Hamilton Beach Brands Stock (NYSE:HBB), Trade Ideas

Hamilton Beach Brands

Hamilton Beach Brands Holding Co, through its subsidiaries, is engaged in consumer, commercial, and specialty small appliances and specialty retail. It designs, markets, and distributes small branded electric household and specialty housewares small appliances, as well as commercial products for restaurants, bars, and hotels.

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Hamilton Beach Brands Hikes Dividend By 5%

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Hamilton Beach Brands Reveals US Launch Of Smart Sharps Bin System

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Hamilton Beach Brands Holding Company Class A Common Stock

Hamilton Beach Brands Holding Co

HORNBACH Holding AG and Co KGaA

Business EPS guidance reiterated
Sanofi expects 2024 business EPS(1) to remain roughly stable excluding the impact of an expected effective tax rate increase to 21% and decrease low single-digit(2) at CER including the higher expected tax rate, barring unforeseen major adverse events. Applying average April 2024 exchange rates, the currency impact on 2024 business EPS is estimated between -5.5% to -6.5%.

Earnings

Guidance

Sanofi Reiterates 2024 Business EPS Guidance, Expects It To Remain Roughly Stable; Applying Average April 2024 Exchange Rates, The Currency Impact Is Estimated To Be Between -5.5% And -6.5%

Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) reported quarterly earnings of $0.97 per share which beat the analyst consensus estimate of $0.94 by 2.77 percent. This is a 16.72 percent decrease over earnings of $1.16 per share from the same period last year. The company reported quarterly sales of $11.364 billion which beat the analyst consensus estimate of $11.044 billion by 2.90 percent. This is a 3.58 percent increase over sales of $10.971 billion the same period last year.

Earnings Beats

Sanofi Q1 2024 Adj EPS $0.97 Beats $0.94 Estimate, Sales $11.364B Beat $11.044B Estimate

<ul>
<li>We will now drive the Company based on a revised plan for FY24 revenues in the range of&nbsp;$14 billion&nbsp;to&nbsp;$15 billion. Within this plan, we expect a gross margin in the low 40&#39;s.&quot;</li>
<li>&quot;We plan to maintain our Net Capex1&nbsp;plan for FY24 at about&nbsp;$2.5 billion&nbsp;focusing on our strategic manufacturing initiatives.&quot;</li>
</ul>

STMicroelectronics Lowers Its 2024 Outlook: Now Expects Net Revenues Of $14B-$15B (Prior $15.9B-$16.9B) Vs. Consensus Of $16.12B; Sees Gross Margin In The Low 40's range

In a recent interview, billionaire investor Howard Marks cautioned against overconfidence in Artificial Intelligence (AI) stocks, stressing that the technology&#8217;s transformative potential does not make it immune to market crashes.
What Happened: Marks, the co-founder of Oaktree Capital Management, shared his thoughts on AI stocks with CNBC on Tuesday. He acknowledged the technology&#8217;s potential to revolutionize the world but warned that this alone does not guarantee the success of its underlying assets, <a href="https://www.businessinsider.in/investment/news/billionaire-investor-howard-marks-says-ais-impact-doesnt-make-it-immune-to-a-crash/articleshow/109570828.cms">reported</a> Business Insider.
&#8220;Every bubble starts from widespread conviction,&#8221; Marks said. &#8220;Everybody believes A, they bid the beneficiaries of A up to the moon. It turns out, it&#8217;s overdone.&#8221;
Marks drew parallels between the current AI investment trend and the dot-com bubble of the late &#8217;90s, where the internet&#8217;s emergence led to a surge in stock prices. However, many of these stocks ended up being worthless.
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta Platforms Q1 Earnings Highlights: Facebook Owner Beats Estimates, But Guidance, Higher Costs Ding Stock</a>
Despite recognizing AI&#8217;s potential, Marks emphasized the difficulty in determining the appropriate reflection of AI in investment portfolios. He also expressed skepticism towards macro predictions, warning against over-reliance on Wall Street forecasts.
Why It Matters: Marks&#8217; cautionary stance on AI stocks is in line with his previous skepticism towards market trends. Earlier this year, he <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36694229/forget-bitcoin-and-gold-says-investment-guru-howard-marks-high-yield-bonds-offer-be">expressed skepticism</a> about the intrinsic value of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and gold, suggesting high-yield bonds as a safer investment option.
Other market veterans have also sounded the alarm on the current market climate. In February, investing veteran Bill Smead warned that the AI stocks mania <a href="https://www.benzinga.com/markets/equities/24/02/37356846/ai-stocks-mania-appears-to-be-headed-to-a-bad-ending-says-investing-veteran-fear-stock-market-fa">could be headed to a bad ending</a>, cautioning against the allure of popular stocks and the AI boom.
These warnings come in the wake of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38346847/nvidia-in-correction-territory-did-ai-led-tech-stock-bubble-just-burst-this-data-po">AI-led tech stock bubble</a> that has seen a significant sell-off since Apr. 12, raising concerns about the sustainability of the current market trend.
Read Next: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
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$BTC

Billionaire Investor Howard Marks Warns Against Overconfidence In AI Stocks: 'Every Bubble Starts From Widespread Conviction'

Business&nbsp;Outlook
ST&#39;s&nbsp;guidance, at the mid-point, for the 2024&nbsp;second quarter&nbsp;is:
<ul>
<li>Net revenues are expected to be&nbsp;$3.2 billion, a decrease of&nbsp;7.6%&nbsp;sequentially, plus or minus 350 basis points.</li>
<li>Gross margin of&nbsp;40%, plus or minus 200 basis points.</li>
<li>This&nbsp;outlook&nbsp;is based on an assumed effective currency exchange rate of approximately&nbsp;$1.08&nbsp;= &euro;1.00 for the 2024&nbsp;second quarter&nbsp;and includes the impact of existing hedging contracts.</li>
<li>The&nbsp;second quarter&nbsp;will close on June 29, 2024.</li>
</ul>

STMicroelectronics Expects Q2 Net Revenues To Be $3.2B (Vs. Consensus Of $3.8B); Sees Gross Margin Of 40%, Plus Or Minus 200 Bps

In this second tranche of the share buy-back programme for 2024, shares for up to USD 528 million will be purchased in the market, implying a total second tranche of up to USD 1.6 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 22 July 2024.

Buybacks

EQNR

Equinor To Commence Second Tranche Of Up To $1.6B In Its 2024 Share Buy-Back Programme

OpenAI CEO Sam Altman has invested $20 million in Exowatt, an energy startup aiming to address the soaring electricity demands of artificial intelligence (AI) data centers.
What Happened: Altman, along with venture capital firm Andreessen Horowitz, has backed Exowatt, a company focusing on sustainable energy solutions for large data centers, <a href="https://www.wsj.com/tech/ai/sam-altman-investment-exowatt-energy-startup-ai-data-centers-eeeca766">reported</a> The Wall Street Journal on Monday. 
Exowatt is developing a novel approach to solar power and energy storage to meet the energy needs of AI data centers.
Altman&#8217;s investment in Exowatt underscores the growing concern over the energy consumption of AI data centers. The surge in demand for electricity is not only a threat to the industry&#8217;s growth but also hinders the transition to clean energy.
Exowatt&#8217;s solution involves the use of solar lenses to convert sunlight into heat, which is then stored in basic materials. This stored energy can be used to generate electricity, providing a cost-effective and sustainable power source for data centers.
Exowatt&#8217;s CEO, Hannan Parvizian, emphasized that the company&#8217;s approach is unique due to its combination of solar and low-cost heat batteries in a single unit. The company plans to deploy its first units for data-center customers later this year.
"You don't have to go back to fossil fuels to solve the data-center energy problem…That's counterproductive," Exowatt's CEO, said in an interview.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38345502/elon-musk-reacts-after-nvidia-stock-plunges-10-and-erases-212b-market-cap-rookie-numbers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Nvidia Stock Plunges 10% And Erases $212B Market Cap: &#8216;Rookie Numbers&#8217;</a>
Why It Matters: Altman&#8217;s investment in Exowatt comes on the heels of his advocacy for a global coalition to support the <a href="https://www.benzinga.com/news/24/04/38195200/sam-altman-pitches-allied-nations-to-join-forces-on-boosting-global-infrastructure-and-supply-chains">development of AI infrastructure</a>, including energy and data center capacity. Altman has been actively engaging with investors and government officials to address concerns about the supply of essential infrastructure for AI.
Altman has also been warning about the increasing energy demands of AI development, stressing the need for an <a href="https://www.benzinga.com/general/24/04/38093728/sam-altman-warns-ai-development-needs-an-energy-breakthrough-as-financial-pundit-says-ai-data-center">energy breakthrough</a> to sustain future advances in AI. The data centers currently account for 1-1.5% of global electricity use, according to the International Energy Agency.
Altman&#8217;s investment in Exowatt also reflects his broader interest in energy solutions. Despite being a prominent figure in the AI sector, much of Altman&#8217;s estimated wealth <a href="https://www.benzinga.com/news/24/03/37440684/openais-sam-altman-has-an-estimated-2-billion-net-worth-and-much-of-it-doesnt-come-from-ai">isn&#8217;t rooted in OpenAI</a>. His wealth primarily stems from his investments in venture capital funds and startups.
Read Next: <a href="https://www.benzinga.com/government/24/04/38350596/former-gop-hopeful-nikki-haley-joins-calls-for-tiktok-ban-to-stop-infiltration-of-chinese-communist?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former GOP Hopeful Nikki Haley Joins Calls For TikTok Ban To &#8216;Stop Infiltration Of Chinese Communist Party Into Lives Of Americans&#8217;</a>
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Startups

OpenAI's Sam Altman Invests $20M In Startup Using Solar Power To Address AI's Massive Energy Appetite

STMicroelectronics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) reported quarterly earnings of $0.54 per share which missed the analyst consensus estimate of $0.65 by 16.92 percent. This is a 50.91 percent decrease over earnings of $1.10 per share from the same period last year. The company reported quarterly sales of $3.465 billion which missed the analyst consensus estimate of $3.615 billion by 4.14 percent. This is a 18.41 percent decrease over sales of $4.247 billion the same period last year.

Earnings Misses

STMicroelectronics Q1 2024 GAAP EPS $0.54 Misses $0.65 Estimate, Sales $3.465B Miss $3.615B Estimate

Equinor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) reported quarterly earnings of $0.96 per share which beat the analyst consensus estimate of $0.80 by 20 percent. This is a 22.58 percent decrease over earnings of $1.24 per share from the same period last year. The company reported quarterly sales of $24.789 billion which beat the analyst consensus estimate of $22.240 billion by 11.46 percent. This is a 13.08 percent decrease over sales of $28.520 billion the same period last year.

Equinor Q1 2024 Adj EPS $0.96 Beats $0.80 Estimate, Sales $24.789B Beat $22.240B Estimate

The U.S. Department of Justice is conducting a criminal investigation into the consulting firm McKinsey &amp; Company for its role in advising major opioid manufacturers on increasing sales. The investigation also focuses on potential obstruction of justice related to McKinsey&#8217;s consulting records for opioid producers.
What Happened: The investigation, which has been ongoing for several years, has led to the formation of a grand jury in Virginia. The U.S. attorney&#8217;s offices in the Western District of Virginia and the District of Massachusetts are jointly conducting the probe, <a href="https://www.wsj.com/articles/mckinsey-faces-criminal-probe-over-opioid-related-consulting-a3f816d4">reported</a> The Wall Street Journal citing people familiar with the investigation.
The criminal investigation revolves around McKinsey&#8217;s advice to pharmaceutical clients, including Purdue, Endo International, and Mallinckrodt, which previously triggered a wave of civil litigation against the firm. McKinsey reached a $642 million settlement with all 50 states and other entities in 2021, without admitting wrongdoing.
The firm&#8217;s former clients, Purdue, Endo, and Mallinckrodt, filed for bankruptcy while facing mass lawsuits alleging they sold drugs through misleading marketing practices, exacerbating addiction. McKinsey helped Purdue develop an initiative to boost OxyContin sales, including advising the company to focus on high-volume prescribers.
See Also: <a href="https://www.benzinga.com/general/biotech/24/04/38388306/moderna-faces-pfizer-biontech-in-london-patent-battle-over-covid-19-vaccines-in-legal-showdown?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Moderna Faces Pfizer, BioNTech in London Patent Battle over Covid-19 Vaccines In Legal Showdown</a>
McKinsey has previously stated that it ceased work on opioid-specific businesses in 2019 and that its work for Purdue was intended to support the legal use of opioids and patients with legitimate medical needs.
McKinsey did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The criminal investigation into McKinsey&#8217;s opioid-related consulting is a significant development in the ongoing legal battle surrounding the opioid epidemic. This investigation follows a series of similar actions against other entities involved in the crisis.
Earlier this year, in a landmark move, Publicis Groupe (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PUBGY#OTC">PUBGY</a>) agreed to a <a href="https://www.benzinga.com/government/24/02/36906250/publicis-to-pay-350m-in-first-ever-opioid-marketing-settlement">$350 million settlement</a> over its alleged role in the opioid crisis. This marked the first time an advertising firm was held accountable for its part in the epidemic.
Moreover, the Supreme Court <a href="https://www.benzinga.com/government/23/08/33748967/sackler-familys-6b-commitment-in-spotlight-supreme-court-suspends-purdue-pharmas-settlement-over-opi">temporarily suspended</a> a multi-billion-dollar bankruptcy agreement involving Purdue Pharma, the producer of the opioid OxyContin. This arrangement would have shielded the company&#8217;s Sackler family owners from civil lawsuits linked to the opioid epidemic.
Read Next: <a href="https://www.benzinga.com/general/biotech/24/04/38363518/eli-lilly-aims-to-close-supply-demand-gap-for-zepboundmounjaro-as-it-acquires-manufacturing-facil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Eli Lilly Aims To Close Supply-Demand Gap For Zepbound/Mounjaro As It Acquires Manufacturing Facility From Nexus Pharma</a>
Image Via Pixabay
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Health Care

Legal

PUBGY

McKinsey Faces Criminal Probe By DOJ For Opioid Consulting: Report

Entrepreneur and &#8220;Shark Tank&#8221; investor Mark Cuban recently praised a business idea proposed by a 10-year-old.
What Happened: On Wednesday, Cuban took to X, formerly Twitter, to express his admiration for a business plan detailed by a young entrepreneur&#8217;s father. The plan involved a service where, for $100 per year, the kid would take care of customers&#8217; trash twice a week. 
Cuban&#8217;s said, &#8220;&#x1f525;&#x1f525;&#x1f525; what a great idea&#8221;, showed his approval of the innovative concept.
<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">&#x1f525;&#x1f525;&#x1f525; what a great idea <a href="https://t.co/4KtIBt3jEt">https://t.co/4KtIBt3jEt</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1782902135044338067?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
Startup founder Bill Smith explained his 10-year-old&#8217;s idea in detail in the post, which garnered Cuban&#8217;s reaction. 
In the post, he shared a personal anecdote about guiding his son through a sales endeavor. Smith&#8217;s son initially feels disheartened after knocking on 40 doors and only securing one customer, falling short of his goal of three. 
However, Smith encourages his son not to give up and asks when he plans to follow up. Despite his confusion about the concept, he diligently follows up with everyone, even those who initially expressed uncertainty. 
His persistence pays off, as he gains five more customers, bringing his total to 13, with many coming from referrals. 
Smith said, &#8220;Most people only ask once. They give up too early. Don't forget how powerful just following up is.&#8221;
This isn&#8217;t the first time Cuban has shown his support for young entrepreneurs. Known for his early entrepreneurial ventures, including selling <a href="https://www.benzinga.com/news/23/06/32858841/mark-cuban-sold-trash-bags-door-to-door-at-12-years-old-in-our-household-if-you-wanted-something-you">garbage bags door-to-door</a> at age 12, Cuban often shares business advice and encourages entrepreneurial spirit.
Why It Matters: Cuban&#8217;s endorsement of the business plan is significant given his successful track record in business and investment.
Cuban&#8217;s business advice is highly valued. His belief in the <a href="https://www.benzinga.com/news/24/01/36856225/mark-cuban-on-success-business-sales-cures-all-entrepreneurship-keep-grinding-life-be-curious-and-le">importance of sales and perseverance</a> in entrepreneurship is well-documented. His recent tweet further emphasizes his belief in the power of innovative ideas and the potential of young entrepreneurs.
Cuban shared his strategy for success, stating that with just a <a href="https://www.benzinga.com/startups/23/11/35701214/mark-cuban-could-succeed-in-business-with-500-and-a-phone">phone and $500</a>, he could rebuild his fortune. This latest endorsement of a young entrepreneur&#8217;s business plan aligns with his belief in the potential of simple, yet innovative ideas.
Photo by Joe Seer on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38374423/elon-musk-reacts-as-ark-invest-analyst-says-its-going-to-be-very-hard-for-tesla-rivals-to-catch-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts As ARK Invest Analyst Says &#8216;It&#8217;s Going To Be Very Hard&#8217; For Tesla Rivals &#8216;To Catch Up To Them&#8217; In Pricing: &#8216;Accurate&#8217;</a>
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Entertainment

Entrepreneurship

Mark Cuban Applauds 10-Year-Old Entrepreneur's Innovative Business Plan: 'What A Great Idea'

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) executives, including CEO Mark Zuckerberg and CFO Susan Li, were cautious in their response to a question about <a href="https://www.benzinga.com/news/24/04/38394855/biden-set-to-sign-tiktok-ban-into-law-after-senate-passes-bill-supported-by-gop-democrats">the potential impact</a> of the TikTok ban or sale on the U.S. social media landscape.
What Happened: During the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">first-quarter earnings call</a> on Wednesday, Li responded to a question about the TikTok ban, stating that it was too early to assess its impact on Meta&#8217;s business.
Youssef Squali from Truist Securities directed his question to Zuckerberg saying, &#8220;Mark with the upcoming ban or sale of TikTok ending to a lot earlier today, how do you think that will impact the U.S. social media landscape?&#8221;
Squali also asked, &#8220;What do you say to people who believe that this is potentially a slippery slope in terms of the government picking up winners and losers?&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38345502/elon-musk-reacts-after-nvidia-stock-plunges-10-and-erases-212b-market-cap-rookie-numbers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Gives Shoutout To Taylor Swift&#8217;s Debut On Threads, Says &#8216;That One Was A Big Deal In My House&#8217;</a>
Zuckerberg decided to not address the question, after which Li responded, &#8220;We&#8217;ve obviously been following the events related to TikTok closely, but at this stage, it is just too early I think to assess its impact or what it would mean for our business.&#8221;
Why It Matters: The TikTok ban has been a topic of significant interest in the tech industry. After the U.S. House of Representatives and Senate passed a bill that could lead to the ban or sale of TikTok, President Joe Biden <a href="https://www.benzinga.com/markets/asia/24/04/38418913/tiktok-fights-back-we-arent-going-anywhere-whats-next-for-users">signed it into law on Wednesday</a>. 
TikTok CEO Shou Zi Chew has said that they will fight back. &#8220;Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice,&#8221; he said in a two-minute <a href="https://www.tiktok.com/@tiktok/video/7361448925972155679" target="_blank" rel="noreferrer noopener">video</a> posted to TikTok's main corporate account.
Former President Donald Trump has <a href="https://www.benzinga.com/news/24/04/38368049/trump-reverses-tiktok-ban-stance-accuses-biden-of-favoring-zuckerbergs-meta-doing-it-to-help-faceboo">repeatedly voiced opposition</a> to a potential ban on TikTok, accusing President Biden of aiding Facebook, led by Zuckerberg, in amassing more influence on social media platforms and potentially interfering in elections, to the detriment of Republicans.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Meanwhile, Wedbush analysts believe that while Microsoft Corp. and Oracle Corp. could be the &#8220;likely buyers&#8221; of TikTok, but added Meta and Google <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38358239/microsoft-and-oracle-could-be-tiktoks-likely-buyers-but-real-winners-would-be-mark-">could emerge as winners</a>. &#8220;We would expect Meta to be the primary recipient of redistributed TikTok revenue should the company exit the U.S., with Google the likely number two beneficiary.&#8221;
Wedbush's Dan Ives has previously spoken about the potential <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37689925/tiktok-ban-benefits-meta-and-others-but-us-is-playing-a-little-with-fire-says-wedbu">repercussions of a TikTok ban</a> for large technology firms, calling the situation a &#8220;slippery slope&#8221; and a &#8220;watershed moment.&#8221; 
Check out more of Benzinga's Consumer Tech coverage by <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/government/24/04/38350596/former-gop-hopeful-nikki-haley-joins-calls-for-tiktok-ban-to-stop-infiltration-of-chinese-communist?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta CEO Mark Zuckerberg: &#8216;More Than 50% Of The Content People See On Instagram Is Now AI Recommended&#8217;</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Social Media

GOOGL

MSFT

ORCL

Meta Execs Mark Zuckerberg And Susan Li Tread Lightly On Impact Of TikTok Ban Or Sale: 'It Is Just Too Early'

Renowned economist and cryptocurrency skeptic, Peter Schiff, warned Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holders of a potential drop if the coin fails to hold the $60K support level.
What Happened: On Wednesday, Schiff took to Twitter to express his concerns about Bitcoin&#8217;s future. &#8220;It&#8217;s not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it&#8217;s a long way down,&#8221; he tweeted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It&#39;s not looking good <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw">#HODLers</a>. You guys need to hope <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> can hold $60K. Otherwise it&#39;s a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. <a href="https://t.co/Dw6mJXXi3r">pic.twitter.com/Dw6mJXXi3r</a>
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1783271696138481828?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38395178/dogecoin-could-outperform-bitcoin-thanks-to-consolidation-in-the-golden-pocket-says-trader?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Could Outperform Bitcoin Thanks To Consolidation In The Golden Pocket, Says Trader: &#8216;This Is A Very Good Sign&#8217;</a>
Bitcoin has gained over 7% so far in the last seven days and since the year began the apex cryptocurrency has shot up over 47%.
His tweet comes in the wake of Bitcoin&#8217;s recent consolidation, which has left investors questioning its next move. Schiff, known for his critical views on Bitcoin, has previously slammed the cryptocurrency for its volatility and questioned its status as a safe haven asset.
Why It Matters: According to a <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38358590/bitcoins-next-move-after-the-halving-technical-analysis-foresees-these-2-scenarios">recent technical analysis</a>, the $60,000 support level is crucial for Bitcoin&#8217;s bullish outlook. If the price drops below $60,000, there might be a chance to buy, especially if it&#8217;s just a temporary or deceptive decline known as a &#8220;fakeout.&#8221;
In the past, Schiff has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38331688/peter-schiff-slams-bitcoin-for-not-being-the-safe-haven-asset-its-promoted-to-be-af">criticized Bitcoin</a> for not being the &#8216;safe haven asset it&#8217;s promoted to be&#8217; after it tanked 6% following jobless claims data, while gold rose 1.5%. 
He also <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38345128/peter-schiff-mocks-bitcoiners-after-halving-event-asks-if-theyre-throwing-parties-h">mocked Bitcoin holders</a> after the recent halving event, suggesting that they will soon experience a halving of their net worth.
Price Action: At the time of writing, Bitcoin traded 3.7% lower at $64,177.19, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro.</a>
Photo Courtesy: Wikimedia Commons
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38402854/dogecoin-killer-shiba-inu-burn-rate-skyrockets-2-212-as-robinhood-wallet-moves-3-trillion-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu Burn Rate Skyrockets 2,212%, As Robinhood Wallet Moves 3 Trillion SHIB In A Single Transaction</a>
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 The GPT-4-based Benzinga Neuro content generation system exploits the 
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Peter Schiff Warns Bitcoin Hodlers: 'It's A Long Way Down' If King Crypto Can't Hold $60K

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg&#8217;s announcement related to &#8220;scaling capex and energy expenses for AI&#8221; during the <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">company&#8217;s first-quarter financial results</a>, allegedly led to a 17% stock plunge. Gene Munster believes the market&#8217;s reaction is an overreaction.
What Happened: During his opening statement on Wednesday, Zuckerberg revealed the company&#8217;s plans to ramp up AI investment by scaling capital expenditure and energy expenses. 
He said, &#8220;We&#8217;re scaling CapEx and energy expenses for AI, we&#8217;ll continue focusing on operating the rest of our company efficiently. But realistically, even with shifting many of our existing resources to focus on AI, we&#8217;ll still grow our investment envelope meaningfully before we make much revenue from some of these new products.&#8221;
This announcement caused the stock to drop an additional 5%, bringing the total decline to 17%, according to Munster, the co-founder and managing partner of&nbsp;Deepwater Asset Management. 
&#8220;He wants to get investors&nbsp;on the same page, they&#8217;re&nbsp;entering a multi-year investment cycle,&#8221; Munster said, adding, &#8220;My take,&nbsp;the stock action is an&nbsp;overreaction,&#8221; 
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38350014/elon-musk-reacts-to-teslas-pricing-debate-only-a-fool-thinks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Gives Shoutout To Taylor Swift&#8217;s Debut On Threads, Says &#8216;That One Was A Big Deal In My House&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> dropped an additional 5% (now down 17%) on Zuckerberg&#39;s opening comments that will be growing Capex and energy meaningfully before seeing the greater benefit of AI. He wants to get investors on the same page, they&#39;re entering a multi year investment cycle. My take, the…
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1783244161400836328?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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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.
Why It Matters: Meta&#8217;s first-quarter financial results were strong. The company reported a revenue of $36.45 billion, a 27% increase year-over-year,&nbsp;according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp; This figure surpassed the Street&#8217;s consensus estimate of $36.16 billion.
Last quarter, Meta surprised investors with <a href="https://www.benzinga.com/news/earnings/24/02/36899267/meta-platforms-q4-earnings-highlights-revenue-beat-eps-beat-companys-first-dividend-and-more">better-than-expected results</a>, introducing a quarterly dividend, and unveiling a $50 billion expansion to its buyback initiative.
On Wednesday, the tech giant said that last year it prioritized increasing operational discipline, achieving robust execution, and improving advertising performance. Looking ahead to 2024, the company intends to further strengthen its efforts in these domains while also advancing its long-term ambitions in AI and Reality Labs.
META Price Action: Meta shares declined 15.1% after hours to $418.85 after closing 0.52% lower at $493.5 in the regular session, according to data from Benzinga Pro.
Photo courtesy: Shutterstock
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:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38376705/doge-shiba-and-other-memecoins-fueling-mass-adoption-of-bases-l2-network-coinbase-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta CEO Mark Zuckerberg: &#8216;More Than 50% Of The Content People See On Instagram Is Now AI Recommended&#8217;</a>
Disclaimer: 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.

Meta's Stock Plunge After Q1 Numbers An 'Overreaction' To Zuckerberg's CapEx Move, Says Gene Munster: 'He Wants to Get Investors on the Same Page

IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) CEO Arvind Krishna has forecasted a significant shift in the use of AI by enterprises, noting that the technology will drive tangible business results. This comes as the company&#8217;s AI bookings surpass the $1 billion mark.
What Happened: Krishna, during the Q1 2024 Earnings Call, highlighted the increasing importance of technology in the global economy, particularly in driving productivity and enhancing customer experience.
The CEO also emphasized the growing traction of enterprise AI, with more clients expected to transition from experimenting to deploying AI at scale for productivity gains. IBM&#8217;s AI offerings have seen consistent growth, with a book of business exceeding $1 billion, primarily driven by consulting services.
Krishna emphasized key partnerships driving AI and hybrid cloud growth, including collaborations with NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and ServiceNow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) to enhance AI capabilities and digital transformation. The Adobe partnership expanded to include OpenShift and watsonx in the Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) Experience platform.
&#8220;This quarter, we&#8217;ve progressed strategic partnerships with a number of industry leaders, consulting joint forces with NVIDIA to accelerate clients&#8217; AI journeys,&#8221; Krishna said. 
IBM&#8217;s comprehensive AI strategy, centered around the watsonx platform, is designed to help clients scale AI. The platform enables clients to build their AI solutions, incorporating both IBM and third-party models. The company&#8217;s infrastructure segment is also playing a crucial role as clients utilize their hardware investments in their AI strategies.
See Also: <a href="https://www.benzinga.com/news/24/04/38339431/general-motors-and-ford-are-facing-the-same-challenge-as-they-run-back-to-gas-powered-trucks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">General Motors And Ford Are Facing The Same Challenge As They Run Back To Gas-Powered Trucks</a>
IBM&#8217;s full-stack approach, from on-chip AI processing to AI accelerator cards, is designed to facilitate model building and training on any platform, with easy deployment on IBM Z. The Telum chip, a unique feature, enables real-time AI inferencing.
IBM is also committed to an open innovation ecosystem around AI, with recent collaborations with the Spanish government and other industry leaders. The company continues to invest in emerging technologies, such as quantum computing, and is focused on portfolio optimization.
Why It Matters: IBM&#8217;s Q1 2024 earnings call comes on the heels of a <a href="https://www.benzinga.com/news/earnings/24/04/38416255/ibm-q1-earnings-revenue-miss-eps-beat-hashicorp-acquisition-ai-strategy-strength-and-more">revenue miss</a> but an EPS beat, as the company reported a 1% YoY increase in revenue to $14.46 billion. The company&#8217;s AI strategy and strength are seen as crucial factors amid this financial performance.
IBM&#8217;s focus on AI is not new. The company has been actively involved in the AI space, from advocating for open AI models to <a href="https://www.benzinga.com/news/23/12/36085130/meta-ibm-and-over-50-ai-companies-join-forces-in-open-ai-advocacy-initiative">joining forces</a> with over 50 AI companies and research institutions in an open AI advocacy initiative. This commitment to AI is now reflected in the company&#8217;s Q1 performance and its future outlook.
IBM Price Action: <a href="https://www.benzinga.com/quote/IBM" target="_blank" rel="noreferrer noopener">IBM shares</a> were down 8.47% after hours at $168.51 at the time of publication, according to <a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta Platforms Q1 Earnings Highlights: Facebook Owner Beats Estimates, But Guidance, Higher Costs Ding Stock</a>
Image Courtesy: World Economic Forum/Manuel Lopez
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

ADBE

NVDA

IBM CEO Arvind Krishna Teams Up With Nvidia 'To Accelerate Clients' AI Journeys' Amid $1B In Bookings

Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) CEO and Twitter co-founder Jack Dorsey has announced a new feature that enables Square merchants to automatically convert a percentage of their daily sales into Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened: On Wednesday, Dorsey took to X, formerly Twitter, to announce the new feature, stating, &#8220;Square sellers: auto-convert a percent of your daily sales to bitcoin.&#8221; 
This feature, which is rolling out in the U.S. starting today, will transfer 1-10% of Square sellers' daily sales to their personal Cash App account. At the end of the day, this amount will be converted into Bitcoin. Merchants will receive a confirmation of the conversion when the transaction is complete, according to a TechCrunch <a href="https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/?guccounter=1">article</a> shared by Dorsey.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">square sellers: auto-convert a percent of your daily sales to bitcoin: <a href="https://t.co/sMiTIZV916">https://t.co/sMiTIZV916</a> <a href="https://t.co/Glnt8gc2eC">pic.twitter.com/Glnt8gc2eC</a>
&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1783167463645155690?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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According to TechCrunch, Block has stated that the Bitcoin conversion feature will be available to all sole proprietors or single-member LLCs in the coming months. The company will take a 1% cut from every conversion made by the seller. Merchants can send Bitcoin to other wallets or sell them at any time from their Cash App account.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38348301/bitcoin-halving-elon-musks-dogecoin-tweet-solanas-rise-and-more-this-week-in-cryptocurrenc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Halving, Elon Musk&#8217;s Dogecoin Tweet, Solana&#8217;s Rise And More: This Week In Cryptocurrency</a>
Why It Matters: This move comes as part of Block&#8217;s ongoing efforts to expand its cryptocurrency offerings. In December 2023, the company launched its <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36140925/move-your-bitcoin-off-the-exchanges-jack-dorseys-block-launches-self-custody-btc-wallet">self-custody Bitcoin wallet</a>, Bitkey, which is now accessible in over 95 countries. The wallet, available as a mobile app or hardware storage, highlights a two-of-three multi-signature wallet consisting of a mobile key, a hardware key, and a server key.
However, this announcement also comes on the heels of significant layoffs at Block. In January 2024, the company <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36859861/jack-dorseys-block-implements-major-layoffs-reduces-10-of-workforce-amid-broader-tech-indu">reduced its workforce</a> by 10%, affecting employees across various sectors of the company, including the Cash App, Foundational, and Square sectors. The layoffs were reportedly conducted in a single day to boost efficiency at the financial firm.
Price Action: Block shares closed 1.58% lower at $74.03 in the regular session and declined nearly 1% in the after-hours trading. At the time of writing, Bitcoin traded 3.5% lower at $64,274.16, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro.</a>
Photo by Frederic Legrand &#8211; COMEO on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38395178/dogecoin-could-outperform-bitcoin-thanks-to-consolidation-in-the-golden-pocket-says-trader?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Could Outperform Bitcoin Thanks To Consolidation In The Golden Pocket, Says Trader: &#8216;This Is A Very Good Sign&#8217;</a>
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 extensive Benzinga Ecosystem, including native data, APIs, and more to 
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Jack Dorsey Says Block Will Allow Square Sellers To Auto Convert A Percent Of Daily Sales To Bitcoin

Michaël van de Poppe, a notable crypto analyst, voiced doubts regarding the prospects of an Exchange-Traded Fund approval for Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Additionally, he emphasized the resilience of the Ethereum ecosystem.
What Happened: Van de Poppe took to social media platform X to share his views on the possibility of an Ethereum ETF approval. He indicated that the chances of approval are low, despite the potential for an upward trend in Ethereum&#8217;s value. He also emphasized the strength of the Ethereum ecosystem.
&#8220;It&#8217;s still on edge to have one and I think people are underestimating the strength of the Ethereum ecosystem,&#8221; he wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The chances for an ETF approval for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> are quite low, but that doesn&#39;t mean that we&#39;re going to have an upward run on Ethereum. It&#39;s still on edge to have one and I think people are underestimating the strength of the Ethereum ecosystem.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1783073900093390850?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38349928/melania-trump-launches-245-customizable-mothers-day-necklace-buyers-to-also-get-limited-ed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Melania Trump Launches $245 Customizable Mother&#8217;s Day Necklace, Buyers To Also Get Limited-Edition Solana-Based Digital Collectible</a>
Why It Matters: The possibility of an Ethereum ETF has been a hot topic in the crypto world. The <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38404202/why-sec-delays-put-the-may-ethereum-etf-deadline-in-doubt">SEC&#8217;s continued scrutiny</a> of Ethereum ETF proposals has cast doubt on the May approval deadline. This has led to a decrease in the market&#8217;s expectation of an ETF approval, with a prediction market assigning only a 16% chance of approval by May 31.
Notably, the SEC <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36514679/wall-street-enters-the-crypto-age-sec-issues-historic-approval-of-spot-bitcoin-etfs">issued a historic approval</a> for a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ETF on January 10, 2024, pushing Wall Street into the cryptocurrency age.
Despite the uncertainty, investment bank Standard Chartered remains optimistic about the future of digital assets. The bank believes that the market <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38400241/spot-ethereum-etf-approval-unlikely-but-bad-news-already-priced-in-standard-chartered">is well-positioned</a> for a rebound, even if the approval is delayed.
Meanwhile, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38299618/hong-kongs-bitcoin-and-ethereum-etfs-poised-to-reach-1b-in-assets-bloomberg-analyst-predic">Bitcoin and Ethereum ETFs in Hong Kong</a> are projected to accumulate $1 billion in assets within the next two years, despite China&#8217;s ban on the underlying assets. This suggests a strong global interest in cryptocurrency ETFs.
However, not everyone is optimistic about Ethereum&#8217;s future. A <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38253553/is-ethereum-dead-this-bitcoin-trader-thinks-so-solana-attacking-from-left-flank">seasoned Bitcoin trader and advocate</a> recently declared a pessimistic outlook for Ethereum, suggesting that the &#8220;ETH story is dying.&#8221;
Price Action: Based on data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>, Bitcoin is presently trading at $64,535, marking a 0.44% increase over the past 24 hours and a 46.10% surge year-to-date. Meanwhile, Ethereum is trading at $3,170, with a 0.98% rise in the last 24 hours and a 34.74% increase year-to-date.
Image Via Shutterstock 
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38376705/doge-shiba-and-other-memecoins-fueling-mass-adoption-of-bases-l2-network-coinbase-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin, Shiba Inu And Other Memecoins Fueling Mass Adoption Of Base&#8217;s L2 Network, Coinbase Exec Says: &#8216;They Are Going To Be One Of The Biggest Drivers&#8217;</a>
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Analyst Ratings

ETFs

$ETH

Unlike Bitcoin's Case, Ethereum ETF Approval Chances Slim, Says Crypto Analyst, But 'People Are Underestimating The Strength' Of ETH Ecosystem

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg has revealed that over 50% of the content on Instagram and 30% of posts on Facebook are now <a href="https://www.benzinga.com/news/23/05/32398247/mark-zuckerberg-reveals-social-media-feeds-are-now-fueled-by-ai-generated-content">recommended by artificial intelligence</a>. 
What Happened: Zuckerberg made this revelation during <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">Meta&#8217;s first-quarter financial results</a> announcement on Wednesday. 
&#8220;Right now, about 30% of the posts on Facebook feed are delivered by our AI recommendation system. That&#8217;s up 2x over the last couple of years,&#8221; he said in his opening statement, adding, &#8220;And for the first time ever, more than 50% of the content people see on Instagram is now AI recommended.&#8221;
The Meta CEO also revealed that AI has also played a pivotal role in enhancing the value for advertisers, with the revenue through Meta&#8217;s AI-powered tools, Advantage+ Shopping, and Advantage+ App Campaigns, more than doubling since last year.
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Meta disclosed first-quarter revenue of $36.45 billion, marking a 27% increase compared to the last year. This revenue exceeded the Street consensus estimate of $36.16 billion, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>. The tech giant&#8217;s earnings per share for the first quarter were $4.71, surpassing the Street estimate of $4.33.
Why It Matters: Last year in June, <a href="https://www.benzinga.com/news/23/06/33058133/meta-wants-to-empower-users-over-ai-influence-on-facebook-and-instagram-recommendations">Meta announced&nbsp;new controls</a> to allow users to manage what they see on Facebook and Instagram. This was part of Meta&#8217;s broader initiative to increase transparency and user empowerment regarding AI recommendations.
At the time, it was reported that Facebook users can customize recommendations by navigating to the &#8216;Feed Preferences&#8217; section while Instagrammers could go to &#8216;Suggested Content Control Center&#8217; within the app&#8217;s settings to <a href="https://www.benzinga.com/news/23/10/35433364/mark-zuckerberg-says-your-feed-will-one-day-have-ai-generated-content-not-friends-and-family">adjust their recommendations</a>.
Moreover, Instagram users have the ability to indicate their interest in specific recommended reels, prompting the service to display more content of similar types. This feature complements the existing &#8220;Not Interested&#8221; option introduced in 2021.
Meanwhile, earlier this month, Meta expanded its policy on AI-generated content, <a href="https://www.benzinga.com/news/24/04/38120400/meta-expands-labels-for-ai-generated-content-to-include-photos-and-audio-across-facebook-instagram-a">introducing labels for AI-generated content</a> across Facebook, Instagram, and Threads. This move aimed to provide users with more context about the content they see. 
Photo courtesy: Anthony Quintano on Flickr
Check out more of Benzinga&#8217;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/24/04/38370806/elon-musk-calls-social-security-the-biggest-ponzi-scheme-ever-maybe-ai-and-robots-will-save-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener"><a href="https://www.benzinga.com/news/24/04/38351566/mark-zuckerberg-didnt-sell-facebook-for-1b-but-would-he-have-sold-for-5t-this-was-meta-ceos-thought?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Didn&#8217;t Sell Facebook For $1B But Would He Have Sold For $5T? This Was Meta CEO&#8217;s Thought Process</a></a>
Disclaimer: 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.

Meta CEO Mark Zuckerberg: 'More Than 50% Of The Content People See On Instagram Is Now AI Recommended'

Wednesday saw a varied performance across major U.S. indices. The Dow Jones Industrial Average dipped slightly by 0.1% to reach 38,460.92, while the S&amp;P 500 experienced marginal growth, edging up by 0.02% to settle at 5,071.63. Meanwhile, the Nasdaq saw a modest increase of 0.1% to reach 15,712.75.
These are the top stocks that gained the attention of retail traders and investors throughout the day.
Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)
Meta Platforms closed the day down 0.52% at $493.50, with an intraday high of $510 and a low of $484.58. The company&#8217;s 52-week high and low are $531.49 and $207.13 respectively. Despite higher costs and guidance, the Mark Zuckerberg-led company reported a 27% year-over-year increase in <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">first-quarter revenue</a> to $36.45 billion, beating the Street consensus estimate. 
Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>)
Snap shares ended the day down 2.72% at $11.08, with an intraday high of $11.48 and a low of $10.96. The company&#8217;s 52-week high and low are $17.9 and $7.86 respectively. Snap shares initially got a boost following the <a href="https://www.benzinga.com/news/24/04/38405744/whats-going-on-with-snap-stock-today">passage of a bill</a> to ban or force a sale of TikTok, but later pulled back. 
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)
See Also: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
Amazon shares closed down 1.64% at $176.59, with an intraday high of $180.32 and a low of $176.18. The company&#8217;s 52-week high and low are $189.77 and $101.15 respectively. Amazon launched a new affordable <a href="https://www.benzinga.com/markets/equities/24/04/38398189/enhanced-convenience-amazon-launches-new-affordable-grocery-delivery-subscription">grocery delivery subscription</a> for Prime members and EBT customers. 
International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)
IBM shares ended the day up 1.05% at $184.10, with an intraday high of $184.29 and a low of $181.4. The company&#8217;s 52-week high and low are $199.18 and $120.55 respectively. IBM reported a 1% year-over-year increase in <a href="https://www.benzinga.com/news/earnings/24/04/38416255/ibm-q1-earnings-revenue-miss-eps-beat-hashicorp-acquisition-ai-strategy-strength-and-more">first-quarter revenue</a> to $14.5 billion, missing the consensus estimate. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares surged 12.06% to close at $162.13, with an intraday high of $167.97 and a low of $157.51. The company&#8217;s 52-week high and low are $299.29 and $138.8 respectively. Despite missing analyst estimates for the first quarter, Tesla shares soared following the company's quarterly report. CNBC TV host Jim Cramer <a href="https://www.benzinga.com/news/earnings/24/04/38412375/jim-cramer-says-tesla-stock-could-climb-to-175-today-on-back-of-elon-musk-comments-everything-that-">expressed his surprise</a> that the stock hasn&#8217;t moved even higher on investor sentiment. 
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38350014/elon-musk-reacts-to-teslas-pricing-debate-only-a-fool-thinks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tesla&#8217;s Pricing Debate: &#8216;Only A Fool Thinks ….&#8217;</a>
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SNAP

TSLA

Meta Platforms, Snap, Amazon, IBM, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Meta Platforms&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO&nbsp;Mark Zuckerberg&nbsp;has acknowledged pop star&nbsp;Taylor Swift&#8217;s debut on his social media platform Threads during the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding">first-quarter financial results</a> announcement.
What Happened: On Wednesday, in his opening statement, Zuckerberg, mentioned <a href="https://www.benzinga.com/news/23/10/35431135/are-reports-of-metas-threads-death-greatly-exaggerated-mark-zuckerberg-says-the-twitter-killer-has-a">the growth of Threads</a>, with over 150 million monthly active users. 
He then went on to specifically highlight Swift&#8217;s entry on the platform saying, &#8220;And of course my daughters&nbsp;would want me to mention&nbsp;that Taylor Swift is now&nbsp;on Threads — that one&nbsp;was a big deal in&nbsp;my house.&#8221; 
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/04/38348747/not-something-steve-jobs-would-probably-do-gurman-says-apple-should-go-against-the-grain-and-low?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Sports A Beard In A New Instagram Video…Is That For Real?</a>
Swift joined Threads on the&nbsp;same day (April 19) her new album,&nbsp;The Tortured Poets Department (TTPD), was released. Zuckerberg welcomed her to the platform with a reference to her song &#8220;Blank Space,&#8221;&nbsp;saying, &#8220;Nice to meet you,&nbsp;where you been?&#8221; At the&nbsp;time of writing, Swift had&nbsp;over 9.3 million followers on&nbsp;Threads.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24211150/Screenshot-2024-04-25-at-6.41.43%E2%80%AFAM-720x1024.png" alt="" class="wp-image-307578" /></figure>
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Why It Matters: This isn&#8217;t the first time Zuckerberg has shown his admiration for Swift. In 2023, he <a href="https://www.benzinga.com/general/entertainment/23/07/33477808/zuckerberg-has-bad-blood-with-musk-but-love-story-with-taylor-swift-attends-concert-with-be">attended one of her concerts</a> with his family,&nbsp;posting about it on Instagram&nbsp;with the caption &#8220;Life of a girl dad.&#8221; 
At the time, the Meta CEO was not only there to accompany his family but sported a flurry of friendship bracelets on his wrist, which has become trademark accessories&nbsp;of any true &#8220;Swiftie.&#8221; On top of that, his face was adorned with what seemed to be small sequins or rhinestones arranged in a circle.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24211656/Screenshot-2024-04-25-at-6.46.27%E2%80%AFAM-1024x1022.png" alt="" class="wp-image-307581" /></figure>
Meta reported its first-quarter financial results, which showed a 27% year-over-year increase in revenue, reaching $36.45 billion. In the first quarter, the company announced earnings per share of $4.71, surpassing the Street&#8217;s estimate of $4.33.
Image Credits &#8211; Shutterstock
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:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/04/38345794/mark-zuckerberg-spills-the-beans-on-his-bromance-with-nvidias-jensen-huang-hell-yeah-lets-m" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Spills The Beans On His Bromance With Nvidia's Jensen Huang: ‘Hell Yeah, Let's Make Cheesesteaks</a>
Disclaimer: 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.

Mark Zuckerberg Gives Shoutout To Taylor Swift's Debut On Threads, Says 'That One Was A Big Deal In My House'

The home improvement industry is expanding as a result of increased remodeling demand and technological advancements. Therefore, fundamentally strong home improvement stocks Alarm.com Holdings (ALRM), Hamilton Beach Brands Holding (HBB), MillerKnoll (MLKN), Steelcase (SCS) and Lifetime Brands (LCUT) might be ideal additions to your portfolio. Read on... The home improvement industry's prospects appear stable, thanks to rising urbanization and strong consumer spending. Therefore, it could be wise to own fundamentally strong home improvement stocks Alarm.com Holdings, Inc. (<a href="https://stocknews.com/stock/ALRM/">ALRM</a>), Hamilton Beach Brands Holding Company (<a href="https://stocknews.com/stock/HBB/">HBB</a>), MillerKnoll, Inc. (<a href="https://stocknews.com/stock/MLKN/">MLKN</a>), Steelcase Inc. (<a href="https://stocknews.com/stock/SCS/">SCS</a>) and Lifetime Brands, Inc. (<a href="https://stocknews.com/stock/LCUT/">LCUT</a>).These stocks are A (Strong Buy) rated in our POWR Ratings system.
Before delving deeper into their fundamentals, let's discuss what's happening in the home improvement industry.
The home improvement market is expanding due to increased demand for remodeling, which is driven by homeowners seeking increased property value and better living spaces. Moreover, technological advancements such as visualization apps and 3D software are helping to improve the home remodeling process.
The global home improvement market is expected to reach $490.13 billion by 2030, growing at a <a href="https://www.zionmarketresearch.com/report/home-improvement-market">CAGR of 4.7%</a>.
According to the most recent smart home survey, as many as 69.91 million households in the US are actively using smart home devices in 2024. This is a <a href="https://www.oberlo.com/statistics/smart-home-statistics">10.2% increase over the 63.43 million recorded in 2023</a>. Also, according to smart house data, the US smart home market is expected to grow even further. From 2025 to 2028, annual growth rates are expected to be 10.2%.
Considering these conducive trends, let's take a look at the fundamentals of the five best <a href="https://stocknews.com/category/home-improvement-goods/">Home Improvement &amp; Goods</a> stocks, starting with the fifth choice.
Stock #5: Alarm.com Holdings, Inc. (<a href="https://stocknews.com/stock/ALRM/">ALRM</a>)
ALRM offers various technology solutions for residential, multi-family, small business, and enterprise commercial markets internationally. It operates in segments: Alarm.com and Other. The company provides solutions to control and monitor security systems and IoT devices, including door locks, garage doors, thermostats, and video cameras.
ALRM's trailing-12-month ROTA of 4.81% is 437.9% higher than the industry average of 0.89%. Its trailing-12-month <a href="https://www.investopedia.com/terms/r/roce.asp">ROCE</a> of 10.75% is 388.9% higher than the industry average of 2.20%.
In the third quarter ended on September 30, 2023, ALRM's net revenue grew 2.6% year-over-year to $221.85 million. The company's net income came in at $19.35 million or $0.37 per share, up 6.8% and 5.7% from the prior year's quarter, respectively. Also, the company's adjusted EBITDA increased 1.5% from the year-ago value to $41.43 million.
Analysts expect ALRM's revenue to come in at $922.18 million for the year ending December 2024, up 4.8% year-over-year. Its EPS is expected to grow 8.8% year-over-year to $2.09 for the same period. It is expected to surpass EPS in all four trailing quarters. The stock has gained 44% over the past nine months to close the last trading session at $69.76.
ALRM's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect this promising outlook. The stock has an overall rating of A, equating to a Strong Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
ALRM has a B grade for Stability, Sentiment and Quality. Within the B-rated <a href="https://stocknews.com/category/home-improvement-goods/">Home Improvement &amp; Goods</a> industry, it is ranked #5 out of 56 stocks. To see additional POWR Ratings for Growth, Value and Momentum for ALRM, <a href="https://stocknews.com/stock/ALRM/">click here</a>.
Stock #4: Hamilton Beach Brands Holding Company (<a href="https://stocknews.com/stock/HBB/">HBB</a>)
HBB designs, markets, and distributes small electric household and specialty housewares appliances globally. It offers air fryers, blenders, coffee makers, irons, juicers, mixers, etc. It provides air purifiers under the Clorox and TrueAir brands, consumer products under the Hamilton Beach and Proctor Silex brands, and commercial products for restaurants, bars, etc.
On February 5, 2024, HBB reported that its Hamilton Beach Health subsidiary had acquired HealthBeacon PLC, a medical technology firm and key partner of the company. HealthBeacon creates linked devices that allow people with chronic diseases to manage their injectable medication regimes at home and offers other health services.
HBB's acquisition of HealthBeacon will strengthen its position in healthcare technology, provide novel solutions for chronic conditions, and improve patient outcomes through personalized care.
HBB's trailing-12-month asset turnover ratio of 1.55x is 56.7% higher than the 0.99x industry average. Its trailing-12-month levered FCF margin of 16.43% is 192.4% higher than the 5.62% industry average.
HBB's revenue for the fiscal third quarter ended September 30, 2023, increased 1.9% year-over-year to $153.61 million. Its gross profit increased 15% over the prior year quarter to $40.07 million. The company's net income increased 75% year-over-year to $10.34 million. Also, its EPS came in at $0.74, representing an increase of 72.1% year-over-year.
HBB's shares have gained 96.1% past nine months to close the last trading session at $19.63.
It's no surprise that HBB has an overall A rating, equating to a Strong Buy in our POWR Ratings system. It has an A grade for Value and a B grade for Growth and Sentiment. It is ranked #4 in the same industry.
Beyond what is stated above, we've also rated HBB for Stability, Momentum and Quality. Get all HBB ratings <a href="https://stocknews.com/stock/HBB/">here</a>.
Stock #3: MillerKnoll, Inc. (<a href="https://stocknews.com/stock/MLKN/">MLKN</a>)
MLKN researches, designs, manufactures, and distributes interior furnishings worldwide. It operates through three segments: Americas Contract; International Contract &amp; Specialty; and Global Retail.
MLKN's trailing-12-month gross profit margin of 37.70% is 24.4% higher than the industry average of 30.31%. Its trailing-12-month levered FCF margin of 9.02% is 38.6% higher than the industry average of 6.51%.
For the second quarter that ended December 2, 2023, MLKN reported net sales of $949.50 million. The company's operating earnings increased 56.1% year-over-year to $60.40 million. Its net earnings came in at $34.40 million, up 96.6% from the prior year's quarter. Also, its adjusted EPS rose 28.3% from the year-ago value to $0.59.
Street expects MLKN's revenue to come in at $3.74 billion for the year ending May 2024. Its EPS is expected to grow 11.9% year-over-year to $2.07 for the same period. It is expected to surpass EPS in all four trailing quarters. Shares of MLKN have gained 94.5% over the past nine months to close the last trading session at $30.05.
MLKN has an overall A rating, equating to a Strong Buy in our POWR Ratings system.
MLKN's is ranked #3 in the same industry. It has a B grade for Growth, Value, Momentum and Quality. To see additional MLKN's ratings for Stability and Sentiment, <a href="https://stocknews.com/stock/MLKN/">click here</a>.
Stock #2: Steelcase Inc. (<a href="https://stocknews.com/stock/SCS/">SCS</a>)
SCS offers a portfolio of furniture and architectural products internationally. The company operates through Americas; EMEA; and other segments. Its portfolio comprises furniture systems, seating, storage, fixed and height-adjustable desks, lighting, task chairs, and textiles. It serves corporate, government, healthcare, education, and retail customers.
SCS's trailing-12-month gross profit margin of 31.78% is 4.4% higher than the 30.43% industry average. Its trailing-12-month levered FCF margin of 9.59% is 47.5% higher than the 6.50% industry average.
During the third quarter that ended November 24, 2023, SCS reported revenue of $777.90 million. Its gross profit rose 6.1% from the year-ago value to $252.30 million. Also, the company's net income and earnings per share came in at $30.8 million and $0.26, increases of 170.1% and 160% year-over-year, respectively.
SCS's revenue is expected to increase 2.9% year-over-year to $3.26 billion for the year ending February 2025. Its EPS is expected to grow 12.5% year-over-year to $0.99 for the same period. It surpassed EPS estimates in all four trailing quarters. Over the past nine months, the stock has gained 96.9% to close the last trading session at $13.35.
SCS's overall A rating equates to a Strong Buy in our POWR Ratings system. It has an A grade for Value and a B for Growth, Momentum and Quality. The stock is ranked #2 in the same industry. We've also rated SCS for Stability and Sentiment. Get all SCS ratings <a href="https://stocknews.com/stock/SCS/">here</a>.
Stock #1: Lifetime Brands, Inc. (<a href="https://stocknews.com/stock/LCUT/">LCUT</a>)
LCUT designs, sources, and sells branded kitchenware, tableware, and other products for use in the home in the United States and internationally. The company provides kitchenware products, including kitchen tools and gadgets, cutlery, kitchen scales, thermometers, cutting boards, shears, cookware, pantryware, spice racks, and bakeware; and tableware products comprising dinnerware, stemware, flatware, and giftware.
LCUT's trailing-12-month gross profit margin of 36.93% is 3% higher than the 35.86% industry average. Its trailing-12-month levered FCF margin of 9.74% is 69.8% higher than the 5.74% industry average.
LCUT's net sales increased 2.7% year-over-year to $191.67 million in the fiscal third quarter ended September 30, 2023. Also, its adjusted EBITDA increased 259.2% year-over-year to $19.65 million. Its net income came in at $4.21 million, compared to a loss of $6.36 million in the previous-year quarter. Also, its net income per common share came in at $0.20, compared to negative $0.30 in the previous-year quarter.
LUCT's revenue is expected to increase by marginally year-over-year to $685.21 million for the year ending December 2024. Its EPS is expected to grow 26.5% year-over-year to $0.70 for the same period. It surpassed EPS estimates in all four trailing quarters. Over the past nine months, the stock has gained 102.6% to close the last trading session at $10.15.
LCUT's overall A rating equates to a Strong Buy in our POWR Ratings system. It has an A grade for Growth and Sentiment and a B for Value, Momentum and Quality. It is ranked first in the same industry. <a href="https://stocknews.com/stock/LCUT/">Click here</a> to see the additional POWR Ratings for Stability for LCUT.
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ALRM shares were trading at $69.76 per share on Monday morning, down $1.24 (-1.75%). Year-to-date, ALRM has gained 7.95%, versus a 5.09% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rashmi Kumari</h2> <img src='https:/wp-content/uploads/2022/10/Rashmi-Kumari_headshot_2-1.jpg' style="float:left; padding:5px;width:125px;">Rashmi is passionate about capital markets, wealth management, and financial regulatory issues, which led her to pursue a career as an investment analyst. With a master's degree in commerce, she aspires to make complex financial matters understandable for individual investors and help them make appropriate investment decisions.<a href="https://stocknews.com/authors/?author=rashmi-kumari">More...</a>The post <a href=https://stocknews.com/news/alrm-mlkn-scs-hbb-lcut-5-a-rated-home-improvement-stocks-with-huge-gain-potential/>5 A-Rated Home Improvement Stocks With Huge Gain Potential</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

5 A-Rated Home Improvement Stocks With Huge Gain Potential

Hamilton Beach Brands declares $0.11 dividend

Hamilton Beach Brands Holding Company (HBB) has released an update. Hamilton Beach Brands Holding Company has appointed R. Scott Tidey as the new P...

Hamilton Beach Brands Announces New President Appointment

Dividend Champion, Contender, And Challenger Highlights: Week Of February 25

Hamilton Beach Brands GAAP EPS of $1.40, revenue of $206.7M

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Hamilton Beach Brands (NYSE:<a href="https://investorplace.com/stock-quotes/hbb-stock-quote/">HBB</a>) just reported results for the fourth quarter of 2023.<ul><li>Hamilton Beach Brands reported earnings per share of $1.40.</li><li>The company reported revenue of $206.65 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/03/hbb-stock-earnings-hamilton-beach-brands-for-q4-of-2023/">HBB Stock Earnings: Hamilton Beach Brands Reported Results for Q4 2023</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

HBB Stock Earnings: Hamilton Beach Brands Reported Results for Q4 2023

Hamilton Beach Brands Holding Company (HBB) Q4 2023 Earnings Call Transcript

Dividend Champion, Contender, And Challenger Highlights: Week Of March 10

The home improvement industry promises long-term growth due to rising home starts, growing disposable incomes, falling mortgage rates, and increasing interest in remodeling projects. Given their solid growth prospects, investors could consider buying fundamentally strong home improvement stocks: Mohawk Industries (MHK), Lifetime Brands (LCUT), Alarm.com (ALRM), and Hamilton Beach Brands (HBB). Read more... Despite various challenges, the home improvement industry's growth prospects look promising due to factors such as urbanization, rising disposable incomes, and changing consumer preferences, especially toward renovation and aesthetic enhancements.
Amid this backdrop, it could be wise to buy fundamentally strong home improvement stocks: Mohawk Industries, Inc. (<a href="https://stocknews.com/stock/MHK/">MHK</a>), Lifetime Brands, Inc. (<a href="https://stocknews.com/stock/LCUT/">LCUT</a>), Alarm.com Holdings, Inc. (<a href="https://stocknews.com/stock/ALRM/">ALRM</a>), and Hamilton Beach Brands Holding Company (<a href="https://stocknews.com/stock/HBB/">HBB</a>) given their solid growth prospects.
Before diving deeper into the fundamentals of these stocks, let's discuss why the home improvement industry is well-positioned for growth.
The housing industry has faced challenges of higher mortgage rates, record home prices, and lingering uncertainty over the supply of housing inventory. Total (Existing and new) home sales for 2023 were <a href="https://www.freddiemac.com/research/forecast/20240226-us-economy-defied-expectations">4.8 million</a>, the lowest since 2011. Moreover, U.S. home prices hit an <a href="https://finance.yahoo.com/news/us-home-prices-hit-time-142607379.html">all-time high</a> in December.
However, the housing industry looks poised for a recovery, as mortgage rates have been falling since October last year. Freddie Mac's Primary Mortgage Market Survey (PMMS) results showed that as of March 14, the 30-year fixed-rate mortgage (FRM) <a href="https://www.freddiemac.com/pmms/pmms_archives">averaged 6.74%</a> and the 15-year FRM averaged 6.16%.
Moreover, U.S. single-family homebuilding rebounded in February by <a href="https://www.reuters.com/markets/us/us-single-family-housing-starts-soar-february-2024-03-19/">surging 11.6%</a> to a seasonally adjusted annual rate of 1.129 million units, hitting the highest level in nearly two years. A survey from the National Association of Home Builders showed that confidence among single-family homebuilders rose to an eight-month high in March.
Lower mortgage rates and an improved pricing environment amid a continued existing home inventory shortage led to builder confidence rising to <a href="https://www.reuters.com/markets/us/us-homebuilder-confidence-highest-level-since-july-nahb-says-2024-03-18/">51 this month</a> from 48 in February. NAHB Chairman Carl Harris said, "Buyer demand remains brisk, and we expect more consumers to jump off the sidelines and into the marketplace if mortgage rates continue to fall later this year."
Oxford Economics' lead economist Nancy Vanden Houten believes that the boost in builders' sentiment may lead to an increase in single-family home starts throughout 2024.
She said, "More than half of home builders continue to offer some kind of incentive to encourage sales. Those incentives, along with a shortage of existing homes for sale and an increase in single-family housing starts, should support new home sales in the months ahead."
A decline in mortgage rates, a rise in housing starts and building permits, and an increase in existing home sales are likely to contribute to increased spending in the home improvement sector, as home remodeling and repair and new home construction drive demand for various home improvement products.
The global home improvement market is predicted to grow at a <a href="https://www.factmr.com/report/242/home-improvement-spending-market">CAGR of 6.7%</a> to reach $575.50 billion by 2030.
With individuals prioritizing improving their current living spaces over entering the housing market, the U.S. residential remodeling market size is projected to grow at a <a href="https://www.grandviewresearch.com/industry-analysis/us-residential-remodeling-market-report">CAGR of 4.6%</a> to reach $716.18 billion by 2030. Moreover, the home improvement industry is positively impacted by the rise of smart appliances, particularly in developed economies fueled by IoT technology.
The household appliances market generated <a href="https://www.statista.com/outlook/cmo/household-appliances/worldwide#analyst-opinion">$0.67 trillion in revenue in 2024</a>, and its expected annual growth rate between 2024 and 2028 is 4.86%.
Furthermore, the global home improvement market is thriving due to increased demand for smart homes and heightened security needs driven by advancements in IoT and AI technologies. The global smart home market is expected to grow at a <a href="https://www.grandviewresearch.com/industry-analysis/smart-homes-industry">CAGR of 27.1%</a> to reach $537.01 billion by 2030.
Considering these conducive trends, let's analyze the fundamental aspects of the four <a href="https://stocknews.com/category/home-improvement-goods/">Home Improvement &amp; Goods</a> picks, beginning with the fourth choice.
Stock #4: Mohawk Industries, Inc. (<a href="https://stocknews.com/stock/MHK/">MHK</a>)
MHK designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling and new construction internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.
MHK's revenue grew at a CAGR of 5.2% over the past three years. Its EBIT grew at a CAGR of 2.1% over the past three years. Moreover, its Tang Book Value grew at a CAGR of 4.3% during the same period.
In terms of the trailing-12-month <a href="https://www.investopedia.com/terms/e/ebitda-margin.asp">EBITDA margin</a>, MHK's 12.97% is 19.6% higher than the 10.84% industry average. Likewise, the stock's 6.06% trailing-12-month levered FCF margin is 10.7% higher than the 5.48% industry average. Also, the stock's 5.50% trailing-12-month Capex / Sales is 80.5% higher than the 3.05% industry average.
For the fiscal fourth quarter that ended December 31, 2023, MHK's adjusted net sales came in at $2.54 billion. Its adjusted operating income rose 47.2% from the year-ago value to $175.42 million. The company's adjusted net earnings and adjusted EPS attributable to MHK rose 48.5% each over the prior-year quarter to $125.26 million and $1.96, respectively.
Analysts expect MHK's EPS for the quarter ending September 30, 2024, to increase 4.7% year-over-year to $2.85, and its revenue for the same quarter is expected to increase marginally year-over-year to $2.78 billion. It surpassed the Street EPS estimates in each of the trailing four quarters. Over the past six months, the stock has gained 31.8% to close the last trading session at $120.89.
MHK's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect strong prospects. It has an overall rating of B, translating to a Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
It has an A grade for Momentum and a B for Growth and Value. It is ranked #16 out of 57 stocks in the B-rated <a href="https://stocknews.com/category/home-improvement-goods/">Home Improvement &amp; Goods</a> industry. In total, we rate MHK on eight different levels. Beyond what we stated above, we also have given MHK grades for Stability, Sentiment, and Quality. Get all the MHK's ratings <a href="https://stocknews.com/stock/MHK/">here</a>.
Stock #3: Lifetime Brands, Inc. (<a href="https://stocknews.com/stock/LCUT/">LCUT</a>)
LCUT designs, sources, and sells branded kitchenware, tableware, and other home products worldwide. The company offers a range of kitchenware, including tools, cutlery, scales, thermometers, cutting boards, shears, cookware, pantryware, spice racks, and bakeware.
LCUT's levered FCF grew at a CAGR of 16% over the past three years.
In terms of the trailing-12-month levered FCF margin, LCUT's 9.24% is 68.7% higher than the 5.48% industry average. Furthermore, the stock's 37.08% trailing-12-month gross profit margin is 3.8% higher than the 35.71% industry average.
LCUT's net sales for the fourth quarter ended December 31, 2023, came in at $203.14 million. Its adjusted income from operations rose 6.9% from the year-ago value to $19.40 million. Additionally, the company's adjusted net income and adjusted income per share came in at $6.33 million and $0.29, respectively.
For the quarter ending March 31, 2024, LCUT's revenue is expected to increase 1.7% year-over-year to $147.96 million. Its EPS for the fiscal 2025 is expected to increase 35.4% year-over-year to $0.87. It surpassed the consensus EPS estimates in three of the trailing four quarters. Over the past nine months, the stock has gained 86.4% to close the last trading session at $9.04.
LCUT's POWR Ratings reflect a favorable outlook. It has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
It has a B grade for Growth, Value, Momentum, and Quality. It is ranked #6 in the same industry. To see LCUT's Stability and Sentiment ratings, <a href="https://stocknews.com/stock/LCUT/">click here</a>.
Stock #2: Alarm.com Holdings, Inc. (<a href="https://stocknews.com/stock/ALRM/">ALRM</a>)
ALRM provides various Internet of Things (IoT) and solutions for residential, multi-family, small business, and enterprise commercial markets internationally. The company operates through two segments: Alarm.com and Other.
ALRM's revenue grew at a CAGR of 12.6% over the past three years. Its EBITDA grew at a CAGR of 2.5% over the past three years. Moreover, its net income grew at a CAGR of 1.4% during the same period.
In terms of the trailing-12-month gross profit margin, ALRM's 63.12% is 28.8% higher than the 49.02% industry average. Its 9.19% trailing-12-month net income margin is 258.9% higher than the 2.56% industry average. In addition, its 12.59% trailing-12-month Return on Common Equity is 314.2% higher than the 3.04% industry average.
For the fiscal fourth quarter that ended December 31, 2023, ALRM's total revenue rose 8.7% year-over-year to $226.24 million. Its operating income increased 77.4% over the prior-year quarter to $25.68 million. Likewise, its adjusted net income and adjusted net income per share attributable to common stockholders amounted to $33.91 million and $0.62, up 18.3% and 17% year-over-year, respectively.
Street expects ALRM's EPS and revenue for the quarter ending March 31, 2024, to increase 18.8% and 4.6% year-over-year to $0.49 and $219.45 million, respectively. It surpassed the Street EPS estimates in each of the trailing four quarters. Over the past year, the stock has gained 46.5% to close the last trading session at $73.05.
It's no surprise that ALRM has an overall rating of A, which translates to a Strong Buy in our proprietary POWR Ratings system.
It is ranked #5 in the Home Improvement &amp; Goods industry. It has a B grade for Growth, Stability, and Sentiment. <a href="https://stocknews.com/stock/ALRM/">Click here</a> to see ALRM's ratings for Value, Momentum, and Quality.
Stock #1: Hamilton Beach Brands Holding Company (<a href="https://stocknews.com/stock/HBB/">HBB</a>) 
HBB designs, markets, and distributes small electric household and specialty housewares appliances internationally. The company offers a range of products, including air fryers, blenders, coffee makers, food processors, indoor electric grills, irons, juicers, mixers, slow cookers, toasters, and toaster ovens.
On February 5, 2024, HBB announced its acquisition of HealthBeacon PLC, a medical technology firm specializing in connected devices for managing injectable medication regimens at home. The firm has operations in the UK, Europe, North America, and Australia, employs around 50 employees, and holds over 30 patents.
Gregory H. Trepp, President and CEO of HBB, predicts that the acquisition of HealthBeacon PLC will support their strategic initiative to expand in the growing home health and wellness market. By driving growth through in-home healthcare management tools and digital capabilities, HBB aims to increase shareholder value over time.
HBB's Tang Book Value grew at a CAGR of 24.8% over the past three years. Also, its revenue grew at a CAGR of 1.2% over the past three years.
In terms of the trailing-12-month levered FCF margin, HBB's 12.18% is 122.3% higher than the 5.48% industry average. Likewise, its 6.56% trailing-12-month Return on Total Assets is 56% higher than the 4.21% industry average. Also, its 1.62x trailing-12-month asset turnover ratio is 62.6% higher than the 0.99x industry average.
HBB's revenue for the fourth quarter ended December 31, 2023, increased 5.3% year-over-year to $206.65 million, and its gross profit rose 62.3% year-over-year to $55.28 billion. For the same quarter, its net income rose 175.7% from the year-ago value to $19.57 million. In addition, its EPS increased 174.5% over the prior-year quarter to $1.40.
Analysts expect HBB's revenue for fiscal 2024 to increase 3.6% year-over-year to $647.90 million. Over the past nine months, the stock has gained 130.8% to close the last trading session at $21.26.
HBB's POWR Ratings reflect its bright prospects. It has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
It has an A grade for Growth and Value and a B for Sentiment and Quality. It is ranked #3 in the same industry. To access the additional ratings of HBB for Momentum and Stability, <a href="https://stocknews.com/stock/HBB/">click here</a>.
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MHK shares were trading at $120.65 per share on Wednesday morning, down $0.24 (-0.20%). Year-to-date, MHK has gained 16.57%, versus a 8.83% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Abhishek Bhuyan</h2> <img src='https:/wp-content/uploads/2023/07/ABhuyan.jpg' style="float:left; padding:5px;width:125px;">Abhishek embarked on his professional journey as a financial journalist due to his keen interest in discerning the fundamental factors that influence the future performance of financial instruments.<a href="https://stocknews.com/authors/?author=abhishek-bhuyan">More...</a>The post <a href=https://stocknews.com/news/mhk-alrm-hbb-lcut-4-home-improvement-stocks-for-sustainable-growth/>4 Home Improvement Stocks for Sustainable Growth</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>