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Wedbush's Dan Ives praised Microsoft Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) performance after the company reported its <a href="https://www.benzinga.com/news/earnings/24/04/38444199/microsoft-q3-earnings-revenue-beat-eps-beat-new-era-of-ai-transformation-and-more">March 2024 quarter earnings</a> and beat revenue and earnings per share (EPS) estimates.
What Happened: Ives praised Microsoft CEO Satya Nadella for the company&#8217;s performance in the AI and cloud computing space.
Ives compared Nadella to a &#8220;grandmaster chess player&#8221; and lauded Microsoft&#8217;s Azure cloud platform for its growth in the AI sector. He also referred to the current state of AI as a &#8220;1995 Moment,&#8221; indicating a significant turning point in the industry.
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38452338/microsoft-alphabet-and-3-stocks-to-watch-heading-into-friday">Microsoft, Alphabet And 3 Stocks To Watch Heading Into Friday</a>
&#8220;For Nadella the grandmaster chess player another Picasso-like performance for Microsoft as Azure is firing on all cylinders and the AI Revolution plays out in front of our eyes. Our #1 AI Draft pick Microsoft hitting its next gear of growth."
<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">For Nadella the grandmaster chess player another Picasso-like performance for Microsoft as Azure is firing on all cylinders and the AI Revolution &#x1f525; plays out in front of our eyes. Our #1 AI Draft pick Microsoft hitting its next gear of growth. $500 PT &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&#x1f576;&#xFE0F;. 1995 Moment &#x1f525;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1783767713984164164?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Ives reiterated a price target of $500 for Microsoft stock, which is currently up 4.25% in premarket trading on Friday, at $416, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
"Another historic night for Big Tech as the AI Revolution and this 1995 Moment is now here," Ives added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Another historic night for Big Tech as the AI Revolution and this 1995 Moment is now here <a href="https://twitter.com/CNBCClosingBell?ref_src=twsrc%5Etfw">@CNBCClosingBell</a> &#x1f525;&#x1f447; <a href="https://t.co/rN1kF6p9ZF">https://t.co/rN1kF6p9ZF</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1783756944735371304?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Ives&#8217; comments come in the wake of Microsoft&#8217;s strong performance in the AI and cloud computing sector. During the third-quarter earnings call, Nadella <a href="https://www.benzinga.com/news/24/04/38450786/satya-nadella-says-azure-search-also-used-by-chatgpt-is-one-of-the-fastest-growing-services-for-micr">highlighted the strong demand for Azure</a>, particularly in the field of AI, which has significantly contributed to acquiring new customers.
Microsoft&#8217;s third-quarter revenue increased 17% year-over-year to $61.9 billion, which beat the consensus estimate of $60.804 billion. The tech giant reported quarterly earnings of $2.94 per share, which beat analyst estimates of $2.82 per share.
During the post-earnings call, <a href="https://www.benzinga.com/general/gaming/24/04/38451061/microsoft-ceo-satya-nadella-highlights-record-breaking-gaming-performance-expansion-to-nintendo-sw">Nadella also revealed</a> that Microsoft had set new records for game streaming hours, console usage, and monthly active devices.
Price Action: Microsoft's shares were up 4.25% in premarket trading on Friday, after closing at $399.04 on the previous day, according to Benzinga Pro.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38426370/mark-zuckerberg-says-tens-of-millions-users-have-already-tried-meta-ai-and-people-are-asking-us-to-r">Mark Zuckerberg Says &#8216;Tens Of Millions&#8217; Users Have Already Tried Meta AI, And People Are &#8216;Asking Us To Release&#8230;Wherever They Are&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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MSFT

'Another Picasso-Like Performance:' Top Tech Analyst Praises Satya Nadella, Says Microsoft Is Top 'AI Draft Pick' With 20% Rally In Store

2024 Earnings&nbsp;Guidance
PGE is reaffirming its estimate for full-year 2024 adjusted earnings&nbsp;guidance&nbsp;of&nbsp;$2.98&nbsp;to&nbsp;$3.18&nbsp;per diluted share based on the following assumptions:
<ul>
<li>Exclusion of the impacts of the&nbsp;January 2024&nbsp;winter storm, including non-deferrable Reliability Contingency Event (RCE) costs and non-deferred incremental storm restoration costs;</li>
<li>An increase in energy deliveries of&nbsp;2%&nbsp;to&nbsp;3%, weather adjusted;</li>
<li>Normal temperatures in its utility service territory;</li>
<li>Hydro conditions for the year that reflect current estimates;</li>
<li>Wind generation based on five years of historical levels or forecast studies when historical data is not available;</li>
<li>Normal thermal plant operations;</li>
<li>Operating and maintenance expense between&nbsp;$815 million&nbsp;and&nbsp;$840 million&nbsp;which includes approximately&nbsp;$165 million&nbsp;of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines;</li>
<li>Depreciation and amortization expense between&nbsp;$475 million&nbsp;and&nbsp;$525 million;</li>
<li>Effective tax rate of&nbsp;10%&nbsp;to&nbsp;15%;</li>
<li>Cash from operations of&nbsp;$700&nbsp;to&nbsp;$800 million;</li>
<li>Capital expenditures of&nbsp;$1,340&nbsp;million; and</li>
<li>Average construction work in progress balance of&nbsp;$795 million.</li>
</ul>

Earnings

Guidance

Portland General Electric Reaffirms Its 2024 Guidance: Sees Adjusted EPS Of $2.98-$3.18 Vs. $3.07 Consensus, And Cash From Operations Of $700M-$800M

Portland Gen Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/POR#NYSE">POR</a>) reported quarterly earnings of $1.21 per share which beat the analyst consensus estimate of $1.09 by 11.01 percent. This is a 51.25 percent increase over earnings of $0.80 per share from the same period last year. The company reported quarterly sales of $940.000 million which beat the analyst consensus estimate of $828.972 million by 13.39 percent. This is a 26.17 percent increase over sales of $745.000 million the same period last year.

Earnings Beats

Portland Gen Electric Q1 2024 Adj EPS $1.21 Beats $1.09 Estimate, Sales $940.000M Beat $828.972M Estimate

Eric Melis, VP of Global Brand Marketing, Carbonated Soft Drinks at PepsiCo,&nbsp;said: &quot;Jack is renowned worldwide for his incredible football skills and the enjoyment he takes from the game. We celebrate those who personify our attitude on and off the pitch and can&#39;t wait for him to support us in bringing more enjoyment to football fans around the world as part of the Pepsi family.&quot;

PepsiCo Signs Football Star Jack Grealish As Global Brand Ambassador In Multi-year Partnership

TotalEnergies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>) reported quarterly earnings of $2.14 per share which beat the analyst consensus estimate of $2.06 by 3.88 percent. The company reported $56.278 in sales this quarter. This is a 100.00 percent decrease over sales of $62.603 billion the same period last year.

TotalEnergies Q1 2024 Adj EPS $2.14 Beats $2.06 Estimate, Sales $56.278 Down From $62.603B YoY

<div>Underlying sales growth excluding OPM1&nbsp;and Strategic Review2&nbsp;of&nbsp;3%.</div>
<div>Strong operational progress in all divisions and continued execution momentum across our 2024 strategic priorities.</div>
<div>Continuing to infuse our products with AI and on-track to include AI features in more than 40 Higher Education titles for the Fall semester.</div>
<div>Initial &pound;300m share buyback completed; the previously announced &pound;200m buyback extension has commenced.</div>

Pearson Says It Will See Q1 Underlying Sales Growth Excluding OPM And Strategic Review Of 3%; On Track To Achieve 2024 Guidance With Expected Momentum For 2H

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

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