Shivani Kumaresan

Shivani Kumaresan

Benzinga Staff Writer

Hertz Faces Tough Road Ahead: High Fleet Costs, Liquidity Concerns Trigger Downgrades
Hertz Global Holdings, Inc (NASDAQ:HRZ) navigates challenges with a 1.6% sales growth in Q1 FY24 to $2.08 billion. Despite a $(1.28) adjusted EPS missing estimates, analysts remain cautious. Goldman Sachs reaffirms a Sell rating, cutting the price target to $4 from $7. Concerns linger over HTZ's liquidity and fleet management, with ongoing scrutiny on First Lien Covenant compliance, especially amid a $400 million free cash flow burn projected for FY24.
Altria CEO Urges FDA Crackdown On Illicit Vape Products: Report
Altria CEO, Billy Gifford, urges FDA crackdown on illicit vape products, highlighting public health risks. NJOY's retail expansion plans aim to reach 100,000 stores by year-end.
Why Is Research Company Exponent Stock Soaring Today?
Exponent soars on impressive Q1 FY24 results, with sales surging 3.3% YoY to $144.933M, outperforming estimates. Engineering and scientific services dominate revenue, comprising 84% of Q1 earnings, showcasing robust growth.
Game On: Amazon, YouTube, And NBCUniversal Reportedly Battle for NBA Rights
Amidst intense media negotiations, the NBA attracts major players like Amazon and Google's YouTube for streaming rights, while traditional TV giants Disney and Warner seek substantial payment hikes despite airing fewer games, highlighting the enduring allure of live sports amid cord-cutting trends.
AutoNation Shares Spike After Earnings Report Shows New Vehicle Sales Increased In Q1
AutoNation reported first-quarter 2024 sales growth of 1% year-on-year to $6.48 billion. That slightly misses analyst estimates.
Why Are Skechers Shares Soaring Today?
Skechers surges on Q1 FY24 earnings beat, with 12.5% sales growth reaching $2.251 billion. International markets lead with a 65% share, driven by robust expansion in Europe, Asia Pacific and the Americas.
TikTok Would Rather Shutdown Than Opt For Sale
ByteDance mulls TikTok shutdown amid legal battles, citing core algorithm significance and revenue constraints. Four sources close to the matter reveal insights on ByteDance's potential move.
UPS And FedEx Confront Obstacles In Going Electric: Report
UPS and FedEx reportedly face hurdles in their shift to electric delivery vehicles amidst U.S. supply uncertainties. Challenges include battery shortages and doubts over the sustainability of electric van suppliers.
Colgate-Palmolive Eyes Strong Levels of Brand Investment Following Q1 Performance, Raises Annual Revenue Growth Outlook
Colgate-Palmolive shares surge on Q1 FY24 sales growth, beating estimates with $5.065 billion revenue. Organic sales spike by 9.8%, driven by strong performance in Oral, Personal, and Home Care segments. CEO Noel Wallace emphasizes increased brand investment amid gross margin expansion. Explore Colgate's robust financials and upgraded FY24 outlook for deeper insights into its market strategy and growth trajectory.
Chipotle Requests Employees To Not Eat Chicken So They Can Sell More, Rescinds Soon
Chipotle Mexican Grill responds to high demand by temporarily limiting employee chicken orders, now lifting the restriction to resume normal operations, easing concerns over supply challenges.
Southwest Airlines May Ditch 'Open Seating' To Make More Money From 'Premium Seating' Options
Southwest Airlines mulls assigned seating and premium options to cater to younger flyers, signaling a significant departure from its historic open seating policy. CEO Bob Jordan underscores the importance of aligning with evolving customer expectations, potentially marking the airline's most substantial adjustment since 1971.
Ford Rides On The Strength Of Pro, Says Analyst
Analyst John Murphy of BofA Securities reiterates Buy rating for Ford, citing strong operational performance driven by Pro volume growth and improved Model e losses. Despite tax challenges, Ford's 2024 outlook remains steady with slight adjustments in FCF and Capex. Murphy believes Ford's resilience amid pricing pressure and high demand for Pro bode well for future growth prospects.
Why Strategic Education Shares Are Soaring Today?
Strategic Education Inc (NASDAQ:STRA) gains momentum with a 13.1% year-on-year sales surge to $290.300 million in Q1 FY24, surpassing analyst predictions. Notably, total costs and expenses decrease by 3.6%, fueling a robust operating margin of 14.2%. CEO Karl McDonnell attributes the success to strong growth in the U.S. Higher Education segment, buoyed by employer-affiliated enrollment, and robust performance in Education Technology Services, including Sophia subscriptions.
XPeng Fears Tariff Hike In Europe, Reportedly Considers Investing Abroad
As the European Commission investigates Chinese EVs, XPeng weighs overseas production options amidst regulatory adjustments. Brian Gu, co-president of Volkswagen-backed XPeng, reports potential shifts in strategy amid evolving regulations. With eyes on a 10% international sales boost, XPeng targets US market entry despite challenges.
Royal Caribbean Cruises Through Q1 As Demand And Pricing Remains High
Royal Caribbean saw Q1 passenger ticket revenue reach $2.54 billion, a 34% year-over-year increase versus Q1 2023.
Honda's Bet On Canadian EV Hub: Reportedly Plans $11B Investment
Honda Motor reportedly announces a groundbreaking $11 billion investment to pioneer electric vehicle manufacturing in Canada. Collaborating with Canadian authorities, this strategic move signifies Honda's commitment to meeting the rising demand for electric vehicles in North America. The decision underscores a significant milestone for Canada's emergence as a pivotal player in the regional electric vehicle market.
Struggle For Hertz Continues As Stock Loses 23% - Here's Why
Hertz Global Holdings faces a dip in shares post-reporting a 1.6% sales uptick to $2.04 billion in Q1 FY24, slightly exceeding forecasts. Despite a 10% rise in average rentable vehicles, challenges persist with a 7% decline in total revenue per day (RPD). CEO Gil West attributes the performance setback to fleet and direct operating costs, highlighting areas for potential improvement.
Why Beverage Company Keurig Dr Pepper's Shares Are Surging Today
Keurig Dr Pepper impresses investors with a 3.5% year-on-year sales surge to $3.47 billion in Q1 FY24, outperforming analyst predictions. Notably, U.S. Refreshment Beverages lead the growth trajectory with a 4.3% rise to $2.1 billion.
Altria's Marlboro Shipment Volume Plunges 8.7% In Q1 - What's Going On?
Altria Group beats expectations with a 2.5% year-on-year sales growth to $5.58 billion in Q1 FY24. Despite a decline in smokeable products revenue, gains in oral tobacco products and other segments offset the decrease. Altria's adjusted EPS of $1.15 meets forecasts.
Tesla's Latest China Rival Xiaomi Registers Record Bookings For Its EV: Report
Xiaomi's SU7 electric sedan reportedly racks up 75,723 orders, eyeing 10,000 deliveries in June. Founder Lei Jun sets record targets at Beijing auto show, marking a milestone for EV startups.