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EBITDA of 2.19-2.22 bln euros this yearForecast on FY EBITDA margin unchanged at 38%FY revenue expected to grow to around 5.8 bln eurosAdj. The Italian company guided for adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to grow to between 2.19 billion euros and 2.22 billion euros ($2.40 billion - $2.44 billion) this year, versus a previous forecast of between 2.13 billion and 2.18 billion euros. The expected cash generation was also broadly unchanged, at around 900 million euros versus a previous guidance of up to 900 million euros. Ferrari shares, which are up around 40% this year, erased small daily gains after the results were published. In the second quarter, adjusted EBITDA grew 32% to 589 million euros, in line with analysts' expectations of 580 million euros, according to a Reuters poll.
Persons: Andrew Boyers, Benedetto Vigna, Bernstein, Daniel Roeska, Vigna, Giulio Piovaccari, Gianluca Semeraro, Keith Weir, Sharon Singleton Organizations: Prix, Silverstone Circuit, REUTERS, Ferrari, Daytona, EMEA, Thomson Locations: Silverstone, Britain, MILAN, Italian, personalisations
"We expect FSLR will continue to outperform as the company has locked-in double-digit annual earnings growth through decade end. TD Cowen reiterates Skechers as a top idea TD Cowen said it's standing by Skechers as a best idea after the company's earnings report Thursday. JPMorgan reiterates Roku as overweight JPMorgan raised its price target on the stock to $95 per share from $90 and says it's staying bullish on Roku after its earnings report Thursday. " Bank of America reiterates Deckers as buy Bank of America said it expects sales of Deckers ' HOKA brand to double by 2026. JPMorgan reiterates Eli Lilly as overweight JPMorgan said it's bullish on Eli Lilly heading into earnings Aug. 8 due to its diabetes and obesity treatment.
Persons: Wells, Wells Fargo, Morgan Stanley, Apple, it's, Jefferies, Wedbush, FSLR's, TD Cowen, Skechers, Bill, BILL, Roku, Stifel, JPMorgan, Eli Lilly, it's bullish, Ford Organizations: Energy, Apple, Deutsche Bank, Airlines, Volkswagen, VW, Citi, Mobile, " Bank of America, of America, Bill Holdings, Bank of America, JPMorgan, Community Bank, New York Community Bank, Ford Locations: Europe, Dallas, China, Xpeng, Roku, EBITDA, Blue
Goldman Sachs initiates Amylyx Pharmaceuticals as buy Goldman said it sees an attractive entry point for shares of the biotech company. " Goldman Sachs reiterates Nvidia as buy Goldman said it's standing by its buy rating on Nvidia and that it likes stocks with "room for meaningful positive EPS revisions." UBS downgrades Tesla to neutral from buy UBS said in its downgrade of Tesla that strong growth is already priced in. Goldman Sachs initiates Savers Value Village as buy Goldman said the thrift store operator is a share gainer. Goldman Sachs reiterates ServiceNow as buy Goldman said it sees more upside in shares of ServiceNow as the stock remains a key beneficiary.
Persons: Piper downgrades Estee Lauder, Piper, Baird, Goldman Sachs, Goldman, Wells, Evercore, it's, Stifel, Lam, Tesla, Moffett, Rosenblatt, Raymond James, Becton Dickinson, SLB, Horton, BTIG, Needham, ServiceNow Organizations: Express, Netflix, Amylyx Pharmaceuticals, Bank of America, NTR, RBC, Research, Nvidia, MU, UBS, Semiconductor, Deutsche Bank, Apple, Deutsche, Mac, Med Tech, Schlumberger, Disney, DIS, American Express Locations: China, underperform, ServiceNow
North America revenue for the current quarter will be slightly down, Chief Executive Olivier Le Peuch said in a post-earnings conference call with analysts, saying activity in the region was moderating. However, the company expects third quarter revenue from international markets to grow by a mid-single digit percentage, citing a resurgence in offshore and Middle East drilling. In comparison, last quarter's international revenue rose 21% to $6.3 billion and North America's climbed 14% to $1.75 billion. Analysts at Tudor Pickering Holt noted that international revenue missed its estimate by $1 billion, while North America slightly topped its forecast. Revenue of $8.1 billion fell slightly below analysts' estimate of $8.2 billion.
Persons: Baker Hughes, Olivier Le Peuch, America's, Tudor Pickering Holt, Peter McNally, Arathy Somasekhar, Arunima Kumar, Sriraj Kalluvila, David Holmes, Nick Zieminski Organizations: Schlumberger, Halliburton, North America, Thomson Locations: HOUSTON, America, North America, Tudor, Houston, Bengaluru
JPMorgan adds Qualcomm and HP Inc. to the focus list JPMorgan added HP Inc. to the focus list and said it's a top value idea. The firm also added Qualcomm to the focus list and says it's a top growth idea. JPMorgan adds Charles Schwab to the focus list JPMorgan added the stock to its focus list after its earnings report and said it sees "improving fundamentals." Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon earnings later this month. Bank of America reiterates Block as buy Bank of America said shares of the company formerly known as Square are undervalued.
Persons: Tesla, it's, Charles Schwab, Schwab, Jefferies, Berkshire Hathaway, Archer, Guggenheim, ServiceNow Organizations: JPMorgan, Qualcomm, HP Inc, Watch, Cisco, " Bank of America, of America, Bank of America, Meta, UBS, Berkshire, Citi, Republic Services, Hollywood, Argus, Street, Aviation, UW, DuPont, Texas, Microsoft, Apple Locations: 2023E, 2025E, Berkshire, ACHR, EE
"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.
Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China
SoFi Technologies is worth selling as it acts more like a full-fledged bank, according to Morgan Stanley. Analyst Jeffrey Adelson downgraded the financial stock to underweight while raising his price target by 50 cents to $7. "We previously valued SOFI on a growth-adj. "But as SOFI looks increasingly like a bank, we believe it needs to be valued more like a bank." SoFi has been considered a full bank for about a year and a half, he said, after being previously seen as more of a financial technology stock.
Persons: Morgan Stanley, Jeffrey Adelson, Adelson's, Adelson, that's, SoFi, — CNBC's Michael Bloom Locations: Wednesday's
Here are Thursday's biggest calls on Wall Street: TD Cowen upgrades Meta to outperform from market perform TD Cowen said it sees further share gains ahead for Meta. TD Cowen reiterates Amazon as outperform TD said it's bullish heading into Amazon earnings later this month. Deutsche Bank reiterates Microsoft as buy Deutsche said the stock is "set up nicely" heading into earnings later this month. " Bank of America reiterates Tesla as neutral Bank of America said it's standing by its neutral rating heading into earnings next week. BMO reiterates Chevron as outperform BMO said in a note on Thursday that it likes the oil and gas giant's capital return.
Persons: Cowen, TD Cowen, it's, Stifel, Coinbase, JPMorgan downgrades, Morgan Stanley, Cboe, Morgan Stanley downgrades SoFi, Tesla, Domino's, Robert Iger, Oppenheimer Organizations: Meta, Energy Fuels, Clean Energy Fuels Corp, Barclays, JPMorgan, Spotify, Deutsche Bank, Microsoft, Deutsche, BMO, Netflix, " Bank of America, of America, Suisse, Credit Suisse, Bank of America, Disney, ESPN, Chevron Locations: China
DraftKings is poised for an upswing as the sports betting stock nears an inflection point, according to Bank of America. Shaun Kelley upgraded the sports betting stock to a buy from a neutral rating, citing expectations for an acceleration in revenue momentum and inflection in both margins and profitability. The analyst lifted his price target to $35 from $25 a share, reflecting about 21% upside from Tuesday's close. He expects the market to grow 35% year over year in 2023 and at a 15% compounded annual growth rate between this year and 2027. "DraftKings has also reached a key cost inflection in its young business model, as we believe the rate of growth in cost of revenue and external marketing have peaked," Kelley said.
Persons: DraftKings, Shaun Kelley, DKNG, Kelley, " Kelley, — CNBC's Michael Bloom Organizations: Bank of America Locations: That's
[1/2] The Levi Strauss & Co. label is seen on clothes in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Shares of the company fell about 6% in extended trading, as it joined peer American Eagle Outfitters (AEO.N) in predicting a weak outlook for consumer spending. Levi’s net revenues for the second quarter that ended May 28 declined by 9%, its steepest quarterly drop since the first quarter of 2021, according to Refinitiv data. The annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. The apparel maker posted a net loss of $1.6 million for the second quarter, compared with a net income of $49.7 million a year earlier.
Persons: Levi Strauss, Andrew Kelly, Levi's, Chip Bergh, Bergh, Michael Ashley Schulman, Granth, Kate Masters, Shweta Agarwal, Muralikumar Organizations: Woodbury, REUTERS, American Eagle Outfitters, Nordstrom, Revenue, Running, Capital Advisors, Thomson Locations: Central Valley , New York, U.S, North America, Bergh, Levi's U.S, Europe, Americas, Bengaluru, New York
Goldman Sachs reiterates Snowflake as buy Goldman said it's standing by its buy rating after the company's investor day. JPMorgan reiterates Pepsi as overweight JPMorgan said Pepsi is a "safe haven" heading into earnings in July. Wells Fargo upgrades Pinterest to overweight from equal weight Wells Fargo said it sees "above-consensus revenue growth" for Pinterest. Deutsche Bank downgrades Walgreens to hold from buy Deutsche Bank downgraded the stock after its disappointing earnings results earlier this week. Deutsche Bank initiates Western Alliance as hold Deutsche Bank said the regional bank's "funding pressures persist."
Persons: Goldman Sachs, Goldman, Snowflake, it's, Wells, Wells Fargo, Daiwa downgrades Uber, EBITDA, Deere, Canaccord, Oppenheimer, Morgan Stanley, CarMax, Needham, CFRA, KeyBanc Organizations: Nvidia, JPMorgan, Pepsi, Nike, Netflix, Deutsche Bank, Walgreens, RBC, Western Alliance, KMX, Delta, Barclays, Bank of America, Old Dominion, of America, Dominion, ZoomInfo Technologies, Lincoln, EV Locations: China, NVDA, Canada, Old
First Citizens ' acquisition of Silicon Valley Bank will be fruitful for the bank's stock, according to Atlantic Equities. Atlantic Equities' forecast implies nearly 50% upside from Tuesday's close of $1,183.76. FCNCA YTD mountain First Citizen's stock has climbed more than 56% this year. Analyst John Heagerty highlighted the acquisition of Silicon Valley bank as a potential catalyst for the stock's growth, and noted the purchase "provides clear scale benefits and geographic diversification." "The SVB acquisition has transformed FCNCA's operations both in terms of the strategic benefits and the financial upside," he noted.
Persons: BancShares, John Heagerty, Heagerty, — CNBC's Michael Bloom Organizations: Bank, First Locations: Silicon, 2Q23E
Zillow An "enticing buying opportunity remains" in Zillow, according to Stephens analyst John Campbell. MarketAxess Atlantic Equities analyst Simon Clinch advised investors buy the dip in MarketAxess, the electronic trading platform for credit markets. To be sure, Clinch acknowledged that pressures remain, but the "long term growth opportunity remains attractive" and headwinds should soon turn into tailwinds. Booking Holdings- Argus, buy rating "We believe that BKNG shares are undervalued at current prices near $2,713. As such, our rating remains BUY.
Persons: Bowlero, Steven Wieczynski, Wieczynski, John Campbell, Campbell, Simon Clinch, Clinch, Zillow, Stephens, Cowen Organizations: CNBC, Liberty Media, Lucky, ZG, Company, Liberty Formula One, Booking Holdings, Argus Locations: Zillow, Atlantic
The Beautiful Chaos of the Notes App
  + stars: | 2023-06-02 | by ( ) www.nytimes.com   time to read: +2 min
As we told you last month, the latest TikTok trend is for users to share their Notes app screenshots, usually alongside text that says something like “never go through a girl’s Notes app.” The subtext being that we are stranger, less organized, less shielded versions of ourselves in Notes than we are on, say, Twitter or Instagram. We’re literally writing notes to self. But if your responses are any indication, what winds up in the Notes app is a million times more haphazard than the color-coded workout schedules and bullet journals that dominate those other apps. A reader named Hillary shared a list of nonsense words overheard at a conference, including “forethoughtful,” “planfully” and “applicationize.” In his Notes app, Mark wrote a sentence to illustrate the meaning of the word “fugacious” (adj. One of the most touching notes we got was from Janet, who sent her play-by-play for Thanksgiving in 2020.
Persons: , We’re, Hillary, “ forethoughtful, , Mark, Janet
Discretionary products account for a major portion of the company's merchandise and it has been looking to increase the share of household essentials as sticky inflation and higher interest rates weigh on consumers' spending decisions. "American consumers continue to face difficult trade-off decisions as they juggle the wants and needs of their families ... The fear of a looming recession weighs heavily on many American families," Senior Target executive Christina Hennington said on a post-earnings call. Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter and forecast comparable sales to decline in the low-single digits. Target executives used the word "cautious" at least 13 times during the hour-long earnings call.
Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter. It forecast comparable sales to decline in the low-single digits, compared to estimates of a 0.25% rise, according to Refinitiv data. The company also said theft and organized crime could reduce this year's profitability by more than $500 million compared to 2022. The pressure in discretionary categories outweighed strong growth seen in its everyday essential businesses, Chief Financial Officer Michael Fiddelke said. "We are confident that the economy and consumer will stabilize overtime and will once again benefit from growth in that (discretionary) portion."
Jefferies says although electronic gaming machines supplier PlayAGS has fallen to deep "out-of-favor status," the "severely undervalued small-cap stock" is nevertheless a prime opportunity for investors. The firm upgraded PlayAGS shares to buy from hold, and raised its price target to $10, implying 89% upside from Friday's close. Katz noted that PlayAGS's first-quarter earnings and revenue topped Jefferies' estimates. The company posted revenue of $83 million, higher than Jefferies' $75 million, and adjusted earnings before taxes, depreciation and amortization of $37 million that topped the firm's $33 million estimate. After surging 13% Monday on the upgrade, PlayAGS shares are now ahead by almost 18% year-to-date, after sliding 25% in 2022.
Goldman Sachs named a slew of top tech picks as earnings season begins to wind down. CNBC Pro combed through top research from Goldman to find some of the firm's favorite tech stocks exiting earnings. "Specifically, in its Q1'23 earnings report, Bumble mgmt. ZoomInfo Goldman is betting on a big second half for ZoomInfo after its robust earnings report earlier this month. Bumble "Bumble reported a solid set of results as the company continues to execute against its four strategic pillars.
Shares fell about 11% in trading after the bell as both revenue and core earnings forecasts for the current quarter were below expectations. The dismal forecast follows job cuts by Lyft, which is trying to cut costs under new CEO David Risher who took charge last month. Lyft's adjusted core earnings of $22.7 million also exceeded expectations of $12 million, according to Refinitiv data, despite a 13.2% rise in costs to $1.22 billion from a year ago. But its revenue as well as core earnings forecast for the current quarter was below market expectations. The company said it expected revenue of $1 billion to $1.02 billion, below estimates of $1.08 billion and core earnings of $20 million to $30 million, way behind expectations of $49.3 million.
SummarySummary Companies Co expects annual net sales to fall 10% to 12%Expects annual adj. Barclays analyst Lauren Lieberman said in a note Estee's profit forecast was the "last thing" expected even by the Street. Even though China relaxed pandemic-related restrictions, the company saw January 2023 pressured by retailers destocking due to an increase in COVID-19 cases. Estee expects full-year 2023 net sales to fall between 10% and 12%, compared with its prior forecast of a 5% and 7% decrease. It also forecast adjusted profit per share to fall between 50% and 51%, compared with a 27% to 29% decrease it expected earlier.
Shares of the company hit a six-month low of $190.30 during trading hours after Estee Lauder slashed its fiscal-year forecasts for a third time. Estee expects full-year 2023 net sales to fall between 10% and 12%, compared with its prior forecast of a 5% to 7% decrease. Even though China relaxed pandemic-related restrictions, the company saw January 2023 pressured by retailers destocking due to an increase in COVID-19 cases. Estee has also been challenged by the growth of smaller competitors in the beauty space, according to Travis. Estee forecast adjusted per-share profit to fall by 50% to 51%, compared with a 27% to 29% decrease it expected earlier.
Lufthansa sees earnings boost from strong summer travel
  + stars: | 2023-05-03 | by ( ) www.reuters.com   time to read: +1 min
SummarySummary Companies Sees strong demand for summer travelConfirms 2023 outlookQ1 adj EBIT loss 273 mln euros, in line with consensusQ1 revenues up 40% at 7.02 bln eurosFRANKFURT, May 3 (Reuters) - German airline group Deutsche Lufthansa (LHAG.DE) said it expected strong demand for holiday travel this summer to fill seats on its planes and help it reach its full-year targets. "The continuously strong demand gives us confidence for the coming months," finance chief Remco Steenbergen said on Wednesday. Lufthansa said it still expects to post a significant year-on-year improvement in adjusted earnings before interest and tax (EBIT) for the full year 2023. For the first quarter, it posted an adjusted EBIT loss of 273 million euros ($300.96 million), improved from a 577 million loss in the year-earlier period and broadly in line with analyst consensus for 279 million. Revenues jumped 40% to 7.02 billion euros in the three months through March, though the figure fell short of consensus for 7.57 billion.
"We initiate coverage of AMRC shares with a Buy rating and $60 PT implying ~45% upside potential." Barclays downgrades Shoals to underweight from equal weight Barclays said in its downgrade of the solar company that shares of Shoals are overvalued. Morgan Stanley upgrades Dell to overweight from equal weight Morgan Stanley says it's getting more constructive on shares of the PC giant. " Barclays initiates Ferrari as equal weight Barclays said in its initiation of the stock that it's waiting for a better entry point. Cowen reiterates Target and Walmart as outperform Cowen said it's standing by its outperform rating on the big box giants.
loss per share of 30 cents vs loss est. of 41 centsCompany says it sees "strong consumer demand"May 1(Reuters) - Norwegian Cruise Line Holdings Ltd (NCLH.N) raised its annual profit forecast and sailed past first-quarter estimates on Monday, betting on higher ticket pricing, pent-up demand and robust on-board spending from wealthy customers. Norwegian, which mostly caters to the affluent, has also been raising prices of its tickets to offset the impact from higher costs of fuel and food due to supply chain snags worsened by the Russia-Ukraine crisis. The company expects 2023 adjusted profit of 75 cents per share, compared with its earlier forecast of about 70 cents per share. Shares in the company were up about 1% in premarket trade, paring some gains after it forecast second-quarter adjusted earnings per share below estimates.
Here are Monday's biggest calls on Wall Street: Morgan Stanley upgrades General Motors to overweight from equal weight Morgan Stanley said the auto giant's stock is oversold. Guggenheim initiates Endeavor as buy Guggenheim initiated the sports and entertainment company and says it's "well positioned." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said Tesla's price cuts are the best measure of electric vehicle demand. Morgan Stanley upgrades Logitech to equal weight from underweight Morgan Stanley upgraded the stock mainly on valuation. Guggenheim upgrades Teradata to buy from neutral Guggenheim upgraded the software company based on positive channel checks.
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