iShares Environmentally Aware Real Estate ETF (NASDAQ: ERET)

Latest news for iShares Environmentally Aware Real Estate ETF (NASDAQ:ERET)

Real Estate

Other

Industrials

Financial Services

Consumer Cyclical

The Fund seeks to track the investment results of the FTSE EPRA Nareit Developed Green Target Index (the Underlying Index), which was developed by FTSE International Limited (the Index Provider or FTSE). The Underlying Index is composed of securities selected from the FTSE EPRA Nareit Developed Index (the Parent Index). The Parent Index is composed of real estate investment trusts (REITs) and real estate holding and development companies from developed market countries or regions. The Underlying Index reweights constituents of the Parent Index to target, in aggregate, a minimum level of green certification; an increase in green certification and a reduction in energy usage, both relative to the Parent Index; and a level of carbon emission intensity that is no worse than that of the Parent Index, subject to certain constraints. The Parent Index may include large-, mid- and small-capitalization constituents.

Prologis Inc

Equinix, Inc.

Digital Realty Trust Inc.

Avalonbay Communities Inc.

Welltower Inc.

Equity Residential

Simon Property Group Inc

Public Storage

Ventas, Inc.

Realty Income Corp.

iShares Environmentally Aware Real Estate ETF

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.

News

Price Target

Analyst Ratings

CSIQ

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

MSFT

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

Earnings Beats

REIT

Markets

Trading Ideas

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:
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<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

General

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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<li><a href="https://www.benzinga.com/m-a/24/07/39916116/insulin-device-maker-embecta-weighs-sale-after-70-share-decline-following-becton-dickinson-spin-off" target="_blank" rel="noreferrer noopener">Insulin Device Maker Embecta Weighs Sale After 70% Share Decline Following Becton Dickinson Spin-Off</a>.</li>
</ul>
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

Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) shares are<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener"> trading lower on Tuesday.</a>
The company&#8217;s unit Leapmotor International has <a target="_blank" href="https://www.stellantis.com/en/news/press-releases/2024/july/leapmotor-international-ships-the-first-batch-of-leapmotor-electric-vehicles-from-china-to-europe-this-month" rel="noreferrer noopener">shipped </a>the first batch of Leapmotor electric vehicles &#8211; C10 SUVs and T03 cars &#8211; from Shanghai, China, to European ports this month.
&#8220;The shipment of Leapmotor C10 and T03 vehicles to Europe this month is a landmark moment in the partnership between Stellantis and Leapmotor,&#8221; said Stellantis CEO Carlos Tavares.&nbsp;
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/40031872/tesla-recalls-over-1-8m-vehicles-over-concerns-of-unlatched-hood-opening-when-driving" rel="noreferrer noopener">Tesla Recalls Over 1.8M Vehicles Over Concerns Of Unlatched Hood Opening When Driving</a>
&#8220;Relying on Stellantis&#8217; strong business assets in Europe and the hard work of our companies&#8217; teams on guaranteeing product innovation and quality, I strongly believe that Leapmotor&#8217;s electric vehicles will be widely accepted by European customers,&#8221; Tavares added.
As of the first half of July, Leapmotor has accumulatively sold over 400,000 EVs in China since the company&#8217;s first sale.
Using Stellantis&#8217; distribution network, the Leapmotor International JV aims to boost Leapmotor vehicle sales points in Europe to 500 by 2026, up from 200 by the end of 2024, to enhance customer service.
As the C10 and T03 models make their debut in Europe, Stellantis and Leapmotor are committed to advancing innovation and sustainability in the automotive sector.
&#8220;Since the very beginning, the C10 and T03 models are designed to meet the high standards of global customers and we are confident that the collaboration between Stellantis and Leapmotor will drive significant growth for both companies,&#8221; said Leapmotor Founder, Chairman and CEO Zhu Jiangming.
In another development, Jeep-maker Stellantis is offering a new round of voluntary buyouts to its U.S. salaried workers, the latest in a series of cost-cutting measures by CEO Tavares, Reuters reported.
Price Action: STLA shares are trading lower by 1.44% to $16.75&nbsp;at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read More:
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<li><a href="https://www.benzinga.com/partner/forex/24/07/39905086/axi-invites-traders-to-dip-their-toes-into-its-capital-allocation-offering-with-free-and-early-acce" target="_blank" rel="noreferrer noopener">Tesla Replaces Ford As Morgan Stanley's ‘Top Pick' As Brokerage Sees Potential In EV Giant's Energy And Service Segments</a></li>
</ul>

Equities

Movers

STLA

What's Going On With Stellantis Stock Today?

Delta Air Lines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) has engaged renowned attorney David Boies to pursue damages from CrowdStrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) and Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) following a global outage that caused <a href="https://www.benzinga.com/news/24/07/39942367/crowdstrike-admits-bug-caused-massive-global-it-outages">widespread disruption and financial loss. </a>
David Boies, chairman of Boies Schiller Flexner, is notable for representing the U.S. government in its landmark antitrust case against Microsoft and for overturning California&#8217;s ban on gay marriage.
He has also represented Harvey Weinstein and Theranos founder Elizabeth Holmes, reported <a href="https://www.cnbc.com/2024/07/29/delta-hires-david-boies-to-seek-damages-from-crowdstrike-microsoft-.html">CNBC</a>.
The incident, attributed to a software update from CrowdStrike, led to millions of computers<a href="https://www.benzinga.com/markets/equities/24/07/39854612/windows-pcs-crash-worldwide-with-users-experiencing-blue-screen-of-death-issue-crowdstrike-updat"> crashing and thousands of flight cancellations.</a>
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/40030510/us-appeals-court-halts-bidens-airline-fee-disclosure-rule-saying-it-will-irreparably-harm-carrie">US Appeals Court Halts Biden&#8217;s Airline Fee Disclosure Rule, Saying It Will &#8216;Irreparably Harm&#8217; Carrier</a>s
The software update on July 19 resulted in a historic outage of Microsoft systems, severely affecting numerous industries, especially airlines. The Department of Transportation is investigating Delta due to the <a href="https://www.benzinga.com/news/24/07/39915483/whats-going-on-with-delta-airlines-stock-as-flight-disruptions-continue">extensive flight disruptions and service failures.</a>
Delta plans to seek compensation from Microsoft and CrowdStrike, although no lawsuit has been filed yet. 
The outages have reportedly cost <a href="https://www.benzinga.com/government/24/07/39936988/delta-air-lines-faces-500m-financial-hit-as-it-outage-causes-thousands-of-cancellations">Delta between $350 million to $500 million</a>. The airline is processing over 176,000 refund or reimbursement requests after nearly 7,000 flights were canceled. 
Insurance startup Parametrix estimated the total loss for Fortune 500 companies at $5.4 billion due to the CrowdStrike incident, excluding Microsoft&#8217;s losses.
Price Action: DAL shares are trading higher by 1.09% at $43.50 at last check Tuesday.
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We believe that&nbsp;Recursion (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rxrx#NASDAQ">RXRX</a>), a TechBio company that decodes biology and chemistry to industrialize drug discovery, is likely to beat expectations when it reports second-quarter 2024 results.
The Zacks Consensus Estimate is pegged at a loss of 35 cents per share. The Zacks Consensus Estimate for second-quarter revenues is pinned at $14.1 million.
Let&#39;s see how things might have shaped up for the upcoming quarterly release.
<h3>Factors to Consider</h3>
In the absence of a marketed product in the company&#39;s commercial portfolio, Recursion only recognizes collaboration revenues from its partners.
Recursion has ongoing collaboration agreements with pharma giants like Roche and Bayer to develop candidates for several oncology indications, with differentiated mechanisms of action. RXRX also collaborated with NVIDIA Corporation, the worldwide leader in visual computing technologies, to build a next-generation platform for the company to develop novel therapies.
The company is expected to provide updates regarding the clinical-stage pipeline programs on its second-quarter earnings call. RXRX expects several data readouts throughout 2024 and 2025.
Recursion&#39;s oncology candidate, REC-994, is being evaluated in the mid-stage SYCAMORE study to treat cerebral cavernous malformation. It completed patient enrollment for the study last year and expects to share top-line data from the same in September 2024.&nbsp;
RXRX&#39;s other pipeline candidates include REC-2282 and REC-4881 for treating neurofibromatosis type II (NF2) and familial adenomatous polyposis (FAP), respectively. Two doses of REC-2282 are being evaluated in Part 1 of the mid to late-stage POPLAR study for the NF2 indication. Recursion expects to share phase II safety and preliminary efficacy data from the POPLAR study in the fourth quarter of 2024.
An early to mid-stage TUPELO study is evaluating REC-4881 for patients with FAP. The company expects to report phase II safety and preliminary efficacy data in the first half of 2025.
Recursion is also evaluating REC-4881 in a phase II LILAC study for the treatment of patients with unresectable, locally advanced or metastatic cancer with AXIN1 or APC mutations.Top-line data from this additional study of REC-4881 is also expected in the first half of 2025.
Research and development expenses are expected to have increased in the to-be-reported quarter due to increased investments in expanding and upgrading the company&#39;s proprietary candidate development platform, as well as costs associated with funding ongoing clinical activities.
General and administrative expenses are also likely to have increased because of higher compensation to employees, along with higher software and depreciation expenses.
<h3>Earnings Surprise History</h3>
The company beat estimates in two of the trailing four quarters, matched once and missed once, delivering an average earnings surprise of 2.30%. In the last reported quarter, the company came up with an earnings surprise of 9.30%.
Shares of Recursion have plunged 16.9% in the year-to-date period compared with the&nbsp;industry&#39;s decline of 1.5%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/bb/72824.jpg?v=947254975" style="height:350px; width:600px" />
Image Source: Zacks Investment Research
<h3>Earnings Whispers</h3>
Our proven model predicts an earnings beat for Recursion 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. That&#39;s the case here, as you will see below.
Earnings ESP:&nbsp;Recursion has an Earnings ESP of +15.09% as the Most Accurate Estimate of a loss of 30 cents per share is narrower than the Zacks Consensus Estimate of a loss of 35 cents.
Zacks Rank:&nbsp;RXRX currently carries a Zacks Rank #2.
<div class="chart_embed">
<h3>Recursion Pharmaceuticals, Inc. Price and Consensus</h3>
<img alt="Recursion Pharmaceuticals, Inc. Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/21/1722339743.png" style="height:350px; width:600px" title="" />
Recursion Pharmaceuticals, Inc. price-consensus-chart | Recursion Pharmaceuticals, Inc. Quote
</div>
<h3>Other Stocks to Consider</h3>
Here are some other stocks worth considering from the overall medical sector, as our model shows that these also have the right combination of elements to beat on earnings this reporting cycle.
Apellis Pharmaceuticals&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apls#NASDAQ">APLS</a>) has an Earnings ESP of +26.98% and a Zacks Rank #3 at present.
Shares of Apellis have plunged 34.4% year to date. APLS beat estimates in one of the last four reported quarters, missed twice and met the mark once, delivering an average negative surprise of 6.37%. APLS is scheduled to report second-quarter results on Aug 1, before the opening bell.
BioMarin Pharmaceutical&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bmrn#NASDAQ">BMRN</a>) has an Earnings ESP of +5.06% and a Zacks Rank #3 at present.
Shares of BioMarin have lost 12.8% year to date. BMRN beat estimates in three of the last four quarters and met the mark on the remaining occasion, delivering an average earnings surprise of 11.15%. BMRN is slated to report second-quarter 2024 results on Aug 5, after market close.
Denali Therapeutics&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dnli#NASDAQ">DNLI</a>) has an Earnings ESP of +14.81% and a Zacks Rank #3 at present.
Denali Therapeutics&#39; shares have gained 13.6% in the year-to-date period. DNLI beat estimates in two of the last four quarters and missed the mark on the other two occasions, delivering an average earnings surprise of 64.51%.
<a href="https://www.zacks.com/stock/news/2312095/recursion-rxrx-to-report-q2-earnings-what-s-in-the-cards?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2312095">To read this article on Zacks.com click here.</a>

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Recursion to Report Q2 Earnings: What's in the Cards?

Goldman Sachs expects Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) to <a href="https://www.benzinga.com/markets/equities/24/07/40029731/apple-operating-in-an-alternative-universe-says-top-analyst-as-cupertinos-strategy-will-likely-w">beat analyst expectations</a> when it reports third-quarter earnings after Thursday&#8217;s closing bell.
The tech giant should exceed Wall Street consensus of $1.33 earnings per share (EPS) by 3 cents on Thursday, according to Goldman Sachs analyst Michael Ng. He predicted revenue for the quarter to come in at $85.1 billion, up 4% from $81.8 billion in revenue posted a year ago.
&#8220;While Apple's iPad market share has lagged in recent quarters relative to history, we expect the recently announced new iPad models (May 7) should benefit market share in F3Q24,&#8221; he wrote in a note.
&#8220;The new iPad models represented the first new iPads since October 2022.&#8221;
Goldman Sachs maintains a Buy rating on Apple because it believes the company&#8217;s focus on slower product revenue growth does not reflect its growth in services and product innovation, Ng said.
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&#8220;The majority of gross profit growth over the next five years should be driven by services, which should mark an inflection point in the services investment narrative,&#8221; he wrote.
&#8220;The durability of Apple's installed base and the resulting revenue growth visibility from attaching more services and products is what underpins the recurring revenue &#8212; or Apple-as-a-Service &#8212; opportunity.&#8221;
But Apple is exposed to downside risks such as weakening consumer demand for products and services, supply chain disruption and growing competition, Ng said.
&#8220;Although Apple is the largest company and the most well resourced among its competitors, it is not the market leader in every single business line,&#8221; he wrote. &#8220;For instance, in video streaming, it faces several key competitors that invest more heavily than Apple in content.&#8221;
Price Action: Apple was down 0.3% to $217.54 at the time of publication Tuesday.
The decline in Apple shares also impacted related ETFs:
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<li>T-Rex 2X Long Apple Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/AAPX#BATS">AAPX</a>) slipped 1.51%.</li>
<li>Direxion Daily AAPL Bull 2X Shares (NASADQ: AAPU) fell 1.94%</li>
<li>Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) declined 1.51%.</li>
<li>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) dropped 2.59%</li>
<li>IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) lost 2.62%</li>
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