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NEWS FROM CISION PR NEWSWIRE
WHY COMPANIES ARE QUEUING UP TO WORK WITH GERMAN EXPLAINER VIDEO AGENCY LOFT
FILM
FITNESS VENTURES LLC ADDS VP OF CONSTRUCTION TO THEIR ALL-STAR TEAM
CMR SURGICAL EXPANDS INTO LATAM WITH VERSIUS LAUNCHES UNDERWAY
PRO MUSIC RIGHTS, INC., ONE OF THE WORLD'S LARGEST MUSIC LICENSING COMPANIES,
ANNOUNCES LICENSING AGREEMENT WITH TIKTOK
EBAY OPENS FIRST-EVER SNEAKER STORE THAT REWARDS SNEAKERHEADS FOR WEARING THEIR
KICKS
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SKILLS SHORTAGES, AUTOMATE PROCESSES AND ENCOURAGE SUSTAINABLE OPERATIONS
BENZINGA BRIEFS
* ANALYSTS SLASH PRICE TARGET ON AMERICAN EAGLE OUTFITTERS POST Q1 RESULTS
2 days ago
* Analysts slashed the price target of American Eagle Outfitters
Inc (NYSE:AEO) following the company's Q1 results.
* BMO Capital analyst Daniel Stroller lowered the price target to $15 (14%
upside) from $23 and kept a Market Perform rating on the shares.
* Stoller noted that macro-economic problems like inflation and soaring gas
prices had amplified the issues in the quarter.
* Deutsche Bank analyst Gabriella Carbone reduced the price target by half
to $15 from $30 and maintained a Buy rating on the shares.
* JP Morgan analyst Matthew Boss has downgraded the company to Neutral from
Overweight and lowered the price target to $15 from $20.
* Telsey Advisory Group analyst Dana Telsey lowered the price target to $17
(30% upside) from $25 and maintained a Market Perform rating on the
shares.
* Telsey noted AEO reported disappointing Q1 results with sales coming in
well below expectations and a high-cost base further impacting
profitability.
* The analyst noted that the topline environment is expected to remain
challenging relative to prior market expectations for 2Q22.
* Price Action: AEO shares are trading lower by 6.46% at $13.12 on the last
check Friday.
READ MORE
AEO-6.56%
* US PURCHASES MORE STINGERS FOLLOWING MISSILES' SUCCESS IN UKRAINE: REUTERS
2 days ago
* The U.S. Army has awarded Raytheon Technologies Corp (NYSE:RTX) a contract
for up to $687 million for anti-aircraft Stinger missiles to replenish
stocks deployed to Ukraine, reported Reuters.
* Raytheon's shoulder-fired anti-aircraft Stinger missiles were in high
demand in Ukraine.
* Since February, the U.S. has shipped approximately 1,400 Stingers to
Ukraine, the report speified. U.S. allies also want to restock the
weaponry that has been supplied to Ukraine in recent months.
* The report noted that the contract was for up to 1,468 Stingers. There was
no set completion date for the work, but delivery could take 30 months.
* Price Action: RTX shares are trading higher by 1.54% at $96.46 on the last
check Friday.
* Photo Via Company
READ MORE
RTX+1.83%
* READ HOW ANALYSTS REACTED TO JACK IN THE BOX'S Q2 RESULTS
2 days ago
* Analysts lowered the price target of Jack In The Box Inc (NASDAQ:JACK)
following the company's Q2 results.
* Wedbush analyst Nick Setyan lowered the price target to $90 (35% upside)
from $110 and maintained Outperform rating on the stock.
* The analyst thinks JACK's current valuation discounts an overly
pessimistic view of the management's ability to successfully integrate the
Del Taco acquisition and achieve unit growth acceleration and sustained
SSS growth over the longer term across both brands.
* Baird analyst David Tarantino lowered the price target to $77 (16% upside)
from $92 and kept a Neutral rating on the shares.
* Truist analyst Jake Bartlett reduced the price target to $107 (61% upside)
from $130 but kept a Buy rating on the shares.
* Deutsche Bank analyst Brian Mullan lowered JACK's price target to $86 (29%
upside) from $108 but kept a Buy rating on the shares.
* Credit Suisse analyst Lauren Siberman reduced the price target to $84 (26%
upside) from $99 and kept an Underperform rating on the shares.
* Morgan Stanley analyst John Glass decreased the company's price target to
$89 (34% upside) from $98 and kept an Equal-Weight rating on the shares.
* Price Action: JACK shares are trading lower by 3.31% at $66.59 on the last
check Friday.
READ MORE
JACK-2.66%
* BIT MINING CLOCKS 40% SEQUENTIAL REVENUE DECLINE IN Q1
2 days ago
* BIT Mining Ltd (NYSE:BTCM) reported a first-quarter FY22 revenue decline
of 40.4% Q/Q to $296.7 million.
* BTCM reported a sharp increase of $294.1 million from $2.6 million in
revenue in 1Q21. Revenues during 1Q22 primarily consisted of $272.3
million in revenue contribution from the mining pool business.
* The online total hash rate capacity of the company’s Ethereum mining
machines is about 4,452.7GH/s as of May 27, 2022.
* For 1Q22, BIT Mining produced 5,420 Ethereum from its cryptocurrency
mining operations with a revenue of about $16 million.
* The online total hash rate capacity of Bitcoin mining machines is
approximately 246.1PH/s as of May 27, 2022.
* For 1Q22, BIT Mining produced 166 Bitcoins from Bitcoin cryptocurrency
mining operations with a revenue of $6.9 million.
* General and administrative expenses were $6.8 million versus $2.5 million
last year.
* The operating loss for the quarter narrowed to $(4.3) million from a loss
of $(17.1) million the previous quarter.
* The company held $21 million in cash and equivalents as of March 31, 2022.
It held cryptocurrency assets of $34.8 million.
* Non-GAAP earnings per ADS for the quarter were $0.02.
* Price Action: BTCM shares are trading higher by 3.11% at $1.83 on the last
check Friday.
* Photo Via Pixabay
READ MORE
BCM+0.42%
BTCM+6.78%
* TWITTER REFUSES TO LET GO BOARD MEMBER EGON DURBAN - READ WHY
2 days ago
* Twitter, Inc (NYSE:TWTR) refused to remove Silver Lake co-CEO Egon Durban
from its board after failing to win the support of the necessary majority
of Twitter investors.
* The board considered Durban a highly influential member bringing an
unparalleled operational knowledge of the industry, a unique perspective,
and an invaluable skill set and experience with mergers and acquisitions.
* Leading shareholder advisers, Institutional Shareholder Services (ISS),
and Glass Lewis were concerned that the private equity investor
represented too many boards, the Financial Times reports.
* Durban was one of the first people Elon Musk contacted alongside Twitter
co-founder Jack Dorsey after acquiring a stake in Twitter.
* Durban holds a seat on seven public boards, ISS said.
* Twitter decided to withhold his resignation after he agreed to reduce his
board commitments to no more than five public company boards by May 25,
2023.
* Durban’s other board commitments include Manchester City football club
parent, Endeavor talent and media agency, Unity Technologies gaming
platform, and former Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google
self-driving car business Waymo.
* Price Action: TWTR shares traded higher by 2.11% at $40.36 on the last
check Friday.
* Photo by Gerd Altmann from Pixabay
READ MORE
GOOG+4.16%
GOOGL+4.20%
TWTR+1.70%
* IMMERSION ACCUSES META FOR ALLEGED INFRINGEMENT OF PATENTS FOR AR, VR PURSUIT
2 days ago
* Immersion Corp (NASDAQ:IMMR) has prosecuted Meta Platforms
Inc (NASDAQ:FB) for alleged infringement of Immersion patents that cover
various uses of haptic effects in connection with such AR/VR systems.
* The complaint alleged that Meta's augmented and virtual reality systems,
including the Meta Quest 2, infringed six Immersion patents.
* Also Read: Washington Attorney General Indicts Meta's Mark Zuckerberg For
Alleged Role In Cambridge Analytica Scandal
* Immersion sought a court order blocking Meta's use of the infringing
technology and unspecified damages.
* Price Action: IMMR shares traded higher by 5.31% at $5.75 on the last
check Friday.
READ MORE
FB+1.83%
IMMR+5.86%
* WHY AUTODESK SHARES ARE GAINING TODAY
2 days ago
* Analysts appreciated Autodesk, Inc (NASDAQ:ADSK) for growing amid macro
headwinds.
* Autodesk reported Q1 FY23 results that were ~3% above Rosenblatt analyst
Blair Abernethy's revenue expectations, with higher than anticipated
margins, as demand remained strong across its verticals and geographies.
* While Product usage rates in Europe dropped temporarily as the Ukraine
crisis began, they steadily recovered back to trend.
* However, with forex headwinds and the withdrawal from the Russian market,
Autodesk trimmed its FY23 Billings growth outlook, Revenue growth, and
Non-GAAP operating margins.
* Abernethy believes this quarter demonstrated the resilience of Autodesk's
subscription-driven revenue base and its broadened product offering that
can continue to add growth despite macro headwinds.
* Abernethy maintains a Buy rating with a price target of $285.
* Credit Suisse acknowledged Autodesk's solid Q1 results, beating consensus
on revenue and cash flow despite continued macroeconomic headwinds. The
results and full-year guidance reinforce its belief that Autodesk is no
longer highly cyclical despite concentrated vertical exposure.
* Autodesk can still significantly grow (although at a slightly slower rate
than previously expected) through near-term geopolitical and macroeconomic
disruptions as the company continues to benefit from the tailwind of
transitioning its sizeable installed base to subscriptions.
* Credit Suisse views Autodesk's long-term growth drivers as idiosyncratic.
* Specifically, Autodesk ended Q2 FY22 with ~2.0 million active
non-subscriber users, equating to an active base of ~8.1 million users
entering FY2023.
* Credit Suisse believes active non-subscriber users will convert to paid
subscription plans over the next ~5-7 years and serve as a tailwind
enabling Autodesk to grow subscriptions and revenue over the long term
driving earnings power.
* Credit Suisse maintains an Outperform rating with a price target of $355.
* Price Action: ADSK shares traded higher by 9.01% at $208.90 on the last
check Friday.
READ MORE
ADSK+10.3%
* ANALYSTS SEE ZSCALER BENEFITING FROM ECONOMIC SLOWDOWN, CLOUD TRANSITION POST
Q3 BEAT
2 days ago
* Analysts expressed the reasons behind their optimism on Zscaler,
Inc (NASDAQ:ZS) post Q3 beat.
* Needham analyst Alex Henderson maintained a Strong Buy rating on Zscaler
and set a price target of $185.
* Zscaler delivered a strong Q3, easily beating street estimates, and guided
well ahead of Street forecasts for the July quarter.
* RPO growth of 83%, Revenue growth of 63%, and Free Cash Flow equal to 15%
of Revenues showed the overall strength of the operations.
* Zscaler believes it's seeing an acceleration in its pipeline and is
benefiting from slower economic conditions and customer cost pressures.
* Zscaler helps companies lower complexity, streamline Security, consolidate
vendors, accelerate transitions to the cloud, and improve cloud security
while improving user experiences.
* As a result, customers see Zscaler as an answer to the question: "How can
I improve my Security while continuing to move to the Cloud to improve my
agility even as my budget tightens?"
* Credit Suisse analyst maintained Zscaler with an Outperform and lowered
the price target from $410 to $310.
* Quarterly results reinforce that Zscaler, as the flagbearer of cloud
security with a differentiated architecture, is uniquely positioned to
help drive transformational change toward Zero Trust security
architectures.
* Despite concerns of a COVID-driven pull-forward, the analyst believes 2022
will be defined by businesses moving forward on multi-year, "strategic"
cloud-first transformation roadmaps.
* As organizations increasingly focus on these large-scale architectural
shifts, the analyst believes a meaningful runway exists for Zscaler.
* Price Action: ZS shares traded higher by 11.88% at $159.00 on the last
check Friday.
READ MORE
ZS+12.6%
* HERE'S HOW NEEDHAM VIEWS SPROUT SOCIAL'S COLLABORATION WITH TIKTOK
2 days ago
* On May 26, Sprout Social, Inc (NASDAQ:SPT) announced its content
marketing integration with TikTok, which has been in the works.
* It represents the latest platform integration, with one of the ten most
prominent social media networks globally.
* Needham analyst Scott Berg believes that the integration expands SPT’s
strategic reach in the social media marketing landscape and expects it to
drive incremental ARPU growth when customers add TikTok as another
channel.
* Needham has a Buy on the stock with a price target of $75 (45% upside).
* Price Action: SPT shares traded higher by 8.71% at $51.79 on the last
check Friday.
READ MORE
SPT+11.7%
* VICTORIA'S SECRET TO FINANCE SETTLEMENT FOR THAI WORKERS LAID OFF BY ITS
SUPPLIER: REUTERS
2 days ago
* Victoria’s Secret & Co (NYSE:VSCO) has agreed to finance an $8.3 million
settlement loan to its Thailand-based supplier Brilliant Alliance Thai
Global Co Ltd, Reuters reported.
* About 1,200 workers of the supplier were laid off in 2021 without
severance pay and wages owed to them after it went bankrupt.
* Brilliant Alliance Thai had shut down its factory supplying global
lingerie brands, including Victoria’s Secret, in Samut Prakan province in
March 2021.
* "Global brands need to realize that they are not passive investors, but
trendsetters in setting labor standards," the report quoted David Welsh,
the Thailand director for the Solidarity Center.
* Also Read: Victoria's Secret Launches New Digital Platform - See What's
The Benefit
* Price Action: VSCO shares are trading lower by 3.70% at $42.90 on the last
check Friday.
* Photo Via Wikimedia Commons
READ MORE
VSCO-4.31%
* SANDERSON FARMS Q2 EARNINGS TOP ESTIMATES
2 days ago
* Sanderson Farms Inc (NASDAQ:SAFM) reported second-quarter FY22 revenue
growth of 35.8% year-over-year to $1.54 billion, beating the consensus of
$1.39 billion.
* Selling, general and administrative expenses rose 3.3% Y/Y to $66.3
million.
* The operating margin was 27.4%, and operating income for the quarter
jumped 230% to $421.5 million.
* Related: Cargill, Continental Grain To Acquire Sanderson Farms For $4.5B
* The company held $829.1 million in cash and equivalents as of April 30,
2022. Cash provided by operating activities for six months ended April 30,
2022, totaled $474.8 million.
* EPS of $14.39 beat the analyst consensus of $7.62.
* Price Action: SAFM shares are trading higher by 2.74% at $199.81 on the
last check Friday.
READ MORE
SAFM+2.83%
* EHANG PLANS TO ESTABLISH JV IN THAILAND - READ MORE FOR DETAILS
2 days ago
* EHang Holdings Limited (NASDAQ:EH) formed a strategic alliance with
Charoen Pokphand Group Co., Ltd. to establish a joint venture in Thailand
for AAV sales and urban air mobility operations. The financial terms of
the arrangement were not disclosed.
* The parties intend to fully leverage their respective expertise and
resources in a long-term comprehensive collaboration on AAV product sales
and marketing, regulatory compliance, business development, infrastructure
deployment, talent cultivation for future UAM operations.
* The strategic collaboration is expected to unleash UAM solutions'
value-creating potential across multiple industries.
* The collaboration opens up cross-sector cooperation opportunities and lays
the foundation for potential use cases for EHang AAVs in various
scenarios.
* Price Action: EH shares are trading higher by 4.71% at $8.23 on the last
check Friday.
READ MORE
EH+7.63%
* WHY PERFORMANCE SHIPPING SHARES ARE PLUNGING TODAY
2 days ago
* Performance Shipping Inc. (NASDAQ:PSHG) priced its public offering of 7.62
million units at $1.05 per unit.
* Each unit consists of one common share and one Class A warrant to purchase
one common share and will immediately separate upon issuance.
* Each Class A warrant is exercisable for one common share at an exercise
price of $1.05 per share and will expire five years from issuance.
* The gross proceeds are expected to be ~$8 million. The offering is
expected to close on June 1, 2022.
* The company has the underwriter a 45-day option to purchase up to an
additional 1.14 million common shares and/or pre-funded warrants and/or
1.14 million Class A warrants.
* Price Action: PSHG shares are trading lower by 64.8% at $0.64 on the last
check Friday.
READ MORE
PSHG-63.6%
* LOWE'S HIKES DIVIDEND BY 31%
2 days ago
* Lowe's Companies Inc (NYSE:LOW) board of directors has increased the
quarterly cash dividend by 31% to $1.05 from the previous quarterly
dividend of $0.80 per share.
* The dividend is payable on August 3, 2022, to shareholders of record as of
July 20, 2022.
* Lowe's has paid a cash dividend every quarter since going public in 1961,
and it has increased the dividend for more than 25 consecutive years.
* The company held $3.8 billion in cash and equivalents as of April 29,
2022.
* Price Action: LOW shares traded higher by 1.36% at $198.19 on the last
check Friday.
* Photo Via Wikimedia Commons
READ MORE
LOW+2.08%
* READ HOW THIS EDTECH GROUP FARED IN FY21
2 days ago
* Genius Group Limited (NYSE:GNS) said it posted revenue growth of 67% for
the pre-IPO group to $12.8 million in FY21.
* The Pre-IPO Group saw growth in all revenue segments, with 83% growth in
digital Edtech revenue, 72% increase in education revenue, and 54% gain in
campus revenue.
* The number of students on the Group's GeniusU Edtech Platform grew by 50%
to 2.7 million students.
* It registered a pro forma revenue of $28.6 million for the post-IPO group.
* Outlook: Genius Group sees FY22 student growth to be 50% to 3.8 million –
4 million.
* It expects FY22 post-IPO revenue of $43 million - $45 million.
* The company said it would focus on creating personalized AI, immersive
learning, integrated earning, and predictive metaverse for FY22.
* Price Action: GNS shares are trading lower by 1.28% at $7.70 on the last
check Friday.
READ MORE
GNS-0.26%
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