Garmin Stock (NYSE:GRMN), Trade Ideas

Garmin

Garmin produces GPS-enabled hardware and software for five verticals: fitness, outdoors, auto, aviation, and marine. The company relies on licensing mapping data to enable its hardware specialized for often niche activities like scuba diving or sailing. Garmin operates in 100 countries and sells its products via distributors as well as relationships with original equipment manufacturers.

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PARAA

PINS

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Sony Group Corporation American Depositary Shares

SONY

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Last week&#39;s top performers included Carvana, Pinterest, Moderna and JD.Com.

Which Large-Cap Stocks Are Winning This Earnings Season? 15 Stocks To Watch (April 28-May 4, 2024)

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ROOT

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Why AMD Shares Are Trading Lower By Around 7%? Here Are Other Stocks Moving In Wednesday&#39;s Mid-Day Session

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Powell Industries Posts Upbeat Results, Joins A10 Networks, Garmin, DuPont And Other Big Stocks Moving Higher On Wednesday

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CNBC Halftime Report Final Trades: Amazon.Com, Garmin, AvalonBay Communities, Alphabet Inc. - Class A

These large-cap stocks were the best performers in the last week amid earnings season. Are they in your portfolio?
<ol>
<li>Carvana Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) shares escalated 39.1% after it reported Q1 revenue of&nbsp;$3.061 billion, which beat the&nbsp;consensus&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38566697" rel="noreferrer noopener">estimate&nbsp;of&nbsp;$2.673 billion</a>. Several analysts&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38594906" rel="noreferrer noopener">raised their forecasts</a>.</li>
<li>NIO Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares jumped 21.5% after the&nbsp;company's&nbsp;April&nbsp;vehicle deliveries increased&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38547416" rel="noreferrer noopener">134.6%&nbsp;year-over-year</a>.</li>
<li>Paramount Global&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) shares surged 21.5% after it reported first-quarter&nbsp;revenue of&nbsp;$7.685 billion, which missed the&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38503655" rel="noreferrer noopener">consensus estimate of&nbsp;$7.732 billion</a>. The company said CEO&nbsp;Bob Bakish&nbsp;is stepping down from the studio. Paramount reportedly got a $26 billion acquisition offer from&nbsp;Sony Group Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) and&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38598651" rel="noreferrer noopener">Apollo Global Management, Inc.</a><a target="_blank" href="https://www.benzinga.com//node/38598651" rel="noreferrer noopener">&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)</a>.</li>
<li>Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) shares rose 20.0% after it reported first-quarter sales of $5.37 billion — beating the consensus of $5.15 billion — and also <a href="https://www.benzinga.com//node/38523582" target="_blank" rel="noreferrer noopener">raised the FY24 outlook</a>. Multiple firms raised their <a href="https://www.benzinga.com/quote/THC/analyst-ratings" target="_blank" rel="noreferrer noopener">respective price targets on the stock</a>.</li>
<li>Pinterest, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) shares increased 19.9% after the company reported&nbsp;first-quarter&nbsp;revenue of&nbsp;$740 million, which beat the&nbsp;consensus estimate&nbsp;of&nbsp;$699.872 million and a loss per share of $0.04, which beat analyst estimates&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38534719" rel="noreferrer noopener">for a loss of $0.09 per share</a>. Several analysts raise&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38558198" rel="noreferrer noopener">forecasts&nbsp;on the stock</a>.</li>
<li>Bio-Techne Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECH#NASDAQ">TECH</a>) increased 17.2% following upbeat Q3 quarterly results and the announcement of a distribution <a href="https://www.benzinga.com//node/38544446" target="_blank" rel="noreferrer noopener">agreement with Thermo Fisher Scientific</a>.</li>
<li>Howmet Aerospace Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HWM#NYSE">HWM</a>) shares were up 14.9%  after the company reported better-than-expected Q1 revenue of $1.82 billion, beating the consensus of $1.736 billion, and adjusted EPS stood at $0.57, <a href="https://www.benzinga.com//node/38591577" target="_blank" rel="noreferrer noopener">beating the consensus of $0.52</a>. Few analysts raised the <a href="https://www.benzinga.com/quote/HWM/analyst-ratings" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Garmin Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) shares grew 13.9% after it reported&nbsp;first-quarter&nbsp;FY24 revenue of&nbsp;$1.38 billion, beating the&nbsp;consensus of&nbsp;$1.25 billion and proforma EPS of&nbsp;$1.42&nbsp;beat&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38552073" rel="noreferrer noopener">the&nbsp;consensus of&nbsp;$1.01</a>.&nbsp;Some analysts raised&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/GRMN/analyst-ratings" rel="noreferrer noopener">the price target on the stock</a>.</li>
<li>Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) shares are up 12.5% after it reported sales of $167 million, beating the consensus of $97.5 million, and reported <a href="https://www.benzinga.com//node/38592653" target="_blank" rel="noreferrer noopener">smaller-than-expected Q1 losses</a>.</li>
<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares are up 12.5%. The company reported better-than-expected <a href="https://www.benzinga.com//node/38498046" target="_blank" rel="noreferrer noopener">first-quarter results last Thursday</a>. </li>
<li>Woodward, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>) shares increased 11.2% after&nbsp;the company reported&nbsp;better-than-expected&nbsp;Q2&nbsp;financial results and&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38502107" rel="noreferrer noopener">raised&nbsp;FY24 guidance</a>.</li>
<li>KE Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>) shares are up 9.7%.</li>
<li>JD.Com, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) shares grew 9.2%.</li>
<li>Amcor Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMCR#NYSE">AMCR</a>) shares gained 9.1%.</li>
<li>Mobileye Global Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) shares rose 8.9%.</li>
</ol>
See Also: <a href="https://www.benzinga.com/24/05/38633879/last-weeks-worst-performing-stocks-are-these-15-large-cap-stocks-in-your-portfolio-april-28-may-4-20">Last Week&#8217;s Worst-Performing Stocks: Are These 15 Large-Cap Stocks In Your Portfolio? (April 28-May 4, 2024)</a>
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JP Morgan analyst Joseph Cardoso maintains Garmin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) with a Neutral and raises the price target from $155 to $175.

Price Target

JP Morgan Maintains Neutral on Garmin, Raises Price Target to $175

Barclays analyst George Wang maintains Garmin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) with a Equal-Weight and raises the price target from $140 to $166.

Barclays Maintains Equal-Weight on Garmin, Raises Price Target to $166

Shares of Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) fell sharply during Wednesday's session as the company reported first-quarter results and issued revenue <a href="https://www.benzinga.com/news/earnings/24/04/38534910/amd-investors-pull-back-after-modest-q1-beat-ceo-touts-ai-chip-ramp-up">guidance for the second quarter</a>.
AMD guided to second-quarter revenue of $5.7 billion plus or minus $300 million and a non-GAAP gross margin of about 53% against Street estimates of $5.7 billion in second-quarter revenue. Street expectations for fiscal year 2024 are for earnings of $3.40 per share and revenue of $24.13 billion, respectively, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Advanced Micro Devices shares dipped 6.9% to $147.44 on Wednesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>CytomX Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTMX#NASDAQ">CTMX</a>) shares jumped 97.5% to $3.2199. CytomX Therapeutics will report first quarter 2024 results and issue an initial CX-904 Phase 1a clinical data update on May 8.</li>
<li>IM Cannabis Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) gained 41.3% to $1.2150 after jumping around 54% on Tuesday.</li>
<li>Akanda Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAN#NASDAQ">AKAN</a>) gained 39.5% to $0.1295. Shares of cannabis-related stocks traded higher following reports suggesting the DEA plans to reclassify cannabis as a less dangerous drug.</li>
<li>Getaround, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GETR#NYSE">GETR</a>) rose 35% to $0.2741 after the company announced it secured up to $50 million in additional financing.</li>
<li>Rocky Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCKY#NASDAQ">RCKY</a>) gained 31.6% to $33.93 after the company reported better-than-expected quarterly financial results.</li>
<li>Palisade Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PALI#NASDAQ">PALI</a>) shares climbed 28% to $7.72 after the company announced completion of its analysis to determine the effects of bioactivated PALI-2108 on TNF-α production in a whole blood assay.</li>
<li>TransMedics Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMDX#NASDAQ">TMDX</a>) shares rose 28% to $120.26 after the company raised its 2024 guidance.</li>
<li>Surmodics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRDX#NASDAQ">SRDX</a>) gained 27.2% to $32.69 following strong quarterly results.</li>
<li>DecisionPoint Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPSI#NASDAQ">DPSI</a>) rose 24.6% to $10.03 as the company agreed to go private in all-cash transaction.</li>
<li>CareDx, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNA#NASDAQ">CDNA</a>) rose 23.4% to $9.59. CareDx is expected to report financial results for the first quarter 2024 after the closing bell on Thursday, May 9.</li>
<li>Powell Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POWL#NASDAQ">POWL</a>) jumped 23.2% to $176.16 after the company reported better-than-expected second-quarter financial results.</li>
<li>TG Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGTX#NASDAQ">TGTX</a>) rose 21.7% to $16.64 following a first-quarter revenue beat and increased 2024 Briumvi US net product revenue outlook.</li>
<li>New York Community Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) climbed 20% to $3.1887 following quarterly results.</li>
<li>Bio-Techne Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECH#NASDAQ">TECH</a>) jumped 20.1% to $75.89 following upbeat quarterly results.</li>
<li>Inari Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NARI#NASDAQ">NARI</a>) shares gained 19.1% to $44.47 after the company reported better-than-expected first-quarter sales results and issued FY24 revenue guidance above estimates.</li>
<li>LendingClub Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) gained 18% to $8.87.</li>
<li>A10 Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATEN#NYSE">ATEN</a>) gained 17.7% to $15.38 following better-than-expected quarterly results.</li>
<li>Pinterest, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) rose 17.5% to $39.29 following strong first-quarter earnings and upbeat second-quarter guidance.</li>
<li>Root, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROOT#NASDAQ">ROOT</a>) shares climbed 17.2% to $81.66 after the company reported better-than-expected first-quarter financial results.</li>
<li>LendingClub Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) gained 17.2% to $8.82 following upbeat earnings.</li>
<li>UFP Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UFPT#NASDAQ">UFPT</a>) jumped 13.8% to $234.34 following upbeat earnings.</li>
<li>Conduent Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNDT#NASDAQ">CNDT</a>) rose 13.7% to $3.58 after the company reported better-than-expected first-quarter results and issued strong FY24 guidance.</li>
<li>Stagwell Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STGW#NASDAQ">STGW</a>) gained 13.1% to $6.73 following upbeat earnings.</li>
<li>The Chefs&#8217; Warehouse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHEF#NASDAQ">CHEF</a>) climbed 11.5% to $36.89 following strong quarterly earnings.</li>
<li>Garmin Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NASDAQ">GRMN</a>) rose 11% to $160.40 after the company reported better-than-expected first-quarter financial results and affirmed FY24 adjusted EPS and sales guidance, which is above estimates.</li>
<li>Predictive Oncology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POAI#NASDAQ">POAI</a>) rose 9.9% to $1.5699 after the company announced a collaboration with FluGen for an intranasal flu vaccine.</li>
<li>Trinity Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRN#NYSE">TRN</a>) gained 9.4% to $28.48 following upbeat earnings.</li>
<li>Plutonian Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTN#NASDAQ">PLTN</a>) gained 6.8% to $9.48.</li>
<li>Lion Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGHL#NASDAQ">LGHL</a>) shares gained 6.5% to $0.5188 after the company reported a year-over-year increase in FY23 financial results.</li>
<li>Lemonade, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMND#NYSE">LMND</a>) shares gained 6% to $18.26 after the company reported better-than-expected first-quarter financial results and raised its FY24 revenue guidance above estimates.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Cemtrex, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CETX#NASDAQ">CETX</a>) shares fell 73.1% to $0.3054 after the company announced pricing of a $10 million upsized underwritten public offering.</li>
<li>Mobile-health Network Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDR#NASDAQ">MNDR</a>) dipped 61.8% to $9.41.</li>
<li>CVRx, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVRX#NASDAQ">CVRX</a>) fell 40.2% to $9.27 after the company reported worse-than-expected first-quarter financial results. JP Morgan analyst Robbie Marcus downgraded the stock from Overweight to Neutral and lowered the price target from $36 to $13.</li>
<li>Leggett &amp; Platt, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEG#NYSE">LEG</a>) fell 29.1% to $12.81 after the company reported worse-than-expected first-quarter financial results. The company also reduced its dividend.</li>
<li>Concord Medical Services Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCM#NYSE">CCM</a>) dipped 28.8% to $0.6052.</li>
<li>XTI Aerospace, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XTIA#NASDAQ">XTIA</a>) fell 25.5% to $1.90</li>
<li>Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) dipped 25% to $11.16.</li>
<li>Visionary Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GV#NASDAQ">GV</a>) declined 22.3% to $0.1883.</li>
<li>Astec Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTE#NASDAQ">ASTE</a>) fell 21.1% to $32.99 following downbeat quarterly results.</li>
<li>CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) dipped 19.4% to $54.55 following worse-than-expected first-quarter EPS and revenues.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares declined 15.9% to $721.99 following mixed third-quarter financial results.</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) fell 15.8% to $74.54 following weaker-than-expected second-quarter earnings.</li>
<li>Ryerson Holding Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RYI#NYSE">RYI</a>) declined 15.1% to $24.25 after posting a loss for the first quarter.</li>
<li>DigitalBridge Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBRG#NASDAQ">DBRG</a>) fell 14.4% to $14.08 after the company reported first-quarter financial results.</li>
<li>Hillenbrand, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HI#NYSE">HI</a>) dipped 14% to $41.04 after the company reported mixed second-quarter financial results and cut FY24 adjusted EPS guidance below estimates.</li>
<li>Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>) shares fell 13.7% to $92.01 after the company reported second-quarter financial results and issued third-quarter revenue guidance with the midpoint below estimates.</li>
<li>Sobr Safe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOBR#NASDAQ">SOBR</a>) shares declined 12.2% to $0.2801.</li>
<li>SiteOne Landscape Supply, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SITE#NASDAQ">SITE</a>) fell 11.6% to $138.66 after the company reported mixed first-quarter financial results.</li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) fell 11% to $16.84 following a first-quarter revenue miss and soft FY24 guidance.</li>
<li>O-I Glass, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OI#NYSE">OI</a>) fell 10.5% to $13.38 after the company reported worse-than-expected first-quarter sales results and cut FY24 adjusted EPS guidance.</li>
<li>The Estée Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>) fell 9.7% to $132.39 after the company reported third-quarter financial results and issued FY24 adjusted EPS guidance below estimates.</li>
<li>Global Payments Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPN#NYSE">GPN</a>) fell 9% to $111.68 after the company reported first-quarter financial results and issued guidance.</li>
<li>Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) dipped 8.8% to $66.59. A report earlier today indicated federal prosecutors are examining the company&#8217;s financial transactions.</li>
<li>The Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>) fell 8.2% to $41.10 after the company reported first-quarter financial results.</li>
<li>Polestar Automotive Holding UK PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) shares declined 7.9% to $1.2801. Polestar delayed annual report due to accounting errors.</li>
<li>The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>) fell 6.3% to $36.19 following mixed first-quarter results.</li>
<li>The Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>) fell 6% to $139.09 after the company reported worse-than-expected third-quarter sales results.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/05/38550761/how-to-earn-500-a-month-from-intel-stock-following-q1-earnings-report">How To Earn $500 A Month From Intel Stock Following Q1 Earnings Report</a>

Why AMD Shares Are Trading Lower By Around 7%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

U.S. stocks were mixed, with the Dow Jones index gaining over 50 points on Wednesday.
Shares of Powell Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POWL#NASDAQ">POWL</a>) rose sharply during Wednesday's session after the company reported better-than-expected <a href="https://www.benzinga.com/quote/POWL/earnings">second-quarter financial results</a>.
Powell Industries posted GAAP earnings of $2.75 per share, beating market estimates of $1.77 per share. The company's quarterly sales came in at $255.108 million versus expectations of $201.447 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Powell Industries shares jumped 23.2% to $176.16 on Wednesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Rocky Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCKY#NASDAQ">RCKY</a>) shares jumped 31.6% to $33.93 after the company reported better-than-expected quarterly financial results.</li>
<li>TransMedics Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMDX#NASDAQ">TMDX</a>) shares climbed 28% to $120.26 after the company raised its 2024 guidance.</li>
<li>Surmodics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRDX#NASDAQ">SRDX</a>) rose 27.2% to $32.69 following strong quarterly results.</li>
<li>CareDx, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNA#NASDAQ">CDNA</a>) shares gained 23.4% to $9.59. CareDx is expected to report financial results for the first quarter 2024 after the closing bell on Thursday, May 9.</li>
<li>TG Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGTX#NASDAQ">TGTX</a>) rose 21.7% to $16.64 following a first-quarter revenue beat and increased 2024 Briumvi US net product revenue outlook.</li>
<li>New York Community Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) jumped 20% to $3.1887 following quarterly results.</li>
<li>Bio-Techne Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECH#NASDAQ">TECH</a>) rose 20.1% to $75.89 following upbeat quarterly results.</li>
<li>Inari Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NARI#NASDAQ">NARI</a>) shares gained 19.1% to $44.47 after the company reported better-than-expected first-quarter sales results and issued FY24 revenue guidance above estimates.</li>
<li>LendingClub Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) surged 18% to $8.87.</li>
<li>A10 Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATEN#NYSE">ATEN</a>) climbed 17.7% to $15.38 following better-than-expected quarterly results.</li>
<li>Pinterest, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) gained 17.5% to $39.29 following strong first-quarter earnings and upbeat second-quarter guidance.</li>
<li>Root, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROOT#NASDAQ">ROOT</a>) shares gained 17.2% to $81.66 after the company reported better-than-expected first-quarter financial results.</li>
<li>LendingClub Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) rose 17.2% to $8.82 following upbeat earnings.</li>
<li>UFP Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UFPT#NASDAQ">UFPT</a>) gained 13.8% to $234.34 following upbeat earnings.</li>
<li>Stagwell Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STGW#NASDAQ">STGW</a>) rose 13.1% to $6.73 following upbeat earnings.</li>
<li>The Chefs&#8217; Warehouse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHEF#NASDAQ">CHEF</a>) gained 11.5% to $36.89 following strong quarterly earnings.</li>
<li>Garmin Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NASDAQ">GRMN</a>) climbed 11% to $160.40 after the company reported better-than-expected first-quarter financial results and affirmed FY24 adjusted EPS and sales guidance, which is above estimates.</li>
<li>Amcor plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMCR#NYSE">AMCR</a>) gained 10% to $9.84 after the company reported mixed third-quarter financial results and updated guidance.</li>
<li>Trinity Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRN#NYSE">TRN</a>) rose 9.4% to $28.48 following upbeat earnings.</li>
<li>Axos Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AX#NYSE">AX</a>) surged 9.3% to $55.31 following better-than-expected earnings.</li>
<li>Axalta Coating Systems Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXTA#NYSE">AXTA</a>) gained 9.2% to $34.32 following better-than-expected quarterly results.</li>
<li>Carpenter Technology Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRS#NYSE">CRS</a>) climbed 8.1% to $92.61 on strong quarterly earnings.</li>
<li>DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>) rose 8.1% to $78.39 as the company reported a first-quarter fiscal 2024 sales decline of 3% year-over-year to $2.931 billion, beating the consensus of $2.813 billion.</li>
<li>Clean Harbors, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLH#NYSE">CLH</a>) gained 8% to $204.59 after the company reported better-than-expected quarterly financial results.</li>
<li>DigitalOcean Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCN#NYSE">DOCN</a>) gained 7.7% to $35.38 after it was announced the stock will join the S&amp;P SmallCap 600.</li>
<li>LivaNova PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIVN#NASDAQ">LIVN</a>) gained 7.4% to $59.86 after the company posted upbeat quarterly earnings and raised FY24 forecast.</li>
<li>United Therapeutics Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UTHR#NASDAQ">UTHR</a>) gained 6.2% to $248.95 after the company reported better-than-expected quarterly financial results.</li>
<li>Lemonade, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMND#NYSE">LMND</a>) shares rose 6% to $18.26 after the company reported better-than-expected first-quarter financial results and raised its FY24 revenue guidance above estimates.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/05/38549444/exxon-mobil-kimberly-clark-and-2-other-stocks-insiders-are-selling">Exxon Mobil, Kimberly-Clark And 2 Other Stocks Insiders Are Selling</a>

WIIM

Garmin shares are trading higher after the company reported better-than-expected Q1 financial results and affirmed FY24 adjusted EPS and sales guidance, which is above estimates.

Garmin Ltd&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>)&nbsp;reported fiscal first-quarter 2024 revenue growth of 20% year-on-year to $1.38 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38545405/garmin-announces-first-quarter-2024-results" rel="noreferrer noopener">consensus of $1.25 billion</a>.&nbsp;
The GPS navigation and wearable technology company's proforma EPS of $1.42 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $1.01</a>.&nbsp;
Segments:&nbsp;Revenue from Fitness grew by 40%&nbsp;year over year&nbsp;to $342.89 million, with growth across all categories led by strong demand for advanced wearables.
Outdoor revenue improved by 11%&nbsp;year over year&nbsp;to $366.19 million, primarily&nbsp;due to&nbsp;growth in wearables. Aviation revenue grew by 2%&nbsp;year over year&nbsp;to $216.86 million,&nbsp;primarily due to&nbsp;growth in OEM product categories.
Marine revenue increased by 17%&nbsp;Y/Y&nbsp;to $326.74 million due to contributions from the acquisition of JL Audio. Auto OEM&nbsp;grew 58% Y/Y&nbsp;to $128.97 million, primarily due to increased shipments of domain controllers to BMW.
The gross margin improved by 120 bps to 58.1%. The&nbsp;operating margin climbed to 21.6% from 17.2% a year ago.
Garmin generated $402.14 million in free cash flow for the quarter&nbsp;versus $232.4&nbsp;million a year ago.&nbsp;It&nbsp;held $3.3 billion in cash and equivalents&nbsp;as of March 30, 2024.
Dividend:&nbsp;The Board intends to recommend a cash dividend of $3.00 per share, payable in four equal installments.
FY24 Outlook:&nbsp;Garmin&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37236625/why-is-garmin-stock-trading-up-wednesday'" rel="noreferrer noopener">reiterated a revenue outlook of</a>&nbsp;$5.75 billion versus the&nbsp;consensus of $5.73 billion.
Garmin maintained a proforma EPS of $5.40&nbsp;against the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $5.39</a>.&nbsp;
Garmin stock gained 47% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Global X Internet Of Things ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNSR#NASDAQ">SNSR</a>) and&nbsp;Procure Space ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UFO#NASDAQ">UFO</a>).
 Price Action: GRMN shares traded higher by 8.82% at $157.21 at the last check Wednesday.
Photo via Wikimedia Commons

Earnings

Guidance

Tech

SNSR

Garmin's Advanced Wearables Are In Demand, Surprises With Q1 Profit Growth

2024 Fiscal Year Guidance:
&nbsp;
Consistent with prior years, and as the first quarter historically represents the lowest seasonal quarter of our financial year, we are not updating our 2024 guidance for revenue of approximately $5.75 billion and pro forma EPS of $5.40 (see attached discussion on Forward-looking Financial Measures).

Garmin Affirms FY24 Outlook: Adj EPS $5.40 vs $5.39 Est; Sees Sales $5.750B vs $5.73B Est

Garmin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) reported quarterly earnings of $1.42 per share which beat the analyst consensus estimate of $1.01 by 40.59 percent. This is a 39.22 percent increase over earnings of $1.02 per share from the same period last year. The company reported quarterly sales of $1.380 billion which beat the analyst consensus estimate of $1.251 billion by 10.34 percent. This is a 20.31 percent increase over sales of $1.147 billion the same period last year.

Earnings Beats

Garmin Q1 2024 Adj EPS $1.42 Beats $1.01 Estimate, Sales $1.380B Beat $1.251B Estimate

A negative sentiment might linger on Wall Street on Wednesday, as evidenced by stock futures, after&nbsp;Advanced Micro Devices, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38534910/amd-investors-pull-back-after-modest-q1-beat-ceo-touts-ai-chip-ramp-up" rel="noreferrer noopener">underwhelming quarterly report</a>, exerting pressure on the tech sector and the broader market. However, the afternoon&#8217;s Federal Reserve interest rate decision and subsequent press conference by Chairman&nbsp;Jerome Powell&nbsp;could be the&nbsp;key&nbsp;catalyst that ultimately determines the session&#8217;s direction.
Despite potential short-term headwinds, some analysts view the April market pullback as a necessary correction after a strong rally, paving the way for renewed momentum in the coming months.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.72%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.43%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.21%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.60%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Wednesday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.41% to $499.92,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slumped 0.75% to $421.40, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session:
Inclement economic data weighed down on the market on Tuesday, as the major averages reversed course, snapping a two-session advance. The employment cost index &#8211; a measure of wage-induced inflation rose more than expected in the first quarter, Chicago region&#8217;s manufacturing activity sunk further into contraction territory and consumer confidence fell below a threshold that demarcates receding and improving sentiment, three separate reports showed.
Bond yields spiked, exerting further downward pressure on stocks.
The averages opened narrowly mixed and moved roughly sideways in early trading. The indices declined steadily through the remainder of the session, ending notably lower for the day. The sell-off was broad-based, with IT, energy, and consumer discretionary stocks serving as big drags.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-2.04%</td>
<td>15,657.82</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-1.57%</td>
<td>5,035.69</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-1.49%</td>
<td>37,815.92</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-2.09%</td>
<td>1,973.91</td>
</tr>
</tbody>
</table>
</figure>
For the month, the indices fell 4.41%, 4.16%, 5.00% and 7.09%, respectively, with the S&amp;P 500 snapping a five-month winning run.
Insights From Analysts:
Powell alone can help lift some of the overhang surrounding the rate outlook and this could be the need of the hour, according to an analyst. Charlie Ripley, Senior Investment Strategist for Allianz Investment Management, said, &#8220;Market sentiment continues to waver on inflation-related data sets,&#8221; said the analyst, adding that data showing a jump in employment costs left an &#8220;unsavory taste in the mouth of investors.&#8221; 
&#8220;The continued realization that sticky service-related inflation metrics are taking a bite out of the Fed's rate-cutting plans has investors on edge for the time being and this is squarely being reflected in the sell-off of both bonds and equities,&#8221; Ripley said.
He expects Powell to help shed some light on the current uncertainty surrounding the path of policy rates.  
Carson Group&#8217;s Ryan Detrick, meanwhile, isn&#8217;t worried about the normally bullish April struggling this year. The S&amp;P 500 Index has been higher for five months in a row heading into it and some type of break was warranted, he said.
&#8220;In fact, we wouldn't be surprised if stocks consolidated for another month or so, working off some of the historic rebound off the late-October lows. We do not expect major weakness, but a break makes sense,&#8221; he added.
Detrick raised the specter of a summer rally, and strength during these six months, given it is an election year and stocks have been strong so far this year.
Upcoming Economic Data:
<ul>
<li>ADP is due to release its private payroll data for April at 8:15 a.m. EDT. Economists, on average, expect the sector to have added 183,000 jobs during the month, flattish with the previous month.</li>
<li>The Institute for Supply Management is scheduled to release its manufacturing purchasing managers&#8217; index for March at 10 a.m. EDT. The consensus estimate calls for a reading of 49.9, suggesting contraction, down from 50.3 in February.</li>
<li>The Labor Department will release the results of its Job Openings and Labor Turnover survey at 10 a.m. EDT, with the average economists&#8217; estimate for job openings at 8.7 million for March, down from 8.8 million in February.</li>
<li>The Commerce Department&#8217;s construction spending report, due at 10 a.m. EDT, will likely show a 0.3% month-over-month increase in spending in March. This compares to a 0.3% drop in the previous month.</li>
<li>The Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. EDT.</li>
<li>The Fed will release its post-meeting policy statement at 2 p.m. EDT and this will be followed by Powell&#8217;s press conference at 2:30 p.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/best-futures-brokers">Best Futures Brokers</a>
Stocks In Focus: 
<ul>
<li>AMD fell over 6.5% in <a href="https://www.benzinga.com/premarket">premarket trading </a>after the company reported a small first-quarter beat and issued a lukewarm forward guidance. Peer Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other chip stocks moved in sympathy.</li>
<li> Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) climbed over 2% following its first-quarter results.</li>
<li>Other stocks moving on earnings are Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) (up about 18%), Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) (down over 12%), Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>) (down about 13%), and Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) (down about 9%).</li>
<li>Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>), CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), The Estée Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>), GSK plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>), The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>), KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>), Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), Pfizer, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>) and Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting earnings ahead of the market opening.</a></li>
<li>Notable names reporting after the close are Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), The Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>), C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>), Kulicke and Soffa Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLIC#NASDAQ">KLIC</a>), Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>), MetLife, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>), MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>), Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>), Sunnova Energy International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>), Upwork Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPWK#NASDAQ">UPWK</a>), Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) and Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures fell for a third straight session, as the price pulled back toward the $80-a-barrel mark, and gold futures were little changed with a negative bias. An ounce of gold traded for around $2,300.
The 10-year note yield edged up and was around the 4.69% mark.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) pulled back sharply toward the $57K mark.
Most global equity markets remained closed for the Labor Day holiday. The open ones, including Japan, New Zealand, and Australia, settled lower ahead of the U.S. Fed decision.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38481553/will-earnings-cheer-continue-to-buoy-markets-apple-amazon-pfizer-coinbase-lead-flurry-of-q1-reports">Will Earnings Cheer Continue To Buoy Markets? Apple, Amazon, Pfizer, Coinbase Lead Flurry Of Q1 Reports This Week</a>
Photo by Tada Images on Shutterstock

Futures

Previews

Economics

Federal Reserve

Pre-Market Outlook

$BTC

BLCO

CHRW

EBAY

ETSY

FRSH

FSLR

KLIC

LOGI

NOVA

NTGR

NVDA

QRVO

UPWK

WING

WOLF

Wall Street Set To Open Lower After AMD Earnings Disappoint As Traders Look To Fed's Powell For Relief: Why This Analyst Sees Incoming Summer Rally

Corporate <a href="https://www.benzinga.com/markets/equities/24/04/38471231/strong-quarterly-earnings-fuel-market-optimism-despite-inflation-concerns-slowing-economic-growt">earnings came to the market&#8217;s rescue in the past week,</a> helping to overcome rate fears. As we look ahead to the unfolding week, it remains to be seen whether the tech earnings deluge can keep the rally&#8217;s momentum going. 
The Week That Was: High-profile Magnificent Seven earnings panned out mostly positively for the market, with Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) the outlier. The social media giant&#8217;s stock fell sharply as traders fretted over the soft second-quarter revenue guidance and the company&#8217;s massive AI investment plans. 
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) managed to appease the Street despite the double miss as it held out the promise of an expeditious launch of a more affordable EV. 
With the earnings season now halfway through, the percentage of S&amp;P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises were above their 10-year averages, <a href="https://insight.factset.com/sp-500-earnings-season-update-april-26-2024?utm_source=Direct&amp;utm_medium=Email&amp;utm_campaign=FO-04-26-2024&amp;utm_content=httpsinsightfactsetcomsp500earningsseasonupdateapril262024">said </a>FactSet in a report.
The blended first-quarter earnings growth of S&amp;P 500 companies is estimated at 3.5%, up from the 0.6% growth estimated in the week ended April 19, the financial data analytics firm said. If the trend holds, the S&amp;P 500 companies are on track to report earnings growth for the third straight quarter.
Of the 11 S&amp;P sector classes, eight sectors reported year-over-year earnings growth, led by communication services, utilities, IT, and consumer discretionary sectors. On the other hand, healthcare, energy, and materials have reported year-over-year earnings declines.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Look Ahead: The unfolding week will see 175 S&amp;P 500 companies and 6 Dow 30 components releasing their quarterly scorecards. The earnings roster includes two Magnificent Seven companies, namely Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), e-commerce retailers, payment processors, restaurants, and energy and REIT companies.
Earnings from Apple and Amazon could be market-moving, given the weighting of these stocks in the S&amp;P 500 Index. Also, Apple is considered a bellwether, given its exposure to consumers. Morgan Stanley&#8217;s Erik Woodring expects Apple to report a slightly beat but guide June quarter revenue down. 
Investors are likely to keep a close eye on performance in China, Apple&#8217;s updated capital return framework, and capital expenditures, the analyst said.
That said, the analyst is positive on the stock ahead of its annual Worldwide Developers&#8217; Conference due on June 10th. &#8220;With Apple&#8217;s biggest WWDC event on June 10th, we&#8217;d buy post-earnings weakness,&#8221; he said.
Amazon will likely continue to report double-digit sales and profit growth in the first quarter, according to Telsey Advisory Group analyst Joseph Feldman. The analyst premised his optimism on the strength of online spending, gains from expanded merchandise and faster fulfillment, and stabilization (and growth) of AWS. 
&#8220;Importantly, we expect [a] greater focus on profits supported by the growth of higher margin categories and services, such as advertising, media, and AWS (partly helped by AI-related upgrades), the redesigned distribution network&#8230;.. and cost savings,&#8221; he said.
Notable among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting earnings this week</a> are:
Monday 
<ul>
<li>Before the bell: JinkoSolar Holding Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>), ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), Koninklijke Philips N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>), SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)</li>
<li>After the close: F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>), Everest Group, Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>), NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>), MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), Qiagen N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QGEN#NYSE">QGEN</a>), Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>), Sanmina Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANM#NASDAQ">SANM</a>), Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>)</li>
</ul>
Tuesday 
<ul>
<li>Before the bell: 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), The Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>), McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>)</li>
<li>After the close: Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), ONEOK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>), Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>), Unum Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNM#NYSE">UNM</a>). Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), Stryker Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>), RenaissanceRe Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNR#NYSE">RNR</a>), Prudential Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), The Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>), Chesapeake Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NASDAQ">CHK</a>)</li>
</ul>

Wednesday 
<ul>
<li>Before the bell: Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>), CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), The Estée Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>), GSK plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>), The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>), KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>), Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), Pfizer, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>), Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>)</li>
<li>After the close: Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), The Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>), C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>), Kulicke and Soffa Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLIC#NASDAQ">KLIC</a>), Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>), MetLife, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>), MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>), Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>), Sunnova Energy International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>), Upwork Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPWK#NASDAQ">UPWK</a>), Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>), Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>)</li>
</ul>
Thursday 
<ul>
<li>Before the bell: ArcelorMittal S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>), Intercontinental Exchange, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>), Kimco Realty Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIM#NYSE">KIM</a>), Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>), PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>), Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>)</li>
<li>After the close: Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), BigBear.ai Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBAI#NYSE">BBAI</a>), BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>), Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>), Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Consolidated Edison, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>), DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>), Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>), Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>), Regency Centers Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REG#NASDAQ">REG</a>), Reinsurance Group of America, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGA#NYSE">RGA</a>), Pioneer Natural Resources Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>), Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>), Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>)</li>
</ul>
Friday 
<ul>
<li>Before the bell: American Axle &amp; Manufacturing Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXL#NYSE">AXL</a>), Cboe Global Markets, Inc. (CBOE: CBOE), Fluor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLR#NYSE">FLR</a>), The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>), Owens &amp; Minor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>), XPO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>)</li>
</ul>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the broader S&amp;P 500 Index, ended Friday&#8217;s session up 0.95% at $508.26, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>The ETF has pulled back from its all-time high (intraday) of $524.61 hit on March 28. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an ETF levered more to high-profile, non-financial tech stocks, rose 1.54% to $431.
Read Next: <a href="https://www.benzinga.com/news/earnings/earnings-misses/24/04/38464570/us-energy-stocks-fall-following-oil-giants-subdued-earnings-reports">US Energy Stocks Fall Following Oil Giants&#8217; Subdued Earnings Reports</a>

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CHTR

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COIN

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Will Earnings Cheer Continue To Buoy Markets? Apple, Amazon, Pfizer, Coinbase Lead Flurry Of Q1 Reports This Week

<a href="https://twitter.com/CitronResearch/status/1780632112959205521" title="https://twitter.com/CitronResearch/status/1780632112959205521">https://twitter.com/CitronResearch/status/1780632112959205521</a>

GPRO

Citron Research Posts On X "Look At The Woodman Discount. $GRMN Vs $GPRO EV/Sales. And Yes, Shareholders Still Pay For His Plane"

<a href="https://twitter.com/CitronResearch/status/1780631313520730456">https://twitter.com/CitronResearch/status/1780631313520730456</a>
&nbsp;

Citron Research Posts On X "$GPRO  Shareholders Consider This. If $GRMN Bought $GRPO For $4.50 A Share (A Deal Everyone Has Been Waiting For) GRMN Would Add 20% To Their Top Line By Spending  2% Of The Market Cap...But This Is The Person Standing In The Way. Disgusting"

Garmin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) today announced expanded coverage of the Garmin Navigation Database to now include&nbsp;Europe. Previously available to aircraft owners and operators in the Americas, the Garmin Navigation Database delivers a trusted and convenient new option for European customers to incorporate the latest aviation navigation information in their Garmin avionics. Offered for a variety of Garmin aviation products, including integrated flight decks, navigators, flight displays, portables and more, the launch of the Garmin Navigation Database for&nbsp;Europe&nbsp;introduces new cost-effective ways to purchase database updates. This includes single updates, annual bundle options and OnePak&trade;&nbsp;subscriptions for all compatible avionics in an aircraft.

Government

Regulations

Garmin Expands Avionics Database Solutions for Europe

JP Morgan analyst Joseph Cardoso maintains Garmin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) with a Neutral and raises the price target from $139 to $155.

JP Morgan Maintains Neutral on Garmin, Raises Price Target to $155

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Gordon Haskett cut the price target for Dollar Tree, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dltr#NASDAQ">DLTR</a>) from $150 to $140. Gordon Haskett analyst Chuck Grom downgraded the stock from Buy to Hold. Dollar Tree shares fell 0.9% to close at $134.73 on Tuesday. <a href="https://www.benzinga.com/quote/DLTR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan increased the price target for SLM Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/slm#NASDAQ">SLM</a>) from $20 to $22. JP Morgan analyst Richard Shane maintained a Neutral rating. SLM shares fell 0.8% to close at $21.16 on Tuesday. <a href="https://www.benzinga.com/quote/SLM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Gordon Haskett slashed Five Below, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/five#NASDAQ">FIVE</a>) price target from $210 to $200. Gordon Haskett analyst Chuck Grom downgraded the stock from Buy to Accumulate. Five Below shares fell 4.3% to close at $171.13 on Tuesday. <a href="https://www.benzinga.com/quote/FIVE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan raised the price target for American Express Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axp#NYSE">AXP</a>) from $214 to $240. JP Morgan analyst Richard Shane maintained an Overweight rating. American Express shares fell 0.9% to close at $225.53 on Tuesday. <a href="https://www.benzinga.com/quote/AXP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities boosted Garmin Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grmn#NYSE">GRMN</a>) price target from $120 to $165. B of A Securities analyst Ronald Epstein maintained a Neutral rating. Garmin shares fell 1.1% to close at $145.74 on Tuesday. <a href="https://www.benzinga.com/quote/GRMN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird increased Shopify Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/shop#NYSE">SHOP</a>) price target from $85 to $87. Baird analyst Colin Sebastian maintained an Outperform rating. Shopify shares fell 0.1% to close at $78.12 on Tuesday. <a href="https://www.benzinga.com/quote/SHOP/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Telsey Advisory Group cut the price target for PVH Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pvh#NYSE">PVH</a>) from $155 to $140. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating. PVH shares fell 22.2% to close at $108.68 on Tuesday. <a href="https://www.benzinga.com/quote/PVH/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Canaccord Genuity cut Nuvei Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvei#NASDAQ">NVEI</a>) price target from $40 to $34. Canaccord Genuity analyst Joseph Vafi downgraded the stock from Buy to Hold. Nuvei shares fell 0.5% to close at $32.26 on Tuesday. <a href="https://www.benzinga.com/quote/NVEI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Keefe, Bruyette &amp; Woods raised Coinbase Global, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>) price target from $160 to $230. Keefe, Bruyette &amp; Woods analyst Kyle Voigt maintained a Market Perform rating. Coinbase shares fell 2.5% to close at $245.84 on Tuesday. <a href="https://www.benzinga.com/quote/COIN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>HSBC cut Globant S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/glob#NYSE">GLOB</a>) price target from $275 to $270. HSBC analyst Phani Kanumuri maintained a Buy rating. Globant shares fell 2% to close at $197.72 on Tuesday. <a href="https://www.benzinga.com/quote/GLOB/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38062517/investor-sentiment-declines-dow-falls-for-second-session"> Investor Sentiment Declines, Dow Falls For Second Session </a>

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Shopify To Rally Around 12%? Here Are 10 Top Analyst Forecasts For Wednesday

B of A Securities analyst Ronald Epstein maintains Garmin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) with a Neutral and raises the price target from $120 to $165.

B of A Securities Maintains Neutral on Garmin, Raises Price Target to $165

<h4>Key Takeaways:</h4>
<ul>
<li>Keep Inc.&rsquo;s revenue grew 3.7% in the second half of the year, reversing a 2.7% decline in the first half on falling product sales</li>
<li>The fitness app operator slashed its headcount and costs last year, helping to significantly boost its margins</li>
</ul>
By Doug Young
After sprinting out of the IPO gate with solid gains for its newly listed stock last summer, fitness app operator&nbsp;Keep Inc.&nbsp;(3650.HK) is looking increasingly like a Chinese edition of former U.S. health equipment sensation Peloton.
Both companies thrived during the pandemic as millions used their exercise equipment and videos to stay fit during long stretches of home confinement with few chances to enjoy more traditional activities like mountain climbing, sports and even trips to the gym. But with the pandemic now over, both companies are struggling to stay relevant.
Keep&rsquo;s maiden&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0328/2024032801310.pdf">annual results</a>&nbsp;since its IPO last July showed its revenue declined last year from 2022, as a return to outdoor activities by many of its users sapped demand for the videos, online classes and equipment sales that are its main revenue sources. The company said it is adjusting by adding more products and services to meet demand for outdoor-focused activities in the post-pandemic era.
In the report, it noted how its monthly users began to rebound in the second half of last year after bottoming out in the first half. &ldquo;(W)e are regaining momentum supported by the gradual rollout of our new outdoor initiatives,&rdquo; it said.
Keep&rsquo;s stock is sorely in need of its own new fitness training program in the brief period since its listing. After selling shares for HK$28.92 last July, in a Hong Kong IPO that raised a modest $40 million, the company&rsquo;s stock rose as high as HK$36 as investors bet on its story of catering to millions of young middle-class Chinese with greater health consciousness than older generations.
But then the stock fell into a downward spiral last November, possibly due to growing concerns about China&rsquo;s slowing economy. Whatever the cause, the company&rsquo;s latest closing price of just HK$4.06 is down more than 80% from the IPO price. Its price-to-sales (P/S) ratio stands at an anemic 0.55, almost identical with the 0.56 for&nbsp;Peloton&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pton#NASDAQ">PTON</a>), but far behind the ratios of about 5 for healthier names like&nbsp;Garmin&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/grmn#NASDAQ">GRMN</a>) and&nbsp;Planet Fitness&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plnt#NYSE">PLNT</a>).
Truth be told, Keep&rsquo;s recent fall from investor favor doesn&rsquo;t seem totally justified, at least not based on the information in its latest report. Granted, the company&rsquo;s annual revenue fell 3.9% last year to 2.14 billion yuan ($296 million) from 2.21 billion yuan in 2022 &ndash; something no investor wants to see from a company selling itself on its high growth potential. But some simple calculations using data from the company&rsquo;s mid-year report shows its revenue actually returned to growth in the second half of the year, rising 3.9% year-on-year, after falling 2.7% in the first six months.
That more detailed view is a theme that recurs throughout Keep&rsquo;s latest report, namely that the company&rsquo;s business started to rebound in the second half of the year as it made some important adjustments for a new post-pandemic environment.
<h4>Sagging product sales</h4>
Keep&rsquo;s two main revenue sources are its service offerings, which include videos, online classes and other fitness materials; and its sales of products like exercise bikes and treadmills, as well as fitness clothing and food. Last year&rsquo;s overall revenue decline owed entirely to a 16.8% drop in product sales, which were previously the company&rsquo;s biggest single revenue source but fell to second place last year. Sales of services actually rose 11.4% for the year, partly offsetting the decline in product sales, and propelling that category to Keep&rsquo;s revenue leader.
Keep blamed the drop in product sales to weak consumer sentiment, as well as the shift to outdoor activities post-pandemic.
While it&rsquo;s never good to see one of your key revenue sources declining, the lower reliance on product sales should ultimately help Keep become more profitable over the longer haul since such sales typically carry far lower margins than sales of services. That shift was reflected in a marked improvement for Keep&rsquo;s gross margin, which rose to 45.0% last year from 40.7% in 2022.
That greater focus on profitability was also a theme throughout Keep&rsquo;s results for last year. Its sales and marketing, administrative and R&amp;D expenses all fell by between 12% and 16%, or much faster than its revenue decline, as it tried to keep its costs under control. The company also reduced its headcount by 23% during the year, bringing it to 955 people by the end of 2023 from 1,243 at the start of the year.
At the same time, the company appeared to focus on quality over quantity in terms of its users, shedding ones who paid little or nothing for its app to focus on the higher-paying customers. Its number of average monthly subscribing members fell 12% to 3.19 million, but its average monthly revenue per user moved in the other direction, rising 18% to 6 yuan from 5.1 yuan in 2022.
That focus on efficiency helped Keep to narrow its adjusted loss by more than half to 295 million yuan last year, which excludes fair value changes of its convertible redeemable preferred shares and costs related to employee stock compensation, from a 667 million yuan loss a year earlier. And perhaps more importantly, the adjusted loss narrowed to just 72 million yuan in the second half of the year from 223 million yuan in the first half, showing the company is on the cusp of operating profitably.
Keep is also quite healthy financially, with just 10 million yuan in borrowings at the end of last year and 1.6 billion yuan in cash. Some might argue the company is being too conservative by failing to use its cash and credit more efficiently, though others might say such caution is merited due to China&rsquo;s rapidly changing economic situation.
Keep really does look rather neglected by investors who perhaps worry that China&rsquo;s increasingly cautious consumers could cut back spending on their personal fitness. But such concerns look quite overblown, especially in light of the company&rsquo;s low valuation relative to its peers, as it bounces back from some post-pandemic transition pains.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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By now, you&rsquo;ve heard of the Internet of Things (IoT) &mdash; or the network of physical devices, vehicles and other things embedded with sensors, software and network connectivity, which&nbsp;<a href="https://www.ibm.com/topics/internet-of-things">allows them to collect and share data</a>.&nbsp;That includes smart thermostats, smartwatches, vehicles and industrial machines to name a few. There have even been calls for &ldquo;smart cities&rdquo; based on IoT. All of which is a catalyst for some of the top IoT stocks.



Plus,&nbsp;<a href="https://www.ibm.com/topics/internet-of-things">according to IBM</a> (NYSE:<a href="https://investorplace.com/stock-quotes/ibm-stock-quote/">IBM</a>), &ldquo;The number of IoT devices is expected to continue to grow rapidly, with estimates suggesting that there will be tens of billion IoT devices in use over the next few years. This growth will be driven by increased adoption across industries, as well as the development of new use cases and applications.&rdquo;



&ldquo;Artificial intelligence&nbsp;and machine learning are becoming increasingly important for IoT, as they can be used to analyze vast amounts of data that is generated by IoT devices and extract meaningful insights. This can help businesses make more informed decisions and optimize their operations,&rdquo; they added.



No wonder the market could be worth about <a href="https://www.streetinsider.com/Evertise+Financial/Internet+of+Things+Market%C2%A0to+Reach+a+Staggering+USD+3373.1+Bn+by+2031+Fueled+by+Proliferation+of+Connected+Devices%2C+Industrial+Automation+and+Need+for+Real-Time+Data+Analytics/23133823.html">$3.37 trillion by 2031</a>, according to analysts at SNS Insider. Even better, here are some of the top IoT stocks that should thrive on the growth.



<h2>Samsara (IOT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/iot1600a-min-300x169.jpg" alt='A close-up shot of a tablet screen with "IOT" text and related emoticons in a connected web.'><div>Source: Shutterstock</div></div>After finding strong double-bottom support $30,&nbsp;Samsara&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/iot-stock-quote/">IOT</a>) is back to $36.82. From here, I&rsquo;d like to see it retest its high of about $40 initially, as it continues with its strong uptrend.



Helping, analysts at&nbsp;<a href="https://www.investing.com/news/company-news/samsara-shares-get-buy-rating-with-42-target-from-loop-capital-93CH-3383307">Loop Capital just initiated a buy rating</a>&nbsp;on the stock with a $42 price target. All thanks to its exposure to artificial intelligence, machine learning and IoT. Additionally, its technology allows it to be supportive of &ldquo;nearly endless&rdquo; use cases, implying that Samsara&rsquo;s total addressable market has few constraints, added the firm, as noted by Seeking Alpha.



Most recently, IOT announced a collaboration with logistics and transportation company TMS to help improve the safety of drivers and operators, while reducing accidents.&nbsp;



&ldquo;As part of this partnership, TMS will integrate Samsara&rsquo;s AI Dash Cams into its comprehensive security program. These cameras will provide real-time in-cab alerts as well as the ability to retrieve video on demand, allowing TMS to reduce mobile device use while driving and easily exonerate non-at-fault drivers in the event of incidents,&rdquo;&nbsp;<a href="https://www.businesswire.com/news/home/20240307213682/en/TMS-a-Top-Logistics-and-Transportation-Company-Has-Selected-Samsara-to-Improve-the-Safety-of-Its-Drivers-and-Operations">as noted in the press release</a>.



<h2>Global X Internet of Things ETF (SNSR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/iot1600e-min-300x169.jpg" alt=""><div>Source: Shutterstock</div></div>We can also look at IoT-related exchange traded funds (ETFs) such as the&nbsp;Global X Internet of Things ETF(NASDAQ:<a href="https://investorplace.com/stock-quotes/snsr-stock-quote/">SNSR</a>). Since bottoming out at around $28 in late 2023, the ETF ran to about $37. Now at $34.77, it&rsquo;s still a strong opportunity.&nbsp;



<a href="https://www.globalxetfs.com/funds/snsr/">With an expense ratio of 0.68%,</a>&nbsp;the SNSR ETF holds 53 stocks that could benefit from &ldquo;broader adoption of the Internet of Things (IoT), as enabled by technologies such as WiFi, 5G telecommunications infrastructure, and fiber optics,&rdquo;&nbsp;<a href="https://www.globalxetfs.com/funds/snsr/">as noted by Global X ETFs</a>.



&ldquo;This includes the development and manufacturing of semiconductors and sensors, integrated products and solutions, and applications serving smart grids, smart homes, connected cars, and the industrial internet,&rdquo; they added.



Some of its top holdings include&nbsp;Garmin&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/grmn-stock-quote/">GRMN</a>),&nbsp;DexCom&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/dxcm-stock-quote/">DXCM</a>),&nbsp;STMicroelectronics&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/stm-stock-quote/">STM</a>),&nbsp;Lattice Semiconductor&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/lscc-stock-quote/">LSCC</a>) and&nbsp;Qualcomm&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/qcom-stock-quote/">QCOM</a>) to name a few. What&rsquo;s nice about the SNSR ETF is that we can buy 100 shares for about $3,477 and gain exposure to 45 stocks.



<h2>Aptiv (APTV)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/02/shutterstock_1332033245-min-300x169.jpg" alt="An Aptiv (APTV) office building in Poland."><div>Source: shutterstock.com</div></div>There&rsquo;s also beaten-down, oversold shares of&nbsp;Aptiv&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/aptv-stock-quote/">APTV</a>), which exploded on Thursday.



The global technology company develops connected solutions enabling a more sustainable future of mobility. It just saw its stock pop about $8 on earnings. While its adjusted earnings per share of $1.16 beat estimates for $1.01, revenues of $4.901 billion missed expectations of $5.008 billion.



&ldquo;Aptiv delivered solid results in the first quarter with 200 basis points of margin expansion year-over-year and a return to growth above market, despite a slowdown in electrification in North America and Europe and persistent labor and material cost headwinds,&rdquo;&nbsp;<a href="https://www.aptiv.com/en/newsroom/article/aptiv-reports-first-quarter-2024-financial-results#:~:text=%E2%80%9CAptiv%20delivered%20solid%20results%20in,chairman%20and%20chief%20executive%20officer.">said&nbsp;Kevin Clark, chairman and chief executive officer in a company press release</a>.



The company also raised its fiscal year 2024 adjusted EPS outlook to a range of $5.80 to $6.30, as compared the estimates calling for $5.75. However, it did lower its revenue outlook to a new range of $20.85 billion to $20.45 billion, which is below estimates for $21.57 billion.



Fortunately, as we begin to see some improvement in global electric vehicle sales, Aptiv&rsquo;s numbers should start to come back strong.



On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. 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/?utm_source=Nasdaq&amp;utm_medium=referral">Publishing Guidelines.</a>
<div>Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.</div><h3>More From InvestorPlace</h3>
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