 and a market value of about $6.8 billion. Many of Digital World’s investors were small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the stock more than double this year in anticipation of the merger going through.
They’re betting on a company that has yet to turn a profit. Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses. In a recent regulatory filing, the company cited the high rate of failure for new social media platforms, as well as the company’s expectation that it will lose money on its operations “for the foreseeable future” as risks for investors.
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both but has stuck with Truth Social.
On Monday, Trump appeared in court in New York at hearing for a criminal case involving hush money payments made to cover up claims of marital infidelity. Afterwards, Trump told reporters that “Truth Social is doing very well. It’s hot as a pistol and doing great.”
However, Trump Media has yet to disclose Truth Social’s user numbers — although that should change now that the company is public. Research firm Similarweb estimates that Truth Social had roughly 5 million active mobile and web users in February. That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion — but still higher than other “alt-tech” rivals like Parler, which has been offline for nearly a year but is planning a comeback, or Gettr, which had less than 2 million visitors in February.
Besides competition in the social media field, Trump Media faces other risks — including to some degree Trump, who will have a nearly 60% ownership stake in the company.
Trump Media, which is based in Palm Beach, Florida, said in a regulatory filing that it “is highly dependent on the popularity and presence of President Trump.” If the former president were to limit or discontinue his relationship with the company for any reason, including due to his campaign to regain the presidency, the company “would be significantly disadvantaged.”
Acknowledging Trump’s involvement in numerous legal proceedings, the company noted that “an adverse outcome in one or more” of the cases could negatively affect Trump Media and Truth Social.
Another risk, the company said, was that as a controlling stockholder, Trump would be entitled to vote his shares in his own interest, which may not always be in the interests of all the shareholders generally.
If recent trading activity is any indication, investors could be in for a bumpy ride. Digital World shares more than doubled this year ahead of a shareholder vote on the merger with Trump Media. After the vote Friday, shares dropped almost 14%, but Monday they rebounded strongly with a gain of 35%.
DJT
3-25-24
49.95 (close of 3/25/24 as DWAC)
Trump Media & Technology Group Corp (Nasd: DJT)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
DWAC
3-25-24
49.95
Shares of Digital World Acquisition Corp (DWAC) soared on Monday. On Friday, shareholders approved a deal to merge Digital World and Trump Media. The combined company is called Trump Media & Technology Group Corp. and will start trading on Tuesday, March 26 under the ticker DJT. Trump Media is the parent company of the social media company Truth Social.
Digital World Acquisition (Nasd: DWAC)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
Reddit, the social media company that went public last week, roared back to life as shares soared 30% to end the day at $59.80 on Monday. It gained another 10% during early post-market trading. Reddit shares opened at $47 last Thursday during the company’s initial public offering after being priced at $34. The company raised $748 million in the offering and sold 22 million shares as part of the IPO. During the final quarter of 2023, Reddit averaged 73.1 million daily active users, a substantial increase from 57.5 million one year prior. OpenAI CEO Sam Altham is one of the largest shareholders, holding 7.6% of outstanding shares. Although the company finished in the red the last two years, much of that is due to heavy spending in research and development. Cutting back on innovation “could easily turn the company’s cash flow positive,” according to Seeking Alpha analyst and contributor Daniel Jones. Reddit has been dubbed “the last good social media network,” as it “actually sticks to the promises the platform sold us on,” writes Lifehacker1.
This surge in Reddit’s stock price is certainly making waves, and it’ll be interesting to see how the company continues to evolve in the coming months.
https://seekingalpha.com/news/4083343-reddit-roars-back-as-shares-jump-nearly-9
Sam Altman has made $30 million on Reddit's IPO. His companies are doing even better
https://qz.com/sam-altman-has-made-30-million-since-reddits-ipo-his-1851363622
The OpenAI CEO's stake in Reddit has gained an additional 56% in value since the site went public
By Laura Bratton
Sam Altman won big when the internet’s front page made its eye-popping debut on the stock market last week.
The OpenAI CEO isn’t just a fan of the newly-public social platform (although he’s written before about how he used the site daily for nearly a decade). He’s also a major investor in it.
Reddit’s IPO performance gives Altman one more reason to be a stalwart supporter — at least from his bank account’s point of view. Reddit’s value climbed near $10 billion on its first day of trading last Thursday, with the stock up 48% at market close. Its share price surged even higher Monday.
Altman has seen the value of his stake in the site rise 56% (or about $30 million) since the platform went public.
Altman and companies he owns or manages — such as the investment fund Apollo Projects and venture capital firm Hydrazine Capital — have invested over $60 million in Reddit since 2014. The AI magnate and his affiliated entities own about 12 million shares of Reddit, of which Altman personally owns about 1.7 million.
Altman’s investment should continue to pay off — that is, unless Reddit’s concerns about its meme-stocking members come to pass. The company said in its Securities and Exchange filing that users like those on r/WallStreetBets — who are known for short-squeezing companies like GameStop — could create volatility in its share price. But while Redditors have discussed shorting the company on r/WallStreetBets, short interest on Reddit won’t be public until April 9 at the earliest.
Reddit’s IPO surge
While a significant portion of newly-public companies fall on their first and second day of trading, Reddit’s stock is still up. In fact, as of midday Monday, the company’s share price was 56% higher than its IPO price of $34 — an anomaly in the world of IPOs.
And Reddit’s success isn’t just good for Altman: it’s good for the stock market writ large. The platform’s positive debut on the NYSE floor, coupled with the staggering gains reached by AI startup Astera Labs’s market debut last week, is a signal that the IPO market is finally making a comeback.
By the numbers
$9.97 billion: Fully diluted value of Reddit as of midday Mar. 25.
2014: Year when Sam Altman made headlines for his big personal investment in Reddit, leading its $50 million funding round.
$60 million: How much Altman’s entities invested in Reddit in 2021, U.S. Securities and Exchange Commission (SEC) filings show.
9%: Voting power of Sam Altman and related entities at Reddit.
1.66 million: Approximate number of shares of Reddit stock owned personally by Sam Altman, according to a Business Insider analysis.
56%: How much Reddit stock has risen from its IPO price of $34.
LCID 2.92 3/25/24
Lucid Surges on $1 Billion Lifeline From Saudi Investor
EV Maker Gets Boost From Ayar Third Investment
A Lucid Air EV at the company's showroom in Tysons Corner, Va. (Samuel Corum/Bloomberg News)
Lucid Group Inc. is getting a $1 billion cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund, providing the troubled electric carmaker with a needed lifeline.
The new financing from Ayar Third Investment Co. is in the form of a private placement for convertible preferred stock and will be used in part for capital expenditure and as working capital, the company said March 25 in a statement.
Lucid rose in New York on March 25 after it had dropped 34% this year through the close on March 22.
In a note to clients, Morgan Stanley analysts led by Adam Jonas said the fresh PIF investment was a modestly positive development.
“We had begun to question the continuation of support given a range of other EV-related alternatives in the market,” they wrote. “Today’s announcement helps reinforce commitment.”
Lucid is one of few U.S.-based pure play EV names, but has strained the most to scale its output. The company told investors last month it would build around 9,000 premium Air sedans in 2024, just modestly higher than the 8,500 it built last year and far short of the tens of thousands it touted in its road to the public markets.
The news came as EV maker Fisker Inc. said in a regulatory filing March 25 that talks with a major automaker about an investment ended without a deal, and that the company faces “significant uncertainties” as it renegotiates terms for recent financing.
Lucid has struggled since listing in a reverse merger with a special purpose acquisition company, or SPAC, in July 2021. The Newark, Calif.-based company reported a loss of 29 cents a share in the fourth quarter and said in its earnings statement it had $1.4 billion in cash and cash equivalents as of the end of 2023, down from $1.7 billion a year earlier.
But the EV maker said at the time it had enough liquidity to continue operations “at least into 2025.” The latest injection from Saudi investors should reassure the market that will stay true.
Lucid raised $3 billion from an offering of common stock and an investment by Saudi Arabia’s Public Investment Fund announced in May of last year. The Saudi fund had invested about $5.4 billion into Lucid since 2018, the EV maker said in a fourth-quarter presentation. PIF owns a roughly 60% stake, according to data compiled by Bloomberg.
A longer look at RIG........................
https://schrts.co/KssPeddX
A nice upturn in Accumulation..............
OAG Tom
DWAC + 11.11
Digital World Acquisition Corp. and Trump Media & Technology Group Corp. Announce Completion of Business Combination
Monday, 25 March 2024 11:30 AM
Company Update
TMTG to Begin Trading on the Nasdaq Stock Market LLC on Tuesday, March 26, 2024
Under the Ticker Symbol "DJT"
MIAMI, FL and SARASOTA, FL / ACCESSWIRE / March 25, 2024 / Digital World Acquisition Corp. ("Digital World" or the "Company") and Trump Media & Technology Group Corp., a Delaware corporation ("Trump Media & Technology Group Corp." or "TMTG") announced today the completion of their business combination (the "Business Combination").
Digital World now operates as "Trump Media & Technology Group Corp." following the successful completion of the Business Combination. Beginning on Tuesday, March 26, 2024, the common stock and public warrants of TMTG are expected to begin trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbols "DJT" and "DJTWW," respectively.
TMTG, as a publicly traded company, will continue to be led by Chief Executive Officer, Devin G. Nunes, and its existing management team.
"Today marks a pivotal moment not only for DWAC and TMTG as a combined entity, but for the broader media and technology landscape. I am thrilled to be stepping into the role of Director at this transformative time for our combined company. Working alongside Devin Nunes, as CEO of TMTG, presents an extraordinary opportunity to shape the future of media and technology. Devin's leadership and vision for what we can achieve together are truly inspiring. I am confident that under his guidance and the leadership team of TMTG, our combined strengths are expected to lead us toward groundbreaking achievements. This partnership represents not just a strategic alignment, but a shared commitment to excellence and innovation. I look forward to contributing to our journey ahead, driving forward initiatives that will redefine our industry and create meaningful connections and value across the globe," said Eric Swider, former CEO of Digital World, new director of TMTG.
"As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors," said TMTG CEO Devin Nunes. "We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors. As we mark this milestone, I want to particularly thank Eric Swider for his unflagging dedication to our deal and our cause."
Advisors
Paul Hastings LLP acted as legal counsel to Digital World.
Nelson Mullins Riley & Scarborough LLP acted as legal counsel to TMTG.
EF Hutton, LLC served as sole underwriter and exclusive placement agent for Digital World.
About Digital World Acquisition Corp.
Digital World Acquisition Corp. (Nasdaq:DWAC) was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. To learn more, visit www.dwacspac.com.
About TMTG
The mission of TMTG is to end Big Tech's assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations.
iRobot Shows Just How Risky Investing in Mergers and Acquisitions Can Really Be
Reuben Gregg Brewer, The Motley Fool
Thu, Mar 21, 2024, 3:15 AM MDT5 min read
https://finance.yahoo.com/news/irobot-shows-just-risky-investing-091500214.html
There's an investment tactic on Wall Street called merger arbitrage. It isn't meant to produce eye-catching home runs, instead focusing on getting a lot of reliable singles. On the surface, merger arbitrage seems like it would be easy, but iRobot (NASDAQ: IRBT) and Spirit Airlines (NYSE: SAVE) show it can be harder than it seems.
Here's why you need to be careful buying into mergers and acquisitions, noting that United States Steel (NYSE: X) looks like it could be the next pain point for investors.
There's no such thing as a free lunch
The logic behind merger arbitrage is pretty simple. When one company agrees to buy another company, it usually has to pay a premium for that company's shares. Once the potential for a deal is leaked to Wall Street, the price of the company being acquired normally jumps higher. When a deal is actually announced, the price of the company to be acquired tends to rise right up to, but not actually all the way to, the offer price.
So, there's often a small discount between the market price of a company being bought out and the buyout price. That discount is normally just a percentage point or two, nothing to write home about. But if you buy the shares and the deal is consummated as expected, that small discount turns into an easy profit. Repeat that process enough times and you start to create some real gains.
At this point, you might think you could do this just as well as a Wall Street pro. And to some extent, that's true. But there's one small wrinkle here that you need to think about. Why does the discount between the market price and the offer price even exist? The answer is that, sometimes, deals fall through. And when that happens, that fallout can be very, very ugly.
Some painful examples of busted deals
Mergers fall apart all the time and in every industry. Take a look at the price chart for technology stock iRobot below. Notice the big price jump at the beginning of the period when Amazon (NASDAQ: AMZN) agreed to buy the robot maker. And then, the stock started to trend lower before dropping drastically toward the end when the deal was called off. The companies strongly hinted that the problem was getting regulatory approval, a fact that weighed on iRobot's stock almost from the very start.
As if that's not bad enough, the very same day that the deal was called off, iRobot announced a business overhaul. The list of moves included cost-saving initiatives, reduced research and development spending, and staff cuts, among other things. Simply put, iRobot appears to have been a struggling company that really needed Amazon to buy it or it was going to come under increasing financial strain. If you bought this stock thinking that the Amazon deal was in the bag, you would have found your bag had a giant hole in it.
The deal between airline Jetblue (NASDAQ: JBLU) and Spirit Airlines was similar in that Spirit was a struggling company being bought by a stronger one. Spirit shares plunged when that deal was scuttled, largely because regulators appeared unlikely to approve it.
Just recently, meanwhile, shares of U.S. Steel fell sharply over concerns that Japanese steel giant Nippon Steel won't receive the regulatory approvals needed to buy the iconic American steelmaker. This is just a quick list of recent deals that have gone or could go wrong.
There's more to merger arbitrage than meets the eye
As each of the examples above shows, it simply isn't as easy as it looks to do merger arbitrage. You have to make an assessment of the chances that the deals you invest in will actually be completed as planned. Very often, that is what transpires, but calling one deal wrong could leave you with huge losses. The problems above were all related to regulatory issues, but financing and adverse business or industry developments can also lead to broken merger and acquisition agreements.
To be fair, merger arbitrage specialists do more than just buy the stock of the company being acquired. The process can involve shorting shares, buying shares, and even options trades. The added transactions, which materially increase complexity, are mostly meant to protect against the risk of a failed deal.
Apple, Google and Meta at risk of ‘heavy’ fines as Europe launches new probes
CNN Business· Yves Herman/Reuters
Olesya Dmitracova, CNN
Mon, Mar 25, 2024, 7:54 AM MDT3 min read
https://finance.yahoo.com/news/apple-google-meta-risk-heavy-114530507.html
The European Union has launched investigations into Apple, Google and Facebook parent Meta on suspicion that they are failing to comply with a new landmark European law designed to promote competition in digital services.
The European Commission said it “suspects” that various practices by all three companies “fall short of effective compliance” with the Digital Markets Act (DMA), which went into effect earlier this month. If the probes find a “lack of full compliance,” they could face “heavy fines,” said European Commissioner Thierry Breton.
The DMA requires dominant online platforms to give users more choices and rivals more opportunities to compete. It currently applies to the three tech giants under investigation, as well as Amazon (AMZN), Microsoft (MSFT) and ByteDance, the Chinese parent company of TikTok.
By mid-May, the list could also include Elon Musk’s X and Booking.com, the EU has said.
Violations of the new law can lead to stiff penalties, including fines of up to 10% of a company’s global revenue and up to 20% for repeat offenses. For most of the regulated companies, that would translate to tens of billions of dollars.
The practices the European Commission is investigating include what it calls Meta’s “pay or consent” approach. Last October, Meta (META) launched a subscription service, called “Subscription for no ads,” allowing European users of Facebook and Instagram to pay up to €12.99 ($14) a month for ad-free versions.
“The Commission is concerned that the binary choice imposed by Meta’s ‘pay or consent’ model may not provide a real alternative in case users do not consent, thereby not achieving the objective of preventing the accumulation of personal data by (large companies),” the body said in a statement.
A Meta spokesperson responded: “Subscriptions as an alternative to advertising are a well-established business model across many industries, and we designed ‘Subscription for no ads’ to address several overlapping regulatory obligations, including the DMA. We will continue to engage constructively with the Commission.”
The EU is also looking into app stores operated by Apple (AAPL) and Google. The DMA states that large digital platforms — so-called gatekeepers — must allow app developers to “steer” consumers to offers outside the two dominant stores, free of charge.
Among other concerns, the EU suspects that Apple and Google’s parent Alphabet (GOOGL) constrain developers’ ability “to freely communicate (with end-users) and promote offers and directly conclude contracts, including by imposing various charges,” the Commission said.
“We are concerned Alphabet, Apple & Meta & are not meeting their obligations, e.g.: Apple & Alphabet still charge recurring fees to app developers,” European Commissioner Margrethe Vestager wrote on X Monday.
Apple’s “choice screen” for Safari is also under scrutiny, the European Commission said. Under the DMA, Apple must prompt users with “choice screens which must effectively and easily allow them to select an alternative default service, such as a browser or search engine on their iPhones,” it noted.
Apple told CNN in a statement: “We’re confident our plan complies with the DMA, and we’ll continue to constructively engage with the European Commission as they conduct their investigations.”
Another of the Commission’s concerns pertains to Google Search. Alphabet may not have done enough to ensure that third-party services appearing in search results are treated in “a fair and non-discriminatory manner” compared with Alphabet’s own services, such as Google Shopping and Google Flights.
Oliver Bethell, a competition executive at Google, said in a statement: “To comply with the Digital Markets Act, we have made significant changes to the way our services operate in Europe.
“We have engaged with the European Commission, stakeholders and third parties in dozens of events over the past year to receive and respond to feedback, and to balance conflicting needs within the ecosystem. We will continue to defend our approach in the coming months.”
This story has been updated with additional information.
Trump Media & Technology Group Corp.
6:01 AM ET, 03/25/2024 - Briefing.com
Co announced today that the Company's stockholders voted to approve, among other things, the proposed merger (the "Merger" and together with the other transactions contemplated by the Merger Agreement, as defined below, the "Business Combination") of DWAC Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Company ("Merger Sub"), with and into Trump Media & Technology Group Corp., a Delaware corporation ("TMTG"), pursuant to an Agreement and Plan of Merger, dated as of October 20, 2021 (as amended by the First Amendment to the Agreement dated May 11, 2022, the Second Amendment to the Agreement, dated August 9, 2023, the Third Amendment to the Agreement, dated September 29, 2023, and as it may further be amended or supplemented from time to time, the "Merger Agreement").Following the Business Combination, TMTG will continue as the surviving corporation and as a wholly owned subsidiary of the Company (after giving effect to the consummation of the Business Combination, "Trump Media & Technology Group Corp."). The common stock of Trump Media & Technology Group Corp., following the consummation of the Business Combination, is anticipated to begin trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbols "DJT" and "DJTWW."
Stellantis NV engages in the design, manufacture, distribution, and sale of vehicles. It offers its products under the Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Opel, Peugeot, Ram, and Vauxhall brands. The company was founded on April 01, 2014 and is headquartered in Hoofddorp, the Netherlands.
Stellantis, the multinational automotive manufacturing corporation, was formed through the merger of two major automotive conglomerates: Fiat Chrysler Automobiles (FCA) and the French PSA Group. The merger was officially completed in January 2021, creating Stellantis as the fourth-largest automaker in the world by sales volume1.
Here’s how Stellantis acquired its diverse portfolio of car brands:
1.) Fiat Chrysler Automobiles (FCA): FCA brought several well-known brands to Stellantis, including:
*Chrysler: Known for its luxury and performance vehicles.
*Dodge: Famous for its muscle cars and high-performance models.
*Jeep: Renowned for its rugged SUVs and off-road capabilities.
*Ram: Known for its pickup trucks.
*Alfa Romeo: An Italian brand with a rich motorsport heritage.
*Maserati: A luxury sports car manufacturer.
2. PSA Group: The French PSA Group contributed additional brands to Stellantis:
*Peugeot: A historic French brand with a wide range of vehicles.
*Citroën: Known for its innovative designs and comfort-oriented cars.
*Opel/Vauxhall: European brands with a strong presence in the region.
*DS: A premium brand focusing on elegance and technology.
3.Other Brands: Stellantis also includes other brands like Abarth, Lancia, and Fiat from FCA, as well as Vauxhall from PSA.
The merger allowed Stellantis to consolidate its resources, reduce research and development costs, and position itself for the future, especially as the automotive industry transitions toward electrification12. With a total of 14 brands under its umbrella, Stellantis operates globally and continues to innovate in the ever-evolving automotive landscape.
Is Rivian Stock A Buy Or A Sell After Unveiling The R2 And R3 Product Line?
https://www.investors.com/news/rivian-stock-a-buy-or-a-sell-with-this-tesla-bull-saying-it-is-one-of-the-core-ev-players/
KIT NORTON10:03 AM ET 03/21/2024
Rivian Automotive (RIVN) is looking to challenge Tesla (TSLA), Ford (F) and General Motors (GM) with its adventure-styled electric vehicles. RIVN shares surged 40% in December 2023 but have come back to earth to begin 2024, falling more than 50%.
Rivian stock was handed a price hike on March 15 after shares jumped nearly 13% on positive sentiment around the EV startup's R2 and R3 vehicle reveal event. However, questions remain whether the company can bring its new product line to market without help amid waning EV demand.
UBS raised its price target on Rivian stock to 9, up from its previous 8. However, UBS maintained a sell rating on the shares. The firm noted that after the company's March 7 product launch the "narrative around Rivian has changed."
UBS added that revealing new products diverts attention from weaker demand for the older R1 vehicle line and that Rivian's decision to pause construction on its new Georgia plant extends its cash runway. However, the firm still believes Rivian needs additional capital to bring these products to market.
Before its product launch, Jefferies Group initiated coverage of Rivian stock with a buy rating and 16 price target.
The Rivian Reveal
The EV startup unveiled the R2 — its smaller, cheaper, next-generation vehicle and platform — on March 7. The vehicle is priced at an estimated starting price of $45,000 with expectations it will also qualify for the $7,500 Inflation Reduction Act (IRA) tax credit.
The vehicle had been planned to be produced at Rivian's new factory in Georgia. However, the company announced Thursday it is pausing construction of its $5 billion factory and is opening a R2 production line at its Illinois plant. Production of the R2 platform is expected to begin in 2026 with deliveries beginning in the first half of 2026. Rivian announced Thursday the SUV can get more than 300 miles of range.
"I'm so excited about what it represents for us as a company in terms of achieving scale," Rivian Chief Executive RJ Scaringe said at the event.
Rivian also announced the R3, a more compact crossover style vehicle that uses the R2 platform, and a high-performance R3X offering. The company did not announce pricing or delivery estimates Thursday for the R3 or R3X. Rivian did say the R3 will be at a lower price point than the R2 and that deliveries for the R3X will begin after the R2.
"It takes the package of R2 and the platform, it shrinks it, it puts it into our take on what is a crossover," Scaringe said of the R3.
In less than 24 hours after the launch, Rivian said it received more than 68,000 reservations for the R2.
On the Feb. 21 Q4 earnings call, Scaringe said that the "R2 represents the essence of our brand, while targeting the significant midsized SUV segment, a massive market with limited compelling EV options beyond Tesla."
"We remain very bullish on the R2 segment and the R2 product itself," he added on Feb. 21. "We've engaged with our suppliers to ensure that we can ramp effectively as well as laying out the production road map."
Analyst Adam Jonas Weighs In On Rivian Stock
After the event, Morgan Stanley analyst Adam Jonas kept a RIVN price target of 14 and an overweight rating on the shares. Jonas wrote that the R3 reveal "stole the show." However, the analyst also voiced caution.
"While Rivian excited the market with the unveil of its next 3 years of new product pipeline, investors may also want to contemplate the potential risks of showing too much," Jonas said.
The analyst added that potentially just as important as the new products was the decision to pause its Georgia plant plans, which should save around $2.25 billion in capital spending. However, Jonas also wrote that he does not believe Rivian can bring its new products to the market by itself.
"We believe the company may require significantly greater capital resources to commercialize the R2 and R3 model plan with confidence," he wrote.
Jonas said his "key question" is whether Rivian should "seek out a new strategic 'sponsor' before launching the 'heavy lift' phase of development or do they continue to 'go-it-alone' and potentially look for partners later phase."
It is Jonas' view that Rivian may "benefit" from a partnership to bring the R2 and R3 to market at scale.
RIVN shares dropped more than 25% on Feb. 22 after reporting fourth-quarter earnings and revenue, along with announcing layoffs and plans to keep production in 2024 flat compared to 2023.
Rivian reported on Feb. 21 a loss of $1.36 per share in Q4 with sales doubling to $1.31 billion. Wall Street expected a loss of $1.35 and revenue totaling $1.28 billion. Looking to 2024, Rivian said it expects production of 57,000 vehicles, remaining flat compared with 2023. The EV startup also predicts consumer and commercial vehicle deliveries to grow by low single-digits in 2024.
The carmaker also forecast that vehicle deliveries in Q1 2024 will be about 10%-15% lower than in Q4 2023 and that it is laying off 10% of its salaried workers.
Tesla Chief Executive Elon Musk posted on X, formerly Twitter, late on Feb. 21 that based on Rivian's quarterly cash on hand, the company could go bankrupt in around six quarters.
Chief Financial Officer Claire McDonough told investors on the Q4 earnings call that Rivian remains "confident that our cash, cash equivalents and short-term investments can fund our operations through 2025."
"We aim to maintain a strong balance sheet position by continuing to drive cost efficiencies and improve our vehicle unit economics, while opportunistically evaluating a variety of capital markets available to Rivian ranging across the capital structure," McDonough said.
Rivian ended 2023 on a high note as interest in electric-pickup trucks appeared to be picking up following initial deliveries of the Tesla Cybertruck. At the end of December, Baird even designated RIVN as a "best idea" for 2024. The firm wrote that Rivian has remained supply constrained relative to demand longer than several of its EV peers.
However, RIVN shares have dropped to begin 2024.
On Jan. 2, Rivian topped its own 2023 vehicle production forecast, but the electric-vehicle maker fell slightly short of Wall Street predictions for deliveries.
The company said it produced 17,541 units and delivered 13,972 vehicles in the fourth quarter. Analysts had predicted fourth-quarter vehicle deliveries growing 75% to 14,000.
The Laguna Beach, Calif.-based company also announced that for the full year it produced 57,232 vehicles and delivered 50,122. While Rivian exceeded its own 2023 production forecast at 54,000 vehicles, Wall Street called for full-year deliveries surging 155% to 51,000 units.
Rivian stock plunged 10% on the announcement and fell 34.7% in January.
The decline in 2024 comes after RIVN gained 40% in December 2023, moving above key levels of resistance and clearing an aggressive entry point.
On Dec. 14, AT&T (T) announced that starting in 2024 it will begin "piloting" Rivian vehicles in its fleet. AT&T expects to begin adding the Rivian Commercial Van and R1 vehicles to its fleet in early 2024. It is unclear how many Rivian vehicles AT&T will order. The company partnership also sees AT&T as the exclusive provider of connectivity to all Rivian vehicles, in the U.S. and Canada.
Rivian had reported during its third-quarter earnings it would allow more customers beyond Amazon (AMZN), which remains a key buyer, to purchase its commercial electric vans.
On Dec. 11, news broke that Ford halved its F-150 Lightning production forecast, citing "changing market demand" according to a company memo obtained by Automotive News. The automaker now expects to manufacture 1,600 of the EV pickups per week at its Rogue Electric Vehicle Center in Dearborn, Mich.
Meanwhile, Rivian surprised Wall Street on Nov. 7, reporting better-than-expected third-quarter revenue and raising its EV production guidance for the full year.
Tesla delivered its first 12 Cybertrucks on Nov. 30. The long-awaited arrival of the new Tesla vehicle sent Rivian shares 7.6% higher the following day.
The EV giant is offering three trims of the Cybertruck, with the rear-wheel drive version starting at $60,990 with a 250 mile range. The base model will be available in 2025, according to Tesla's website.
The all-wheel drive version has a starting price of $79,990 with 340 miles of range. Tesla is also offering a top end trim, called the Cyberbeast, starting at $99,990 with a 320 mile range. Both the all-wheel drive version and the Cyberbeast have 2024 deliveries.
Four years ago, Tesla announced the price would start at $39,900 with Chief Executive Elon Musk previously saying he wanted to price the base model under $50,000. Originally, Tesla and Musk stated the tri-motor Cybertruck would have 500 miles of range with the dual-motor model managing 300 miles and the base rear-wheel version getting 250 miles per charge.
The price point and the unique design language of the Cybertruck may lead more consumers to look at Rivian's offerings.
The EV startup has been on a roller-coaster ride since its initial public offering two years ago, due both to overall market conditions and execution hiccups. Meanwhile, supply-chain issues have hampered the entire industry. Rivian has also had problems of its own complicate its launch.
Bumps in the road have included product recalls and price increases that had to be rolled back. Rivian is not likely to be profitable for a while as it continues to ramp up production.
The EV startup currently produces an electric pickup-truck, SUV and commercial vans. Rivian makes its vehicles in Normal, Ill. The plant has a production capacity of 150,000 units annually. With the R2 production line, the capacity will total 215,000 units per year, according to Rivian,
The factory is expected to shutdown in the second quarter of 2024, after a one-week shutdown in Q4, to introduce new vehicle technology to the R1 platform.
Meanwhile, the company announced on March 7 its planned Georgia factory remains an "extremely important part of its strategy to scale production of R2 and R3."
"The timing for resuming construction is expected to be later to focus its teams on the capital-efficient launch of R2 in Normal, Illinois," Rivian announced.
"Increasing our production is the primary lever in our path to profitability," the company said in 2023.
Meanwhile, on June 20, Rivian announced it signed a deal to use Tesla's supercharging stations beginning in 2024. Ford and General Motors along with a slew of other automakers had previously signed similar deals with Tesla.
Rivian rolled out the first all-electric pickup truck, the R1T, on Sept. 14, 2021, and its R1S SUV in the fall of 2022. The company launched with great fanfare on Wall Street.
On Nov. 9, 2021, the much-anticipated RIVN IPO priced strong, an upsized 153 million shares at $78 a share — above the expected range. Rivian stock has since fallen well below its IPO price.
Nevertheless, Rivian had a monster IPO, raising $11.9 billion and giving the company an initial valuation of roughly $77 billion. Rivian stock soared to 179.47 on Nov. 16, 2021, then sold off sharply over the following weeks and months.
Rivian is currently prioritizing production of electric vans for Amazon. The online marketplace already has around 1,000 Rivian commercial vans delivering packages in major cities in the U.S. It has ordered 100,000 of Rivian's electric vans.
Rivian reported in its Q3 results it has amended the exclusivity portion of its Amazon agreement allowing the company to sell commercial vans to other customers.
On Feb. 21, Rivian reported it had lower Q4 deliveries due to Amazon's "expected seasonality." Rivian's total revenue attributed to Amazon was 8% in Q4 compared to 30% in Q3.
"Given our commercial vans have lower material costs due to the technology changes made in 2023, the lower delivery during the quarter negatively impacted our gross margin," Chief Financial Officer McDonough told investors on Feb. 21.
Amazon currently has a 16.7% stake in Rivian, according to FactSet. However, Amazon is also looking elsewhere to electrify its fleet. On Jan. 5, 2022, Amazon and Stellantis (STLA) said they're partnering to develop vehicles with Amazon software in the dashboards. Stellantis will also make electric delivery vans for Amazon.
Tesla and other automakers have slashed EV prices amid economic and demand concerns. On Dec. 7, reports emerged Rivian laid off around 20 members of its long-range battery cell development team, including Victor Prajapati, a former senior manager at Tesla.
Rivian has already been in cost-cutting mode to improve its competitive stance vis-a-vis other EV makers. In 2022, the company said it had paused plans to build electric commercial vans in Europe with Mercedes-Benz. Rivian stock fell 5% on the news.
CEO Scaringe has said the company is evaluating "growth opportunities" and pursuing "the best risk-adjusted returns on our capital investments."
"At this point in time, we believe focusing on our consumer business, as well as our existing commercial business, represent the most attractive near-term opportunities to maximize value for Rivian," he said in a Dec. 2022 statement.
As of March 21, Rivian has a starting price of $69,900 for its R1T electric pickup and $74,900 for the R1S SUV.
All prices are before federal tax credits. New Rivian vehicles are currently not eligible for full $7,500 EV tax credits under the IRA. The company's pickup truck and the SUV both meet the standards for $3,750 tax credit, according to the Internal Revenue Service (IRS) website.
RIVN surged after it announced its R2 and R3 productions. However, RIVN shares tumbling around 50% in 2024, dropping back below their 200-day and 50-day lines. The stock is currently trading about 84% below their IPO price of $78, according to MarketSurge analysis.
Rivian stock ranks ninth in IBD's Automakers industry group. RIVN has a 20 Composite Rating out of 99. Additionally, the stock has a 7 Relative Strength Rating and its EPS Rating is 40 out of 99.
Rivian sales are picking up, but heavy losses are likely to continue for some time. Shares are down 50% in 2024 and are down just a fraction in March. For now, RIVN is still not yet a buy.
PERI
3-24-24
22.68
Perion Network (Nasd: PERI)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
U
3-23-24
26.99
Unity Software (Nyse: U)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
Goodbye, Magnificent Seven. Who are tech's 'Electric Eleven'?
Josh Lipton and Julie Hyman
Wed, Mar 20, 2024, 3:32 PM MDT
https://finance.yahoo.com/video/goodbye-magnificent-seven-techs-electric-213204281.html
First came the Magnificent Seven. And then Wall Street analysts began doubting the strength of the tech sector, quickly coining the term "Fantastic Four" to exclude several of the biggest laggards in 2024. Now, Evercore ISI is pairing together a new group of tech stocks as big as the previous two — "the Electric Eleven," comprised of Airbnb (ABNB), Alphabet (GOOG, GOOGL), Amazon (AMZN), Booking Holdings (BKNG), DoorDash (DASH), Meta Platforms (META), Netflix (NFLX), Shopify (SHOP), Spotify (SPOT), The Trade Desk (TTD), and Uber (UBER).
Evercore ISI Senior Managing Director and Head of Internet Research Mark Mahaney explains where the similarities between these companies lie and their core drivers.
"I think most of these digital-first companies are beneficiaries of gen AI. They're going to be able to figure it out, they're going to deploy, or they already have in ways that improve products and processes and they're and I think shareholders will benefit from that," Mahaney explains.
NKE Analyst TGTS:
low and high bolded 75L 125H
BNP Paribas Trims Nike's Price Target to $75 From $76, Maintains Underperform Rating
Evercore ISI Cuts Nike's Price Target to $117 From $127, Maintains Outperform Rating
Goldman Sachs Cuts Nike's Price Target to $120 From $135, Buy Rating Kept
Nike Downgraded by RBC to Sector Perform From Outperform, Price Target Cut to $100 From $110 as Guidance Implies No 2024 Revenue Growth
Telsey Advisory Lowers Nike's Price Target to $115 From $120, Maintains Outperform Rating
Bernstein Lowers Nike's Price Target to $120 From $134, Maintains Outperform Rating
Barclays Cuts Nike's Price Target to $114 From $142, Overweight Rating Retained
Stifel Cuts Nike's Price Target to $117 From $129, Buy Rating Kept
Jefferies Lowers Nike's Price Target to $100 From $110, Maintains Hold Rating
Piper Sandler Lowers Nike's Price Target to $98 From $107, Maintains Neutral Rating
Wells Fargo Lowers Nike's Price Target to $120 From $125, Maintains Overweight Rating
Baird Cuts Nike's Price Target to $125 From $140, Maintains Outperform Rating
Earnings 3-22 (final)
Nike (NKE) reported earnings of $0.98 per share on revenue of $12.43 billion for the fiscal third quarter ended February 2024. The consensus earnings estimate was $0.69 per share on revenue of $12.29 billion. The Earnings Whisper number was $0.75 per share. The company beat expectations by 30.67% while revenue grew 0.31% on a year-over-year basis.The company said during its conference call it expects fourth quarter revenue to be slightly above $12.825 billion. The current consensus revenue estimate is $13.14 billion for the quarter ending May 31, 2024.
UiPath (PATH) reported earnings of $0.26 per share on revenue of $405.25 million for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $0.16 per share on revenue of $383.32 million. The Earnings Whisper number was $0.19 per share. The company beat expectations by 36.84% while revenue grew 31.34% on a year-over-year basis.The company said it expects first quarter revenue of $330.0 million to $335.0 million and fiscal year revenue of $1.555 billion to $1.560 billion. The current consensus revenue estimate is $338.87 million for the quarter ending April 30, 2024 and revenue of $1.53 billion for the year ending January 31, 2025.
Blink Charging (BLNK) reported a loss of $0.28 per share on revenue of $42.71 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.40 per share on revenue of $43.63 million. The Earnings Whisper number was a loss of $0.29 per share. The company beat expectations by 3.45% while revenue grew 88.94% on a year-over-year basis.The company said it expects 2024 revenue of $165.0 million to $175.0 million. The current consensus revenue estimate is $162.86 million for the year ending December 31, 2024.
PagerDuty (PD) reported earnings of $0.09 per share on revenue of $111.12 million for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $0.15 per share on revenue of $110.50 million. The Earnings Whisper number was $0.19 per share. The company missed expectations by 52.63% while revenue grew 10.05% on a year-over-year basis.The company said it expects first quarter non-GAAP earnings of $0.12 to $0.13 per share on revenue of $110.5 million to $112.5 million. The current consensus earnings estimate is $0.18 per share on revenue of $114.05 million for the quarter ending April 30, 2024. The company said it expects fiscal 2025 non-GAAP earnings of $0.65 to $0.70 per share on revenue of $470.0 million to $478.0 million. The current consensus earnings estimate is $0.79 per share on revenue of $480.24 million for the year ending January 31, 2025.
DocuSign (DOCU) reported earnings of $0.76 per share on for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $0.64 per share on revenue of $698.05 million. The Earnings Whisper number was $0.70 per share. The company beat expectations by 8.57%.
ChargePoint (CHPT) reported a loss of $0.23 per share on revenue of $115.83 million for the fiscal fourth quarter ended January 2024. The consensus estimate was a loss of $0.13 per share on revenue of $126.48 million. The Earnings Whisper number was a loss of $0.11 per share. The company missed expectations by 109.09% while revenue fell 24.21% compared to the same quarter a year ago.The company said it expects first quarter revenue of $100.0 million to $110.0 million. The current consensus revenue estimate is $128.13 million for the quarter ending April 30, 2024.
Plug Power Inc (NASDAQ:PLUG) reported fiscal 2023 net revenue growth of 27.1% year-over-year to $891.234 million, missing the consensus of $900.29 million. Net loss per share was $(2.30), below the consensus of $(1.61).PLUG stated that the incremental loss was primarily driven by increased investments in growth and expansion and the varied non-cash charges recorded in the quarter.
Operating loss for the fiscal expanded to $(1.343) billion from $(679.55) million in 2022.Plug Power wrote down certain assets, which resulted in non-cash charges recorded in the fourth quarter of ~$325 million.Net cash used in operating activities for the fiscal totaled $(1.106) billion, compared to $(828.62) million a year ago.PLUG held cash and cash equivalents of $1.169 billion as of December 31, 2023.
Stem (STEM) reported a loss of $0.21 per share on revenue of $167.42 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.12 per share on revenue of $254.23 million. The Earnings Whisper number was a loss of $0.16 per share. The company missed expectations by 31.25% while revenue grew 7.71% on a year-over-year basis.The company said it expects 2024 revenue of $600.0 million to $700.0 million. The current consensus revenue estimate is $786.78 million for the year ending December 31, 2024.
Rivian Automotive (RIVN) reported a loss of $1.23 per share on revenue of $1.32 billion for the fourth quarter ended December 2023. The consensus estimate was a loss of $1.32 per share on revenue of $1.26 billion. The Earnings Whisper number was a loss of $1.28 per share. The company beat expectations by 3.91% while revenue grew 98.34% on a year-over-year basis.
Stem (STEM) reported a loss of $0.21 per share on revenue of $167.42 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.12 per share on revenue of $254.23 million. The Earnings Whisper number was a loss of $0.16 per share. The company missed expectations by 31.25% while revenue grew 7.71% on a year-over-year basis.The company said it expects 2024 revenue of $600.0 million to $700.0 million. The current consensus revenue estimate is $786.78 million for the year ending December 31, 2024.
C3.ai, Inc. (AI) reported a loss of $0.13 per share on revenue of $78.40 million for the fiscal third quarter ended January 2024. The consensus estimate was a loss of $0.28 per share on revenue of $75.92 million. The Earnings Whisper number was a loss of $0.21 per share. The company beat expectations by 38.10% while revenue grew 17.60% on a year-over-year basis.The company said it expects fourth quarter revenue of $82.0 million to $86.0 million. The current consensus revenue estimate is $84.08 million for the quarter ending April 30, 2024.
Leonardo DRS (DRS) reported earnings of $0.31 per share on revenue of $926.00 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.30 per share on revenue of $882.17 million. The Earnings Whisper number was $0.32 per share. The company missed expectations by 3.13% while revenue grew 12.93% on a year-over-year basis.The company said it expects 2024 earnings of $0.74 to $0.82 per share on revenue of $2.925 billion to $3.025 billion. The current consensus earnings estimate is $0.84 per share on revenue of $2.97 billion for the year ending December 31, 2024.
iRobot (IRBT) reported a loss of $2.18 per share on revenue of $307.54 million for the . The consensus revenue estimate was revenue of $307.99 million. Revenue fell 14.06% compared to the same quarter a year ago.The company said it expects a 2024 non-GAAP loss of $3.73 to $3.30 per share on revenue of $825.0 million to $865.0 million. The current consensus estimate is a loss of $2.49 per share on revenue of $865.02 million for the year ending December 31, 2024.
Zoom Video Communications (ZM) reported earnings of $1.42 per share on revenue of $1.15 billion for the . The consensus earnings estimate was $1.15 per share on revenue of $1.13 billion. The Earnings Whisper number was $1.21 per share. The company beat expectations by 17.36% while revenue grew 2.56% on a year-over-year basis. The company said it expects first quarter non-GAAP earnings of $1.18 to $1.20 per share on revenue of approximately $1.125 billion. The current consensus earnings estimate is $1.13 per share on revenue of $1.13 billion for the quarter ending April 30, 2024. The company said it expects fiscal 2025 non-GAAP earnings of $4.85 to $4.88 per share on revenue of approximately $4.60 billion. The current consensus earnings estimate is $4.71 per share on revenue of $4.65 billion for the year ending January 31, 2025.
Block (SQ) reported earnings of $0.45 per share on revenue of $5.77 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.62 per share on revenue of $5.70 billion. The Earnings Whisper number was $0.68 per share. The company missed expectations by 33.82% while revenue grew 24.13% on a year-over-year basis.
Rocket Companies (RKT) reported a loss of $0.06 per share on revenue of $693.81 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.07 per share on revenue of $769.00 million. The company beat consensus estimates by 14.29% while revenue grew 44.30% on a year-over-year basis.The company said it expects first quarter revenue of $925.0 million to $1.075 billion. The current consensus revenue estimate is $929.87 million for the quarter ending March 31, 2024.
(Digital Ocean)DOCN Revenue for the quarter ended Dec. 31 was $180.9 million, up from $163 million a year earlier.
Analysts surveyed by Capital IQ estimated $178.4 million.For Q1, the company said it expects non-GAAP net income of $0.37 to $0.39 per diluted share on revenue of $182 million to $183 million. Analysts polled by Capital IQ expect earnings of $0.38 on revenue of $182.5 million. For 2024, the company said it expects non-GAAP net income of $1.60 to $1.67 per diluted share on revenue of $755 million to $775 million. Analysts surveyed by Capital IQ expect earnings of $1.64 on revenue of $766.6 million.
NVIDIA (NVDA) reported earnings of $5.16 per share on revenue of $22.10 billion for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $4.56 per share on revenue of $20.24 billion. The Earnings Whisper number was $4.67 per share. The company beat expectations by 10.49% while revenue grew 265.28% on a year-over-year basis.The company said it expects first-quarter non-GAAP earnings of $5.18 to $5.64 per share on revenue of $23.52 billion to $24.48 billion. The current consensus earnings estimate is $5.00 per share on revenue of $22.17 billion for the quarter ending April 30, 2024.
RingCentral (RNG) reported earnings of $0.86 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.82 per share on revenue of $569.65 million. The Earnings Whisper number was $0.83 per share. The company beat expectations by 3.61%.The company said it expects first quarter non-GAAP earnings of $0.79 to $0.80 per share on revenue of $575.0 million to $580.0 million. The current consensus earnings estimate is $0.79 per share on revenue of $580.35 million for the quarter ending March 31, 2024. The company said it expects 2024 non-GAAP earnings of $3.50 to $3.58 per share on revenue of $2.37 billion to $2.395 billion. The current consensus earnings estimate is $3.48 per share on revenue of $2.40 billion for the year ending December 31, 2024.
Transocean (RIG) reported a loss of $0.09 per share on revenue of $741.00 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.22 per share on revenue of $760.58 million. The Earnings Whisper number was a loss of $0.23 per share. The company beat expectations by 60.87% while revenue grew 22.28% on a year-over-year basis.
Trade Desk (TTD) reported earnings of $0.41 per share on revenue of $605.80 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.44 per share on revenue of $581.94 million. The Earnings Whisper number was $0.47 per share. The company missed expectations by 12.77% while revenue grew 23.45% on a year-over-year basis.The company said it expects first quarter revenue of at least $478.0 million. The current consensus revenue estimate is $451.63 million for the quarter ending March 31, 2024.
Roku (ROKU) reported a loss of $0.55 per share on revenue of $984.43 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.65 per share on revenue of $959.66 million. The Earnings Whisper number was a loss of $0.49 per share. The company missed expectations by 12.24% while revenue grew 13.54% on a year-over-year basis.The company said in its shareholders letter it expects first quarter revenue of approximately $850.0 million. The current consensus revenue estimate is $823.96 million for the quarter ending March 31, 2024.
Toast (TOST) reported a loss of $0.07 per share on revenue of $1.04 billion for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.11 per share on revenue of $1.01 billion. The Earnings Whisper number was a loss of $0.08 per share. The company beat expectations by 12.50% while revenue grew 34.72% on a year-over-year basis.
Twilio (TWLO) reported earnings of $0.86 per share on revenue of $1.08 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.58 per share on revenue of $1.04 billion. The Earnings Whisper number was $0.66 per share. The company beat expectations by 30.30% while revenue grew 5.01% on a year-over-year basis.The company said it expects first quarter non-GAAP earnings of $0.56 to $0.60 per share on revenue of $1.025 billion to $1.035 billion. The current consensus earnings estimate is $0.54 per share on revenue of $1.05 billion for the quarter ending March 31, 2024.
Shopify (SHOP) reported earnings of $0.34 per share on revenue of $2.14 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.31 per share on revenue of $2.08 billion. The Earnings Whisper number was $0.38 per share. The company missed expectations by 10.53% while revenue grew 23.58% on a year-over-year basis.
Upstart (UPST) reported a loss of $0.11 per share on revenue of $140.31 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.14 per share on revenue of $135.28 million. The Earnings Whisper number was a loss of $0.12 per share. The company beat expectations by 8.33% while revenue fell 4.49% compared to the same quarter a year ago.The company said it expects first quarter revenue of approximately $125.0 million. The current consensus revenue estimate is $141.18 million for the quarter ending March 31, 2024.
Airbnb (ABNB) reported earnings of $0.76 per share on revenue of $2.22 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.67 per share on revenue of $2.16 billion. The Earnings Whisper number was $0.72 per share. The company beat expectations by 5.56% while revenue grew 16.61% on a year-over-year basis.The company said in its shareholders letter it expects first quarter revenue of $2.03 billion to $2.075 billion. The current consensus revenue estimate is $2.03 billion for the quarter ending March 31, 2024.
Kratos Defense & Security Solutions (KTOS) reported earnings of $0.12 per share on revenue of $273.80 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.10 per share on revenue of $254.40 million. The Earnings Whisper number was $0.11 per share. The company beat expectations by 9.09% while revenue grew 9.83% on a year-over-year basis.The company said it expects first quarter revenue of $240.0 million to $260.0 million and 2024 revenue of $1.125 billion to $1.150 billion. The current consensus revenue estimate is $253.31 million for the quarter ending March 31, 2024 and revenue of $1.11 billion for the year ending December 31, 2024.
Pinterest (PINS) reported earnings of $0.53 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.51 per share on revenue of $988.18 million. The Earnings Whisper number was $0.56 per share. The company missed expectations by 5.36%.The company said it expects first quarter revenue of $690.0 million to $705.0 million. The current consensus revenue estimate is $699.58 million for the quarter ending March 31, 2024.
Roblox (RBLX) reported a loss of $0.52 per share on revenue of $749.94 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.57 per share on revenue of $1.07 billion. The Earnings Whisper number was a loss of $0.54 per share. The company beat expectations by 3.70% while revenue grew 29.52% on a year-over-year basis.The company said it expects first quarter bookings of $910.0 million to $940.0 million and 2024 bookings of $4.14 billion to $4.28 billion. The current consensus revenue estimate is $907.23 million for the quarter ending March 31, 2024 and $4.03 billion for the year ending December 31, 2024.
Walt Disney (DIS) reported earnings of $1.22 per share on revenue of $23.55 billion for the fiscal first quarter ended December 2023. The consensus earnings estimate was $0.97 per share on revenue of $23.47 billion. The Earnings Whisper number was $1.07 per share. The company beat expectations by 14.02% while revenue grew 0.16% on a year-over-year basis.
PayPal (PYPL) reported earnings of $1.48 per share on revenue of $8.03 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $1.36 per share on revenue of $7.87 billion. The Earnings Whisper number was $1.40 per share. The company beat expectations by 5.71% while revenue grew 8.71% on a year-over-year basis. The company said it expects first quarter earnings of approximately $1.23 per share and 2024 earnings of approximately $5.10 per share. The current consensus estimate is earnings of $1.27 per share for the quarter ending March 31, 2024 and earnings of $5.49 per share for the year ending December 31, 2024.
BP Reports Q4 (Dec) earnings of $1.07 per share, $0.11 better than the FactSet Consensus of $0.96; revenues fell 24.7% year/year to $52.14 bln vs the $53.14 bln FactSet Consensus.Operating cash flow in the quarter of $9.4 billion includes a working capital* release (after adjusting for inventory holding losses, fair value accounting effects and other adjusting items) of $2.1 billion (see page 28).Capital expenditure in the fourth quarter was $4.7 billion and total 2023 capital expenditure, including inorganic capital expenditure* was $16.3 billion.Growing shareholder distributions: Dividend per ordinary share 7.270 cents per share +10% versus 4Q22; 4Q23 $1.75bn share buyback announced; committed to announcing $3.5bn share buyback for the first half of 2024
Palantir Technologies (PLTR) reported earnings of $0.08 per share on revenue of $608.35 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.08 per share on revenue of $602.55 million. The Earnings Whisper number was $0.08 per share. The company reported in-line with expectations while revenue grew 19.61% on a year-over-year basis.The company said it expects first quarter revenue of $612.0 million to $616.0 million and 2024 revenue of $2.652 billion to $2.668 billion. The current consensus revenue estimate is $615.50 million for the quarter ending March 31, 2024 and revenue of $2.66 billion for the year ending December 31, 2024.
Amazon.com (AMZN) reported earnings of $1.00 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.81 per share on revenue of $166.04 billion. The Earnings Whisper number was $0.88 per share. The company beat expectations by 13.64%.The company said it expects first quarter revenue of $138.0 billion to $143.5 billion. The current consensus revenue estimate is $142.21 billion for the quarter ending March 31, 2024.
Meta Platforms (META) reported earnings of $5.33 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $4.82 per share on revenue of $38.82 billion. The Earnings Whisper number was $5.00 per share. The company beat expectations by 6.60%.The company said it expects first quarter revenue of $34.50 billion to $37.00 billion. The current consensus revenue estimate is $33.72 billion for the quarter ending March 31, 2024.
QUALCOMM (QCOM) reported earnings of $2.75 per share on revenue of $9.94 billion for the fiscal first quarter ended December 2023. The consensus earnings estimate was $2.37 per share on revenue of $9.51 billion. The Earnings Whisper number was $2.45 per share. The company beat expectations by 12.24% while revenue grew 4.99% on a year-over-year basis.The company said it expects second quarter non-GAAP earnings of $2.20 to $2.40 per share on revenue of $8.90 billion to $9.70 billion. The current consensus earnings estimate is $2.25 per share on revenue of $9.29 billion for the quarter ending March 31, 2024.
Teradyne (TER) beats by $0.07, reports revs in-line; guides Q1 EPS below consensus, revs below consensus Reports Q4 (Dec) earnings of $0.79 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $0.72; revenues fell 8.4% year/year to $670.6 mln vs the $674.99 mln FactSet Consensus. Co issues downside guidance for Q1, sees EPS of $0.22-0.38, excluding non-recurring items, vs. $0.54 FactSet Consensus; sees Q1 revs of $540-590 mln vs. $625.49 mln FactSet Consensus."Looking into the new year, we expect low tester utilization will impact demand in the first half of the year but anticipate the full year Semiconductor test demand to incrementally improve from 2023. In Robotics, after expected seasonal weakness in Q1, we project consistent quarterly growth powered by new products, new applications and improvements in our global distribution channels."
Alphabet (GOOGL) reported earnings of $1.64 per share on revenue of $86.31 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $1.60 per share on revenue of $85.26 billion. The Earnings Whisper number was $1.68 per share. The company missed expectations by 2.38% while revenue grew 13.49% on a year-over-year basis.
Starbucks (SBUX) reported earnings of $0.90 per share on revenue of $9.43 billion for the fiscal first quarter ended December 2023. The consensus earnings estimate was $0.92 per share on revenue of $9.65 billion. The Earnings Whisper number was $0.95 per share. The company missed expectations by 5.26% while revenue grew 8.16% on a year-over-year basis.
Alaska Air Group (ALK) reported earnings of $0.30 per share on revenue of $2.55 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.18 per share on revenue of $2.55 billion. The Earnings Whisper number was $0.15 per share. The company beat expectations by 100.00% while revenue grew 2.99% on a year-over-year basis.
Tesla (TSLA) reported earnings of $0.71 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.74 per share on revenue of $23.17 billion. The Earnings Whisper number was $0.77 per share. The company missed expectations by 7.79%
AT&T (T) reported earnings of $0.54 per share on revenue of $32.02 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.55 per share on revenue of $28.68 billion. The Earnings Whisper number was $0.57 per share. The company missed expectations by 5.26% while revenue grew 2.17% on a year-over-year basis.The company said it expects 2024 earnings of $2.15 to $2.25 per share, including items of $0.32 per share. The current consensus earnings estimate is $2.46 per share for the year ending December 31, 2024.
Netflix (NFLX) reported earnings of $2.11 per share on revenue of $8.83 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $2.20 per share on revenue of $8.71 billion. The Earnings Whisper number was $2.28 per share. The company missed expectations by 7.46% while revenue grew 12.49% on a year-over-year basis.The company said it expects first quarter earnings of approximately $4.49 per share on revenue of approximately $9.24 billion. The current consensus earnings estimate is $4.00 per share on revenue of $9.26 billion for the quarter ending March 31, 2024.
3M (MMM) reported earnings of $2.42 per share on revenue of $8.01 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $2.31 per share on revenue of $7.02 billion. The Earnings Whisper number was $2.35 per share. The company beat expectations by 2.98% while revenue fell 0.82% compared to the same quarter a year ago.The company said it expects 2024 earnings of $9.35 to $9.75 per share. The current consensus earnings estimate is $9.90 per share for the year ending December 31, 2024.
RTX (RTX) reported earnings of $1.29 per share on revenue of $19.93 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $1.25 per share on revenue of $19.83 billion. The Earnings Whisper number was $1.30 per share. The company missed expectations by 0.77% while revenue grew 10.14% on a year-over-year basis.The company said it expects 2024 earnings of $5.25 to $5.40 per share on revenue of $78.0 billion to $79.00 billion. The current consensus earnings estimate is $5.40 per share on revenue of $79.32 billion for the year ending December 31, 2024.
RDDT
3-22-24
50.44
Day range on IPO 45.05 - 57.80
REDDIT INC(Nyse: RDDT)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
Reddit shares indicated to open up to 53% above IPO price
REUTERS
21 March, 2024 09:47 pm IST
By Niket Nishant
(Reuters) – Reddit’s shares were set to open up to 53% above their initial public offering (IPO) price in their market debut on the New York Stock Exchange on Thursday, potentially valuing the social media platform at $9.81 billion.
The San Francisco, California-based company priced its IPO at the top end of the $31 to $34 range. The IPO valued Reddit at $6.4 billion, while the company and its selling shareholders raised $748 million.
Reddit’s long-awaited entry as a publicly traded company has been in the works for more than two years. It confidentially filed for an IPO in Dec. 2021, but the stock rout due to the Federal Reserve’s quantitative tightening led to a delay.
The eyeball-grabbing debut will be a major test of the IPO market, where investors are seeing some green shoots, thanks to increasing bets of a soft landing.
“If Reddit trades poorly, it will cast a shadow over the IPO market. Many companies will hit pause on their IPO initiatives,” said Julian Klymochko, CEO of alternative investment solutions firm Accelerate Financial Technologies.
Shares were set to open between $50 and $52 each.
RISKY RETAIL ALLOCATION
Reddit’s popularity rose to new heights during the “meme-stock” saga of 2021 in which a group of retail investors collaborated on its forum “wallstreetbets” to buy shares of highly shorted companies like GameStop.
As part of its plan to reward its user base, Reddit has reserved 8% of the shares on offer for eligible users and moderators, certain board members, as well as friends and family members of its employees and directors.
It has also offered some shares to retail investors through online brokerage platforms Robinhood, SoFi Morgan Stanley Wealth Management and Fidelity Brokerage Services.
But the move is fraught with risks, analysts have said. Typically shut out of bidding in an IPO, retail traders eager to gain exposure to a newly listed company buy shares only when they start trading, which could lead to a first-day pop.
Allowing early access to the IPO could dampen some demand. Such buyers are also not under a lock-up period and could choose to sell when the stock starts trading, potentially increasing the price volatility.
“I don’t know one company which really benefits from allocating shares to their users,” said Alan Vaksman, founding partner at investment firm Launchbay Capital.
Stocktwits.com, the social media firm that analyses posts and message volumes on its platform related to a company’s ticker symbol, showed retail sentiment for Reddit was “extremely bullish”.
But the discussion on Reddit’s “wallstreetbets” forum was more mixed, with some users saying they would short the stock after it starts trading.
CULTURAL PHENOMENON
After its launch in 2005, Reddit became one of the cornerstones of social media culture. Its iconic logo – featuring an alien with an orange background – is one of the most recognized symbols on the internet.
Its 100,000 online forums, dubbed “subreddits”, allow conversations on topics ranging from “the sublime to the ridiculous, the trivial to the existential, the comic to the serious”, according to co-founder and CEO Steve Huffman.
Huffman himself turned to one of the subreddits for help to quit drinking, he wrote in his letter. Former U.S. President Barack Obama also did an “AMA” (“ask me anything”), internet lingo for an interview, with the site’s users in 2012.
The frenzy for technology stocks might help Reddit get a good start, said Josh White, assistant professor of finance at Vanderbilt University.
“We don’t get many large tech IPOs. Those tend to be very popular because it’s hard to buy that kind of growth,” White said.
But despite its cult-like status in the social media world, the company has failed to replicate the success of its bigger rivals Meta Platforms’ Facebook and Elon Musk’s X.
The company has said it was “in the early stages of monetizing (its) business” and is yet to turn an annual profit. Analysts said investors will be scrutinizing its roadmap to profitability.
“The real news is going to be after the first earnings call – where are they headed, what are the results looking like, what changes are they going to make,” said Reena Aggarwal, director of the Georgetown University Psaros Center for Financial Markets and Policy.
ALAB
3-20-24
62.03
Day range on IPO 50.61 -63.50
Astera Labs Inc (Nasd: ALAB)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
ALAB Astera Labs Raises IPO Target to $673.2 Million
https://www.msn.com/en-us/money/topstocks/astera-labs-raises-ipo-target-to-6732-million/ar-BB1k6pQZ
Key Takeaways
Astera Labs raised the amount the company and its investors aim to raise in its initial public offering (IPO) to $673.2 million from $534 million, according to a Securities and Exchange Commission filing Monday.
The IPO offering consists of a total of 19.8 million shares, up from 17.8 million shares.
Shares are expected to be priced between $32 and $34, increased from between $27 and $30.
The stock could start trading on the Nasdaq as soon as this week under the ticker "ALAB."
Astera Labs, which designs and delivers semiconductor-based connectivity solutions for cloud and AI infrastructure, could be the latest stock to benefit from AI enthusiasm.
Astera Labs raised the amount the company and its investors aim to raise in its upcoming initial public offering (IPO) to as much as $673.2 million from $534 million, with the company expected to ride the artificial intelligence (AI) wave.
An amended Form S-1 filed with the U.S. Securities and Exchange Commission (SEC) Monday showed the company boosted the number of shares and the anticipated price per share in its upcoming IPO.
The IPO offering consists of a total of 19.8 million shares, up from 17.8 million shares. Nearly 16.79 million shares are from the company and more than 3.01 million shares are being sold by existing shareholders.
The shares are to be priced between $32 and $34, increased from between $27 and $30. The stock could start trading on the Nasdaq as soon as this week under the ticker "ALAB."
The company, which designs and delivers semiconductor-based connectivity solutions for cloud and AI infrastructure, could be the latest stock to benefit from the surge in investor interest in AI.
RDDT Reddit IPO
Exclusive: Reddit's IPO as much as five times oversubscribed, sources say
By Echo Wang
March 17, 202412:43 PM MDTUpdated 3 days ago
https://www.reuters.com/markets/deals/reddits-ipo-much-five-times-oversubscribed-sources-say-2024-03-17/
NEW YORK, March 17 (Reuters) - Reddit's (RDDT), initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5 billion valuation it seeks.
While the oversubscription does not guarantee a strong performance in the stock market debut, it means the company is poised to at least reach its targeted price range of $31 to $34 per share when it prices the IPO in New York on Wednesday, the sources said.
The sources said the marketing of the IPO was continuing and asked not to be identified because the details are confidential. A Reddit spokesperson declined to comment.
Reddit has already curbed its valuation expectations after it was valued in a $10 billion private fundraising round in 2021. The company's IPO is currently seeking to raise as much as $748 million.
Despite the loyalty of many of its users, Reddit has lost money every year since its launch in 2005 and has lagged the commercial success of contemporaries such as Meta Platforms' (META)
The focus of many Reddit users on niche subjects and the platform's somewhat loose approach to content moderation has been a sticking point with some advertisers. Reddit relies on volunteers from its user base to moderate the content posted on its forum.
Moderators can decide to withdraw from their duty at any time, as in 2023, when several quit in protest over Reddit's decision to charge third-party app developers for access to its data.
Reddit's 100,000 online forums, dubbed "subreddits," allow conversations on topics ranging from "the sublime to the ridiculous, the trivial to the existential, the comic to the serious," according to co-founder and chief executive Steve Huffman.
The company's influential communities are best known for the "meme-stock" saga of 2021 when several retail investors collaborated on Reddit's "wallstreetbets" forum to buy shares of highly shorted companies such as video game retailer GameStop (GME)
To tap retail investors, Reddit has reserved 8% of the total shares on offer for eligible users and moderators on its platform, certain board members and friends and family members of its employees and directors.
Reddit had an average of 73.1 million daily active "uniques" - users who use its platform at least once a day - in the three months ended Dec. 31, 2023, according to a regulatory filing.
Earnings updated 3-19-24
NKE 3-21 A
_________________________________________________________________________
UiPath (PATH) reported earnings of $0.26 per share on revenue of $405.25 million for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $0.16 per share on revenue of $383.32 million. The Earnings Whisper number was $0.19 per share. The company beat expectations by 36.84% while revenue grew 31.34% on a year-over-year basis.The company said it expects first quarter revenue of $330.0 million to $335.0 million and fiscal year revenue of $1.555 billion to $1.560 billion. The current consensus revenue estimate is $338.87 million for the quarter ending April 30, 2024 and revenue of $1.53 billion for the year ending January 31, 2025.
Blink Charging (BLNK) reported a loss of $0.28 per share on revenue of $42.71 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.40 per share on revenue of $43.63 million. The Earnings Whisper number was a loss of $0.29 per share. The company beat expectations by 3.45% while revenue grew 88.94% on a year-over-year basis.The company said it expects 2024 revenue of $165.0 million to $175.0 million. The current consensus revenue estimate is $162.86 million for the year ending December 31, 2024.
PagerDuty (PD) reported earnings of $0.09 per share on revenue of $111.12 million for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $0.15 per share on revenue of $110.50 million. The Earnings Whisper number was $0.19 per share. The company missed expectations by 52.63% while revenue grew 10.05% on a year-over-year basis.The company said it expects first quarter non-GAAP earnings of $0.12 to $0.13 per share on revenue of $110.5 million to $112.5 million. The current consensus earnings estimate is $0.18 per share on revenue of $114.05 million for the quarter ending April 30, 2024. The company said it expects fiscal 2025 non-GAAP earnings of $0.65 to $0.70 per share on revenue of $470.0 million to $478.0 million. The current consensus earnings estimate is $0.79 per share on revenue of $480.24 million for the year ending January 31, 2025.
DocuSign (DOCU) reported earnings of $0.76 per share on for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $0.64 per share on revenue of $698.05 million. The Earnings Whisper number was $0.70 per share. The company beat expectations by 8.57%.
ChargePoint (CHPT) reported a loss of $0.23 per share on revenue of $115.83 million for the fiscal fourth quarter ended January 2024. The consensus estimate was a loss of $0.13 per share on revenue of $126.48 million. The Earnings Whisper number was a loss of $0.11 per share. The company missed expectations by 109.09% while revenue fell 24.21% compared to the same quarter a year ago.The company said it expects first quarter revenue of $100.0 million to $110.0 million. The current consensus revenue estimate is $128.13 million for the quarter ending April 30, 2024.
Plug Power Inc (NASDAQ:PLUG) reported fiscal 2023 net revenue growth of 27.1% year-over-year to $891.234 million, missing the consensus of $900.29 million. Net loss per share was $(2.30), below the consensus of $(1.61).PLUG stated that the incremental loss was primarily driven by increased investments in growth and expansion and the varied non-cash charges recorded in the quarter.
Operating loss for the fiscal expanded to $(1.343) billion from $(679.55) million in 2022.Plug Power wrote down certain assets, which resulted in non-cash charges recorded in the fourth quarter of ~$325 million.Net cash used in operating activities for the fiscal totaled $(1.106) billion, compared to $(828.62) million a year ago.PLUG held cash and cash equivalents of $1.169 billion as of December 31, 2023.
Stem (STEM) reported a loss of $0.21 per share on revenue of $167.42 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.12 per share on revenue of $254.23 million. The Earnings Whisper number was a loss of $0.16 per share. The company missed expectations by 31.25% while revenue grew 7.71% on a year-over-year basis.The company said it expects 2024 revenue of $600.0 million to $700.0 million. The current consensus revenue estimate is $786.78 million for the year ending December 31, 2024.
Rivian Automotive (RIVN) reported a loss of $1.23 per share on revenue of $1.32 billion for the fourth quarter ended December 2023. The consensus estimate was a loss of $1.32 per share on revenue of $1.26 billion. The Earnings Whisper number was a loss of $1.28 per share. The company beat expectations by 3.91% while revenue grew 98.34% on a year-over-year basis.
Stem (STEM) reported a loss of $0.21 per share on revenue of $167.42 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.12 per share on revenue of $254.23 million. The Earnings Whisper number was a loss of $0.16 per share. The company missed expectations by 31.25% while revenue grew 7.71% on a year-over-year basis.The company said it expects 2024 revenue of $600.0 million to $700.0 million. The current consensus revenue estimate is $786.78 million for the year ending December 31, 2024.
C3.ai, Inc. (AI) reported a loss of $0.13 per share on revenue of $78.40 million for the fiscal third quarter ended January 2024. The consensus estimate was a loss of $0.28 per share on revenue of $75.92 million. The Earnings Whisper number was a loss of $0.21 per share. The company beat expectations by 38.10% while revenue grew 17.60% on a year-over-year basis.The company said it expects fourth quarter revenue of $82.0 million to $86.0 million. The current consensus revenue estimate is $84.08 million for the quarter ending April 30, 2024.
Leonardo DRS (DRS) reported earnings of $0.31 per share on revenue of $926.00 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.30 per share on revenue of $882.17 million. The Earnings Whisper number was $0.32 per share. The company missed expectations by 3.13% while revenue grew 12.93% on a year-over-year basis.The company said it expects 2024 earnings of $0.74 to $0.82 per share on revenue of $2.925 billion to $3.025 billion. The current consensus earnings estimate is $0.84 per share on revenue of $2.97 billion for the year ending December 31, 2024.
iRobot (IRBT) reported a loss of $2.18 per share on revenue of $307.54 million for the . The consensus revenue estimate was revenue of $307.99 million. Revenue fell 14.06% compared to the same quarter a year ago.The company said it expects a 2024 non-GAAP loss of $3.73 to $3.30 per share on revenue of $825.0 million to $865.0 million. The current consensus estimate is a loss of $2.49 per share on revenue of $865.02 million for the year ending December 31, 2024.
Zoom Video Communications (ZM) reported earnings of $1.42 per share on revenue of $1.15 billion for the . The consensus earnings estimate was $1.15 per share on revenue of $1.13 billion. The Earnings Whisper number was $1.21 per share. The company beat expectations by 17.36% while revenue grew 2.56% on a year-over-year basis. The company said it expects first quarter non-GAAP earnings of $1.18 to $1.20 per share on revenue of approximately $1.125 billion. The current consensus earnings estimate is $1.13 per share on revenue of $1.13 billion for the quarter ending April 30, 2024. The company said it expects fiscal 2025 non-GAAP earnings of $4.85 to $4.88 per share on revenue of approximately $4.60 billion. The current consensus earnings estimate is $4.71 per share on revenue of $4.65 billion for the year ending January 31, 2025.
Block (SQ) reported earnings of $0.45 per share on revenue of $5.77 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.62 per share on revenue of $5.70 billion. The Earnings Whisper number was $0.68 per share. The company missed expectations by 33.82% while revenue grew 24.13% on a year-over-year basis.
Rocket Companies (RKT) reported a loss of $0.06 per share on revenue of $693.81 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.07 per share on revenue of $769.00 million. The company beat consensus estimates by 14.29% while revenue grew 44.30% on a year-over-year basis.The company said it expects first quarter revenue of $925.0 million to $1.075 billion. The current consensus revenue estimate is $929.87 million for the quarter ending March 31, 2024.
(Digital Ocean)DOCN Revenue for the quarter ended Dec. 31 was $180.9 million, up from $163 million a year earlier.
Analysts surveyed by Capital IQ estimated $178.4 million.For Q1, the company said it expects non-GAAP net income of $0.37 to $0.39 per diluted share on revenue of $182 million to $183 million. Analysts polled by Capital IQ expect earnings of $0.38 on revenue of $182.5 million. For 2024, the company said it expects non-GAAP net income of $1.60 to $1.67 per diluted share on revenue of $755 million to $775 million. Analysts surveyed by Capital IQ expect earnings of $1.64 on revenue of $766.6 million.
NVIDIA (NVDA) reported earnings of $5.16 per share on revenue of $22.10 billion for the fiscal fourth quarter ended January 2024. The consensus earnings estimate was $4.56 per share on revenue of $20.24 billion. The Earnings Whisper number was $4.67 per share. The company beat expectations by 10.49% while revenue grew 265.28% on a year-over-year basis.The company said it expects first-quarter non-GAAP earnings of $5.18 to $5.64 per share on revenue of $23.52 billion to $24.48 billion. The current consensus earnings estimate is $5.00 per share on revenue of $22.17 billion for the quarter ending April 30, 2024.
RingCentral (RNG) reported earnings of $0.86 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.82 per share on revenue of $569.65 million. The Earnings Whisper number was $0.83 per share. The company beat expectations by 3.61%.The company said it expects first quarter non-GAAP earnings of $0.79 to $0.80 per share on revenue of $575.0 million to $580.0 million. The current consensus earnings estimate is $0.79 per share on revenue of $580.35 million for the quarter ending March 31, 2024. The company said it expects 2024 non-GAAP earnings of $3.50 to $3.58 per share on revenue of $2.37 billion to $2.395 billion. The current consensus earnings estimate is $3.48 per share on revenue of $2.40 billion for the year ending December 31, 2024.
Transocean (RIG) reported a loss of $0.09 per share on revenue of $741.00 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.22 per share on revenue of $760.58 million. The Earnings Whisper number was a loss of $0.23 per share. The company beat expectations by 60.87% while revenue grew 22.28% on a year-over-year basis.
Trade Desk (TTD) reported earnings of $0.41 per share on revenue of $605.80 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.44 per share on revenue of $581.94 million. The Earnings Whisper number was $0.47 per share. The company missed expectations by 12.77% while revenue grew 23.45% on a year-over-year basis.The company said it expects first quarter revenue of at least $478.0 million. The current consensus revenue estimate is $451.63 million for the quarter ending March 31, 2024.
Roku (ROKU) reported a loss of $0.55 per share on revenue of $984.43 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.65 per share on revenue of $959.66 million. The Earnings Whisper number was a loss of $0.49 per share. The company missed expectations by 12.24% while revenue grew 13.54% on a year-over-year basis.The company said in its shareholders letter it expects first quarter revenue of approximately $850.0 million. The current consensus revenue estimate is $823.96 million for the quarter ending March 31, 2024.
Toast (TOST) reported a loss of $0.07 per share on revenue of $1.04 billion for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.11 per share on revenue of $1.01 billion. The Earnings Whisper number was a loss of $0.08 per share. The company beat expectations by 12.50% while revenue grew 34.72% on a year-over-year basis.
Twilio (TWLO) reported earnings of $0.86 per share on revenue of $1.08 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.58 per share on revenue of $1.04 billion. The Earnings Whisper number was $0.66 per share. The company beat expectations by 30.30% while revenue grew 5.01% on a year-over-year basis.The company said it expects first quarter non-GAAP earnings of $0.56 to $0.60 per share on revenue of $1.025 billion to $1.035 billion. The current consensus earnings estimate is $0.54 per share on revenue of $1.05 billion for the quarter ending March 31, 2024.
Shopify (SHOP) reported earnings of $0.34 per share on revenue of $2.14 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.31 per share on revenue of $2.08 billion. The Earnings Whisper number was $0.38 per share. The company missed expectations by 10.53% while revenue grew 23.58% on a year-over-year basis.
Upstart (UPST) reported a loss of $0.11 per share on revenue of $140.31 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.14 per share on revenue of $135.28 million. The Earnings Whisper number was a loss of $0.12 per share. The company beat expectations by 8.33% while revenue fell 4.49% compared to the same quarter a year ago.The company said it expects first quarter revenue of approximately $125.0 million. The current consensus revenue estimate is $141.18 million for the quarter ending March 31, 2024.
Airbnb (ABNB) reported earnings of $0.76 per share on revenue of $2.22 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.67 per share on revenue of $2.16 billion. The Earnings Whisper number was $0.72 per share. The company beat expectations by 5.56% while revenue grew 16.61% on a year-over-year basis.The company said in its shareholders letter it expects first quarter revenue of $2.03 billion to $2.075 billion. The current consensus revenue estimate is $2.03 billion for the quarter ending March 31, 2024.
Kratos Defense & Security Solutions (KTOS) reported earnings of $0.12 per share on revenue of $273.80 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.10 per share on revenue of $254.40 million. The Earnings Whisper number was $0.11 per share. The company beat expectations by 9.09% while revenue grew 9.83% on a year-over-year basis.The company said it expects first quarter revenue of $240.0 million to $260.0 million and 2024 revenue of $1.125 billion to $1.150 billion. The current consensus revenue estimate is $253.31 million for the quarter ending March 31, 2024 and revenue of $1.11 billion for the year ending December 31, 2024.
Pinterest (PINS) reported earnings of $0.53 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.51 per share on revenue of $988.18 million. The Earnings Whisper number was $0.56 per share. The company missed expectations by 5.36%.The company said it expects first quarter revenue of $690.0 million to $705.0 million. The current consensus revenue estimate is $699.58 million for the quarter ending March 31, 2024.
Roblox (RBLX) reported a loss of $0.52 per share on revenue of $749.94 million for the fourth quarter ended December 2023. The consensus estimate was a loss of $0.57 per share on revenue of $1.07 billion. The Earnings Whisper number was a loss of $0.54 per share. The company beat expectations by 3.70% while revenue grew 29.52% on a year-over-year basis.The company said it expects first quarter bookings of $910.0 million to $940.0 million and 2024 bookings of $4.14 billion to $4.28 billion. The current consensus revenue estimate is $907.23 million for the quarter ending March 31, 2024 and $4.03 billion for the year ending December 31, 2024.
Walt Disney (DIS) reported earnings of $1.22 per share on revenue of $23.55 billion for the fiscal first quarter ended December 2023. The consensus earnings estimate was $0.97 per share on revenue of $23.47 billion. The Earnings Whisper number was $1.07 per share. The company beat expectations by 14.02% while revenue grew 0.16% on a year-over-year basis.
PayPal (PYPL) reported earnings of $1.48 per share on revenue of $8.03 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $1.36 per share on revenue of $7.87 billion. The Earnings Whisper number was $1.40 per share. The company beat expectations by 5.71% while revenue grew 8.71% on a year-over-year basis. The company said it expects first quarter earnings of approximately $1.23 per share and 2024 earnings of approximately $5.10 per share. The current consensus estimate is earnings of $1.27 per share for the quarter ending March 31, 2024 and earnings of $5.49 per share for the year ending December 31, 2024.
BP Reports Q4 (Dec) earnings of $1.07 per share, $0.11 better than the FactSet Consensus of $0.96; revenues fell 24.7% year/year to $52.14 bln vs the $53.14 bln FactSet Consensus.Operating cash flow in the quarter of $9.4 billion includes a working capital* release (after adjusting for inventory holding losses, fair value accounting effects and other adjusting items) of $2.1 billion (see page 28).Capital expenditure in the fourth quarter was $4.7 billion and total 2023 capital expenditure, including inorganic capital expenditure* was $16.3 billion.Growing shareholder distributions: Dividend per ordinary share 7.270 cents per share +10% versus 4Q22; 4Q23 $1.75bn share buyback announced; committed to announcing $3.5bn share buyback for the first half of 2024
Palantir Technologies (PLTR) reported earnings of $0.08 per share on revenue of $608.35 million for the fourth quarter ended December 2023. The consensus earnings estimate was $0.08 per share on revenue of $602.55 million. The Earnings Whisper number was $0.08 per share. The company reported in-line with expectations while revenue grew 19.61% on a year-over-year basis.The company said it expects first quarter revenue of $612.0 million to $616.0 million and 2024 revenue of $2.652 billion to $2.668 billion. The current consensus revenue estimate is $615.50 million for the quarter ending March 31, 2024 and revenue of $2.66 billion for the year ending December 31, 2024.
Amazon.com (AMZN) reported earnings of $1.00 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.81 per share on revenue of $166.04 billion. The Earnings Whisper number was $0.88 per share. The company beat expectations by 13.64%.The company said it expects first quarter revenue of $138.0 billion to $143.5 billion. The current consensus revenue estimate is $142.21 billion for the quarter ending March 31, 2024.
Meta Platforms (META) reported earnings of $5.33 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $4.82 per share on revenue of $38.82 billion. The Earnings Whisper number was $5.00 per share. The company beat expectations by 6.60%.The company said it expects first quarter revenue of $34.50 billion to $37.00 billion. The current consensus revenue estimate is $33.72 billion for the quarter ending March 31, 2024.
QUALCOMM (QCOM) reported earnings of $2.75 per share on revenue of $9.94 billion for the fiscal first quarter ended December 2023. The consensus earnings estimate was $2.37 per share on revenue of $9.51 billion. The Earnings Whisper number was $2.45 per share. The company beat expectations by 12.24% while revenue grew 4.99% on a year-over-year basis.The company said it expects second quarter non-GAAP earnings of $2.20 to $2.40 per share on revenue of $8.90 billion to $9.70 billion. The current consensus earnings estimate is $2.25 per share on revenue of $9.29 billion for the quarter ending March 31, 2024.
Teradyne (TER) beats by $0.07, reports revs in-line; guides Q1 EPS below consensus, revs below consensus Reports Q4 (Dec) earnings of $0.79 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $0.72; revenues fell 8.4% year/year to $670.6 mln vs the $674.99 mln FactSet Consensus. Co issues downside guidance for Q1, sees EPS of $0.22-0.38, excluding non-recurring items, vs. $0.54 FactSet Consensus; sees Q1 revs of $540-590 mln vs. $625.49 mln FactSet Consensus."Looking into the new year, we expect low tester utilization will impact demand in the first half of the year but anticipate the full year Semiconductor test demand to incrementally improve from 2023. In Robotics, after expected seasonal weakness in Q1, we project consistent quarterly growth powered by new products, new applications and improvements in our global distribution channels."
Alphabet (GOOGL) reported earnings of $1.64 per share on revenue of $86.31 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $1.60 per share on revenue of $85.26 billion. The Earnings Whisper number was $1.68 per share. The company missed expectations by 2.38% while revenue grew 13.49% on a year-over-year basis.
Starbucks (SBUX) reported earnings of $0.90 per share on revenue of $9.43 billion for the fiscal first quarter ended December 2023. The consensus earnings estimate was $0.92 per share on revenue of $9.65 billion. The Earnings Whisper number was $0.95 per share. The company missed expectations by 5.26% while revenue grew 8.16% on a year-over-year basis.
Alaska Air Group (ALK) reported earnings of $0.30 per share on revenue of $2.55 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.18 per share on revenue of $2.55 billion. The Earnings Whisper number was $0.15 per share. The company beat expectations by 100.00% while revenue grew 2.99% on a year-over-year basis.
Tesla (TSLA) reported earnings of $0.71 per share on for the fourth quarter ended December 2023. The consensus earnings estimate was $0.74 per share on revenue of $23.17 billion. The Earnings Whisper number was $0.77 per share. The company missed expectations by 7.79%
AT&T (T) reported earnings of $0.54 per share on revenue of $32.02 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $0.55 per share on revenue of $28.68 billion. The Earnings Whisper number was $0.57 per share. The company missed expectations by 5.26% while revenue grew 2.17% on a year-over-year basis.The company said it expects 2024 earnings of $2.15 to $2.25 per share, including items of $0.32 per share. The current consensus earnings estimate is $2.46 per share for the year ending December 31, 2024.
Netflix (NFLX) reported earnings of $2.11 per share on revenue of $8.83 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $2.20 per share on revenue of $8.71 billion. The Earnings Whisper number was $2.28 per share. The company missed expectations by 7.46% while revenue grew 12.49% on a year-over-year basis.The company said it expects first quarter earnings of approximately $4.49 per share on revenue of approximately $9.24 billion. The current consensus earnings estimate is $4.00 per share on revenue of $9.26 billion for the quarter ending March 31, 2024.
3M (MMM) reported earnings of $2.42 per share on revenue of $8.01 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $2.31 per share on revenue of $7.02 billion. The Earnings Whisper number was $2.35 per share. The company beat expectations by 2.98% while revenue fell 0.82% compared to the same quarter a year ago.The company said it expects 2024 earnings of $9.35 to $9.75 per share. The current consensus earnings estimate is $9.90 per share for the year ending December 31, 2024.
RTX (RTX) reported earnings of $1.29 per share on revenue of $19.93 billion for the fourth quarter ended December 2023. The consensus earnings estimate was $1.25 per share on revenue of $19.83 billion. The Earnings Whisper number was $1.30 per share. The company missed expectations by 0.77% while revenue grew 10.14% on a year-over-year basis.The company said it expects 2024 earnings of $5.25 to $5.40 per share on revenue of $78.0 billion to $79.00 billion. The current consensus earnings estimate is $5.40 per share on revenue of $79.32 billion for the year ending December 31, 2024.
THIS BOARD IS FOR TRACKING STOCKS I FOLLOW, OWN, OR TRADE ONLY
Charts are repeated often, and changes are followed and tracked for MY own purpose.
What I post here is for me and truly meaningless to others. Think of it as one big sticky note for me to stay organized.
The Price listed on ANY post, is the PRICE PER SHARE AT THE TIME OF PAGE CREATION. Which can go back a long time.
**********************************************************************************************************************************
Litterbox stox/trdrs
Blackberry (NYSE: BB)
Gamestop Corp (Nyse: GME) pe292
Irobot Corp (Nasd: IRBT)
Plug Power(Nasd: PLUG)
UiPath (Nyse: PATH) pe22
Builds / Cores / New
Airbnb (Nas: ABNB) pe27
Amazon.Com (Nasdaq: AMZN) 121/193 pe42
Walt Disney Company (NYSE: DIS) pe19
Google(Nasd: GOOGL) pe24
Intel Corp (Nasd: INTC) pe18
NVIDIA Corporation (Nasd: NVDA pe69
PayPal Holdings (Nasd: PYPL) pe13
Roblox Corp (Nyse: RBLX )
Transocean (Nyse: RIG) 120/5.19
Ringcentral, Inc (Nyse: RNG) pe9
Roku, Inc (Nasd: ROKU)
Shopify, Inc. (Nyse: SHOP)pe72
Snowflake, Inc (Nyse: SNOW) pe123
Block, Inc (Nyse: SQ) pe23
Tesla(Nasd: TSLA) pe92
Twilio Inc (NYSE: TWLO) pe20
Upstart Holdings (Nasd: UPST)
Zoom Video (Nasd: ZM) pe11
BP PLC (Nyse: BP) pe8
____________________________________________________________________________________
SQ 84r/ GOOGL 157r/UPST 92r /RIVN 35r
SHOP 51r/PYPL 25r/AAPL 141r
RNG 45r/HA234r/AMC 779r
Core AMZN 1350 GOOGL 2550
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |