Latest news for ALS (OTC:CPBLF) Stock

Founded in the 1880s and listing on the ASX in 1952, ALS operates three divisions: commodities, life sciences, and industrial. ALS commodities traditionally generated the majority of underlying earnings, providing geochemistry, metallurgy, inspection and mine site services for the global mining industry. Expansion into environmental, pharmaceutical and food testing areas and commodity price weakness have lessened earnings exposure to commodities.

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BAGGER DAVE'S BURGER TAV by Bagger Dave's Burger Tavern, Inc.

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ALS Ltd

<a href="https://www.wsj.com/politics/elections/project-2025-head-steps-down-89cba52b?st=u8fg3lf99n7uv94&amp;mod=googlenewsfeed" title="https://www.wsj.com/politics/elections/project-2025-head-steps-down-89cba52b?st=u8fg3lf99n7uv94&amp;mod=googlenewsfeed">https://www.wsj.com/politics/elections/project-2025-head-steps-down-89cba52b?st=u8fg3lf99n7uv94&amp;mod=googlenewsfeed</a>

Politics

General

'Head Of Project 2025 Steps Down Following Trump Criticism' - Wall Street Journal

E-commerce giant Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is making a big bet on live sports rights, paying billions for NBA rights. Could the move help boost subscribers of the Amazon<a href="https://www.benzinga.com/topic/amazon-prime-video"> Prime Video streaming platform?</a>
What Happened: Benzinga recently asked followers on social media if the <a href="https://www.benzinga.com/general/entertainment/24/07/39733479/nba-fans-rejoice-new-76b-deal-from-espn-amazon-nbc-will-bring-games-seven-days-a-week">new NBA rights deal</a> would lead to them subscribing to Prime Video.
"Will you sign up for Amazon Prime to watch the NBA?" Benzinga <a href="https://x.com/Benzinga/status/1816476416659124294">asked</a>.
The results were:
<ul>
<li>Yes: 10.2%</li>
<li>No: 56.5%</li>
<li>Already Have It: 33.3%</li>
</ul>
The poll found that a third of respondents already have Amazon Prime Video. Over half of those polled said they would not be subscribing to Amazon Prime Video just to watch NBA games. Only 10% or around 15% of current non-subscribers said they would sign up for Amazon Prime for NBA games.
Related Link: <a href="https://www.benzinga.com/news/earnings/24/04/38534302/amazon-q1-earnings-highlights-revenue-beat-eps-beat-aws-hits-100-billion-annual-run-rate-and-more">Amazon Q1 Earnings Highlights: Revenue Beat, EPS Beat, AWS Hits $100-Billion Annual Run Rate And More</a>
Why It's Important: While the poll had a small sample size, it could be a bad sign for the billions spent on NBA rights.
Amazon is paying a reported $1.8 billion annually for the rights to national NBA games that it will air during the season on Thursdays, Fridays and Saturdays. Amazon Prime Video will also be the home of the NBA In-Season Tournament and NBA Playoffs series as part of the deal.
Adding NBA rights to Prime Video makes the streaming platform <a href="https://www.benzinga.com/general/sports/24/06/39215473/amazon-makes-prime-bet-on-sports-with-nba-deal-streaming-platform-will-have-content-from-4-major-l">even more </a>sports-focused going forward, with the rights to the NFL's "Thursday Night Football" and NASCAR rights beginning in 2025. Amazon will also be the distribution partner for Diamond Sports Group in the future, which is the home of regional sports coverage for several MLB, NBA and NHL teams.
The move by Amazon to add NBA rights could lead to more advertising revenue as it <a href="https://www.benzinga.com/news/24/07/40042764/amazon-challenges-netflix-with-cheaper-ad-slots-boosts-prime-video-ads-report">ramps up its advertising efforts </a>on the streaming platform.
Another potential negative for Amazon's NBA deal could be a legal battle playing out between the sports league and existing rights holder Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>).
Also Read: <a href="https://www.benzinga.com/general/entertainment/24/03/37809533/mrbeast-confirms-beast-games-on-amazon-prime-video-with-1-000-contestants-5m-prize-its-gonn">MrBeast Calls &#8216;Beast Games&#8217; On Amazon Prime Video With 1,000+ Contestants, $5M Prize &#8216;An Insane Show&#8217;</a>
Warner Bros. Discovery sued the NBA over losing the rights to Amazon and its decision to match the contract being rejected by the league.
&#8220;Given the NBA&#8217;s unjustified rejection of our matching of a third-party offer, we have taken legal action to enforce our rights,&#8221; TNT Sports said in a statement reported by ESPN.
Warner Bros. Discovery said it had the contractual right to match Amazon's offer and filed the lawsuit with the New York Supreme Court.
The lawsuit comes after NBA commissioner Adam Silver said the "digital opportunities with Amazon align perfectly with the global interest in the NBA."
"And Prime Video's massive subscriber base will dramatically expand our ability to reach our fans in new and innovative ways," Silver said.
Amazon has over 200 million monthly viewers for Prime Video <a href="https://variety.com/2024/digital/news/amazon-prime-video-200-million-monthly-viewers-tv-advertising-ceo-1235967913/">according </a>to CEO Andy Jassy.
The company's rights to "Thursday Night Football" games have been cited in the past for helping add subscribers and the NBA and other sports rights could play out similarly.
Amazon&#8217;s NFL rights<a href="https://www.benzinga.com/news/23/10/35146521/amazon-is-winning-its-bet-on-nfl-rights-a-look-at-the-numbers-taylor-swift-upside" target="_blank" rel="noreferrer noopener">&nbsp;have successfully increased</a>&nbsp;Prime Video subscriptions and garnered high viewership ratings. The company&nbsp;<a href="https://variety.com/2023/tv/news/most-watched-shows-2023-ncis-oscars-blue-bloods-super-bowl-yellowstone-1235854795/" target="_blank" rel="noreferrer noopener">landed&nbsp;</a>11 spots on the top 100 primetime broadcasts of 2023, with six Thursday Night Football games ranking among the 50 most-watched primetime events in the U.S. in 2023.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/07/39915544/could-warner-bros-vs-amazon-battle-be-brewing-for-nba-rights-mark-cuban-shares-his-suggesti">Could Warner Bros. Vs. Amazon Battle Be Brewing For NBA Rights? Mark Cuban Shares His Suggestion</a></li>
</ul>
Image: Shutterstock

Entertainment

Sports

Exclusives

AMZN

Will NBA Rights Move The Needle For Amazon Prime Video Subscribers? Benzinga Poll Shows Small Impact From New Deal

Legal

Amazon Sues Nokia Alleging Patent Infringement

Alliance Global Partners analyst Brian Kinstlinger maintains Redwire (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDW#NYSE">RDW</a>) with a Buy and raises the price target from $7 to $8.25.

Price Target

Analyst Ratings

Alliance Global Partners Maintains Buy on Redwire, Raises Price Target to $8.25

<a href="https://www.autonews.com/china/china-ev-maker-byd-preps-enter-canadian-market" title="https://www.autonews.com/china/china-ev-maker-byd-preps-enter-canadian-market">https://www.autonews.com/china/china-ev-maker-byd-preps-enter-canadian-market</a>

'China's BYD Preparing To Enter Canadian EV Market, Documents Show' - Automotive News

For the first half of 2024, <a href="https://www.benzinga.com/topic/semiconductors">computer and semiconductor names</a> like Dell Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) could no wrong. Hype around artificial intelligence and heightened demand for chips helped push share prices higher, creating what <a href="https://www.benzinga.com/markets/equities/24/07/39943580/nasdaq-100-notches-worst-session-since-late-2022-falls-below-key-50-day-moving-average-is-the-ai">some experts have called a bubble. </a>But so far, in the second half of the year, the run in technology has faltered. The Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), a fund that tracks the NASDAQ 100, is down more than 5% throughout the last month. 
In the last month, Dell's stock is down 25%, Nvidia's more than 15%, while AMD is down around 13%. See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40036499/amd-q2-report-looms-as-nvidia-rival-struggles-with-key-headwinds-will-overcorrected">AMD Q2 Report Looms As Nvidia Rival Struggles With Key Headwinds: Will &#8216;Overcorrected&#8217; Stock Vindicate Itself?</a>
Earnings <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40007545/as-tesla-stock-reels-after-a-rough-week-following-earnings-top-analyst-defends-elon">reports from companies like</a> Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) drove their respective stocks lower, creating more uncertainty among investors in the tech community. 
Why Are Semis Trading Lower? There are a number of potential reasons why the semiconductor industry has struggled throughout the last few weeks. The first six months of the year were so strong for the group of stocks that it's reasonable to expect them to pull back and come down to earth at some point. After all, the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>), which tracks semi-names like NVIDIA and AMD, is still up around 20% YTD, despite a 10% drawdown in the last month. And while there is still a substantial amount of hype around the AI opportunity, some analysts have begun expressing doubts about how long it will take for companies to realize the benefits of their expensive investments in the developing technology. 
Upcoming earnings this week from names like Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and other tech companies actively investing in AI could shed more light on how much return they are seeing now. AMD is also set to report earnings Tuesday after the bell, having fallen more than 35% from its high in March. Read Next:
<ul>
<li> <a href="https://www.benzinga.com/trading-ideas/technicals/24/07/40018320/stock-of-the-day-microsofts-upcoming-earnings-could-signal-market-shift-at-key-resistanc">Stock Of The Day: Microsoft&#8217;s Upcoming Earnings Could Signal Market Shift At Key Resistance</a></li>
</ul>
Photo: Shutterstock

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DELL

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iShares PHLX SOX Semiconductor Sector Index Fund

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TSLA

Dell, Nvidia, AMD Stocks Tumble As Semiconductor Rally Stalls

Greenway Greenhouse Cannabis Corporation (CSE:<a class="ticker" href="https://www.benzinga.com/stock/GWAY#CSE">GWAY</a>) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/GWAYF#OTCQB">GWAYF</a>) reported its audited annual financial statements Tuesday for the year ended March 31, 2024.
The Canada-based company reported a net loss of CA$4.7 million ($3.4 million) for the period, representing an increase from a CA$2.6 million loss in the previous year.
&#8220;Over the course of the last fiscal year, the cannabis sector has faced intense competition and substantial price compression amid difficult market conditions," Jamie D&#8217;Alimonte, CEO of Greenway said. "Our team began to slowly see prices rebound over the year, and I am happy to report that our revenue in Q4 was up 9% from the previous year. With the total Canadian market continuing to evolve, we are confident that Greenway is one of the best-positioned companies in the cannabis sector.&#8221;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/23/10/35222387/canadian-cannabis-cultivator-ramps-up-distribution-channels-via-new-partnership">Canadian Cannabis Cultivator Ramps Up Distribution Channels Via New Partnership</a>
FY Financial Highlights:
Total grams or grams equivalent sold during the year of 5,548,692, a 33% increase from the previous fiscal year.
Net revenue totaled CA$ 5,230,194 for the year, representing a 7% year-over-year decrease.
Fourth quarter net revenue totaled CA$1,482,194, an increase of 9% from the same period in the prior fiscal year.
For the period the company averaged CA$0.74 per gram of cash costs, within the target of management&#8217;s CA$0.75 expected annual cash cost per gram.
A weighted average cash cost per gram of CA$0.60 of finished goods inventory on hand as of March 31, 2024.
Liabilities as of March 31, 2024 consist of accounts payable and accrued liabilities of CA$1,390,240, a 59% decrease from March 31, 2023
During the period the company closed a non-brokered private placement for gross proceeds of CA$3,500,000 as well as launched first consumer products into the Ontario marketplace.
&#8220;This year, we&#8217;ve achieved record sales volumes, dramatically reduced liabilities, launched our first consumer brands in Ontario, completed a $3.5m private placement, and after our year-end received the accreditation necessary to begin exporting Greenway cannabis internationally," D&#8217;Alimonte continued. "Our team has been working to open up new avenues for our products, and to diversify our revenue."
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/23/09/34951623/greenway-greenhouse-cannabis-launches-first-brands-in-the-canadian-market">Greenway Greenhouse Cannabis Launches First Brands In The Canadian Market </a></li>
</ul>
To learn more about cannabis stocks, come join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

Cannabis

Earnings

CSE:GWAY

GWAYF

Greenway's Full-Year Net Loss Widens, Sees Rebound In Q4 As Revenue Increases 9% YoY

GLJ Research analyst Gordon Johnson maintains Canadian Solar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSIQ#NASDAQ">CSIQ</a>) with a Sell and raises the price target from $9.1 to $12.28.

CSIQ

GLJ Research Maintains Sell on Canadian Solar, Raises Price Target to $12.28

Microsoft Azure Says Unexpected Usage Spike Resulted In Errors

Cantor Fitzgerald analyst Troy Jensen reiterates Proto Labs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRLB#NYSE">PRLB</a>) with a Overweight and maintains $44 price target.

Reiteration

PRLB

Cantor Fitzgerald Reiterates Overweight on Proto Labs, Maintains $44 Price Target

RBC Capital analyst Geoffrey Kwan upgrades Chesswood Group (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CHW#TSX">CHW</a>) from Underperform to Sector Perform and lowers the price target from C$7 to C$3.5.

Upgrades

TSX:CHW

RBC Capital Upgrades Chesswood Group to Sector Perform, Lowers Price Target to C$3.5

American Tower (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amt#NYSE">AMT</a>) came out with quarterly funds from operations (FFO) of $2.79 per share, beating the Zacks Consensus Estimate of $2.53 per share. This compares to FFO of $2.46 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of 10.28%. A quarter ago, it was expected that this wireless communications infrastructure company would post FFO of $2.55 per share when it actually produced FFO of $2.79, delivering a surprise of 9.41%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
American Tower, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $2.9 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 3.36%. This compares to year-ago revenues of $2.77 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management&#39;s commentary on the earnings call.
American Tower shares have lost about 0.4% since the beginning of the year versus the S&amp;P 500&#39;s gain of 14.5%.
What&#39;s Next for American Tower?
While American Tower has underperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for American Tower: favorable. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus FFO estimate is $2.61 on $2.87 billion in revenues for the coming quarter and $10.45 on $11.17 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the bottom 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Medical Properties (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mpw#NYSE">MPW</a>), has yet to report results for the quarter ended June 2024.
This health care real estate investment trust is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of -56.3%. The consensus EPS estimate for the quarter has been revised 2.8% higher over the last 30 days to the current level.
Medical Properties&#39; revenues are expected to be $258.43 million, down 23.4% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2311599/american-tower-amt-surpasses-q2-ffo-and-revenue-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2311599">To read this article on Zacks.com click here.</a>

Earnings Beats

REIT

Real Estate

American Tower Surpasses Q2 FFO and Revenue Estimates

Four major pharmaceutical companies involved in the first U.S. negotiations over Medicare drug prices expect limited business impact despite <a target="_blank" href="https://www.benzinga.com/general/biotech/24/02/36915357/biden-administration-to-send-pharma-companies-opening-offers-for-medicare-programs-first-ever-dru" rel="noreferrer noopener">anticipated price cuts</a>.
Bristol Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), AbbVie Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>), and AstraZeneca Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) expressed this outlook after reviewing confidential government pricing set to take effect in 2026.
Reuters noted that executives shared their perspectives during recent quarterly conference calls.
Related: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37535013/medicares-ambitious-drug-price-negotiation-plan-president-joe-biden-calls-to-expand-targeted-medi" rel="noreferrer noopener">Medicare&#8217;s Ambitious Drug Price Negotiation Plan: President Joe Biden Calls To Expand Targeted Medicines To 50 Annually by 2029</a>.
The Medicare program, covering 66 million Americans aged 65 and older or with disabilities, spends billions annually on medications.
It plans to cut drug list prices by at least 25% in 2026, with official announcements <a href="https://www.benzinga.com/general/biotech/23/12/36410940/pharmaceutical-giants-brace-for-showdown-as-medicare-drug-price-negotiations-are-poised-for-2024" target="_blank" rel="noreferrer noopener">expected by Sept. 1</a>.
&#8220;I think the drugmakers were frightened (these prices) would be a big deal. But now, the ones who have reported or commented have actually said it seems to be OK and in line with expectations,&#8221; Reuters noted, citing a UBS analyst&#8217;s interview.
Under President Joe Biden&#8217;s 2022 Inflation Reduction Act, the Medicare agency identified the 100 most expensive drugs and <a target="_blank" href="https://www.benzinga.com/general/biotech/23/08/34087337/biden-targets-cancer-diabetes-drugs-in-controversial-medicare-price-battle-wants-to-cut-billions-" rel="noreferrer noopener">selected 10 for price negotiations</a>.
Chris Boerner, CEO of Bristol Myers, expressed confidence in navigating the impact on the blood thinner Eliquis, co-marketed with Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>).
However, he and Robert Michael, CEO of AbbVie, reiterated concerns about government &#8220;price setting&#8221; potentially stifling innovation.
The IRA empowers Medicare to negotiate prices for costly drugs, potentially leading to price cuts ranging from the statutory minimum <a target="_blank" href="https://www.benzinga.com/government/24/01/36849742/medicares-historic-negotiations-to-lower-drug-prices-analysts-anticipate-upto-potential-price-cuts-o" rel="noreferrer noopener">of 25% to a significant 60%</a>.&nbsp;
AbbVie CEO Michael confirmed that the anticipated sales impact of its leukemia drug Imbruvica has been factored into its forecasts, while Jennifer Taubert, a J&amp;J executive, maintained a positive long-term growth outlook despite the expected discounts for Stelara and Xarelto.
Citing an analyst at J.P. Morgan, Reuters noted that the responses from Bristol Myers and J&amp;J indicate more manageable price cuts than initially feared.
An AstraZeneca executive indicated that minimal impact is expected by the time new prices take effect due to competition from generic versions of its diabetes drug Farxiga.
Guggenheim Partners analyst added that other drugs on the initial list, including Merck &amp; Co Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) Januvia and Amgen Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) Enbrel, are also expected to face generic competition by 2029.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40045943/incytes-q2-earnings-wider-than-expected-loss-pipeline-review-lifts-jakafi-sales-gui" target="_blank" rel="noreferrer noopener">Incyte&#8217;s Q2 Earnings: Wider Than Expected Loss, Pipeline Review, Lifts Jakafi Sales Guidance</a>.</li>
</ul>
Image: Shutterstock

Biotech

Government

Large Cap

Regulations

Health Care

ABBV

AMGN

Bristol Myers, Johnson & Johnson, AbbVie, AstraZeneca Expect Minimal Impact From Upcoming Medicare Price Negotiations

H&amp;E Equipment (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hees#NASDAQ">HEES</a>) came out with quarterly earnings of $0.91 per share, missing the Zacks Consensus Estimate of $1 per share. This compares to earnings of $1.14 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -9%. A quarter ago, it was expected that this construction and industrial equipment service provider would post earnings of $0.73 per share when it actually produced earnings of $0.71, delivering a surprise of -2.74%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
H&amp;E Equipment, which belongs to the Zacks Manufacturing - Construction and Mining industry, posted revenues of $376.28 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.19%. This compares to year-ago revenues of $360.23 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock&#39;s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management&#39;s commentary on the earnings call.
H&amp;E Equipment shares have added about 1.2% since the beginning of the year versus the S&amp;P 500&#39;s gain of 14.5%.
What&#39;s Next for H&amp;E Equipment?
While H&amp;E Equipment has underperformed the market so far this year, the question that comes to investors&#39; minds is: what&#39;s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company&#39;s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for H&amp;E Equipment: mixed. While the magnitude and direction of estimate revisions could change following the company&#39;s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.28 on $416.85 million in revenues for the coming quarter and $4.13 on $1.58 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - Construction and Mining is currently in the bottom 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Caterpillar (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cat#NYSE">CAT</a>), is yet to report results for the quarter ended June 2024. The results are expected to be released on August 6.
This construction equipment company is expected to post quarterly earnings of $5.53 per share in its upcoming report, which represents a year-over-year change of -0.4%. The consensus EPS estimate for the quarter has been revised 1.2% lower over the last 30 days to the current level.
Caterpillar&#39;s revenues are expected to be $16.76 billion, down 3.2% from the year-ago quarter.
<a href="https://www.zacks.com/stock/news/2311591/h-e-equipment-hees-q2-earnings-and-revenues-miss-estimates?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_4-2311591">To read this article on Zacks.com click here.</a>

Earnings Misses

Small Cap

HEES

H&E Equipment Q2 Earnings and Revenues Miss Estimates

A Phase 2b clinical trial presented at the Alzheimer&#8217;s Association International Conference (AAIC) 2024 reveals that Novo Nordisk A/S&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) older generation GLP-1 drug, liraglutide, may slow cognitive decline by protecting the brain.
Related: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/07/40041991/novo-nordisks-ozempic-reduces-smoking-related-health-interventions-in-diabetic-patients-study-fin" rel="noreferrer noopener">Novo Nordisk&#8217;s Ozempic Reduces Smoking-Related Health Interventions In Diabetic Patients, Study Finds</a>.
GLP-1 (Glucagon-Like Peptide-1) drugs are a class of medications primarily used to treat type 2 diabetes and, in some cases, obesity.
GLP-1 receptor agonists mimic the natural hormone glucagon-like peptide and help manage diabetes, promote weight loss, and reduce heart disease, stroke, and kidney disease risks.
Animal studies indicate these drugs may also have neuroprotective effects, reducing early forms of amyloid and normalizing brain glucose processing.
The study <a target="_blank" href="https://www.prnewswire.com/news-releases/glp-1-drug-liraglutide-may-protect-against-dementia-302209255.html" rel="noreferrer noopener">included</a> 204 patients with mild Alzheimer&#8217;s across 24 UK clinics. Participants received up to 1.8 mg of liraglutide or a daily placebo for a year.
The primary endpoint, change in cerebral glucose metabolic rate (an assessment of brain function), was not met. However, significant benefits were observed in secondary endpoints like clinical and cognitive measures and brain volume changes.
Those on liraglutide experienced almost 50% less brain volume loss in critical regions such as the frontal, temporal, and parietal lobes.
Cognitive testing before and after treatment showed an 18% slower decline in cognitive function among those on liraglutide compared to the placebo group.
Cognitive function was measured using a composite score from 18 different tests. The study also reported gastrointestinal issues, such as nausea, as the most common side effects, but serious side effects were relatively rare.
Further research is warranted, but current late-stage trials of GLP-1 analogs, like the EVOKE Plus trial of semaglutide, are well-positioned to explore these findings further.
Reuters noted that its two trials began in 2021 and results are expected in 2025.
Liraglutide, marketed as Saxenda for weight loss and Victoza for diabetes, has already been approved by the FDA.
Price Action: NVO stock is up 0.50% at $128.69 at the last check on Tuesday.
Read Next:
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Photo via Shutterstock

Media

Novo Nordisk's Older Weight Loss Drug May Slow Cognitive Decline in Alzheimer's Patients, Small Study Shows Brain-Protecting Benefits

JMP Securities analyst Matthew Carletti reiterates AMERISAFE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMSF#NASDAQ">AMSF</a>) with a Market Outperform and maintains $65 price target.

AMSF

JMP Securities Reiterates Market Outperform on AMERISAFE, Maintains $65 Price Target

Macro Economic Events

Economics

iShares MSCI Israel Capped Investable Market Index Fund

UPDATE: Top Hezbollah Commander Targeted In Israeli Strike On Beirut Suburbs Has Survived,

Star Bulk Carriers&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sblk#NASDAQ">SBLK</a>) is scheduled to report&nbsp;second-quarter 2024&nbsp;results on Aug 7, after market close.
The Zacks Consensus Estimate for the to-be-reported quarter&#39;s earnings and revenues is pegged at 79 cents per share and $329.4 million, respectively.
The earnings estimate for the to-be-reported quarter has declined 1.3% in the past 60 days. The bottom-line projection indicates year-over-year growth of 68.1%. The Zacks Consensus Estimate for quarterly revenues indicates a year-over-year increase of 38%.
SBLK has a decent earnings surprise history, having surpassed the consensus estimate in two of the last four quarters, missing once and reporting in-line earnings in the remaining quarter. The average beat is 30.5%.
<div class="chart_embed">
<h3>Star Bulk Carriers Corp. Price and EPS Surprise</h3>
<img alt="Star Bulk Carriers Corp. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/4f/1722343856.png" style="height:266px; width:546px" title="" />
Star Bulk Carriers Corp. price-eps-surprise | Star Bulk Carriers Corp. Quote
Against this backdrop, let&#39;s check out the factors expected to have influenced Star Bulk&#39;s June-quarter performance.
</div>
We expect vessel operating expenses to have been high in the to-be-reported quarter. This is likely to have dented SBLK&#39;s bottom-line performance. Costs are most likely to have shot up due to elevated fuel expenses. Supply-chain disruptions are anticipated to have dampened this shipping company&#39;s results.
However, continued fleet expansion (including cargo fleet) initiatives are likely to have driven the company&#39;s performance. The positive sentiment surrounding the dry bulk market is also expected to have aided the company&#39;s performance in the to-be-reported quarter. The Capesize market is very strong currently. This reflects strong demand for dry bulk commodities from not only China but also the rest of the world and bodes well for dry bulk shipping companies like SBLK.
<h3>Earnings Whisper</h3>
Our proven model does not predict an earnings beat for Star Bulk this time around. The combination of a positive&nbsp;Earnings ESP&nbsp;and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Earnings ESP: Star Bulk has an Earnings ESP of 0.00%.
Zacks Rank: Star Bulk currently carries a Zacks Rank #3.
<h3>Stocks to Consider</h3>
Here are a few stocks from the broader Zacks&nbsp;Transportation&nbsp;sector that investors might want to consider, as our model shows that these have the right combination of elements to beat second-quarter 2024 earnings.
Copa Holdings (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cpa#NYSE">CPA</a>) has an Earnings ESP of +1.55% and a Zacks Rank #3 at present. The company is scheduled to report second-quarter 2024 earnings on Aug 7.
CPA surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The average beat is 20.19%.
C.H. Robinson (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chrw#NASDAQ">CHRW</a>) currently has an Earnings ESP of +5.29% and a Zacks Rank #2.&nbsp;The company is scheduled to report second-quarter 2024 earnings on Jul 31.
CHRW surpassed the Zacks Consensus Estimate in three of the preceding four quarters and missed once. The average beat is 2.07%.
<a href="https://www.zacks.com/stock/news/2312096/star-bulk-sblk-to-post-q2-earnings-what-s-in-the-offing?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2312096">To read this article on Zacks.com click here.</a>

CHRW

SBLK

Star Bulk to Post Q2 Earnings: What's in the Offing?

JMP Securities analyst Ronald Josey reiterates Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) with a Market Outperform and maintains $75 price target.

UBER

JMP Securities Reiterates Market Outperform on Uber Technologies, Maintains $75 Price Target

TENB

Tenable Is Said To Work With Advisers After Takeover Interest; Tenable Deliberations Early Stage, Sale Not Certain

ALS Ltd. (AU:ALQ) has released an update. ALS Ltd. has published its 2024 Sustainability Report to provide stakeholders with insights into the comp...

ALS Ltd. Unveils 2024 Sustainability Achievements

ALS Ltd. (AU:ALQ) has released an update. ALS Limited invites its shareholders to the 73rd Annual General Meeting (AGM) set for 31 July 2024, offer...

ALS Limited Announces 2024 Hybrid AGM

ALS Ltd. (AU:ALQ) has released an update. ALS Limited urges shareholders to cast their votes ahead of the AGM scheduled for July 31, 2024, detailin...

ALS Limited: Cast Your Vote for the Upcoming AGM

ALS Ltd. (AU:ALQ) has released an update. ALS Ltd. has announced its financial calendar for 2024, highlighting key dates such as the payment of the...

ALS Ltd. Unveils Key Financial Dates for 2024

ALS Ltd. (AU:ALQ) has released an update. ALS Limited has updated its Corporate Governance Statement for the year ended March 31, 2024, which is no...

ALS Limited Publishes Updated Governance Report

ALS Ltd. (AU:ALQ) has released an update. ALS Limited has disclosed a change in Director Nigel Garrard's interest in the company, with an acquisiti...

ALS Director Nigel Garrard Increases Shareholdings

ALS Ltd. (AU:ALQ) has released an update. ALS Limited has announced the application for quotation of 405,167 new fully paid ordinary shares on the ...

ALS Limited Expands Share Base on ASX

ALS Ltd. (AU:ALQ) has released an update. ALS Ltd. has released its comprehensive Securities Trading Policy, outlining legal guidelines and restric...

ALS Ltd. Unveils New Securities Trading Policy

ALS Ltd. (CPBLF – Research Report) received a Buy rating and a A$17.00 price target from UBS analyst Nathan Reilly today. The company's shares clos...

ALS Ltd. (CPBLF) was upgraded to a Buy Rating at UBS

ALS Ltd. (AU:ALQ) has released an update. ALS Limited has issued an informational presentation summarizing its business activities, clarifying that...

ALS Limited Issues Investment Caution

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Friday, January 10, 2020