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Tyson Stock Slips As CEO Warns Of Macroeconomic Headwinds
Tyson Foods (TSN) Shares Slumped In...
Investopedia
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Tyson Foods (TSN) shares slumped in intraday trading Monday as "macro environment" concerns raised by its chief executive in its earnings call offset higher-than-forecast quarterly profit.
Tyson reported adjusted earnings per share (EPS) of 62 cents for its fiscal second quarter, nearly double the consensus estimate compiled by Visible Alpha, and a turnaround from the loss per share of 4 cents it registered in the same period last year. Revenue declined over the year by 0.5% to $13.07 billion, just short of forecasts.
The company, however, forecast an adjusted operating loss of between $100 million and $400 million for its beef unit this fiscal year. Last quarter, it projected the unit to range from breakeven to a $400 million adjusted operating loss in fiscal 2024.
It also expects its pork division to post adjusted operating income of $50 million to $150 million in fiscal 2024 and its chicken unit to report adjusted operating income of $700 million to $900 million.
Chief Executive Officer (CEO) Donnie King said Tyson is "not immune to the macro environment" in the company's earnings call Monday.
The company has shuttered six chicken processing facilities since last year.
Tyson shares were down 7% to $57.54 as of about 1 p.m. ET.
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Instablog9ja
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Actress Etinosa has told her junior colleague, Pere, that she is not his mate in this industry ,”after she took to social media to call him out over alleged unpaid debts.
She said although she has being paid her money by a concern citizen, it is wrong to collect money for a movie role and not perform the role. The most dignifying thing to do is to refund the money collected.
Investopedia
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Robinhood Markets (HOOD) said it may face enforcement action from Securities and Exchange Commission (SEC) related to its cryptocurrency business. The online trading platform disclosed that it had received a Wells Notice from the regulator in an SEC filing Monday.
The regulator has ramped up its crackdown of cryptocurrency industry in the past year. This latest notice to Robinhood may likely be a precursor to similar actions the regulator took against Coinbase (COIN) and Kraken last year.
A Wells Notice informs an individual or company of a completed SEC investigation, and notifies them of potential or likely enforcement actions. Robinhood said the notice it received indicated the recommendation after the SEC's probe was "that the Commission file an enforcement action."
The enforcement could include seeking injunction or cease-and-desist actions against Robinhood's crypto business, penalties, "censure, revocation, and limitations on activities," among others.
The trading platform said it had cooperated with previously received subpoenas related to its "cryptocurrency listings, custody of cryptocurrencies, and platform operations," among other things.
This rings similar to the SEC's actions against other cryptocurrency trading platforms such as Coinbase and Kraken for the sale of crypto tokens the SEC considers unregistered securities.
While Coinbase and Kraken are also exchanges, the SEC allegations also included the failure of the two entities to register as broker-dealers for sale of crypto securities—something that the SEC is probing Robinhood for as well.
“After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to ‘come in and register,’ we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business,” Robinhood Chief Legal Officer Dan Gallagher said.
“We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law," Gallagher said.
The company also said that its crypto platform is "here to stay," and that it will "keep innovating, shipping products, and fighting for regulatory clarity for the good of the industry and our customers."
Robinhood shares fell before markets opened Monday, but rebounded after the opening bell to rise 0.7% to $18.07 by 11:50 a.m. ET. The company reports first-quarter results Wednesday.
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Instablog9ja
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An between reality TV star, Vee, and a tr%ll on X has trended.
She said she is brown and bad but the tr%ll said University of Lagos has like ten of her kind and she replied that all the eleven of them won’t want him.
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Palantir Technologies (PLTR) is set to report first-quarter earnings after the bell Monday, with investors likely to be watching for commercial revenue gains and whether the big data analytics software maker can demonstrate its artificial intelligence (AI) growth is sustainable.
Analysts project Palantir's revenue to be $615.41 million for the first quarter of 2024, higher than the same period in 2023, according to estimates compiled by Visible Alpha.
Palantir is expected to report net income of $83.94 million, or 3 cents per share, up from the $19.15 million and 1 cent per share reported in the same period the year before.
Investors will be watching for sustained growth in Palantir's commercial segment. The company reported better-than-expected earnings for the final quarter of 2023, driven by surging commercial demand for its AI platform.
Commercial revenue made up around 45% of Palantir's total revenue in the full year of 2023, with government revenue accounting for the rest. In March, Palantir announced a $178.4 million U.S. Army contract.
"Our U.S. commercial business continues to be a significant driver of our growth, a trend that we expect to continue," Palantir CEO Alex Karp wrote in a letter to shareholders in February. In the final quarter of 2023, Palantir's U.S. commercial revenue surged to $131 million, a 70% year-over-year jump.
Analysts project Palantir's total commercial segment revenue for the first quarter will be $290.4 million, according to estimates compiled by Visible Alpha, up from the $284 million reported in the fourth quarter of 2023 and the $236.1 million reported in the year-ago period.
Strong growth in Palantir's commercial segment could strengthen investor sentiment about the company's ability to expand beyond government clients.
Goldman Sachs analysts said they "believe the key debate on the stock will be the durability of growth in US Commercial as Palantir’s strengths with data stitching intersect with customers’ AI projects."
Palantir's stock has gained amid enthusiasm for its potential amid a boom in AI demand, with some analysts saying it's a key benefactor while others have suggested it's overvalued on AI hype.
Wedbush analysts have called Palantir the "Messi of AI," after star soccer player Lionel Messi, saying there are "a handful of times every decade there are tech companies that are so ahead of the competition and in a sweet spot of the future growth."
In contrast, Jefferies analysts said the stock was "overhyped" on AI potential, writing that the firm had previously "underestimated the severity of the slowdown in PLTR's commercial and government businesses, which has resulted in a longer-than-expected demand recovery that could continue to constrain growth through 2024."
Investors will likely be watching closely Monday to gauge whether AI momentum can sustain Palantir's growth.
Palantir shares have gained over 45% since the start of 2024, trading at $24.92 as of 10 a.m. ET Monday ahead of the company's earnings report.
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Fist Solar (FSLR) will remain in the spotlight Monday after the solar panel maker’s shares broke out from a key chart pattern on Friday after a soft April jobs report fueled hopes that sooner-than-anticipated interest rate cuts would reignite consumer appetite within the embattled solar sector, which has grappled with sluggish demand and a backlog of inventory over the past year.
Falling interest rates benefit First Solar and other companies in the space by reducing borrowing costs, making solar energy product installations more affordable for a broader range of customers. Lower funding costs also help finance projects that typically require significant upfront investments in infrastructure and technology.
The Tempe, Arizona-based solar panel maker also eased fears of slowing domestic demand within the industry last week when it posted better-than-expected quarterly earnings and revenue. The two metrics grew 450% and 45%, respectively, from the same quarter last year, indicating that a recovery in the sector may come sooner than expected. Last month, rival Enphase Energy (ENPH) scared investors after missing Wall Street expectations, citing a further softening in U.S. demand and an ongoing inventory glut in Europe.
Separately, First Solar also sits well positioned to benefit from the data center boom as tech giants look to carbon-free energy solutions to run their growing artificial intelligence (AI) infrastructure. Last week, Windows maker Microsoft (MSFT) announced it plans to invest more than $10 billion developing renewable energy capacity to help power data centers. The Magnificent Seven member has pledged to have all of its electricity matched by zero-carbon energy purchases by the end of the decade.
First Solar shares broke out from a three-week pennant chart pattern Friday on increasing volume—rising 6.1% to close the week at $191.55—indicating a continuation of the current uptrend that commenced in mid-March.
Moreover, the 50-day moving average recently crossed above the 200-day moving average to generate a bullish golden cross buy signal. Looking ahead, investors should keep a close eye on the $220 level, an area where the price may run into selling pressure from a horizontal line connecting a series of swing highs between March and July last year.
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