Allegro Microsystems Stock (NASDAQ: ALGM)

Allegro Microsystems Stock (NASDAQ:ALGM), Trade Ideas

Allegro Microsystems

Allegro Microsystems Inc is a designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the critical emerging technologies in the automotive and industrial markets. It is a supplier of power ICs. Its sensor IC allow customers to precisely measure motion, speed, position and current. At the same time, its power ICs include high-temperature and high-voltage capable motor driver, power management and LED driver ICs. Its products are divided into three categories such as SENSE which include Current Sensors, Switches and Latches, Linear and Angular Position, Magnetic Speed Sensors, and Photonics; REGULATE which include Regulators, ClearPower Modules, and LED Drivers; and DRIVE which includes BLDC Drivers, Brush DC and Stepper Driver.

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U.S. stocks closed higher on Friday, with the S&amp;P 500 index hitting a new record high during the session. For the week, the S&amp;P 500 gained 1.4%, recording gains for the fourth week in a row.

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Shares of C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW) fell sharply during Thursday’s session after the company reported worse-than-expected fourth-quarter financial results.

Why C.H. Robinson Shares Are Trading Lower By Over 12%? Here Are Other Stocks Moving In Thursday&#39;s Mid-Day Session

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U.S. stocks traded higher, with the Dow Jones gaining over 100 points on Thursday.

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Allegro MicroSystems, Inc. - Common Stock

Allegro Microsystems Inc

Car rental company&nbsp;Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) is now looking to remove 30,000 electric vehicles from its fleet, significantly higher than the number announced earlier this year.
What Happened: Earlier this year, Hertz announced that it is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36606533/tesla-bulls-at-odds-after-hertzs-ev-selloff-blow-for-musks-company-or-black-eye-mom">looking to reduce its EV fleet by 20,000 units</a> through 2024, citing high repair costs as the driving factor. However, at the company&#8217;s first-quarter earnings call on Thursday, company COO Justin Keppy said that it has increased the EV disposal plan by another 10,000 units. 
As of the end of the first quarter, the company had already sold about 10,000 EVs, he said, on which it incurred vehicle depreciation costs of $195 million. 
&#8220;Upon completion, we anticipate that the remaining EV fleet will be better aligned with attractive demand for EVs with a priority on our rideshare business,&#8221; Keppy said.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38107547/hertzs-mega-tesla-gamble-backfired-due-to-sky-high-repair-costs-unusually-high-accident-rates-an" target="_blank" rel="noreferrer noopener">Hertz&#8217;s Mega Tesla Gamble Backfired Due To Sky-High Repair Costs, Unusually High Accident Rates And Customers&#8217; Charging Anxiety</a> 
The decision to further reduce EVs within the fleet will help it align better with demand and lower operating costs, Keppy said. The company expects to see the benefits of reducing EVs from the fleet in the second half and for EVs deployed outside of rideshare to comprise just about 5% of its global fleet as of the end of 2024.
Why It Matters: <a href="https://www.benzinga.com/markets/equities/24/04/38434391/struggle-for-hertz-continues-as-stock-loses-23-heres-why">Hertz on Thursday reported</a> an adjusted loss of $1.28 per share, much higher than the analyst consensus estimate of a loss of 44 cents. 
"Fleet and direct operating costs weighed on this quarter's performance," said CEO Gil West. "We're tackling both issues – getting to the right supply of vehicles at an acceptable capital cost while at the same time driving productivity up and operating costs down."
Price Action: Hertz stock closed down 19.3% at $4.68 per share, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a> The stock is down 54.1% year-to-date. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/04/38452299/tesla-ceo-elon-musk-denies-human-rights-abuses-in-most-ev-battery-production-those-that-do-use-very">Tesla CEO Elon Musk Denies Human Rights Abuses In Most EV Battery Production: &#8216;Those That Do&#8230;Use Very Little&#8217;</a>
Photo by EQRoy on Shutterstock

Tech

Another Blow To Tesla? Hertz's EV Disposal Plan Jumps By 10K As Car-Rental Company Aims For 95% Gas-Powered Fleet By Year-End

The latest GDP and inflation figures have sparked concerns among investors, hinting at a potential economic downturn worse than a recession.
What Happened: The U.S. economy&#8217;s first-quarter growth, at an annualized rate of 1.6%, fell significantly short of the anticipated 2.5%, according to the&nbsp;<a href="https://www.bea.gov/data/gdp/gross-domestic-product" target="_blank" rel="noreferrer noopener">Bureau of Economic Analysis</a>. This is also a decline from the 3.4% increase in the fourth quarter, <a href="https://www.businessinsider.in/policy/economy/news/the-us-economy-may-be-barrelling-towards-stagflation-an-outcome-worse-than-recession/articleshow/109603356.cms">reported</a> Business Insider.
&#8220;This was a worst of both worlds report – slower than expected growth, higher than expected inflation,&#8221; wrote David Donabedian, chief investment officer of CIBC Private Wealth US.
Simultaneously, consumer prices experienced a more significant than expected surge, constraining the Federal Reserve&#8216;s ability to take action. This combination of sluggish growth and rising prices is a classic indicator of stagflation, a scenario that is notoriously challenging to combat.
The last time the U.S. faced stagflation was in the 1970s, a period characterized by geopolitical tensions leading to an OPEC oil embargo and a subsequent surge in energy prices. This, combined with high government spending and the dollar&#8217;s detachment from gold, resulted in double-digit inflation and a tumbling economy.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Growth Slows In Q1, Yet Inflation Acceleration Signals Stagflation: &#8216;The Worst Possible Outcome For The Fed&#8217;</a>
Analysts are wary of parallels to this period, with JPMorgan&#8216;s Jamie Dimon warning of a potential return to the <a href="https://www.benzinga.com/general/24/04/38432014/bank-of-america-thinks-2024-is-starting-to-look-like-2015-but-in-reverse-while-jamie-dimon-warns-202">stagflationary 1970s</a>. Despite the current market optimism, the U.S. may be heading towards a similar economic scenario, especially with the recent surge in fiscal spending and potential inflation drivers like green industrialization and global remilitarization.
However, the likelihood of stagflation remains uncertain. Despite persistent high inflation, the market is still pricing in at least one rate cut this year, and demand conditions remain strong. The upcoming personal consumption expenditures report will provide a clearer picture of inflation&#8217;s trajectory and the Fed&#8217;s potential policy adjustments, according to Donabedian.
Why It Matters: The U.S. economy&#8217;s potential descent into stagflation comes amid a series of concerning economic indicators. The Federal Reserve&#8217;s decision to maintain <a href="https://www.benzinga.com/news/24/04/38425604/feds-high-interest-rate-policy-spurs-debate-over-economic-impact-this-is-the-path-of-a-potential-pro">high interest rates</a> throughout 2024 due to persistent inflation has raised questions about its impact on the economy. 
This decision has also sparked concerns about <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38109673/top-economist-flags-warning-signs-of-possible-recession-in-us-economy-it-certainly-">a potential recession</a>, as indicated by the Economic Cycle Research Institute&#8217;s Leading Economic Index, which has been on a downward trend for the past year.
Despite these warning signs, the U.S. economy is predicted to grow at a robust <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/04/38405106/us-economy-expected-to-grow-2-5-in-q1-not-a-hard-landing-and-hardly-a-soft-one">2.5% growth rate</a> in the first quarter of 2024, following a 3.4% growth in the last quarter of 2023. 
Read Next: <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38429782/us-economy-grows-1-6-in-q1-slightly-below-expectations-as-price-pressures-weigh-o?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Economy Grows 1.6% In Q1, Slightly Below Expectations As Price Pressures Weigh On Spending</a>
Image Via Shutterstock 
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 Engineered by 
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Global

Economics

US Economy Faces 'Worst Of Both Worlds' As Stagflation Threat Looms Large

Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares extended their gains for the third consecutive session on Thursday, following the release of the electric vehicle maker&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38390883/tesla-q1-earnings-highlights-ev-giant-misses-wall-street-estimates-makes-cost-cuts-invests-in-ai-sp" rel="noreferrer noopener">quarterly results</a>.&nbsp;Gary Black&nbsp;of&nbsp;Future Fund&nbsp;shared his insights on the stock&#8217;s movement and the company&#8217;s future trajectory.
What Happened: According to Black, the 17.6% surge in Tesla&#8217;s stock post-earnings is attributed to the optimistic product outlook conveyed in the earnings report and confirmed by CEO&nbsp;Elon Musk&nbsp;during the earnings call.&nbsp;
&#8220;There is no other way to interpret this language than that TSLA is readying new more affordable models using both the&nbsp;next gen&nbsp;and existing manufacturing platforms for first production by 2025/1H,&#8221; the analyst said. This, according to the fund manager, is bullish since it points to the company expanding its total addressable market with more affordable compact vehicles to the mass segment by mid-2025.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" rel="noreferrer noopener">Everything You Need To Know About Tesla Stock</a>
However, Black noted that Musk&#8217;s emphasis on Tesla&#8217;s commitment to autonomy has yet to resonate with institutional investors. The lack of discussion on the&nbsp;robotaxi&nbsp;opportunity since the earnings release suggests that investors remain cautious. 
Black pointed out that the minimal impact on Uber and Lyft shares indicates that investors may not perceive Tesla&#8217;s unsupervised ride-hailing as a significant threat to these companies.&nbsp;
But he did not rule out narrative change on Aug. 8, when Tesla is scheduled to unveil robotaxis. &#8220;So far TSLA's continued focus on more affordable&nbsp;non-robotaxi&nbsp;vehicles seems to be what's important,&#8221; he said.
Why It Matters:&nbsp;Despite the stock rally, skepticism remains among some analysts.&nbsp;GLJ Research&#8216;s&nbsp;Gordon Johnson&nbsp;interpreted Tesla&#8217;s product roadmap language as indicating a&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38398667/tesla-bulls-praise-musks-q1-earnings-call-see-ev-giant-on-collision-course-with-ube" rel="noreferrer noopener">potential abandonment of the sub-$30K car</a>, with a shift towards cost-reduction strategies for existing models.&nbsp;
Concerns persist regarding Tesla&#8217;s core auto gross margin and significant free cash flow depletion, prompting cautious outlooks from analysts like&nbsp;Wedbush&#8216;s&nbsp;Daniel Ives.
Tesla ended Thursday&#8217;s session up 4.97% to $170.18, according to<a target="_blank" href="https://benzinga.grsm.io/lxquj26b2sag" rel="noreferrer noopener">&nbsp;Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38402856/tesla-bull-says-elon-musk-delivered-rip-the-band-aid-off-q1-but-cautions-this-could">Tesla Bull Says Elon Musk Delivered &#8216;Rip The Band-Aid Off&#8217; Q1 But Cautions This Could Derail Bullish Thesis</a>
Image generated using AI on Adobe Shutterstock

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Tesla's Robotaxi Plan Hasn't Excited Investors, But Fund Manager Gary Black Says This Is What Matters More: 'No Other Way To Interpret This...'

In a recent episode of CNBC&#8217;s &#8220;Mad Money,&#8221; host Jim Cramer lauded Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) for its ability to thrive despite a sluggish economy, attributing its success to its &#8220;self-help&#8221; strategy.
What Happened: Cramer, on Thursday, highlighted the performance of companies that can sustain growth despite economic challenges. He specifically pointed to Chipotle, commending its ability to improve and expand its operations, <a href="https://www.cnbc.com/2024/04/25/cramer-praises-chipotle-for-growing-despite-a-slowing-economy.html">reported</a> CNBC.
"When we're looking for reasons to buy a stock in this environment, we want companies that generate constant self-help. Chipotle does it by improving throughput — how many people that they can serve, say, every 15 minutes," he said. "It just keeps getting better and better and that's got nothing to do with GDP or inflation woes."
The fast-casual chain recently released its quarterly earnings, surpassing Wall Street&#8217;s expectations. Despite raising prices, Chipotle experienced a surge in both sales and foot traffic, leading to a more than 6% increase in its share price by Thursday&#8217;s close.
Cramer suggested that Chipotle&#8217;s success could be attributed to its ability to meet consumer demand by enhancing its service speed, a strategy that is independent of broader economic factors like inflation and GDP.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38374423/elon-musk-reacts-as-ark-invest-analyst-says-its-going-to-be-very-hard-for-tesla-rivals-to-catch-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts As ARK Invest Analyst Says &#8216;It&#8217;s Going To Be Very Hard&#8217; For Tesla Rivals &#8216;To Catch Up To</a>
He also noted that this kind of &#8220;self-help&#8221; approach could counteract the market&#8217;s current concerns, particularly in light of the ongoing challenges such as increased interest in the bond market.
"It takes a special kind of stock to do well when the economy's slowing while inflation just won't quit," he said.
Why It Matters: Chipotle&#8217;s recent financial performance has been impressive. The company&#8217;s first-quarter revenue increased by 14.1% year-over-year to $2.702 billion, <a href="https://www.benzinga.com/news/earnings/24/04/38417218/chipotle-mexican-grill-q1-earnings-revenue-beat-eps-beat-comparable-sales-up-7-and-more">beating the consensus estimate</a>. The company&#8217;s comparable restaurant sales also saw a 7% year-over-year increase, driven by higher transactions and a 1.6% rise in the average check.
Chipotle&#8217;s strong financial results led to a rise in its stock price, prompting analysts to <a href="https://www.benzinga.com/news/earnings/24/04/38430514/chipotle-mexican-grill-analysts-raise-their-forecasts-after-better-than-expected-earnings">raise their forecasts</a> for the company&#8217;s future performance. The company&#8217;s international expansion also reached a milestone with the <a href="https://www.benzinga.com/markets/equities/24/04/38360106/chipotle-to-spice-up-kuwait-city-new-location-marks-decade-long-international-expansion">opening of its first location</a> in Kuwait City, marking a decade of international growth.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38399275/no-choice-elon-musk-reacts-as-x-user-reveals-main-reason-why-the-billionaire-is-re-organizing-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;No Choice:&#8217; Elon Musk Reacts As X User Reveals &#8216;Main Reason&#8217; Why The Billionaire Is &#8216;Re-Organizing&#8217; Tesla</a>
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 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
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 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
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Jim Cramer Praises Chipotle's 'Self-Help' Strategy Amid Economic Slowdown: 'Inflation Just Won't Quit'

GXO&#39;s partnership with Virgin Media O2 has helped remove 48 tonnes of single use plastic since 2021
GXO has driven a&nbsp;94%&nbsp;reduction in single use plastics across its logistics operation

GXO Drives Major Plastic Reduction For Virgin Media O2, Eliminating 48 Tonnes Since 2021

Ohio Valley Banc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OVBC#NASDAQ">OVBC</a>) reported quarterly earnings of $0.58 per share. This is a 29.27 percent decrease over earnings of $0.82 per share from the same period last year. The company reported $14.89 million in sales this quarter. This is a 3.89 percent decrease over sales of $15.49 million the same period last year.

Earnings

OVBC

Ohio Valley Banc Q1 EPS $0.58 Down From $0.82 YoY, Sales $14.89M Down From $15.49M YoY

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BNR will change the ratio of its American depositary shares (the &quot;ADSs&quot;) to Class A ordinary shares from one (1) ADS representing one (1) Class A ordinary share to one (1) ADS representing ten (10) Class A ordinary shares (the &quot;ADS Ratio Change&quot;).

Burning Rock Biotech To Adjust ADS To Ordinary Share Ratio Effective May 15

~ Over the past 20 years, AOI has grown to be the largest cold pressing oil plant in the
APAC region, pressing strictly GMO free conventional and organic oilseeds ~

COOT

Reported Earlier, Australian Oilseeds Secures Contracts With Woolworths And Costco For Non-GMO Cold-Pressed Oils

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), is undergoing its <a href="https://www.benzinga.com/news/24/04/38309742/laid-off-by-tesla-heres-what-you-get-and-cant-do-with-their-severance-offer">biggest workforce reduction</a> ever in a bid to combat slowing demand and falling margins. The company has decided to cut over 10% of its workforce or about 14,000 jobs. But where have the maximum slashings taken place? Benzinga examines using the data (as of April 2024) at hand.&nbsp;
<h3 class="wp-block-heading">United States</h3>
According to WARN notices filed with the states of Texas and California, Tesla will eliminate 3,332 jobs in California and 2,688 positions in Texas, totaling over 6,000 positions, starting June 14.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Region</td>
<td>Number of Jobs Cut</td>
</tr>
<tr>
<td>California</td>
<td>3,332</td>
</tr>
<tr>
<td>Texas</td>
<td>2,688</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Germany</h3>
Tesla&#8217;s Giga Berlin plant in Germany, which currently employs around 12,500 workers, was initially reported to be losing about 3,000 heads. Tesla, however, denied this and said it was planning to cut only around 400 jobs, representing approximately 3% of the factory&#8217;s workforce, according to a Reuters report.&nbsp;
These layoffs come amidst a challenging sales market for electric cars in Europe, prompting Tesla to optimize production efficiency.
See Also:&nbsp;<a href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" target="_blank" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
<h3 class="wp-block-heading">China</h3>
Chinese media <a href="https://en.tmtpost.com/post/7048616">reports</a> suggest that more than 20% of Tesla&#8217;s workforce in the country could be affected by the layoffs, with some departments losing as much as half of their staff.
Tesla China is reportedly offering severance packages ranging from N+1 to N+3 (one month's pay per year of service, plus additional months&#8217; wages).
Giga Shanghai, according to media reports, employs roughly 20,000 workers. An estimated 20% reduction would imply 4,000 job losses, a lot less than in the United States.&nbsp;
But when assuming that the known layoffs in other regions — totaling about 6,400 — are final, then Tesla's cuts in China would go up to 7,600, the most in any region.
However, it is important to note that corporate layoffs usually happen in several stages over a company's financial calendar year.
Overview of Tesla&#8217;s Global Workforce Reduction
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26022508/Tesla-Layoffs-1024x683.jpg" alt="" class="wp-image-310039" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26022508/Tesla-Layoffs-1024x683.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26022508/Tesla-Layoffs-300x200.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26022508/Tesla-Layoffs-768x512.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26022508/Tesla-Layoffs-1536x1024.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/26022508/Tesla-Layoffs.jpg 1620w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Graphic by: Ramakrishnan M/Benzinga
Employee Count Back To 2022 Levels?
<figure class="wp-block-image"><img decoding="async" src="https://datawrapper.dwcdn.net/igHeT/full.png" alt="" /></figure>
Why It Matters: Tesla&#8217;s layoffs reflect the broader challenges facing the company, including declining sales, pricing pressures, and the need to optimize production efficiency. 
CEO Elon Musk, however, managed to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38402856/tesla-bull-says-elon-musk-delivered-rip-the-band-aid-off-q1-but-cautions-this-could">assuage some investor concerns</a> after a dismal quarterly earnings showing by promising to roll out cheaper EV models even as he doubles down on his "blindingly obvious" <a href="https://www.benzinga.com/news/24/04/38424183/tesla-is-betting-big-on-robotaxi-but-this-rival-thinks-elon-musks-vision-could-be-more-than-5-years">robotaxi vision</a> for the company.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38451359/tesla-investor-touts-ev-giants-billions-mile-leap-in-gathering-self-driving-data-ho" target="_blank" rel="noreferrer noopener">Tesla Investor Touts EV Giant&#8217;s Billions-Mile Leap In Gathering Self-Driving Data: &#8216;How Can Any Automaker Catch Up?&#8217;</a>
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Tesla's Biggest Layoffs Mapped: Where Has EV Giant Cut Most Jobs?

<ul>
<li>MAV Capital is an alternative asset manager focused on agribusiness with approximately&nbsp;R$550 million&nbsp;in assets under management in sector specific private credit funds, led by a best-in-class and highly seasoned team with extensive experience in the sector;</li>
<li>The transaction aims to consolidate Vinci&#39;s position across the agribusiness segment in&nbsp;Brazil, a substantially underserved segment by the investment industry;</li>
<li>Brazil&nbsp;exhibits numerous competitive advantages and is currently recognized as a key global player, while locally agribusiness and related activities are a meaningful contributor to the country&#39;s GDP;</li>
<li>The acquisition is aligned with Vinci&#39;s long-term growth plan, enabling Vinci to further expand its product offering by enhancing its credit segment and creating a dedicated vertical to the Agribusiness sector;</li>
</ul>

VINP

Reported Earlier, Vinci Partners To Acquire MAV Capital, Expanding Reach In Brazil's Agribusiness Sector

Belite Bio&nbsp;entered into a securities purchase agreement with an institutional investor, for the purchase and sale of up to an aggregate of 651,380 American Depositary Shares of the Company (&quot;ADSs&quot;), each ADS representing one ordinary share of the Company at a purchase price of&nbsp;$38.38&nbsp;per ADS, and the warrants to purchase up to an aggregate of 651,380 ADSs, which will have an initial exercise price equal to&nbsp;$44.14&nbsp;per ADS and will be immediately exercisable and expire on the five-year anniversary of the issuance, in a registered direct offering. The closing of the offering is expected to occur on or about April 30, 2024, subject to the satisfaction of customary closing conditions.

BLTE

Reported Earlier, Belite Bio Secures $25M In Registered Direct Offering With Institutional Investors

Heritage Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTBK#NASDAQ">HTBK</a>) reported quarterly earnings of $0.17 per share which missed the analyst consensus estimate of $0.18 by 5.56 percent. This is a 45.16 percent decrease over earnings of $0.31 per share from the same period last year. The company reported quarterly sales of $42.140 million which missed the analyst consensus estimate of $42.284 million by 0.34 percent. This is a 19.00 percent decrease over sales of $52.024 million the same period last year.

Earnings Misses

HTBK

Heritage Commerce Q1 2024 GAAP EPS $0.17 Misses $0.18 Estimate, Sales $42.140M Miss $42.284M Estimate

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) to report quarterly earnings at $2.20 per share on revenue of $78.35 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Exxon Mobil shares fell 0.3% to $121.00 in after-hours trading.</li>
<li>Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) posted better-than-expected earnings and sales results for its third quarter on Thursday. The company's revenue increased 17% year-over-year to $61.9 billion, which beat the consensus estimate of $60.804 billion, according to Benzinga Pro. The tech giant reported quarterly earnings of $2.94 per share, which beat analyst estimates of $2.82 per share. Microsoft shares jumped 4.4% to $416.70 in the after-hours trading session.</li>
<li>Analysts are expecting Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) to post quarterly earnings at $2.87 per share on revenue of $50.66 billion. The company will release earnings before the markets open. Chevron shares fell 0.3% to $164.85 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) posted upbeat results for its first quarter. Alphabet&#8217;s board authorized an additional share repurchase program of up to $70 billion and also announced its first-ever quarterly dividend. Alphabet shares jumped 11.5% to $176.08 in the after-hours trading session.</li>
<li>Analysts expect Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) to post quarterly earnings at $2.17 per share on revenue of $33.08 billion before the opening bell. Phillips 66 shares rose 0.3% to $157.77 in after-hours trading.</li>
</ul>
Also Check This Out: <a href="https://www.benzinga.com/news/24/04/38430578/top-3-financial-stocks-that-could-sink-your-portfolio-this-quarter">Top 3 Financial Stocks That Could Sink Your Portfolio This Quarter</a>

GOOG

GOOGL

MSFT

Microsoft, Alphabet And 3 Stocks To Watch Heading Into Friday

The CNN Money Fear and Greed index showed a slight improvement in the overall market sentiment, while the index remained in the &#8220;Fear&#8221; zone on Thursday.
U.S. stocks settled lower on Thursday, following the release of economic reports.
The U.S. economy grew an annualized 1.6% in the first quarter, marking a notable slowdown from the 3.4% rate in the final quarter of 2023. However, analysts were expecting a 2.5% growth. The core price index for personal consumption expenditures increased by an annualized 3.7% in the first quarter versus a 2% gain in the prior three-month period.
Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) reported better-than-expected first-quarter financial results and raised its 2024 guidance. Shares of Bristol Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) fell more than 8% on Thursday after the company swung to a loss in the first quarter. Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) shares dipped over 10% after reporting first-quarter results.
Most sectors on the S&amp;P 500 closed on a negative note, with communication services, health care and real estate stocks recording the biggest losses on Thursday. However, materials and emergy stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 375 points to 38,085.80 on Thursday. The S&amp;P 500 fell 0.46% at 5,048.42, while the Nasdaq Composite dipped 0.64% at 15,611.76 during Wednesday's session.
Investors are awaiting earnings results from Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) today.
At a current reading of 40.2, the index remained in the &#8220;Fear&#8221; zone on Thursday, versus a prior reading of 39.1.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Check This Out: <a href="https://www.benzinga.com/news/24/04/38430578/top-3-financial-stocks-that-could-sink-your-portfolio-this-quarter">Top 3 Financial Stocks That Could Sink Your Portfolio This Quarter</a>

Investor Sentiment Improves Slightly, But Dow Tumbles Over 350 Points

First Savings Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSFG#NASDAQ">FSFG</a>) reported quarterly earnings of $0.52 per share which beat the analyst consensus estimate of $0.45 by 15.56 percent. This is a 3.7 percent decrease over earnings of $0.54 per share from the same period last year. The company reported quarterly sales of $14.338 which missed the analyst consensus estimate of $14.684 million by 100.00 percent. This is a 100.00 percent decrease over sales of $22.428 million the same period last year.

Earnings Beats

FSFG

First Savings Financial Q2 2024 Adj EPS $0.52 Beats $0.45 Estimate, Sales $14.338 Miss $14.684M Estimate

<table cellspacing="0">
<tbody>
<tr>
<td colspan="7" rowspan="1">
FINANCIAL RESULTS
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" rowspan="1">
4Q23 CONSOLIDATED RESULTS
</td>
</tr>
<tr>
<td colspan="7" rowspan="1">
(In Ps. Millions, except percentages)
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
&nbsp;
</td>
<td colspan="1" rowspan="1">
4Q23
</td>
<td colspan="1" rowspan="1">
As % of Revenue
</td>
<td colspan="1" rowspan="1">
4Q22
</td>
<td colspan="1" rowspan="1">
As % of Revenue
</td>
<td colspan="1" rowspan="1">
Growth (%)
</td>
<td colspan="1" rowspan="1">
Variation (Bps)
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Total Revenue
</td>
<td colspan="1" rowspan="1">
Ps. 12,316
</td>
<td colspan="1" rowspan="1">
100.0%
</td>
<td colspan="1" rowspan="1">
Ps. 9,416
</td>
<td colspan="1" rowspan="1">
100.0%
</td>
<td colspan="1" rowspan="1">
30.8%
</td>
<td colspan="1" rowspan="1">
N/A
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Gross Profit
</td>
<td colspan="1" rowspan="1">
Ps. 2,011
</td>
<td colspan="1" rowspan="1">
16.3%
</td>
<td colspan="1" rowspan="1">
Ps. 1,430
</td>
<td colspan="1" rowspan="1">
15.2%
</td>
<td colspan="1" rowspan="1">
40.6%
</td>
<td colspan="1" rowspan="1">
114 bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Sales Expenses
</td>
<td colspan="1" rowspan="1">
Ps. (1,392)
</td>
<td colspan="1" rowspan="1">
11.3%
</td>
<td colspan="1" rowspan="1">
Ps. (991)
</td>
<td colspan="1" rowspan="1">
10.5%
</td>
<td colspan="1" rowspan="1">
40.5%
</td>
<td colspan="1" rowspan="1">
78 bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Administrative Expenses
</td>
<td colspan="1" rowspan="1">
Ps. (354)
</td>
<td colspan="1" rowspan="1">
2.9%
</td>
<td colspan="1" rowspan="1">
Ps. (232)
</td>
<td colspan="1" rowspan="1">
2.5%
</td>
<td colspan="1" rowspan="1">
52.6%
</td>
<td colspan="1" rowspan="1">
41 bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
Other (Expense) Income &ndash; Net
</td>
<td colspan="1" rowspan="1">
Ps. (37)
</td>
<td colspan="1" rowspan="1">
(0.3)%
</td>
<td colspan="1" rowspan="1">
Ps. 7
</td>
<td colspan="1" rowspan="1">
0.1%
</td>
<td colspan="1" rowspan="1">
n.m.
</td>
<td colspan="1" rowspan="1">
(38) bps
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
EBITDA
</td>
<td colspan="1" rowspan="1">
Ps. 559
</td>
<td colspan="1" rowspan="1">
4.5%
</td>
<td colspan="1" rowspan="1">
Ps. 421
</td>
<td colspan="1" rowspan="1">
4.5%
</td>
<td colspan="1" rowspan="1">
32.9%
</td>
<td colspan="1" rowspan="1">
7 bps
</td>
</tr>
</tbody>
</table>

TBBB

Tiendas 3B Q4 Revenue Ps. 12,316M Up From Ps. 9,416M YoY, EBITDA Ps. 559M Up From Ps. 421M YoY

Tesla Inc CEO Elon Musk on Thursday denied allegations that the use of cobalt in EVs is leading to <a href="https://www.benzinga.com/general/education/24/02/37288311/elon-musk-engages-with-racial-iq-content-on-x-while-facing-drug-allegations-tesla-stock-turmoil">human rights violations </a>including child labor. 
What Happened: Unlike cellphone and laptop batteries that use cobalt, most electric cars use none, Musk said. 
&#8220;Those that do use cobalt, use very little, as the cathode is primarily nickel, which performs better and costs less than cobalt,&#8221; Musk wrote.
He was responding to claims made by climate activist Clover Hogan that the demand for cobalt grows with the rise in demand for EVs. A majority of this cobalt is mined in Congo and leads to human rights abuses including child labor, she alleged. 
Hogan thinks that climate change cannot be resolved by tech solutions such as EVs. She instead recommends that cities be made less car-friendly. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cell phone and laptop batteries use cobalt, but most electric cars use none. Those that do use cobalt, use very little, as the cathode is primarily nickel, which performs better and costs less than cobalt.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1783592081812009076?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Musk has denied the heavy use of cobalt at Tesla going as far back as 2021. &#8220;On a weighted-average basis we might use 2% cobalt compared to say, Apple&#8217;s 100% cobalt,&#8221; <a href="https://www.benzinga.com/news/21/07/22256322/why-elon-musk-thinks-epic-is-right-in-its-fight-against-apple">Musk then said. </a>
In a shareholder meeting last May, Musk said that he would <a href="https://www.benzinga.com/news/23/05/32480648/elon-musk-says-he-will-personally-review-teslas-cobalt-supply-chain-audit-to-extend-consumer-trust">personally review the third-party audit</a> of its&nbsp;cobalt supply chain despite shareholders rejecting the proposal for a third-party audit. 
"We will do a third-party audit. In fact, we'll put a webcam on the mine and if anybody sees any children please let us know," Musk said.
"I recommend complaining to the phone manufacturers," the CEO added. "But even for the small amount of cobalt that we do use, we will make sure that no child labor is being exploited.&#8221;
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38426856/gm-unveils-plans-for-autonomous-driving-unit-cruise-relaunch-after-hiatus-expects-1-7b-in-expenses">GM Unveils Plans For Autonomous Driving Unit Cruise Relaunch After Hiatus, Expects $1.7B In Expenses</a>

Tesla CEO Elon Musk Denies Human Rights Abuses In Most EV Battery Production: 'Those That Do...Use Very Little'

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) is expected to release earnings results for its first quarter, before the <a href="https://www.benzinga.com/quote/PSX/earnings">opening bell on April 26, 2024.</a>
Analysts expect the Houston, Texas-based company to report quarterly earnings at $2.17 per share, down from $4.21 per share in the year-ago quarter. Phillips 66 is projected to report quarterly revenue of $33.08 billion, compared to $35.09 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On April 3, Phillips 66 announced an increase in quarterly dividend from $1.05 to $1.15 per share.
Phillips 66 shares fell 0.4% to close at $157.24 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/PSX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Barclays analyst Theresa Chen maintained an Equal-Weight rating and increased the price target from $139 to $155 on April 18. This analyst has an accuracy rate of 82%.</li>
<li>Wells Fargo analyst Roger Read maintained an Overweight rating and raised the price target from $179 to $191 on April 8. This analyst has an accuracy rate of 74%.</li>
<li>Piper Sandler analyst Ryan Todd maintained an Overweight rating and increased the price target from $169 to $187 on April 5. This analyst has an accuracy rate of 78%.</li>
<li>JP Morgan analyst John Royall maintained an Overweight rating and boosted the price target from $149 to $167 on April 1. This analyst has an accuracy rate of 73%.</li>
<li>Goldman Sachs analyst Neil Mehta maintained a Buy rating and increased the price target from $152 to $174 on March 22. This analyst has an accuracy rate of 72%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/04/38430578/top-3-financial-stocks-that-could-sink-your-portfolio-this-quarter">Top 3 Financial Stocks That Could Sink Your Portfolio This Quarter</a>

Phillips 66 Gears Up For Q1 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Affirming 2024 Earnings&nbsp;Guidance, Capital Plan and Long-Term EPS Growth
We are affirming 2024 diluted earnings&nbsp;guidance&nbsp;of&nbsp;$3.42&nbsp;-&nbsp;$3.62&nbsp;per diluted share and our&nbsp;$500 million&nbsp;capital plan. This&nbsp;guidance&nbsp;is based upon, but not limited to, the following major assumptions:
<ul>
<li>Normal weather in our service territories;</li>
<li>An effective income tax rate of approximately&nbsp;12%-14%; and</li>
<li>Diluted average shares outstanding of approximately 61.3 million.</li>
</ul>
We are also affirming our long-term (5 year) diluted earnings per share growth&nbsp;guidance&nbsp;of&nbsp;4%&nbsp;to&nbsp;6%&nbsp;from a 2022 base year of&nbsp;$3.18&nbsp;diluted earnings per share on a non-GAAP basis. We expect rate base growth of&nbsp;4%&nbsp;to&nbsp;6%. Our current capital investment program is sized to provide for no equity issuances. Future generation capacity additions or other strategic opportunities may require equity financing.

Guidance

NorthWestern Affirms 2024 Guidance: Sees EPS Of $3.42 - $3.62 Vs. $3.49 Consensus

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Discerning investors are increasingly looking to mid-cap stocks to supercharge their portfolios and build wealth. The artificial intelligence boom is only just beginning, and AI-powered software will continue to capture investors&rsquo; attention.&nbsp;



Amid the gold rush, there are several candidates that stand out as hidden gems, ready to capitalize on the AI revolution. With the total addressable market for enterprise software set to reach unprecedented heights, these mid-cap stocks should benefit. These 3 exciting companies demonstrate the foresight and innovation necessary to produce outsized returns.&nbsp;



Now, let&rsquo;s discover the 3 best mid-cap stocks to buy for the coming AI revolution!



<h2>Qualys (QLYS)</h2>


<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/11/qlys-stock-1-300x169.jpg" alt="A Qualys sign hanging on a corporate office in Silicon Valley."><div>Source: Michael Vi / Shutterstock.com</div></div>


Qualys (NASDAQ:<a href="https://investorplace.com/stock-quotes/qlys-stock-quote/">QLYS</a>) is a market leader in cloud security and compliance, and they&rsquo;re making a compelling buy case in 2024. The company boasts over 10,000 customers and their TruRisk platform is valued in the cybersecurity sector.



Their cloud-based platform offers a comprehensive suite of solutions, streamlining tasks like vulnerability threats, web application scanning and more. Qualys&rsquo; VDMR stands out, powering teams to measure, communicate and eliminate risk across their IT infrastructure. 



Their customers can now leverage the power of AI through their <a href="https://www.qualys.com/company/newsroom/news-releases/usa/qualys-acquires-blue-hexagons-ai-machine-learning-platform/">acquisition of Blue Hexagon&rsquo;s AI and machine learning platform</a>. They&rsquo;re able to identify relationships and patterns, with highly integrated data that are undetectable from traditional signature-based solutions.&nbsp;



In <a href="https://investor.qualys.com/static-files/091139d5-c07a-4bf8-8bf0-32ed0ded3d68">FY23</a>, Qualys&rsquo; revenue increased 13% YOY to $554.5 million. Net income swelled to $151.6 million, or $4.03 per share. Gross margins remained robust, up to 81% compared to 79% in 2022. 



Qualys is guiding double digit revenue growth in Q1 FY24, and with GAAP EPS in the $0.84 &ndash; $0.92 range. With cybersecurity threats on the rise, Qualys remains a top stock to benefit from the AI revolution.



<h2>Science Applications International (SAIC)</h2>


<div>
<a href="https://investorplace.com/wp-content/uploads/2024/02/artificial-intelligence-ai-brain-tech-1600-768x432-1.jpg"><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/02/artificial-intelligence-ai-brain-tech-1600-768x432-1-300x169.jpg" alt=""></a></div>


Science Applications International (NYSE:<a href="https://investorplace.com/stock-quotes/saic-stock-quote/">SAIC</a>) is an aerospace and defense contractor that has been crafting a unique AI strategy, and strong industry fundamentals position them for continued growth.



Science Applications International is an enterprise software company that primarily provides services for the aerospace and defense industry. They have a unique portfolio of cybersecurity solutions, cloud solutions and digital transformation services. 



SAIC possesses deep knowledge of immersive technologies, program management, and climate solutions. While serving clients like the U.S. Department of Defense, their <a href="https://investors.saic.com/press-releases/press-release-details/2021/SAIC-Strengthens-AI-and-Analytics-Capabilities-with-Acquisition-of-Koverse/default.aspx">acquisition of Koverse</a> further strengthens their AI and analytics capabilities.&nbsp;



In <a href="https://investors.saic.com/press-releases/press-release-details/2023/SAIC-Announces-Third-Quarter-of-Fiscal-Year-2024-Results/default.aspx">Q3 2023</a>, SAIC&rsquo;s revenue was flat but their bottom line saw continuous improvements. Net income and EPS rose 16% and 21%, respectively. More recently, SAIC landed an <a href="https://investors.saic.com/press-releases/press-release-details/2024/SAIC-Awarded-80-Million-U.S.-Navy-Contract-for-Heavyweight-Torpedo-Tests-Sets/default.aspx">$80 million U.S. navy contract</a> for heavyweight torpedo test sets. 



With a healthy backlog of $23.1 billion, SAIC is one of the best mid-cap stocks to buy for 2024.



<h2>Allegro MicroSystems (ALGM)</h2>


<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/02/computerchip1600-300x169.jpg" alt="a computer chip. Chip Stocks to Buy Now"><div>Source: Shutterstock</div></div>


Allegro MicroSystems (NASDAQ:<a href="https://investorplace.com/stock-quotes/algm-stock-quote/">ALGM</a>) is a global leader in sensor and power integrated circuits (ICs) headquartered in New Hampshire, United States. Allegro&rsquo;s technology is integral, serving as the building blocks for modern applications in electronics, EVs, and data centers.



The company has shipped over 11 billion integrated circuits, holding the number one spot for magnetic sensor ICs. Their product portfolio includes advanced diodes, MOSFET, and gate drivers. 



They are widely serving a diverse customer base from automotive, industrial and commercial customers. Their products will be crucial to meeting the AI revolution, given the rapid expansion of data centers over the next decade.&nbsp;



In their<a href="https://investors.allegromicro.com/news-releases/news-release-details/allegro-microsystems-reports-second-quarter-2024-results"> latest quarterly results</a>, ALGM revenue increased 16% YOY to $276 million. Growth in E-Mobility accelerated 60% YOY, despite a broader slowdown in the global EV market. 



The company continues to push the boundaries with cutting-edge technologies like Tunnel Magnetoresistance. This was supercharged with their <a href="https://www.allegromicro.com/en/about-allegro/news-room/2023/crocus-acquisition">acquisition of Crocus Technology</a>, making ALGM one of the best mid-cap stocks to keep on your radar.&nbsp;



On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/02/3-undervalued-mid-cap-stocks-set-to-benefit-from-the-ai-revolution/">3 Undervalued Mid-Cap Stocks Set to Benefit from the AI Revolution</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Undervalued Mid-Cap Stocks Set to Benefit from the AI Revolution

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There's a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Allegro MicroSystems (ALGM – Research Report) and Ri...

Analysts Offer Insights on Technology Companies: Allegro MicroSystems (ALGM) and Rigetti Computing (RGTI)

Today, we will look at 5 stocks that hedge funds love and are buying in bulk lately. We used the TipRanks Stock Screener tool to scan for stocks th...

5 Stocks Hedge Funds Love and have Analysts Support

Allegro MicroSystems (ALGM) just unveiled an update. Andrew G. Dunn resigned from the Board of Allegro MicroSystems and its Research & Development ...

Allegro MicroSystems Board Changes and Director Compensation Update

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While the innovation space seemingly lacks no shortage of interest, not every enterprise benefits from the spotlight, which brings us to <a href="https://investorplace.com/industries/technology/">tech stocks</a> ready to rebound. Yes, there are indeed certain compelling tech plays that aren&rsquo;t getting the attention they deserve.



To be sure, the space is speculative. Let&rsquo;s be real. The usual suspects &ndash; your Nvidia (NASDAQ:<a href="https://investorplace.com/stock-quotes/nvda-stock-quote/">NVDA</a>) or Microsoft (NASDAQ:<a href="https://investorplace.com/stock-quotes/msft-stock-quote/">MSFT</a>), to name but a few examples &ndash; enjoy significant upside momentum in part because everybody else believes in their potential. When you step away from the spotlight, the environment becomes much more adventurous, to put it diplomatically.



Nevertheless, if you&rsquo;re looking to be a fourth-quarter hero (as in football, not fiscally), then these tech stocks ready to rebound could be right up your alley.



<h2>Shift4 Payments (FOUR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/software1600b-300x169.jpg" alt="software stocks: Coding software developer work with augmented reality dashboard computer icons of scrum agile development and code fork and versioning with responsive cybersecurity"><div>Source: Shutterstock</div></div>Falling under the infrastructure software category of tech stocks ready to rebound, Shift4 Payments (NYSE:<a href="https://investorplace.com/stock-quotes/four-stock-quote/">FOUR</a>) provides software and payment processing solutions in the U.S. and internationally. Per its <a href="https://finance.yahoo.com/quote/FOUR/profile">public profile</a>, Shift4 offers multiple products and services, including an omni-channel card acceptance and processing solution platform.



One of the key reasons why FOUR stock should be on your radar is Wall Street&rsquo;s assessment of the business. Currently, experts rate shares a <a href="https://www.tipranks.com/stocks/four/forecast">consensus strong buy</a> with a $93.18 average price target. Further, the high-side estimate calls for a price tag of $105 per share.



Aside from a bum note in the fourth quarter &ndash; when Shift4 posted earnings per share of 76 cents against a target of 82 cents &ndash; the company was a top performer. In fiscal 2023, the average earnings beat (including the Q4 miss) came out to 25.95%.



For fiscal 2024, experts are looking at EPS of $3.68, well above last year&rsquo;s print of $2.83. Also, revenue should land at $3.75 billion, up a massive 46% from 2023&rsquo;s result of $2.56 billion.



<h2>LiveRamp (RAMP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/03/live-ramp-stock-1600-300x169.jpg" alt="illustration the LiveRamp Holdings logo seen displayed on a smartphone"><div>Source: rafapress / Shutterstock.com</div></div>Another entity within the software infrastructure arena, LiveRamp (NYSE:<a href="https://investorplace.com/stock-quotes/ramp-stock-quote/">RAMP</a>) operates a data collaboration platform. <a href="https://finance.yahoo.com/quote/RAMP/profile/">Per its corporate profile</a>, the company provides a mechanism to unify customer and prospect data to build a single view of the customer in a way that protects consumer privacy. LiveRamp sells its services to many industries, including insurance, retail and automotive, among many others.



As with Shift4 Payments, one of the reasons to consider RAMP is Wall Street&rsquo;s support. Right now, RAMP enjoys a <a href="https://www.tipranks.com/stocks/ramp/forecast">unanimous strong buy rating</a>. Further, the average price target lands at $48.75, with the most optimistic target reaching $51.



Notably, LiveRamp beat all its quarterly bottom-line targets for fiscal 2023 and by a wide margin. The average positive earnings surprise came out to an impressive 56.78%.



For fiscal 2024, experts see EPS hitting $1.47, above last year&rsquo;s print of 86 cents. Also, the company could ring up sales of $648.28 million, implying almost 9% year-over-year growth. It&rsquo;s one of the tech stocks ready to rebound.



<h2>Allegro MicroSystems (ALGM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/semiconductor1600c-300x169.jpg" alt="AI. Circuit board. Technology background. Central Computer Processors CPU concept. Motherboard digital chip. Tech science background. Integrated communication processor. 3D illustration representing semiconductor stocks. Semiconductors Stocks to Sell"><div>Source: Shutterstock</div></div>Listed under the semiconductor segment, Allegro MicroSystems (NASDAQ:<a href="https://investorplace.com/stock-quotes/algm-stock-quote/">ALGM</a>) designs, develops, manufactures and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Primarily, it provides original equipment manufacturer (OEM) components for the automotive and industrial markets.



A middle-capitalization, Allegro doesn&rsquo;t receive the attention of some of the heavyweights. Still, ALGM makes a strong case for tech stocks ready to rebound. For one thing, analysts rate shares a <a href="https://www.tipranks.com/stocks/algm/forecast">consensus strong buy</a>. Further, the average price target comes in at $38.13, with the high-side estimate landing at $45.



While its fiscal performance hasn&rsquo;t exactly lit up the board, it&rsquo;s consistently profitable. In 2023, Allegro beat all its quarterly bottom-line targets. Its average positive earnings surprise reached 6.65%. The best performance came in Q4, when it posted EPS of 32 cents against a 29-cent target.



For fiscal 2024, experts believe EPS will hit $1.32, up from last year&rsquo;s $1.28. Also, they&rsquo;re looking for sales growth of 7.2% YOY to $1.04 billion.



<h2>Intapp (INTA)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/software1600d-300x169.jpg" alt="A man examines a digital screen with different icons for software."><div>Source: Shutterstock</div></div>Operating under the application software segment, Intapp (NASDAQ:<a href="https://investorplace.com/stock-quotes/inta-stock-quote/">INTA</a>) provides industry-specific cloud-based software solutions for the professional and financial services industry in the U.S., U.K. and internationally. Some of its solutions include a platform that helps manages financial services firms&rsquo; market relationships, along with those of prospective clients. Intapp also provides offerings that help its enterprise clients maximize the benefits of artificial intelligence.



As with the other ideas for tech stocks ready to rebound, INTA enjoys strong support from Wall Street. Indeed, the security lands a <a href="https://www.tipranks.com/stocks/inta/forecast">unanimous strong buy rating</a>. Notably, the average price target stands at $50.44, while the high-side estimate calls for $57.



Fiscally, one of Intapp&rsquo;s strengths is consistent profitability. Interestingly, experts keep doubting it. For example, in Q1, the company posted earnings of three cents per share against a breakeven target. In Q4, it posted EPS of 11 cents against a target of five cents.



For fiscal 2024, analysts see EPS of 34 cents, well above last year&rsquo;s print of 11 cents. And revenue could reach $425.04 million, up 21.1% YOY.



<h2>Sonos (SONO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/sono-stock-300x169.jpg" alt="Image of a Sonos (SONO) branded speaker"><div>Source: ClassyPictures / Shutterstock.com</div></div>Falling under the consumer electronics category, Sonos (NASDAQ:<a href="https://investorplace.com/stock-quotes/sono-stock-quote/">SONO</a>) designs, develops, manufactures and sells audio products and services in the Americas, Europe, the Middle East, Africa and Asia-Pacific. <a href="https://finance.yahoo.com/quote/SONO/profile">Per its corporate profile</a>, Sonos offers wireless, portable and home-theater speakers, along with components and accessories. It&rsquo;s a risky play but a possible improvement in consumer discretionary sentiment could help SONO stock.



Despite the current headwinds, analysts appreciate the enterprise, rating it a consensus strong buy. Enticingly, the <a href="https://www.tipranks.com/stocks/sono/forecast">average price target reaches $29.52</a> while the high-side estimate calls for $55. Of course, a main concern is that in the past 52 weeks, SONO has been all over the map.



Fiscally, the problem manifests in the bottom line. Overall, the average surprise in 2023 came in at 0.48%. That&rsquo;s not exactly encouraging. However, in Q4, the company delivered EPS of 64 cents against a target of 39 cents.



For fiscal 2024, analysts believe EPS will reach 25 cents. If so, that would be a dramatic shift from last year&rsquo;s print of a loss of eight cents per share. However, investors may need to wait till fiscal 2025 for revenue growth to materialize.



<h2>Braze (BRZE)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/software1600c-300x169.jpg" alt="APPS stock: A digital illustration of software icons surrounding a cellphone."><div>Source: Shutterstock</div></div>Falling under the application software segment, Braze (NASDAQ:<a href="https://investorplace.com/stock-quotes/brze-stock-quote/">BRZE</a>) operates a customer engagement platform that provides interactions between consumers and brands worldwide. <a href="https://finance.yahoo.com/quote/BRZE/profile">According to its public profile</a>, the company offers data ingestion products, such as Braze software development kits that automatically manage data ingestion and deliver mobile and web notifications, in-application/in-browser interstitial messages and content cards.



While Braze might not get everyone&rsquo;s attention, those in the know believe it&rsquo;s one of the tech stocks ready to rebound. Analysts rate shares a <a href="https://www.tipranks.com/stocks/brze/forecast">consensus strong buy</a>. It&rsquo;s only one hold rating shy of a unanimous buy rating. Overall, the average price target reaches $68.86, with the high-side estimate coming in at $80.



While the company isn&rsquo;t profitable, it is beating its bottom-line target. For fiscal 2023, the average surprise jumped to 45.18%. Its best performance was Q2, when Braze delivered a loss of 4 cents against expected red ink of 14 cents.



For the current fiscal year (2025), analysts are looking for significant growth: $574.15 million on the top line, beating out last year&rsquo;s print of $471.8 million by 21.7%.



<h2>Coursera (COUR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/10/coursera-300x169.jpg" alt="The app page for Coursera is displayed on a smartphone screen with a website in the background."><div>Source: Postmodern Studio / Shutterstock.com</div></div>Listed under the consumer defensive space, Coursera (NYSE:<a href="https://investorplace.com/stock-quotes/cour-stock-quote/">COUR</a>) operates within the education and training services subcategory. That about explains it all. <a href="https://finance.yahoo.com/quote/COUR/profile/">According to its corporate profile</a>, Coursera operates an online educational content platform in the United States, Europe, Africa, Asia-Pacific, the Middle East and internationally. Given the changes in the workforce post-pandemic, COUR could be an intriguing idea for tech stocks ready to rebound.



Now, don&rsquo;t get me wrong &ndash; COIUR is extremely volatile. With that, the analysts&rsquo; consensus view comes in at a <a href="https://www.tipranks.com/stocks/cour/forecast">moderate buy</a>. Still, I suppose the optimist might say that a buy is a buy. Not only that, the average price target of $23.20 will likely pique curiosity among bullish speculators. Also, the low-side target of $15 still implies growth.



Despite the heightened risk profile, Coursera gets the business done. For example, the company posted EPS of 6 cents in Q4, above analysts estimation of a breakeven quarter. It also beat out quarterly projections earlier in the year by a wide margin.



For fiscal 2024, experts see significant growth: a revenue target of $736.45 million or 15.8% up from last year&rsquo;s print of $635.76 million. Thus, it could be one of the tech stocks ready to rebound.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/7-also-ran-tech-stocks-ready-to-steal-the-spotlight/">7 Also-Ran Tech Stocks Ready to Steal the Spotlight</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

7 Also-Ran Tech Stocks Ready to Steal the Spotlight

AMD, Arm, Nvidia in spotlight as Evercore initiates coverage on semiconductor stocks

Mark Lipacis, an analyst from Evercore ISI, has initiated a new Buy rating on Allegro MicroSystems (ALGM). Mark Lipacis has given his Buy rating du...

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ALAB

ATEC

AVGO

BRZE

COUR

CYTK

EOLS

FOUR

INTA

INTC

MCHP

MRVL

MTSI

NVDA

NXPI

QCOM

QLYS

RAMP

RGTI

SAIC

SONO

Press Releases

Allegro MicroSystems Reports Second Quarter 2024 Results

Transphorm and Allegro MicroSystems Team Up to Increase GaN Power System Performance for High Power Applications

Allegro MicroSystems to Present at Needham's 26th Annual Growth Conference on January 19

Allegro MicroSystems Expands Isolated Gate Driver Portfolio with Bipolar-Output Power-Thru IC

Allegro MicroSystems to Announce Third Quarter Fiscal Year 2024 Financial Results

Allegro MicroSystems Reports Third Quarter 2024 Results

General

Allegro MicroSystems Introduces High-Bandwidth Current Sensor Technologies Enabling High-Performance Power Conversion

Allegro MicroSystems to Present at Morgan Stanley's Technology, Media & Telecom Conference on March 4

Management

Allegro MicroSystems Appoints Jennie Raubacher to its Board of Directors

Allegro MicroSystems to Announce Fourth Quarter and Fiscal Year 2024 Financial Results

TGAN

Astera Labs

Ambarella

ASE Technology Holding Co., Ltd. American Depositary Shares (each representing Two Common Shares)