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Block Outlook Seen 'Favorable' With 'Attractive Opportunity' on Shares Before Q1 Results, BofA Says
11:55:30 AM ET, 04/22/2024 - MT Newswires
11:55 AM EDT, 04/22/2024 (MT Newswires) -- Block's (SQ) outlook is "favorable," and this year's pullback in shares presents a "particularly attractive opportunity" before Q1 results, BofA Securities said Monday in a note.
Gross profit in Q1 is expected to be in line with forecasts with 2024 guidance reiterated, BofA said. "Some EBITDA upside (flowed through to FY) would be a positive catalyst," the report said.
If [Block] can achieve its 2026 "Rule of 40" targets with mid-teens gross profit growth and mid-20% adjusted operating income margin, "we believe that shares could see significant multiple expansion," BofA said.
"Given ongoing expense discipline and a likely conservative margin guide," the company may raise its 2024 adjusted EBITDA and adjusted operating income outlook again, BofA said. "We tweak up our 2024 EBITDA estimate to $2.66 billion from $2.64 billion."
BofA reiterated its buy rating on Block with a price objective of $93. The company's results are scheduled for May 2.
SQ cpps 71.60 4/22 close
RB tgts: earnings gap (68.44) & 200 day (cur 64.48)
Next earnings 5/2 A
RGs 84k & rb to 1000,500,500,500/1000,500,500,500,500,500
Open Gaps
Direction Date range
up Feb-23-2024 68.44 to 78.47 Earnings Gap
up Feb-22-2024 65 to 65.65
up Nov-15-2023 55.33 to 55.45
up Nov-14-2023 52.21 to 53.82
up Nov-03-2023 44.1 to 48.4
up Nov-02-2023 41.1 to 42.78
XRX
4-22-24
16.40
Xerox holdings (Nasd: XRX)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
Dividend History
Earnings 4-21-24
RTX 4-23 B
TSLA 4-23 A
T 4-24 B
TER 4-24 A
META 4-24 A
MSFT 4-25 A
GOOGL 4-25 A
INTC 4-25 A
RKT 4-25 A
ROKU 4-25 A
ROP 4-26 B
CVX 4-26 B
RIG 4-29 A
RMBS 4-29 A
MMM 4-30 B
PYPL 4-30 B
KO 4-30 B
MCD 4-30 B
SBUX 4-30 A
AMZN 4-30 A
SMCI 4-30 A
QCOM 5-1 A
AAPL 5-2 A
SQ 5-2 A
PLTR 5-6 A
DIS 5-7 B
BP 5-7 B
TOST 5-7 A
UPST 5-7 A
RNG 5-7 A
TWLO 5-7 A
SHOP 5-8 B
PERI 5-8 B
TTD 5-8 A
RBLX 5-9 B
HD 5-14 B
CSCO 5-15 A
WMT 5-16 B
NVDA 5-22 A
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Netflix (NFLX) reported earnings of $5.28 per share on revenue of $9.37 billion for the first quarter ended March 2024. The consensus earnings estimate was $4.51 per share on revenue of $9.25 billion. The Earnings Whisper number was $4.61 per share. The company beat expectations by 14.53% while revenue grew 14.81% on a year-over-year basis.The company said it expects second quarter earnings of approximately $4.68 per share on revenue of approximately $9.49 billion. The current consensus earnings estimate is $4.53 per share on revenue of $9.53 billion for the quarter ending June 30, 2024.
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Trend Analysis
SHOP appears to be correcting within a longer-term bullish trend. Although its MACD is presently below the signal line, shares remain above an upwards sloping 200-day moving average. Comparative Relative Strength analysis shows that this issue is lagging the S&P 500.
Momentum
Momentum for SHOP is strongly bearish. The 14-period Slow Stochastic oscillator is below 20, the level which many analysts call oversold. This means that investors have been actively selling shares and driving the price lower.
Volume
Today's volume is on track to be heavier than usual, with 4,373,996 shares having traded so far. The On Balance Volume indicator (OBV) is bearish. The slope of the indicator is negative and suggests that there is a lack of buying interest.
Volatility
Bollinger Bands® use standard deviation of the closing price around a moving average to measure volatility. The Bollinger Bands® are presently wider than usual, as a result of greater than normal volatility that accompanied the recent price move. Events such as this may precede a pause or reversal in the near term trend.
Shopify's Key Metrics May Exceed First-Quarter Expectations, RBC Says
15:38:14 PM ET, 04/18/2024 - MT Newswires
03:38 PM EDT, 04/18/2024 (MT Newswires) -- Shopify's (SHOP) key metrics likely trended positively in the first quarter amid vendor demand for premium services and an acceleration in US consumer spending, RBC Capital Markets said Thursday.
Monthly recurring revenue, or MRR, will likely meet or exceed consensus expectations in the first quarter amid continued momentum in premiere services Shopify Plus and POS, its system for taking in-person card payments, RBC analyst Paul Treiber said.
The brokerage, which reiterated an outperform rating and a $100 price target on the stock, said data from several third-party sources suggest a "healthy uptake" of the subscription services.
Websites using Shopify Plus likely increased 59% year over year to 42,000 in the first quarter, data from BuiltWith showed. Sensor Tower data pointed to a 78% year over year increase in Shopify POS app monthly active users, accelerating from the fourth quarter's annual rate.
Their momentum gives "us increased confidence that Shopify will meet our outlook for MRR to increase 32% (year over year in the first quarter), which is slightly above consensus at 29%," Treiber said. Plus price increases go into effect for existing merchants on April 24.
Based on Census Bureau data showing US e-commerce spending rose 8.7% year over year in the first quarter, Shopify's gross merchandise volume, or GMV, would be up 23.8% on an annual basis to $61.4 billion in the first quarter, outperforming the consensus' $59.9 billion, RBC said.
The brokerage is guiding for first-quarter revenue of $1.86 billion, implying growth from $1.51 billion the year earlier and above the $1.84 billion average analyst estimate on Capital IQ. Adjusted earnings per share is seen climbing $0.14 year over year in RBC's model to $0.15, which is below the $0.17 consensus.
"We believe Shopify is one of the most compelling growth stories in our coverage," Treiber said. The stock is trading at multiples that are below both its three-year pre-COVID average and fast-growing software-as-a-service peers.
--Morgan Stanley Upgrades Shopify to Overweight From Equalweight, Lifts Price Target to $85 From $74, Sees Room for More Operating Leverage
--Loop Capital Adjusts Shopify's Price Target to $80 From $88, Keeps Hold Rating
--Baird Adjusts Price Target on Shopify to $87 From $85, Keeps Outperform Rating
Earnings 4-19-24
RTX 4-23 B
TSLA 4-23 A
T 4-24 B
TER 4-24 A
GOOGL 4-25 A
INTC 4-25 A
RKT 4-25 A
ROKU 4-25 A
ROP 4-26 B
RIG 4-29 A
RMBS 4-29 A
MMM 4-30 B
PYPL 4-30 B
SBUX 4-30 A
AMZN 4-30 A
QCOM 5-1 A
AAPL 5-2 A
SQ 5-2 A
PLTR 5-6 A
DIS 5-7 B
TOST 5-7 A
UPST 5-7 A
RNG 5-7 A
PERI 5-8 B
TTD 5-8 A
RBLX 5-9 B
CSCO 5-15 A
NVDA 5-22 A
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Netflix (NFLX) reported earnings of $5.28 per share on revenue of $9.37 billion for the first quarter ended March 2024. The consensus earnings estimate was $4.51 per share on revenue of $9.25 billion. The Earnings Whisper number was $4.61 per share. The company beat expectations by 14.53% while revenue grew 14.81% on a year-over-year basis.The company said it expects second quarter earnings of approximately $4.68 per share on revenue of approximately $9.49 billion. The current consensus earnings estimate is $4.53 per share on revenue of $9.53 billion for the quarter ending June 30, 2024.
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UPDATE 5-Tesla again seeks shareholder approval for Musk's 2018 pay voided by judge
13:32:45 PM ET, 04/17/2024 - Reuters
(Adds analyst comment, background on pay package, paragraphs 8, 15-16)
By Arsheeya Bajwa and Tom Hals
April 17 (Reuters) - Tesla on Wednesday asked shareholders to reaffirm their approval of CEO Elon Musk's record-breaking $56 billion compensation that was set in 2018, but was rejected by a Delaware judge in January.
The re-vote comes ahead of next week's quarterly earnings for Tesla, which is grappling with weak demand as well as a reputational hit to Musk from his political leanings and approval of an antisemitic conspiracy theory last year.
"Elon has not been paid for any of his work for Tesla for the past six years...," Board Chairperson Robyn Denholm wrote in a letter included in the regulatory filing. "That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair."
Tesla's board, which includes Musk's brother Kimbal Musk, has repeatedly come under fire for its close ties with the billionaire.
In seeking a re-vote, Tesla is using a section of Delaware law that allows companies to ratify actions that are technically defective such as selling stock before the board approves an increase in shares, but not always controversial.
The board's special committee, which was formed to insulate the process of setting the pay from allegations of Musk's influence, said it cannot predict if its "novel" approach of getting a re-approval would be proper under Delaware law.
The largest pay package in corporate America has no salary or cash bonus and sets rewards based on Tesla's market value rising to as much as $650 billion over the next 10 years from 2018.
Tesla in 2018 said the grant could be worth $56 billion, though the amount depends on Tesla's stock price. The package currently is worth about $40 billion.
Tesla shares fell nearly 2% after the company's latest move, putting its market value on track to close below $500 billion for the first time in about a year.
AFTER RE-VOTE, MUSK MAY APPEAL
Musk's pay was rejected by Judge Kathaleen McCormick of Delaware's Court of Chancery, who termed the compensation as "an unfathomable sum" that was unfair to shareholders.
If Tesla shareholders vote in favor, it would not automatically entitle Musk to the money, Eric Talley, a Columbia Law School professor, said.
Approval would fix the flawed 2018 shareholder vote process, Talley said, but Musk would need to appeal to overturn the findings that he controlled the negotiation process that led to the record-breaking compensation.
Musk is expected to appeal the ruling later this year after the trial court determines how much the shareholder's legal team should be paid by Tesla.
The original pay package negotiations were found by judge McCormick to have been heavily influenced by Musk, who after the ruling tweeted - "Never incorporate your company in the state of Delaware".
Brian Dunn, a visiting lecturer in Cornell University’s School of Industrial and Labor Relations who consults boards on compensation, said the new vote was evidence the board was compromised.
“No one has ever said he shouldn’t get paid, but let’s remember the initial plan was flawed beyond its unprecedented magnitude,” Dunn said. On Wednesday, Tesla also urged investors to approve its plan to move the company's state of incorporation from Delaware to Texas, potentially escalating a tussle between Musk and the state of Delaware.
Earlier this year, Musk shifted the location of incorporation of his rocket company SpaceX to Texas and brain-chip startup Neuralink to Nevada from Delaware.
Tesla has also proposed board re-appointments for Kimbal Musk and James Murdoch, son of media tycoon Rupert Murdoch.
TESLA'S MOUNTING CONCERNS
Tesla's shares have lost more than 36% of their value so far this year as electric-vehicle sales slowed down globally. Developments such as scrapping plans for an affordable EV and deciding to cut at least 10% of its staff have also left analysts questioning the company's strategy.
(Reporting by Arsheeya Bajwa and Yuvraj Malik in Bengaluru and Tom Hals in Wilmington, Delaware; Editing by Arun Koyyur and Nick Zieminski)
Update: Google Dismisses 28 Employees Involved in Office Protests Against Israeli Project
08:15:18 AM ET, 04/18/2024 - MT Newswires
08:15 AM EDT, 04/18/2024 (MT Newswires) -- (Updates with response from Google throughout.)
Alphabet's (GOOG) Google dismissed 28 employees over workplace protests against the company's collaboration with Israel's government and military, the company said Thursday.
In a note emailed to MT Newswires, a Google spokesperson described the protests as "part of a longstanding campaign by a group of organizations and people who largely don't work at Google" and said the 28 employees were terminated after individual investigations.
The employees were dismissed Wednesday after taking part in or being linked to on-site protests Tuesday at the company's California and New York offices, news reports said. Nine were arrested Tuesday evening on trespassing charges, the reports added.
"A small number of employee protesters entered and disrupted a few of our locations," the spokesperson said in the note to MT Newswires. "Physically impeding other employees' work and preventing them from accessing our facilities is a clear violation of our policies, and completely unacceptable behavior. After refusing multiple requests to leave the premises, law enforcement was engaged to remove them to ensure office safety."
The dismissed employees, in comments to Bloomberg News, denied they had impeded access.
The company said it continues to investigate the matter and will "take action as needed."
Earnings 4-18-24
NFLX 4-18 A
RTX 4-23 B
TSLA 4-23 A
T 4-24 B
TER 4-24 A
GOOGL 4-25 A
INTC 4-25 A
RKT 4-25 A
ROKU 4-25 A
ROP 4-26 B
RIG 4-29 A
RMBS 4-29 A
MMM 4-30 B
PYPL 4-30 B
SBUX 4-30 A
AMZN 4-30 A
QCOM 5-1 A
AAPL 5-2 A
SQ 5-2 A
PLTR 5-6 A
DIS 5-7 B
TOST 5-7 A
UPST 5-7 A
RNG 5-7 A
PERI 5-8 B
TTD 5-8 A
RBLX 5-9 B
CSCO 5-15 A
NVDA 5-22 A
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Earnings 4-17-24
NFLX 4-18 A
RTX 4-23 B
TSLA 4-23 A
T 4-24 B
TER 4-24 A
GOOGL 4-25 A
INTC 4-25 A
RKT 4-25 A
ROKU 4-25 A
ROP 4-26 B
RIG 4-29 A
RMBS 4-29 A
MMM 4-30 B
PYPL 4-30 B
SBUX 4-30 A
QCOM 5-1 A
AAPL 5-2 A
SQ 5-2 A
PLTR 5-6 A
DIS 5-7 B
TOST 5-7 A
UPST 5-7 A
PERI 5-8 B
RBLX 5-9 B
CSCO 5-15 A
NVDA 5-22 A
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Rivian skids to an all-time low, but the Amazon partnership may provide a backstop
Apr. 16, 2024 11:28 AM ETRivian Automotive, Inc. (RIVN) StockAMZN, TSLABy: Clark Schultz, SA News Editor28 Comments
https://seekingalpha.com/news/4090133-rivian-skids-to-an-all-time-low-but-the-amazon-partnership-may-provide-a-backstop
Rivian Automotive (NASDAQ:RIVN) traded at an all-time low on Tuesday, even as the company pushed forward with its growth plans for 2024 and beyond.
The electric vehicle maker released its latest software update this week, which includes charging scores for fast-charging sites to allow drivers to filter out stations with issues, in-app messaging with the service center during appointments, rear display improvements, and navigation feedback.
There was also a positive development on the Amazon (AMZN) front, with news that the e-commerce giant has installed more than 17,000 chargers at about 120 warehouses across the U.S. Amazon (AMZN) is now the largest operator of private electrical vehicle charging infrastructure in the country, according to InsideEVs. Of course, Amazon (AMZN) is an investor in Rivian (RIVN) and has a standing order for 100K EV delivery vans, of which only about 13,500 have been delivered so far. Notably, reports indicate that some of the initial growing pains with servicing the Rivian (RIVN) EVs have been worked out. Amazon (AMZN) holds a position in Rivian (RIVN) of more than 158 million shares, or about 16.6% of the total outstanding shares.
On Wall Street, UBS boosted its rating on Rivian Automotive (RIVN) to Neutral from Sell on what it sees as a more balanced near-term risk-reward profile after the big selloff in shares. "Near-term upside catalysts could be if there is a positive update on R2 orders which would reinforce what Rivian can become, even if that growth is more likely in 2026/27," noted analyst Joseph Spak. "Near-term downside catalysts could be R1 price cuts and/or softer R1 demand (even though we believe this is better considered at current levels, we see headline risk) as well as higher interest rate concerns," he added.
Seeking Alpha analyst Li Eason is bullish on Rivian Automotive (RIVN). Eason noted in a recent article that RIVN trades at a much lower price-to-sales multiple than Tesla (TSLA).
Shares of Rivian Automotive (RIVN) gained 3.27% in late morning action on Tuesday to $8.62. The EV stock carved out a new 52-week low of $8.26 earlier in the session.
Earnings 4-16-24
NFLX 4-18 A
RTX 4-23 B
TSLA 4-23 A
T 4-24 B
GOOGL 4-25 A
INTC 4-25 A
RKT 4-25 A
ROKU 4-25 A
ROP 4-26 B
RIG 4-29 A
MMM 4-30 B
PYPL 4-30 B
QCOM 5-1 A
AAPL 5-2 A
SQ 5-2 A
PLTR 5-6 A
DIS 5-7 B
TOST 5-7 A
UPST 5-7 A
PERI 5-8 B
RBLX 5-9 B
NVDA 5-22 A
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Rivian Stock Can Rally, Says Analyst. Look Out, Short Sellers.
https://www.msn.com/en-us/money/savingandinvesting/rivian-stock-can-rally-says-analyst-look-out-short-sellers/ar-BB1lHZkA
Rivian Automotive caught an upgrade on Tuesday. Shares have fallen far enough for one analyst, who adds that bearish investors should watch out for high short interest in Rivian stock.
Tuesday, UBS analyst Joe Spak upgraded Rivian stock to Hold from Sell. He left his price target unchanged at $9. He didn’t have to change his price target because Rivian shares have cratered about 64% year to date heading into Tuesday trading. (LOLOLOL)
“With climbing short interest, [investor] positioning is also a higher risk, especially if a positive data point [or] catalyst emerges,” wrote Spak. “Near-term upside catalysts could be if there is a positive update on R2 orders which would reinforce what Rivian can become, even if that growth is more likely in 2026 [or] 2027.”
Short sellers borrow stock they don’t own and sell it, betting that they can replace the borrowed shares later at a lower price.
Rivian’s short interest—the number of shares borrowed and sold short compared with the shares available for trading—is about 18%, up from about 12% a year ago, according to FactSet. The average short interest for a stock in the S&P 500 is closer to 2%.
Sometimes short sellers can get themselves into trouble when too many have the same idea. High short interest can lead to a squeeze when a stock price rises rapidly as short sellers look to buy shares all at once.
As for the potential catalyst, the R2 platform is Rivian’s lower-priced second-generation platform that should be on the road by 2026. It follows the R1 platform on which Rivian builds the R1S SUV and the R1T pickup truck. Rivian unveiled the R2 platform in March.
The upgrade was helping a little. Shares were up 1.3% in early trading, while the S&P 500 was down 0.1% and the Nasdaq Composite was up 0.1%.
Overall, 50% of the analysts covering Rivian stock have Buy ratings, according to FactSet. The average Buy-rating ratio for stocks in the S&P 500 is about 55%. An upgrade to Hold doesn’t change the Buy-rating ratio. It changes the Sell-rating ratio, though. Now 11% of analysts covering the stock have Sell ratings. The average Sell rating ratio for stocks in the S&P 500 is about 7%.
The average analyst price target for Rivian shares is about $16.50. It’s been falling along with the stock. A year ago, the average analyst price target was almost $26.
Coming into Tuesday’s trading, Rivian stock was off about 39% over the past 12 months.
CP: 4/12 RIG,RNG,AAPL,PYPL,TSLA and 4/15 AMZN, GOOGL
4/12 Israel/Iran news pending attack
4/15 increased Israel/Iran tension for Israel response.
RIG 6.11 4000,2000,1250,1000,250m,250g/5000,500,1500,1500,1000,1000
RNG 31.32 jha: 350,250,500
AAPL 176.19 100,50,50,50/100,25,25,50,50,50
PYPL 64.30 550,650,400,425,100m/650,300,300,550,475,500,100
TSLA 171.01 50,25,25,25 / 50,25,25,25,
AMZN 183.86 100,75,75,75,/100,75,0,75,75,75
GOOGL 154.93 200,100, 50,100/300,150,0,100,150,150
Ducommun Incorporated Rejects Unsolicited, Non-Binding Indication of Interest From Albion River
April 16, 2024 08:30 ET
Source: Ducommun Incorporated
https://www.globenewswire.com/news-release/2024/04/16/2863606/0/en/Ducommun-Incorporated-Rejects-Unsolicited-Non-Binding-Indication-of-Interest-From-Albion-River.html
Proposal undervalues Ducommun and does not fully reflect the Company’s proven, long-term growth initiatives. Ducommun’s Board and Management remain focused on successfully delivering our Vision 2027 Strategy.
SANTA ANA, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”), a global supplier of innovative electronic systems and structural solutions for the aerospace and defense industry, today responded to an unsolicited, non-binding indication of interest dated April 1, 2024 from Albion River LLC (“Albion River”), a private direct investment firm, to acquire all outstanding shares of Ducommun for $60.00 per share in cash. The Board of Directors has unanimously determined it is not in the best interests of the Company and Ducommun shareholders to pursue further discussions regarding the proposal.
Consistent with its fiduciary duties and in consultation with its legal and financial advisors, our Board of Directors carefully reviewed and considered the offered pricing and the underlying proposed actions. Following that review, our Board of Directors concluded that the Company’s previously disclosed Vision 2027 Strategy reflects a substantially better long-term value creation opportunity for Ducommun’s shareholders.
Over the past seven years, our Board and Management team have effectively transformed the Company’s business with strategic acquisitions of engineered product businesses with high aftermarket mix, implementation of a value-based pricing strategy, significant facility consolidation, improved operations and customer metrics, a leaner management structure and many other cost reduction actions. Despite the impact of the COVID-19 pandemic and the 737MAX on our markets, Ducommun’s revenue has grown from $551M in 2016 to a new all-time revenue record of $757M in 2023. Also, Ducommun’s EBITDA margins have expanded from 10% in 2016 to 13% in 2023. As a result, the Company’s shareholders benefitted from an increase in market capitalization from approximately $286M at the end of 2016 to approximately $760M at the end of 2023. In addition, the Company managed through the COVID-19 pandemic and 737MAX with limited impact on its Adjusted EBITDA despite significant deterioration in the commercial aerospace industry. This was accomplished by growing its military and space business from $278M in 2018 to $421M in 2022 and through proactive cost management.
Since December 2022, Ducommun management has been executing its Vision 2027 Strategy by consolidating its facility footprint, continuing its targeted acquisition program, increasing the revenue proportion of engineered product and aftermarket content, executing our offloading strategy with defense primes in high growth segments of the defense budget, and by expanding content on key commercial aerospace platforms. These strategic initiatives already have positioned Ducommun to benefit from the continuing recovery in aircraft production rates over the next several years. Ducommun’s market capitalization has increased to approximately $760M at the end of 2023 from approximately $605M at the end of 2022, a 25.6% increase in a single year. Our Board of Directors and management team expect that, as previously disclosed in our Vision 2027 Strategy, by 2027 Ducommun will achieve $950M to $1,000M in net revenues (representing a 33 to 40% increase since 2022), with approximately 18% adjusted EBITDA margins. This would represent a gain of approximately 470 basis points since 2022 and approximately 13% adjusted operating income margins (an increase of approximately 470 basis points since 2022).
Our Board of Directors therefore believes that Albion River’s offered price and generic proposed actions significantly undervalues Ducommun and could distract our team from our Vision 2027 Strategy. Therefore, our board has reaffirmed that Ducommun is not for sale. We remain committed to our proven strategy to substantially grow the value of Ducommun. We value the views of our shareholders, and we are happy to consider any useful ideas to increase the long-term value of Ducommun. Our Board of Directors and management will continue to listen to all Ducommun shareholders and act in their collective best interests.
RBC Capital Markets, LLC is acting as a financial advisor to Ducommun, and Simpson Thacher & Bartlett LLP is acting as legal counsel.
About Ducommun Incorporated
Ducommun Incorporated delivers value-added innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the company specializes in two core areas – Electronic Systems and Structural Systems – to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit Ducommun.com
1 Wall Street Analyst Thinks Tesla Stock Is Going to $120. Is It a Sell?
Eric Volkman, The Motley Fool
Tue, April 16, 2024 at 6:07 AM MDT·2 min read
https://finance.yahoo.com/m/ff68e1fa-7e16-39a8-83c0-03a564e678bc/1-wall-street-analyst-thinks.html
There's hardly a better way for an analyst to signal his or her bearishness on a stock than to cut their price target more than once. This happened recently with the beleaguered electric vehicle (EV) pace-setter Tesla (NASDAQ: TSLA).
In mid-April, a prognosticator from a major U.S. bank got out his scissors for the second time in less than one month. Uncomfortably, this occurred barely over one week out from the company's scheduled first-quarter earnings release.
A double cut for Tesla
That analyst was Colin Langan from the investment wing of one of the "top four" lenders, Wells Fargo. Langan recently made another downward adjustment to his Tesla price target; it's now $120 per share, down from the preceding $125 per share. That, in turn, was lowered drastically by Langan from $200 in mid-March when he downgraded his recommendation to underweight (read: sell) from equal weight (hold).
At the new $120 price target, it nearly goes without saying, Tesla still rates an underweight in the analyst's view. The target implies a nearly 26% downside from the current price over the next 12 months.
"While we expect a first-quarter miss, expectations are low after weak deliveries," Langan wrote in his latest note on the EV company. Referring to Tesla's much-hyped -- yet inaccurately named -- Full Self Driving (FSD) assistance system, the pundit added that the company's "poor fundamentals may be overshadowed on the first quarter call by FSD 'razzle-dazzle.' "
The bears are scratching at the door
This is one of several bearish pundits' takes on Tesla in the run-up to those quarterly results. As the Wells Fargo analyst points out, many do not anticipate great things from the company's report.
Even given that, EV sales growth is lackluster and Tesla seems far from done with its lengthening streak of price reductions to key models. This feels like a period of adjustment for Tesla, and one that will produce some pain for the company and its investors. A stock sell-off might just be in order for holders of the stock.
Earnings 4-15-24
NFLX 4-18 A
RTX 4-23 B
TSLA 4-23 A
T 4-24 B
GOOGL 4-25 A
INTC 4-25 A
RKT 4-25 A
ROKU 4-25 A
ROP 4-26 B
RIG 4-29 A
MMM 4-30 B
PYPL 4-30 B
QCOM 5-1 A
AAPL 5-2 A
SQ 5-2 A
PLTR 5-6 A
DIS 5-7 B
TOST 5-7 A
UPST 5-7 A
PERI 5-8 B
RBLX 5-9 B
NVDA 5-22 A
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Ducommun Incorporated Announces Award of Major Defense Orders for Raytheon Radar Systems
April 12, 2024 06:15 ET
Source: Ducommun Incorporated
SANTA ANA, Calif., April 12, 2024 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”), a global supplier of innovative electronic and structural solutions for the aerospace & defense industry, is proud to announce two major awards totaling over $50M in revenue for the Raytheon SPY-6 family of radar systems. These two awards represent a $25M follow on order for one circuit card assembly already in production, along with another $25M order for one circuit card assembly that will be brand new production for DCO. All cards will be produced at Ducommun’s world-class engineering and manufacturing performance center for circuit cards assemblies in Tulsa, Oklahoma.
“We are thrilled to have earned the trust of Raytheon on this most critical Navy radar system as we continue to build out this part of our defense business by supporting off-loading from our strategic defense customers. This is a very important initiative for us and one I have been talking about with shareholders on our quarterly earning calls. We are also now moving more and more into radar systems for defense, which complements our already significant circuit card assemblies’ franchise for missiles, such as MIR and the family of Standard Missiles” said Stephen G. Oswald, chairman, president, and chief executive officer. “Raytheon has treated us as a true partner, given us many opportunities and we are committed to continue delivering value for them and their customers.”
With the addition of these two new major awards, the Company’s backlog continues to break all-time high records at over $1B, which benefits shareholders for years to come. Ducommun currently provides Raytheon with electronics, circuit card assemblies, harness cable assemblies, and structural products on both legacy and emerging programs.
Kratos Defense & Security Solutions, Inc. Completes Development of the Zeus Solid Rocket Motor (SRM) Family with the Successful Zeus 2 Static Test Fire
April 15, 2024 09:00 ET
| Source: Kratos Defense & Security Solutions, Inc.
https://www.globenewswire.com/news-release/2024/04/15/2862813/224/en/Kratos-Defense-Security-Solutions-Inc-Completes-Development-of-the-Zeus-Solid-Rocket-Motor-SRM-Family-with-the-Successful-Zeus-2-Static-Test-Fire.html
SAN DIEGO, April 15, 2024 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security and global markets, announced today that its Space & Missile Defense Systems (SMDS) Business Unit, a part of Kratos’ Defense & Rocket Support Services (DRSS) Division, successfully completed the static test firing of the Zeus 2 solid rocket motor (SRM) with Aerojet Rocketdyne, an L3Harris Technologies [NYSE: LHX] company, at their Camden, Arkansas facility. This Zeus 2 milestone combined with the successful Zeus 1 static test firing last year, completes the development phase of Kratos’ new affordable commercial SRM family.
Zeus 1 and Zeus 2 are high-performance 32.5-inch diameter solid rocket motors envisioned and internally funded by Kratos. The Zeus motors, designed with commonality, versatility, and affordability in mind, coupled with the Kratos ongoing development of the Erinyes and Dark Fury Hypersonic Flyers demonstrates Kratos’ commitment to investing in crucial defense industrial base technology. Kratos’ technology investments are delivering leading-edge systems and expanding our extensive portfolio of Hypersonic Flyers and SRMs available for our customers.
Kratos has now initiated orders for a combined total of nine Zeus 1 and Zeus 2 SRMs in preparation for upcoming customer flights. The Kratos developed Zeus family of SRMs is in direct response to the urgent need for affordable commercial launch vehicle stages for hypersonic test, ballistic missile target, sounding rocket and other customer missions.
Dave Carter, President of the KDRSS Division, said, “I am very excited to introduce Kratos’ family of Zeus SRMs and commend our SMDS group and teammate, L3HARRIS/Aerojet, for successfully completing this crucial motor development program. Zeus motors enable us to bring to market affordable rocket systems to support critical MACH-TB Hypersonic testing, NASA Sounding Rocket Program experiments, and Navy/MDA target program requirements.”
Eric DeMarco, President and CEO of Kratos Defense & Security Solutions, Inc., said, “Kratos’ successful completion of this internally funded Zeus family of motors will enable rapid and affordable hypersonic testing and be 'first to market' with a highly relevant system to support DoD, NASA and commercial customers. At Kratos, we are committed to rapid development, delivery of relevant systems and introduction of affordable technology to support warfighter requirements for the United States and our Allies' National Security.”
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.
Tesla Stock Is Plunging, But At Least It's Cheaper, Right? Nope.
ED CARSON06:04 AM ET 04/12/2024
Tesla (TSLA) has had a terrible start to 2024. But Tesla stock hasn't become significantly cheaper, by a key metric.
Often when a stock sells off hard, investors and Wall Street analysts will tout it as a buy, citing much-cheaper valuations.
Tesla stock plunged 29.7% through April 11, one of the worst performers on the S&P 500 this year Shares are 58% below their late 2021 all-time high. But Tesla has largely tracked declining earnings estimates amid weaker-than-expected deliveries despite ongoing price cuts.
Tesla Stock Valuation
Date Tesla stock price 2024 EPS est. 2024 P-E ratio 2025 EPS est. 2025 P-E ratio
Dec. 30, 2022 123.18 $7.07 17.4 $7.93 15.5
March 31, 2023 207.46 $5.62 36.9 $6.95 29.8
Sept. 29. 2023 250.22 $4.68 53.5 $6.21 40.3
Oct. 31, 2023 200.84 $3.93 51.1 $5.54 36.2
Nov. 30, 2023 240.08 $3.85 62.3 $5.40 44.5
Dec. 29, 2023 248.48 $3.79 65.5 $5.27 47.2
Jan. 31, 2024 187.29 $3.14 59.7 $4.38 42.8
Feb. 29, 2024 201.88 $3.10 65.2 $4.25 47.5
March 28, 2024 175.79 $2.87 61.25 $3.91 45.0
April 11, 2024 174.6 $2.68 65.1 $3.70 47.2
Tesla Cuts 'More Than 10%' Of Global Employees To Prepare For 'Next Phase Of Growth'
https://www.investors.com/news/tesla-stock-company-layoffs-elon-musk-cybertruck/?src=A00220
KIT NORTON07:59 AM ET 04/15/2024
Tesla (TSLA) will lay off more than 10% of its global workforce, at least 14,000 employees, according to media reports and an internal memo sent by Chief Executive Elon Musk that leaked online Monday. TSLA shares edged lower early Monday.
Tesla and Musk have telegraphed 2024 will be difficult for business throughout the year, starting with the company's fourth-quarter earnings call in late January. The move Monday to cut its workforce is the latest sign Tesla is facing difficulties as EV demand slows and competition ramps up.
Electrek first reported on the rumors of the layoffs over the weekend and the confirmation Monday.
Musk wrote Monday that Tesla has grown rapidly over the years and there have been "duplication of roles and hob functions in certain areas."
"As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," Musk wrote in the company wide email Monday.
"We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence," he added.
Tesla stock fell more than 1% during premarket action Monday. On Friday, TSLA dropped 2% to 171.05.
Latest Headline For Tesla
Tesla's decision to reduce its head count follows lackluster Q1 deliveries and a Reuters report that it canceled its long promised next-generation $25,000 vehicle, choosing to focus on developing its self-driving robotaxi platform.
Reuters, citing three anonymous sources and internal messages, wrote that Tesla no longer plans to make its low-cost entry-level vehicle, the Model 2, and will continue developing its robotaxi on the "same small-vehicle platform."
However, Elon Musk and others at Tesla have challenged the veracity of the report. Following the publication of the Reuters story, Musk also announced Tesla will unveil the robotaxi on Aug. 8.
Meanwhile, Tesla Cybertruck deliveries appear done for the year. The Cybertruck, which began rolling out to customers at the end of November 2023, is only available for delivery in 2025, according to Tesla's website as of Monday.
Tesla late Friday cut the price of Supervised Full Self-Driving (FSD) to $99 a month from $199. The EV company is offering a one-month free trial of FSD for April in the U.S. for new purchases or existing EVs that are FSD capable.
TSLA stock gained 3.7% to 171.05 for the week, buoyed by Elon Musk's promise of a robotaxi unveiling on Aug. 8.
TSLA shares are trading below the 50-day moving average after falling around 13% in March.
Tesla reports first-quarter earnings and revenue on April 23. Wall Street consensus has 2024 Tesla earnings firmly below 2023's level. That signals another year of earnings declines for this growth stock. Wall Street currently expects Tesla earnings per share of just $2.70 in 2024, according to FactSet. That would be more than a 13% decline vs. last year's $3.12.
Wall Street's 2024 EPS consensus estimates for Tesla have now come down 29% since the end of 2023.
Looking further out, Wall Street consensus has Tesla's EPS in 2025 coming in at $3.70, down from the $5.29 projection at the end of 2023, according to FactSet.
The EV giant ranks eighth in the 35-member IBD Auto Manufacturers industry group. The stock has a 32 Composite Rating out of a best-possible 99. Tesla stock also has a 12 Relative Strength Rating and a 67 EPS Rating.
RDDT analyst initiates:
--Loop Capital Starts Reddit with Buy Rating, $55 Price Target
--Goldman Sachs starts Reddit with Neutral Rating, $40 Price Target
--Piper Sandler Initiates Reddit at Overweight With $50 Price Target
--JMP Securities Initiates Reddit at Market Outperform With $53 Price Target
--Roth MKM Initiates Reddit at Buy With $50 Price Target
--JPMorgan Initiates Reddit at Neutral With $47 Price Target
--Raymond James Initiates Reddit at Strong Buy With $50 Price Target
--Needham Initiates Reddit at Buy With $55 Price Target
--Morgan Stanley Initiates Reddit at Equalweight With $45 Price Target, Sees "Much to Like, But Fairly Valued'
Earnings 4-14-24
NFLX 4-18 A
RTX 4-23 B
TSLA 4-23 A
T 4-24 B
GOOGL 4-25 A
INTC 4-25 A
RKT 4-25 A
ROKU 4-25 A
ROP 4-26 B
RIG 4-29 A
MMM 4-30 B
PYPL 4-30 B
QCOM 5-1 A
AAPL 5-2 A
SQ 5-2 A
DIS 5-7 B
TOST 5-7 A
UPST 5-7 A
PERI 5-8 B
RBLX 5-9 B
NVDA 5-22 A
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ABNB
AI
AMZN
BP
DOCU
FDX
FIZZ
IRBT
MESA
NKE
PATH
PD
PLTR
PLUG
RNG
SBUX
SHOP
SMCI
TER
TTD
TWLO
ZM
CP's on RIG,RNG,AAPL,PYPL,TSLA
4/12 (on Israel/Iran news)
H/ncps on GOOGL 157.73 and AMZN 186.13 (4/12 close) B tgts on both
RIG 6.11 4000,2000,1250,1000,250m,250g/5000,500,1500,1500,1000,1000
RNG 31.32 jha: 350,250,500
AAPL 176.19 100,50,50,50/100,25,25,50,50,50
PYPL 64.30 550,650,400,425,100m/650,300,300,550,475,500,100
TSLA 171.01 50,25,25,25 / 50,25,25,25,
THIS BOARD IS FOR TRACKING STOCKS I FOLLOW, OWN OR TRADE
Charts are repeated often, and changes are followed and tracked for MY own purpose.
The Price listed on ANY post, is the PRICE PER SHARE AT THE TIME OF PAGE CREATION.
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SQ 84rg/Gap 68.44/ GOOGL 157rg
SHOP 51rg/PYPL 25g's on CP/ Iran
UPST 92rg/AAPL 141rg/ RNG 45rg/HA234rg/AMC 779rg
D RNG 5200 AMZN 1600
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