Latest news for Owlet (OTC:OWLTW) Stock

Owlet Inc is engaged in providing a digital parenting platform that aims to give parents real-time data and insights to help parents feel more calm and confident. Its diversified portfolio of products includes Owlet Smart Sock, the first baby monitor to track an infant's oxygen levels, heart rate, and sleep trends; the Owlet Cam, which turns any smartphone into a baby monitor with high-definition clarity; the Owlet Monitor Duo, which offers the intelligence of the Owlet Smart Sock paired with the Owlet Cam; and Owlet Dream Lab, an interactive online program designed to be a parent's guide to building healthy sleep habits for their infants.

Owlet Inc

Among the largest companies to report quarterly earnings <a href="https://www.benzinga.com/earnings">during the trading week</a> is Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) with investors and analysts eyeing continued growth of Cloud and artificial intelligence efforts.
Earnings Estimates: Analysts expect Microsoft to report fourth-quarter revenue of $64.36 billion according to data <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>
The company reported revenue of $56.19 billion in last year's fourth quarter. Microsoft has beaten analysts' estimates for revenue in eight of the past 10 quarters, including five straight quarters.
Analysts expect the company to report fourth-quarter earnings per share of $2.93 compared to $2.69 in last year's fourth quarter. The company has beaten analysts' estimates for earnings per share in nine of the past 10 quarters, including seven straight quarters.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/07/39961573/microsofts-progressive-stance-paves-way-for-unionized-gaming-workforce">Microsoft&#8217;s Progressive Stance Paves Way for Unionized Gaming Workforce</a>
What Analysts Are Saying: The ongoing AI Revolution and Microsoft's growth from the sector is one of the key items Wedbush analyst Dan Ives will be watching when the company reports.
"Microsoft and Nvidia are the two best barometers in technology on the pace of AI adoption globally," Ives said.
The analyst maintained an Outperform rating and $550 price target in a new investor note.
Ives said channel checks show a potential "robust" quarter for Microsoft with the company "in the driver's seat" of the AI tidal wave. The analyst said cloud deal flow for Azure is seeing strong momentum.
"The most important metric will be Azure growth with the Street's bogey of 30%, which we believe is beatable in our view given the high level of deal activity during the quarter from core MSFT enterprise customers on the cloud."
The next three years could see over 70% of the Microsoft installed base on AI-driven functionality for enterprise and commercial, the analyst added.
"We strongly view this as Microsoft's ‘iPhone Moment' with AI set to change the cloud growth trajectory in Redmond the next few years and recent checks giving further confidence in this dynamic."
Ives estimates Copilot deployments for Microsoft customers could add $25 billion to the company's top-line revenue in fiscal 2025.
"We believe the stock still has yet to fully price in what we view as the next wave of cloud and AI growth coming to Redmond as AI enterprise use cases catalyze more budget dollars to AI in 2024/2025."
Ives said Microsoft is starting to hit the "next gear of growth" with artificial intelligence the story going forward.
Here are other <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">analyst ratings for Microsoft</a> and their price targets in the month of July:
Piper Sandler: Reiterated an Overweight rating and raised the price target from $465 to $485
TD Cowen: Maintained a Buy rating and raised the price target from $470 to $495
Bank of America: Maintained a Buy rating and raised the price target from $480 to $510
Mizuho: Maintained an Outperform and raised the price target from $450 to $480
BMO Capital: Maintained an Outperform rating and raised the price target from $465 to $500
Argus Research: Maintained a Buy rating and raised the price target from $475 to $526
Key Items to Watch: Microsoft has been in the news a lot recently related to an outage caused by CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) that <a href="https://www.benzinga.com/news/24/07/39861744/microsoft-outage-what-states-services-companies-saw-the-blue-screen-of-death">took down computers</a> running Windows.
While the Microsoft Outage won't likely have a key impact on customer churn, analysts could look to ask the company how it is moving forward from the key event.
While AI and Cloud get the headlines, the company's gaming division led by Xbox could also be a key item for investors to watch. Microsoft has made several gaming-related acquisitions in recent years and has a reported new console coming out in the next couple of years.
With the full fiscal year in the books, Microsoft could provide guidance for the next fiscal year. 
MSFT Price Action: Microsoft shares are up 0.34% to $426.73 Monday at market close versus a 52-week trading range of $309.45 to $468.35. Microsoft stock is up 14% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/07/39888849/microsoft-responds-to-ftcs-criticism-about-xbox-game-pass-asserting-it-is-wrong-to-call-this-a-deg">Microsoft Responds To FTC&#8217;s Criticism About Xbox Game Pass, Asserting &#8216;It Is Wrong To Call This A Degraded Version&#8217;</a></li>
</ul>
Photo: Volodymyr Kyrylyuk on Shutterstock

Earnings

Previews

Tech

Trading Ideas

CRWD

MSFT

Microsoft Q4 Earnings Preview: Analyst Says 'Stock Still Has Yet To Fully Price In ... Next Wave Of Cloud And AI Growth'

The decrease was primarily due to lower net interest income and noninterest income.
Preliminary net income was&nbsp;$1.19&nbsp;per fully diluted common share for the&nbsp;fourth quarter&nbsp;of fiscal 2024, a decrease of&nbsp;$0.18&nbsp;as compared to the&nbsp;$1.37&nbsp;per fully diluted common share reported for the same period of the prior fiscal year.
For the full fiscal year 2024, preliminary net income of&nbsp;$50.2 million&nbsp;was an increase of&nbsp;$10.9 million&nbsp;as compared to fiscal 2023, while diluted earnings per share for fiscal 2024 were&nbsp;$4.42, an increase of&nbsp;$0.57&nbsp;as compared to the&nbsp;$3.85&nbsp;per fully diluted common share for fiscal 2023.&nbsp;

News

Guidance

SMBC

Southern Missouri Bancorp Reports Preliminary Q4 Net Income Of $13.5M, Down 13.0% From Prior Year; EPS $1.19, Est $0.99

Citron Research&nbsp;founder&nbsp;Andrew Left turned himself in to authorities in Los Angeles on Monday to face <a href="https://www.benzinga.com/news/24/07/39985350/short-seller-andrew-left-faces-fraud-charges-accused-of-manipulating-at-least-15-stocks">federal securities fraud charges</a>. 
What Happened: According to a CNBC <a href="https://www.cnbc.com/2024/07/29/andrew-left-citron-capital-securities-fraud-los-angeles.html">report</a>, Left was scheduled to appear before Magistrate Judge Rozella Oliver in a U.S. District Court in L.A. at 4:30 p.m. ET on Monday after he was indicted last week on 19 criminal counts by a grand jury. 
A spokesman for the U.S. Attorney&#8217;s Office reportedly said the activist short seller surrendered Monday afternoon. He is expected to be released after bail terms are set by the judge.
Left&#8217;s lawyer James Spertus told CNBC that prosecutors originally planned to request a $10 million cash deposit for Left&#8217;s bail. The terms of the bail do not appear to be public at the time of writing.
The indictment against Left claims the short seller manipulated stock prices of at least 15 companies over five years, resulting in approximately $16 million in illegal profits. The charges imply Left would make his positions public, set ambitious price targets and then quickly close out those positions once his commentary had caused a given stock to move.
According to <a href="https://www.benzinga.com/news/24/07/39985350/short-seller-andrew-left-faces-fraud-charges-accused-of-manipulating-at-least-15-stocks">reports</a>, Left could face up to 20 years in prison for each of the securities fraud counts and several more years for related charges if found guilty.
Regardless of whether Left is found guilty, the case is likely to have a chilling effect on short sellers moving forward, Left&#8217;s lawyer told CNBC.
"People will stop sharing their research with the market," Spertus said. "It's really bad for the financial markets to have a prosecution like this when the government agrees that the public statements were truthful."
Read Next:
<ul>
<li><a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper">EXCLUSIVE: Tesla Shorts Were Profitable This Year Until Shareholders Approved Musk&#8217;s Pay Package, Expert Says </a></li>
</ul>
Courtesy: Benzinga

Short Sellers

Legal

Short Seller Andrew Left Turns Himself In On Securities Fraud Charges: Report

DA Davidson analyst Peter Winter maintains Customers Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBI#NYSE">CUBI</a>) with a Buy and raises the price target from $71 to $79.

Price Target

Analyst Ratings

CUBI

DA Davidson Maintains Buy on Customers Bancorp, Raises Price Target to $79

Truist Securities analyst William Stein maintains Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with a Hold and maintains $215 price target.

TSLA

Truist Securities Maintains Hold on Tesla, Maintains $215 Price Target

NCPL

Netcapital FY24 Revenues Decrease By Approximately 42% Y/Y To $4.9M; Loss Per Share Of $(0.41), Were Down From EPS Of $0.63 Last Year

Barrington Research analyst Alexander Paris maintains Affiliated Managers Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMG#NYSE">AMG</a>) with a Outperform and raises the price target from $190 to $210.

Barrington Research Maintains Outperform on Affiliated Managers Group, Raises Price Target to $210

Tigress Financial analyst Ivan Feinseth maintains Travel+Leisure (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNL#NYSE">TNL</a>) with a Buy and raises the price target from $54 to $58.

Tigress Financial Maintains Buy on Travel+Leisure, Raises Price Target to $58

Loop Capital analyst Jeffrey Stevenson initiates coverage on BrightView Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BV#NYSE">BV</a>) with a Buy rating and announces Price Target of $18.

Initiation

Loop Capital Initiates Coverage On BrightView Hldgs with Buy Rating, Announces Price Target of $18

Jefferies analyst Suneet Kamath maintains Brighthouse Finl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHF#NASDAQ">BHF</a>) with a Buy and raises the price target from $59 to $63.

Brighthouse Financial, Inc. - Common Stock

Jefferies Maintains Buy on Brighthouse Finl, Raises Price Target to $63

Jefferies analyst Suneet Kamath maintains Jackson Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JXN#NYSE">JXN</a>) with a Hold and raises the price target from $73 to $80.

Jefferies Maintains Hold on Jackson Finl, Raises Price Target to $80

Vista Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/VGZ#AMEX">VGZ</a>) reported quarterly earnings of $0.13 per share. This is a 1400 percent increase over losses of $(0.01) per share from the same period last year.

Vista Gold Q2 EPS $0.13 Up From $(0.01) YoY

Element Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESI#NYSE">ESI</a>) reported quarterly earnings of $0.36 per share which beat the analyst consensus estimate of $0.35 by 2.86 percent. This is a 16.13 percent increase over earnings of $0.31 per share from the same period last year. The company reported quarterly sales of $612.70 million which beat the analyst consensus estimate of $606.98 million by 0.94 percent. This is a 4.54 percent increase over sales of $586.10 million the same period last year.

Earnings Beats

Element Solutions Q2 Adj $0.36 Beats $0.35 Estimate, Sales $612.70M Beat $606.98M Estimate

Sensata Technologies Sees Q3 EPS $0.82-$0.88 Vs $0.94 Est.; Revenue $970M-$1B Vs $1.03B Est.

&quot;Managing our operating costs, our inventory levels, and our portfolio profitability will remain priorities throughout 2024.&quot;

NewMarket Anticipates Continued Strength In Its Petroleum Additives Segment

Jefferies analyst Tycho Peterson maintains Revvity (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVTY#NYSE">RVTY</a>) with a Hold and raises the price target from $115 to $125.

RVTY

Jefferies Maintains Hold on Revvity, Raises Price Target to $125

Element Solutions Increased Its FY24 Adjusted EBITDA Expectation To An Updated Range Of $530M-$545M; Expects FY24 Free Cash Flow To Be In The Range Of $280M-$300M

CVR Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAN#NYSE">UAN</a>) reported quarterly earnings of $2.48 per share. This is a 56.18 percent decrease over earnings of $5.66 per share from the same period last year. The company reported $132.90 million in sales this quarter. This is a 27.38 percent decrease over sales of $183.00 million the same period last year.

CVR Partners Q2 GAAP EPS $2.48 Down From $5.66 YoY, Sales $132.90M Down From $183.00M YoY

Glass House Brands Inc. (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GLASF#OTCQX">GLASF</a>), a vertically integrated cannabis company, has issued an open letter to President Biden, Former President Trump and Vice President Harris urging them to completely de-schedule cannabis and grant clemency to those incarcerated for nonviolent marijuana offenses.
Kyle Kazan, co-founder, chairman and CEO of Glass House Brands, and a former police officer with the Torrance Police Department, co-signed the letter. Kazan&#8217;s unique perspective as both a law enforcement veteran and a leading figure in the cannabis industry lends significant weight to this call for federal cannabis reform.
<h3 class="wp-block-heading">Public Demand For Change And The Case For De-Scheduling</h3>
The letter addresses the overwhelming public support for changing federal cannabis laws. Following the DEA&#8217;s comment period on the HHS&#8217;s recommendation to reclassify cannabis from a Schedule 1 to Schedule 3 drug, more than 42,000 public comments were received, a record for any DEA proposal. The vast majority of these comments supported the removal of cannabis from the Controlled Substances Act entirely, rather than just rescheduling it.
Glass House Brands highlights the disparity between state and federal laws, noting that over 74% of Americans live in states where marijuana is legal for either recreational or medical use. The letter argues that cannabis should be treated like tobacco and alcohol, not as an illicit or pharmaceutical drug. The current Schedule 1 classification has led to unnecessary incarcerations and disqualification of otherwise qualified job applicants, issues that rescheduling alone will not resolve. 
As Kazan states, &#8220;Rescheduling of cannabis to Schedule 3, instead of outright de-scheduling will not solve the problems that have been created by the Schedule 1 classification, such as unnecessary incarcerations and the loss of qualified applicants in the workforce, nor will it provide relief for the millions of Americans whose right to use it is being curtailed by federal prohibition.&#8221;
<h3 class="wp-block-heading">Leadership And Clemency As A Bipartisan Opportunity</h3>
The letter calls on President Biden to fulfill his campaign promises to decriminalize marijuana, release cannabis prisoners, and expunge cannabis convictions. Glass House Brands emphasizes the importance of granting clemency to the approximately 3,000 individuals currently incarcerated in federal prisons for nonviolent marijuana offenses. This action, they argue, is essential to ending the legacy of the War on Drugs and correcting injustices within the criminal justice system. Kazan pointedly remarked, &#8220;No one should be in prison for a plant.&#8221;
Highlighting the bipartisan support for cannabis reform, Glass House Brands urges all three leaders to take a clear stance on federal cannabis legalization. The letter suggests that embracing de-scheduling cannabis could be a decisive factor in gaining voter support in the upcoming elections. &#8220;Americans are divided on so many issues. But one thing that the vast majority of both Democrats and Republicans agree on is that it is time to reform federal cannabis laws,&#8221; the letter notes.
Kyle Kazan and Graham Farrar, director and president of the company, conclude the letter by asserting that de-scheduling cannabis is not only the bold choice but the right choice. They call for decisive leadership to align federal laws with the will of the American people and state-level progress. &#8220;In this case, the bold choice is the right choice,&#8221; Kazan and Farrar emphasize.
Read the full letter <a href="https://www.globenewswire.com/news-release/2024/07/29/2920196/0/en/Glass-House-Brands-Issues-an-Open-Letter-Urging-President-Biden-Former-President-Trump-and-Vice-President-Harris-to-De-Schedule-Cannabis.html">here</a>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Cannabis

Politics

GLASF

Ex-Police Officer Turned Cannabis CEO Calls For Federal Marijuana De-Scheduling In Letter To Harris, Trump, Biden

Consumer habits, return-to-office and an activist stake are likely to be key topics for investors when coffee retailer Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) reports third-quarter financial results Tuesday <a href="https://www.benzinga.com/earnings">after market close.</a>
Earnings Estimates: Analysts expect Starbucks to report third-quarter revenue of $9.24 billion, according to data<a href="https://pro.benzinga.com/feature/newsfeed/?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348"> from Benzinga Pro.</a>
The company reported third-quarter revenue of $9.17 billion in the previous fiscal year. Starbucks has missed analysts' revenue estimates in three of the last five quarters, including missing the last two straight quarters.
Analysts expect the company to report third-quarter earnings per share of 93 cents, compared to $1.00 reported in last year's third quarter. The company has beaten analysts' estimates in three of the last five quarters, but missed estimates in two straight quarters.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/39846454/exclusive-market-strategist-jay-woods-says-rotation-in-small-caps-is-just-starting-rus">EXCLUSIVE: Market Strategist Jay Woods Says &#8216;Rotation In Small Caps Is Just Starting&#8217;: Russell 2000 Within 8% Of All Times, &#8216;Easy Upside Target&#8217;</a>
What Experts Are Saying: Starbucks was highlighted in a weekly <a href="https://jaywoods.substack.com/">newsletter </a>from Freedom Capital Markets Chief Global Strategist Jay Woods to start the trading week.
The strategist said McDonald's and Starbucks have had to rethink how they can "draw customers back to their franchises."
"Their sharp price increases in the post-pandemic world saw their loyal fan base pullback and in some cases look elsewhere," Woods said of Starbucks.
Woods said that there have been calls for Starbucks to replace its CEO and a <a href="https://www.benzinga.com/news/24/07/39867157/why-are-starbucks-shares-trading-higher-today">new activist stake</a> by Elliott Management could accelerate changes.
"Expect Elliott to get more vocal and shake things up if they see results that don't improve share performance."
Data <a href="https://go.placer.ai/library/brewing-success-winning-strategies-for-coffee-chains">from </a>Placer.ai points to Starbucks getting a boost from the "slow-but-sure return-to-office." The company said that Starbucks is seeing increases in office foot traffic in the past year, especially in big cities like New York and Miami.
In big cities, office visits for Starbucks are back to 80% what they were pre-pandemic. &nbsp;The report said that 18.6% of Starbucks visitors went to their workplace after grabbing coffee. In 2024, the figure has jumped to 21.0%.
Starbucks is also seeing an increase in visits at its locations lasting less than 10 minutes from the 7 a.m. to 10 a.m. time slot, indicating that many workers are grabbing their coffee to go.
Here's a look at recent <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings">analyst ratings on Starbucks </a>and their price targets:
<ul>
<li>Citigroup: Maintained Neutral rating, lowered price target from $85 to $80</li>
<li>BMO Capital: Maintained Outperform rating, lowered price target from $120 to $100</li>
<li>TD Cowen: Reiterated Hold rating, reiterated price target of $81</li>
<li>Wedbush: Maintained Neutral rating, lowered price target from $81 to $77</li>
<li>Deutsche Bank: Maintained Hold rating, lowered price target from $89 to $85</li>
<li>Evercore ISI Group: Downgraded shares from Outperform to In-Line, lowered price target from $92 to $80</li>
<li>Morgan Stanley: Maintained Overweight rating, lowered price target from $104 to $98</li>
<li>JPMorgan: Maintained Overweight rating, lowered price target from $92 to $90</li>
</ul>
Key Items to Watch: As mentioned by Woods, the stake by Elliott Management is one that analysts and investors will be following. While Starbucks likely won't comment on the stake, it could look to highlight many of its growth items and future plans to drive shareholder value during the quarterly results and conference call.
In the second quarter, Starbucks reported year-over-year declines for comparable store sales globally and across key regions like North America and China. The declines came with a 2% increase in average ticket.
"In a highly challenged environment, this quarter's results do not reflect the power of our brand, our capabilities or the opportunities ahead," Starbucks CEO Laxman Narasimhan said.
Narasimhan said at the time that Starbucks has a plan to execute for the opportunities ahead. With pressure from Elliott, expect Starbucks to share more
SBUX Price Action: Starbucks shares closed 1.5% higher at $75.20 on Monday, versus a 52-week trading range of $71.55 to $107.66. Starbucks stock is down 23% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/07/39716480/coffee-supply-concerns-drive-up-costs-for-a-cup-of-joe">Coffee Supply Concerns Drive Up Costs For A Cup Of Joe</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

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