Vanguard S&P Small-Cap 600 Value ETF (ARCA: VIOV)

Latest news for Vanguard S&P Small-Cap 600 Value ETF (ARCA:VIOV)

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The fund employs an indexing investment approach designed to track the performance of the S&P SmallCap 600 Value Index, which represents the value companies, as determined by the index sponsor, of the S&P SmallCap 600 Index. The Advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

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Fortrea reported weak Q1 FY24 results and lowered its revenue outlook. Backlog at $7.4B, adjusted EBITDA declined, and EPS missed.

Why Is Health Care Company Fortrea Stock Diving Today?

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Macerich Co (NYSE: MAC) downgraded &amp; reduced price target by Piper Sandler. Reported Q1 sales of $208.783M &amp; FFO of $0.33. New CEO appointed &amp; withdrew FY24 guidance. Analyst skeptical of turnaround strategy, lowers FFO estimates for FY24 &amp; FY25.

Analyst Doubts Macerich&#39;s New CEO Strategy, Can They Turn Things Around?

Fortrea Holdings Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTRE#NASDAQ">FTRE</a>) shares are trading lower after the company reported soft first-quarter FY24 results and<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g38783870/fortrea-reports-first-quarter-2024-results" rel="noreferrer noopener">&nbsp;cut its revenue outlook</a>.



Revenue of $662.1 million missed the consensus of $754.6 million. As of March-end, the&nbsp;backlog stood at $7.4 billion, and the book-to-bill ratio for the quarter was 1.11x.



Adjusted EBITDA stood at $29.5 million, a decline from $41.7 million a year ago. Adjusted EPS of&nbsp;$(0.04)&nbsp;missed&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the street view of&nbsp;$0.01</a>.



In the quarter, operating cash flow came in at $(25.6) million, and free cash flow was $(34.9) million. As of March-end, cash and cash equivalents stood at $92.8 million, and gross debt was $1.65 billion.



Tom Pike, chairman and CEO of Fortrea, said,&nbsp;&#8220;The demand for our services is good. Our business operations are sound even as we continue to knock down challenges related to the unique circumstances of our 2023 spin-out and before.&#8221;&nbsp;



&#8220;We have made strong progress with&nbsp;the planned exits of our Transition Services Agreements with our former parent company, and our planned divestment of our Endpoint and Patient Access businesses is making good progress.&#8221;



FY24 Outlook:&nbsp;The company cut the revenue guidance to $2.785 billion-$2.855 billion from&nbsp;$3.14 billion-$3.205 billion&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">(vs. estimate of&nbsp;$3.08 billion)</a>.



Also, Fortrea trimmed adjusted EBITDA guidance to $240.0 million-$260.0 million&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37580493/fortrea-reports-fourth-quarter-and-full-year-2023-results-issues-full-year-2024-guidance" rel="noreferrer noopener">from $280 million-$320 million</a>.



In March, the company inked a deal to divest assets related to its Enabling Services segment, namely its Endpoint Clinical and Fortrea Patient Access businesses, to&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37580448/fortrea-signs-definitive-agreement-to-divest-endpoint-clinical-and-patient-access-businesses-to-ar" rel="noreferrer noopener">an affiliate of Arsenal Capital Partners</a>.&nbsp;



The transaction&nbsp;is expected&nbsp;to&nbsp;close in the second quarter, subject to customary closing conditions and regulatory approvals.



Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Health Care ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCH#NASDAQ">PSCH</a>) and&nbsp;Vanguard S&amp;P Small-Cap 600 Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIOV#NYSE">VIOV</a>).



Price Action: FTRE shares are down 14% at $28.41 at the last check Monday.



Photo via Shutterstock

The Macerich Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAC#NYSE">MAC</a>) shares traded lower on Wednesday after Piper Sandler analyst Alexander Goldfarb downgraded the stock from Neutral to Under Weight and lowered the price target <a href="https://www.benzinga.com/quote/MAC/analyst-ratings">from $17 to $11.</a>



On Tuesday, the company reported Q1 sales&nbsp;of $208.783 million, beating the consensus of<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/g38515692/macerich-reports-first-quarter-2024-results" rel="noreferrer noopener">&nbsp;$205.112 million and FFO of&nbsp;$0.33</a>.



The company welcomed Jackson Hsieh as the new CEO and president <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">and withdrew its FY24 guidance</a>.



The analyst writes that they think Hsieh is asking shareholders for another 3–4 years to restructure the company after enduring the same game plan that was executed twice before over the past decade is &#8220;a bridge too far.&#8221;



Goldfarb argues that management is opting not to directly tackle the balance sheet issues. Instead, they plan to pursue growth in Net Operating Income (NOI) through strategies such as leasing, asset givebacks, and a planned injection of just $500 million in equity over the next three to four years.



Consequently, the analyst lowered estimates for FY24 FFO by $0.23 to $1.58 and FY25 by $0.32 to $1.50, which reflects Q1 results, expected $15 million annualized impact of 15 Express store closures, refinancings, and assumption of H2 FY24 dispositions of $400 million and $600 million in FY25. 



Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Financials ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCF#NASDAQ">PSCF</a>) and&nbsp;Vanguard S&amp;P Small-Cap 600 Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIOV#NYSE">VIOV</a>).



Price Action: MAC shares closed down 2.18% at $13.46 on Wednesday.



Now Read: <a href="https://www.benzinga.com/markets/equities/24/05/38563545/powell-keeps-hawks-at-bay-says-interest-rate-hike-unlikely-stocks-gold-rally-while-treasury-yiel">Powell Keeps Hawks At Bay, Says Interest Rate Hike &#8216;Unlikely&#8217;: Stocks, Gold Rally, While Treasury Yields, Dollar Tumble</a>



Photo: Shutterstock

Analyst Doubts Macerich's New CEO Strategy, Can They Turn Things Around?

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