Planet Fitness (NYSE:PLNT) Stock, Quote.Headers.trade-ideas

Planet Fitness

Planet Fitness Inc is a franchisor and operator of fitness centers in the United States. The company's reportable segments are Franchise, Corporate-owned stores, and Equipment. Franchise segment includes operations related to its franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia, Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughout the United States and Canada, and The Equipment segment includes the sale of equipment to franchisee-owned stores in the U.S. The firm generates a majority of its revenue from the Corporate-owned stores segment.

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ETF Opportunities Trust Tuttle Capital Shareholders First Index ETF

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Tuttle Capital launches new ETFs that tackle companies focusing on profits over politics and the self defense sector.

Fund Manager Who Bet Against Jim Cramer And Cathie Wood Has New Anti-Woke ETF: &#39;Puts Profits Ahead Of Politics, DEI &amp; ESG&#39;

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WYNN

Choice Hotels International, Inc. (NYSE: CHH) delivered lower-than-expected second-quarter 2024 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate. However, both metrics increased on a year-over-year basis.

Choice Hotels Q2 Earnings &amp; Revenues Lag, Up Y/Y

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BLDR

UBER

Despite the recent market turmoil, Jim Cramer has offered a reassuring perspective, suggesting that the current corporate earnings do not indicate an impending recession.

Jim Cramer Says &#39;We&#39;re In A Recessionless Recession,&#39; Points To Uber And Other Strong Corporate Earnings As Reassuring Sign

Planet Fitness Inc

PROLIANCE INTL INC by Proliance International, Inc.

Proliance International Inc

Fund manager Matthew Tuttle made waves in the ETF space for his unique funds that offer ways for investors to get leveraged exposure or <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36500461/exclusive-the-man-who-shorts-cathie-wood-and-jim-cramer-filed-for-new-bitcoin-etfs-why-lev">bet against well-known financial figures</a> like Jim Cramer and Cathie Wood.
Tuttle is back with a new fund that gives investors a way to invest in companies that are not meeting ESG (environmental, social, and governance) requirements.
What Happened: Tuttle Capital Management launched the ETF Opportunities Trust Tuttle Capital Shareholders First Index ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ESGX#BATS">ESGX</a>), a new ETF that gives investors<a href="https://www.benzinga.com/markets/esg/23/09/34288808/want-to-bet-against-woke-companies-theres-an-etf-for-that"> a way to invest </a>in companies that "focus on profits, not politics or trendy activisms of the moment."
"ESGX allows investors to choose a portfolio of companies that follow the comment sense notion that companies that focus on profits are better for investors than companies that don't," a press release for the fund reads.
The ETF follows the AJN Shareholders First Index, which tracks a portfolio of U.S. companies that meet the requirement of focusing on profits and ignoring politics and "trendy activisms of the moment."
"Too many companies today put ESG and DEI politics first and their shareholders' profits last," Tuttle Capital CEO Matthew Tuttle said. "ESG has become a way for liberal executives and large investors to enact social changes that they can't pass at the ballot box."
Tuttle said CEOs can be pressured to "cave to the trendy politics of the moment," and often times this is not in the best interest of shareholders.
"That's why we launched ESGX – to put shareholders and profits first."
Tuttle added that investors had limited options of ways to invest in companies that put profits ahead of politics before the ETF launched.
As of Sept. 9, the following were the top <a href="http://ShareholdersFirstETF.com">holdings </a>in the ESGX ETF:
<ul>
<li>MarketAxess Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MKTX#NASDAQ">MKTX</a>): 2.3% of assets</li>
<li>Evergy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVRG#NASDAQ">EVRG</a>): 2.2% of assets</li>
<li>J.B. Hunt Transport Services (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>): 2.1% of assets</li>
<li>MDU Resources Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDU#NYSE">MDU</a>): 2.1% of assets</li>
<li>RLI Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RLI#NYSE">RLI</a>): 2.1% of assets</li>
</ul>
The ETF launch comes after companies like Anheuser-Busch InBev (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>), Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>), Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) and others have been <a href="https://www.benzinga.com/news/23/06/33083401/mark-cuban-vs-chamath-palihapitiya-billionaires-battle-over-go-woke-go-broke-mantra">accused by consumers</a> and investors of focusing too heavily on ESG and DEI policies and "going woke" instead of worrying about financial growth and returns for shareholders.
Read Also: <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39299113/nancy-pelosi-among-best-of-the-best-in-stock-trading-new-congress-trading-etf-coming-from-cre">Nancy Pelosi Among &#8216;Best Of The Best&#8217; In Stock Trading: New Congress Trading ETF Coming From Creator Of Anti-Cathie Wood, Jim Cramer Funds</a>
Self Defense ETF Also Launches: Tuttle Capital also launched the Spinnaker ETF Series Tuttle Capital Self Defense Index ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/GUNZ#BATS">GUNZ</a>) Tuesday.
The fund invests in companies that are engaged in self-defense, with a belief that the United States is becoming less safe.
The ETF invests in companies that manufacture, service, supply and distribute personal and law enforcement defense equipment and protection services. The fund tracks the AJN Self Defense U.S. Equity Index.
"Americans feel less safe and feel there is more crime in the country now than last year. Many Americans are taking self defense into their own hands," Tuttle said.
Tuttle added that shares of gun manufacturers have also risen after the assassination attempt on former President Donald Trump.
"Gun sales have rebounded after nearly three years of continuous decline and firearms manufacturers world wide have seen their stock surge after the terrorist attack on Israel and the Trump assassination attempt."
As of Sept. 9, the following were the top <a href="https://www.gunzetf.com/">holdings </a>in the GUNZ ETF:
<ul>
<li>Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>): 8.9% of assets</li>
<li>Johnson Controls (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCI#NYSE">JCI</a>): 6.9% of assets</li>
<li>AXON Enterprise (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>): 6.9% of assets</li>
<li>Allegion PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLE#NYSE">ALLE</a>): 6.4% of assets</li>
<li>OSI Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OSIS#NASDAQ">OSIS</a>): 6.4% of assets</li>
</ul>
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Fund Manager Who Bet Against Jim Cramer And Cathie Wood Has New Anti-Woke ETF: 'Puts Profits Ahead Of Politics, DEI & ESG'

B of A Securities analyst Rafe Jadrosich maintains Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Buy and raises the price target from $95 to $100.

Price Target

B of A Securities Maintains Buy on Planet Fitness, Raises Price Target to $100

Baird analyst Jonathan Komp maintains Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Outperform and maintains $92 price target.

Baird Maintains Outperform on Planet Fitness, Maintains $92 Price Target

Choice Hotels International, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/chh#NYSE">CHH</a>) delivered lower-than-expected second-quarter 2024 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate. However, both metrics increased on a year-over-year basis.
The quarter&#39;s performance was backed by strong demand trends across the company&#39;s diversified portfolio of brands. This uptrend in demand aided in accelerating global hotel openings, expanding international market reach and increasing the size of its rewards program. Moreover, CHH&#39;s versatile business model and accretive growth strategies ensure the support required to foster its growth trends.
Going forward, the company believes that it is well-positioned to deliver bottom-line growth as well as maintain shareholder value on the back of the aforementioned business strategies against the improving demand backdrop.
<h3>Q2 Earnings and Revenues</h3>
Choice Hotels reported adjusted earnings per share of $1.84, which missed the Zacks Consensus Estimate of $1.87 by 1.6%. It reported adjusted EPS of $1.75 in the prior-year quarter.
<div class="chart_embed">
<h3>Choice Hotels International, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Choice Hotels International, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/9d/1723209728.png" style="height:265px; width:584px" title="" />
Choice Hotels International, Inc. price-consensus-eps-surprise-chart | Choice Hotels International, Inc. Quote
Quarterly revenues of $435.2 million also missed the consensus mark of $441 million by 1.4%. On the other hand, the metric grew 2% from the year-ago quarter&#39;s level of $427.4 million.
</div>
<h3>Franchising &amp; Royalties</h3>
Royalty, licensing and management fees inched up 1% year over year to $141.8 million. During the three months ended Jun 30, domestic revenue per available room (RevPAR) experienced an increase of 540 basis points (bps) sequentially but declined 50 bps year over year. In comparison with the same period in 2019, the metric remained high at 11%.
System-wide effective royalty rate increased 5 bps year over year to 5.04%.
<h3>Operating Results</h3>
Total operating expenses declined marginally 0.2% year over year to $302.5 million. Our estimate for the metric was $298.4 million.
Adjusted EBITDA was $161.7 million, up 6% year over year. We expected the metric to be $170.3 million.
<h3>Balance Sheet</h3>
As of Jun 30, 2024, Choice Hotels had cash and cash equivalents of $60.4 million compared with $26.8 million as of Dec 31, 2023.
Long-term debt at the end of the second quarter was $1.87 billion compared with $1.07 billion reported in 2023-end.
<h3>2024 Outlook Updated</h3>
Choice Hotels now anticipates adjusted net income to be in the range of $309.5-$321.5 million compared with the prior estimate of $306-$320 million. Adjusted EBITDA is still expected to be between $580 million and $600 million.
Adjusted EPS is now expected to be in the range of $6.40-$6.65, up from the prior projection of $6.30-$6.60.
Domestic RevPAR year-over-year growth is now estimated to be in the range of -3.5% to -1.5% compared with the prior expected range of flat to up 2%. The domestic effective royalty rate is still forecasted to increase in mid-single digits from the year-earlier level.
<h3>Zacks Rank &amp; Recent Consumer Discretionary Releases</h3>
Choice Hotels currently has a Zacks Rank #2 (Buy).
Planet Fitness, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plnt#NYSE">PLNT</a>) reported stellar second-quarter 2024 results, with adjusted earnings and revenues beating the Zacks Consensus Estimate and increasing year over year.
The quarter&#39;s performance was driven by contributions from new store openings, higher royalty revenues and an asset-light growth model. The strength in the contributions from these factors was reflected in the year-over-year increase in system-wide same-store sales. PLNT aims to define its growth prospects by capitalizing on meaningful opportunities across the industry, globally. Also, its aim to deliver enhanced shareholder value bodes well.
Wynn Resorts, Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wynn#NASDAQ">WYNN</a>) reported lower-than-expected second-quarter 2024 results, wherein adjusted earnings and revenues missed the Zacks Consensus Estimate. On the other hand, both metrics rose year over year.
The quarter&#39;s results reflect strong contributions from the Wynn Palace, Wynn Macau and Las Vegas operations, partially offset by softer contributions from the Encore Boston Harbor operations. The company&#39;s continuous investments in expanding the business operations on a global scale along with ensuring shareholder value are commendable. This prudent attitude positions WYNN well for growth in 2024 and beyond.
Hyatt Hotels Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/h#NYSE">H</a>) delivered second-quarter 2024 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same. The company&#39;s top line declined year over year.
The timing of Easter, renovations at major resort properties and the lingering impact of the 2023 Maui wildfires affected the company&#39;s performance. As of Jun 30, 2024, Hyatt had a pipeline of executed management or franchise contracts of approximately 670 hotels (or about 130,000 rooms). Management anticipates 2024 system-wide RevPAR to rise 3-4% from the 2023 level, down from the prior estimated range of 3-5%.
<a href="https://www.zacks.com/stock/news/2320242/choice-hotels-chh-q2-earnings-revenues-lag-up-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2320242">To read this article on Zacks.com click here.</a>

Choice Hotels Q2 Earnings & Revenues Lag, Up Y/Y

JP Morgan analyst Rahul Krotthapalli maintains Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Overweight and raises the price target from $78 to $80.

JP Morgan Maintains Overweight on Planet Fitness, Raises Price Target to $80

RBC Capital analyst Logan Reich maintains Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Outperform and raises the price target from $77 to $87.

RBC Capital Maintains Outperform on Planet Fitness, Raises Price Target to $87

Roth MKM analyst George Kelly maintains Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Buy and raises the price target from $73 to $88.

Roth MKM Maintains Buy on Planet Fitness, Raises Price Target to $88

Baird analyst Jonathan Komp maintains Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Outperform and raises the price target from $88 to $92.

Baird Maintains Outperform on Planet Fitness, Raises Price Target to $92

BMO Capital analyst Simeon Siegel reiterates Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Outperform and raises the price target from $80 to $87.

Reiteration

BMO Capital Reiterates Outperform on Planet Fitness, Raises Price Target to $87

Despite the recent market turmoil, Jim Cramer has offered a reassuring perspective, suggesting that the current corporate earnings do <a href="https://www.benzinga.com/news/24/08/40177780/i-do-not-think-the-us-economy-is-in-recession-sahm-rule-creator-refutes-claims-amid-market-turmoil">not indicate an impending recession</a>.
What Happened: CNBC host Cramer shared his insights on the corporate earnings reports, indicating that they do not signal a serious recession. He emphasized that the microdata from individual companies&#8217; reports does not support the notion of an imminent recession, <a href="https://www.cnbc.com/2024/08/06/cramer-says-tuesdays-earnings-dont-indicate-a-serious-recession.html">reported</a> CNBC on Tuesday.
"I think we're in a recessionless recession because I follow the actual micro data from individual companies that report," Cramer said. "When you run down the companies that reported in the last 24 hours, it's very hard to make the case that we're headed for a serious recession from here."
He highlighted the strong performance of companies such as Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) and Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>), which exceeded expectations. Cramer also pointed out the encouraging results from consumer discretionary companies like Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), Molson Coors Beverage Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), Planet Fitness Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>), and Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>).
&#8220;There was just great quarter after great quarter after great quarter this morning. They just can&#8217;t be seen by those who refuse to do the homework and only listen to central bankers,&#8221; Cramer said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40154562/fed-may-be-bullied-into-50-bps-cut-in-september-says-mohamed-el-erian-as-global-mar?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Fed May Be &#8216;Bullied&#8217; Into 50 BPS Cut In September, Says Mohamed El-Erian, As Global Markets Melt Down</a>
Why It Matters: Cramer&#8217;s comments come amid a period of economic uncertainty and market volatility. Despite the fears of a recession, several experts have expressed a contrary view. 
For instance, economist Claudia Sahm, who developed the Sahm Rule, has stated that she <a href="https://www.benzinga.com/news/24/08/40177780/i-do-not-think-the-us-economy-is-in-recession-sahm-rule-creator-refutes-claims-amid-market-turmoil">does not believe the U.S. economy is in a recession</a>. 
Similarly, veteran Wall Street investor Ed Yardeni has <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40170709/veteran-wall-street-analyst-counters-recession-fears-we-dont-expect-a-hard-landing-">challenged the recession fears</a>, asserting that he does not expect a hard landing.
Despite the ongoing debate, the market has been experiencing significant fluctuations. The possibility of an emergency rate cut by the Federal Reserve was even speculated <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40203305/should-fed-make-an-emergency-cut-before-september-meeting-no-not-even-close-analy">after recent shockwaves</a> in the interest rate markets. However, the implied probability of a Fed emergency rate cut in 2024 dropped sharply to 14% by Tuesday.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Jim Cramer Says 'We're In A Recessionless Recession,' Points To Uber And Other Strong Corporate Earnings As Reassuring Sign

U.S. stocks were higher, with the Dow Jones index gaining over 300 points on Tuesday.
Shares of Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) rose sharply during Tuesday's session after the company reported better-than-expected second-quarter earnings and <a href="https://www.benzinga.com/news/earnings/24/08/40181443/restaurant-company-yum-china-posts-mixed-q2-results-announces-cfo-change">announced a CFO transition.</a>
Core operating profit grew 12% Y/Y to $275 million, with a margin of 10.0% vs. 9.3% a year ago quarter. EPS of 55 cents surpassed the street view of 47 cents.
Yum China shares surged 11.6% to $33.26 on Tuesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) shares surged 90% to $4.92 after the company announced it secured $5 billion in new business from companies seeking to secure their fiber capacity.</li>
<li>Clear Secure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOU#NYSE">YOU</a>) gained 26.4% to $24.61 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates.</li>
<li>Serve Robotics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) climbed 24.9% to $17.01 after falling around 7% on Monday.</li>
<li>TG Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGTX#NASDAQ">TGTX</a>) gained 21.2% to $20.85  after the company reported better-than-expected quarterly financial results and raised its FY24 Briumvi U.S. net product revenue. The company entered into a term loan facility with Blue Owl Capital.</li>
<li>Castle Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSTL#NASDAQ">CSTL</a>) rose 17.8% to $25.76 after the company reported better-than-expected second-quarter financial results and increased its FY24 revenue guidance above estimates.</li>
<li>Bioventus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BVS#NASDAQ">BVS</a>) jumped 18.5% to $7.42 after the company reported better-than-expected second-quarter financial results and raised its FY24 guidance above estimates.</li>
<li>Vimeo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMEO#NASDAQ">VMEO</a>) gained 17.2% to $4.18 after the company reported better-than-expected quarterly financial results and raised its FY24 revenue guidance.</li>
<li>Cabot Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBT#NYSE">CBT</a>) rose 15.2% to $100.21 following upbeat quarterly results.</li>
<li>Kenvue Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVUE#NYSE">KVUE</a>) climbed 13.7% to $20.69 after the company reported better-than-expected quarterly financial results.</li>
<li>Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) gained 13.2% to $30.85 following better-than-expected quarterly earnings.</li>
<li>New Oriental Education &amp; Technology Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDU#NYSE">EDU</a>) gained 11.6% to $72.87  after the company upsized its share repurchase program.</li>
<li>BellRing Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRBR#NYSE">BRBR</a>) gained 11.2% to $54.85 following upbeat quarterly earnings.</li>
<li>TransMedics Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMDX#NASDAQ">TMDX</a>) gained 9.3% to $162.20.</li>
<li>BioMarin Pharmaceutical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMRN#NASDAQ">BMRN</a>) rose 9.3% to $87.99 after the company reported better-than-expected quarterly financial results. Also, Evercore ISI Group maintained an Outperform rating on the stock and raised its price target from $113 to $115.</li>
<li>Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) rose 9.1% to $152.55. The company announced that it entered into exchange agreements with a limited number of noteholders of its 6% Convertible Senior Notes due 2025</li>
<li>Materion Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTRN#NYSE">MTRN</a>) gained 9% to $112.74 following strong quarterly earnings.</li>
<li>Planet Fitness, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) rose 9% to $78.53 after the company reported better-than-expected second-quarter financial results and reiterated 2024 outlook.</li>
<li>Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) rose 6.7% to $54.58  after the company reported better-than-expected quarterly financial results.</li>
<li>Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) gained 5.9% to $105.02 after B of A Securities upgraded the stock from Neutral to Buy.</li>
</ul>
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<li><a href="https://www.benzinga.com/news/24/08/40188563/this-crowdstrike-analyst-turns-bullish-here-are-top-5-upgrades-for-tuesday">This CrowdStrike Analyst Turns Bullish; Here Are Top 5 Upgrades For Tuesday</a></li>
</ul>

Intraday Update

Movers

BMRN

BRBR

CSTL

New Oriental Education & Technology Group

KVUE

LUMN

MTRN

SERV

TGTX

TMDX

VMEO

YUMC

Yum China Posts Upbeat Earnings, Joins Clear Secure, TG Therapeutics, Bioventus And Other Big Stocks Moving Higher On Tuesday

Planet Fitness, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) shares are trading higher after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40182405/planet-fitness-inc-announces-second-quarter-2024-results" rel="noreferrer noopener">reported second-quarter results.</a>
The company reported adjusted earnings per share of 71 cents, <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the street view of 66 cents</a>.
Quarterly sales of $300.94 million (+5.1%) <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">beat the analyst consensus of $288.225 million.</a>
System-wide same-store sales increased 4.2%, while system-wide sales increased to&nbsp;$1.2 billion&nbsp;from&nbsp;$1.1 billion&nbsp;in the prior year period.
Franchise segment revenue rose 9.1% to $107.8 million, corporate-owned stores revenue increased 10.3% to $125.5 million, while equipment segment revenue fell 8.4% to $67.7 million from the prior year period.
Adjusted EBITDA increased 7.2% to&nbsp;$127.5 million&nbsp;from&nbsp;$118.9 million&nbsp;in the prior year period.
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During the period, Planet Fitness opened 18 new stores—17 franchisee-owned and 1 corporate-owned—bringing the total number of system-wide locations to 2,617 as of June-end.
As of quarter-end, the company held $447.7 million in cash and marketable securities, including $247.0 million in cash and cash equivalents, $47.8 million in restricted cash, and $152.9 million in marketable securities.
Outlook, reiterated: For the year ending December 31, 2024, the company is maintaining its expectations for 120 to 130 new equipment placements in franchisee-owned locations and 140 to 150 new store openings.
Growth projections include a 3% to 5% increase in system-wide same-store sales and a 4% to 6% rise in revenue over 2023 results, representing $1.11 billion &#8211; $1.14 billion against the estimate of $1.132 billion.
Adjusted EPS is expected to increase by 7% to 9%, representing $2.40 &#8211; $2.44 against the consensus of $2.43.
Price Action: PLNT shares are trading higher by 11.1% to $80.00&nbsp;premarket at last check Tuesday.
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Guidance

General

Planet Fitness Power Play: Shares Jump After Q2 Beat, New Stores & Solid Outlook

WIIM

Planet Fitness shares are trading higher after the company reported better-than-expected Q2 financial results and reiterated 2024 outlook.

2024 Outlook
&nbsp;
For the year ending December 31, 2024, the Company is reiterating the following expectations:
<ul>
<li>New equipment placements of approximately 120 to 130 in franchisee-owned locations</li>
<li>System-wide new store openings of approximately 140 to 150 locations</li>
</ul>
The Company is also reiterating the following growth expectations over its 2023&nbsp;results:
<ul>
<li>System-wide same store sales in the 3% to 5% percentage range</li>
<li>Revenue to increase in the 4% to 6% range</li>
<li>Adjusted EBITDA to increase in the 7% to 9% range</li>
<li>Adjusted net income to increase in the 4% to 6% range</li>
<li>Adjusted net income per share, diluted to increase in the 7% to 9% range, based on adjusted diluted weighted-average shares outstanding of approximately 86.5 million, inclusive of the shares expected to be repurchased as part of the ASR Agreement.</li>
</ul>

Planet Fitness Reiterates FY2024 Outlook: Adj EPS Of $2.40-$2.44 vs $2.43 Est; Sales Of $1.11B-$1.14B vs $1.13B Est

Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) reported quarterly earnings of $0.71 per share which beat the analyst consensus estimate of $0.66 by 7.58 percent. This is a 9.23 percent increase over earnings of $0.65 per share from the same period last year. The company reported quarterly sales of $300.941 million which beat the analyst consensus estimate of $288.225 million by 4.41 percent. This is a 5.05 percent increase over sales of $286.463 million the same period last year.

Earnings Beats

Planet Fitness Q2 2024 Adj. EPS $0.71 Beats $0.66 Estimate, Sales $300.941M Beat $288.225M Estimate

Carter&#39;s, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cri#NYSE">CRI</a>) is scheduled to release second-quarter 2024 results on Jul 26 before the opening bell. The branded marketer of apparel, exclusively for babies and children in North America, is likely to witness a decline in the bottom and top lines when it reports the quarterly numbers.
The Zacks Consensus Estimate for second-quarter revenues is pegged at $566.8 million, indicating a fall of 5.6% from the figure reported in the year-ago quarter. The consensus estimate for quarterly earnings, which has remained unchanged at 45 cents per share in the past 30 days, indicates a decrease of 29.7% from the year-ago quarter&#39;s reported figure.
The company has a trailing four-quarter earnings surprise of 26.6%, on average. In the last reported quarter, CRI&#39;s bottom line beat the Zacks Consensus Estimate by 47.8%.
<h3>Factors to Note</h3>
Carter&#39;s has been reeling under inflationary pressures, which have been affecting consumers&#39; discretionary spending. The second-quarter performance is likely to have been hurt by inflation, elevated interest rates and the suspension of pandemic-related stimulus payments to child-care centers, thereby leading to soft demand for the company&#39;s products. In addition, higher selling, general and administrative expenses (SG&amp;A), reflecting investments in new stores and higher store payroll expenses, are expected to have strained margins and reduced profitability. Also, soft online sales trends are anticipated to have further weighed on the company&#39;s quarterly numbers.
Management had projected second-quarter net sales to be in the range of $560-$570 million, down from $600 million recorded in the year-ago quarter. This included declines of mid-to-high single-digits in the U.S. Retail, low-to-mid single-digits in the U.S. Wholesale and mid-to-high single-digits in the International segments&#39; sales. Management had envisioned adjusted earnings per share to be in the range of 35-45 cents, indicating a decline from 64 cents reported in the year-ago quarter. Carter&#39;s anticipated an adjusted operating income of $25-$30 million for the impending quarter, indicating a drop from $38 million recorded in the year-ago quarter.
Our model predicts a sales drop of 5.7% in the U.S. Retail, 4.8% in the U.S. Wholesale and 6.1% in the International segment. We expect adjusted operating income to plunge 34% year over year to $25 million.
On the flip side, Carter&#39;s is making efforts to maneuver such challenges. The company has been implementing measures like improved pricing and optimized inventory management, apart from strengthening its e-commerce capabilities. Some other notable efforts include expanded omnichannel facilities, including curbside pickup, same-day pickup, buy online and pickup at store, and ship from store. CRI has been experiencing higher-than-expected demand in its U.S. wholesale business for a while.
<h3>Valuation Picture</h3>
From a valuation perspective, Carter&#39;s offers an attractive opportunity, trading at a discount relative to historical and industry benchmarks. With a forward 12-month price-to-earnings ratio of 9.57x, which is below the five-year high of 21.14x and the Shoes and Retail Apparel industry&#39;s average of 20.16x, the stock offers compelling value for investors seeking exposure to the sector.
However, the recent market movements show that CRI&#39;s shares have fallen 14.1% in the past six months compared with the industry&#39;s 22% decline.
<h3>What the Zacks Model Unveils</h3>
Our proven model doesn&#39;t conclusively predict an earnings beat for Carter&#39;s this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that&#39;s not the case here.
<div class="chart_embed">
<h3>Carter&#39;s, Inc. Price and EPS Surprise</h3>
<img alt="Carter's, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/b8/1721739193.png" style="height:263px; width:537px" title="" />
Carter&#39;s, Inc. price-eps-surprise | Carter&#39;s, Inc. Quote
Carter&#39;s currently has an Earnings ESP of 0.00% and a Zacks Rank of 3.
</div>
<h3>Stocks Poised to Beat Earnings Estimates</h3>
Here are some companies, which according to our model, have the right combination of elements to post an earnings beat:
Adidas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) currently has an Earnings ESP of +0.05% and a Zacks Rank of 2.
ADDYY is likely to register bottom and top-line growth when it reports second-quarter 2024 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $6.4 billion, indicating 9.2% growth from the figure reported in the year-ago quarter.
The consensus estimate for ADDYY&#39;s earnings is pegged at 69 cents a share, indicating a sharp rise from earnings of 26 cents a share reported in the year-ago quarter. The consensus mark has risen from 42 cents per share in the past 30 days.
MGM Resorts International (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mgm#NYSE">MGM</a>) currently has an Earnings ESP of +15.35% and a Zacks Rank of 3. MGM is likely to register bottom and top-line growth when it reports second-quarter results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $4.2 billion, indicating 6% growth from the figure reported in the year-ago quarter.
The consensus estimate for MGM Resorts&#39; earnings is pegged at 66 cents a share, implying an 11.9% increase from the year-earlier quarter. The consensus mark has moved down by a penny in the past seven days.
Planet Fitness (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plnt#NYSE">PLNT</a>) currently has an Earnings ESP of +1.24% and a Zacks Rank of 3. PLNT is likely to have register bottom and top-line growth in its second-quarter results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $294.4 million, indicating 2.8% growth from the figure reported in the year-ago quarter.
The consensus estimate for Planet Fitness&#39; quarterly earnings is pegged at 66 cents per share, indicating a 1.5% rise from the year-ago quarter. The consensus mark has risen by a penny in the past 30 days.
<a href="https://www.zacks.com/stock/news/2307006/carter-s-cri-q2-earnings-coming-up-what-s-in-the-cards?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2307006">To read this article on Zacks.com click here.</a>

ADDYY

Carter's Q2 Earnings Coming Up: What's in the Cards?

Piper Sandler analyst Peter Keith maintains Planet Fitness (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) with a Overweight and raises the price target from $80 to $89.

Piper Sandler Maintains Overweight on Planet Fitness, Raises Price Target to $89

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>Morgan Stanley cut the price target for The Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) from $58 to $57. Morgan Stanley analyst Simeon Gutman maintained an Equal-Weight rating. Kroger shares fell 0.1% to close at $50.21 on Friday. <a href="https://www.benzinga.com/quote/KR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan raised the price target for Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) from $173 to $175. JP Morgan analyst Matthew Boss maintained an Overweight rating. Royal Caribbean Cruises shares rose 0.6% to close at $151.12 on Friday. <a href="https://www.benzinga.com/quote/RCL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BMO Capital boosted Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) price target from $170 to $200. BMO Capital analyst Kostas Biliouris maintained an Outperform rating. Sarepta Therapeutics shares jumped 30.1% to close at $160.72 on Friday. <a href="https://www.benzinga.com/quote/SRPT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wells Fargo boosted the price target for argenx SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARGX#NASDAQ">ARGX</a>) from $478 to $542. Wells Fargo analyst Derek Archila maintained an Overweight rating. argenx shares rose 1.7% to close at $394.47 on Friday. <a href="https://www.benzinga.com/quote/ARGX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities raised HEICO Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HEI#NYSE">HEI</a>) price target from $220 to $250. B of A Securities analyst Ronald Epstein maintained a Buy rating. HEICO shares gained 0.4% to close at $227.26 on Friday. <a href="https://www.benzinga.com/quote/HEI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird boosted Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) price target from $150 to $172. Baird analyst Tristan Gerra maintained an Outperform rating. Micron shares fell 3.2% to close at $139.54 on Friday. <a href="https://www.benzinga.com/quote/MU/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham cut the price target for CarMax, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) from $91 to $87. Needham analyst Chris Pierce maintained a Buy rating. CarMax shares gained 0.4% to close at $71.63 on Friday. <a href="https://www.benzinga.com/quote/KMX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Evercore ISI Group cut Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) price target from $4.25 to $3.25. Evercore ISI Group analyst Vijay Jayant upgraded the stock from Underperform to In-Line. Sirius XM shares gained 1% to close at $2.93 on Friday. <a href="https://www.benzinga.com/quote/SIRI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>TD Cowen raised Planet Fitness, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) price target from $66 to $92. TD Cowen analyst Max Rakhlenko upgraded the stock from Hold to Buy. Planet Fitness shares fell 0.4% to close at $72.73 on Friday. See how other analysts view this stock.</li>
<li>Truist Securities boosted AvalonBay Communities, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVB#NYSE">AVB</a>) price target from $207 to $213. Truist Securities analyst Michael Lewis maintained a Hold rating. AvalonBay Communities shares rose 1% to close at $203.89 on Friday. <a href="https://www.benzinga.com/quote/AVB/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/06/39453365/carnival-gears-up-for-q2-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate">Carnival Gears Up For Q2 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a>

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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>TD Cowen analyst Max Rakhlenko upgraded the rating for Planet Fitness, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) from Hold to Buy, while raising the price target from $66 to $92. Planet Fitness shares fell 0.4% to close at $72.73 on Friday. <a href="https://www.benzinga.com/quote/PLNT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Roth MKM analyst Eric Handler upgraded Cinemark Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNK#NYSE">CNK</a>) from Neutral to Buy and boosted the price target from $19 to $26. Cinemark shares gained 0.5% to close at $19.48 on Friday. <a href="https://www.benzinga.com/quote/CNK/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group analyst Vijay Jayant upgraded the rating for Sirius XM Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>) from Underperform to In-Line and lowered the price target from $4.25 to $3.25. Sirius XM shares rose 1% to settle at $2.93 on Friday. <a href="https://www.benzinga.com/quote/SIRI/analyst-ratings">See how other analysts view this stock. See how other analysts view this stock</a>.</li>
<li>Needham analyst Joshua Reilly upgraded Digimarc Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DMRC#NASDAQ">DMRC</a>) from Hold to Buy and announced a price target of $40. Digimarc shares gained 3.8% to close at $26.24 on Friday. <a href="https://www.benzinga.com/quote/DMRC/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Leerink Partners analyst Joseph Schwartz upgraded the rating for Solid Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLDB#NASDAQ">SLDB</a>) from Market Perform to Outperform and maintained a price target of $12. Solid Biosciences shares gained 2.5% to settle at $6.46 on Friday. <a href="https://www.benzinga.com/quote/SLDB/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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Upgrades

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This Planet Fitness Analyst Turns Bullish; Here Are Top 5 Upgrades For Monday

Planet Fitness shares are trading higher after TD Cowen upgraded the stock from Hold to Buy and raised its price target from $66 to $92.

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In a report released today, George Kelly from Roth MKM reiterated a Buy rating on Planet Fitness (PLNT – Research Report), with a price target of $...

Planet Fitness (PLNT) Receives a Buy from Roth MKM

D.A. Davidson analyst Linda Bolton Weiser maintained a Hold rating on Planet Fitness (PLNT – Research Report) today and set a price target of $70.0...

D.A. Davidson Remains a Hold on Planet Fitness (PLNT)

Morgan Stanley analyst Megan Alexander maintained a Buy rating on Planet Fitness (PLNT – Research Report) today and set a price target of $84.00. T...

Morgan Stanley Sticks to Their Buy Rating for Planet Fitness (PLNT)

Macquarie analyst Paul Golding has maintained their bullish stance on PLNT stock, giving a Buy rating today. Paul Golding's rating is based on a co...

Planet Fitness (PLNT) Poised for Growth: Analyst Upgrades Target Price Amid Strong Q2 Earnings and Strategic Pricing Initiatives

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Planet Fitness: Visible Catalysts, But I Am Still Waiting For Growth To Accelerate

Analyst Jonathan Komp from Robert W. Baird maintained a Buy rating on Planet Fitness (PLNT – Research Report) and keeping the price target at $92.0...

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Planet Fitness

Planet Fitness (PLNT) Forecast

Planet Fitness (NYSE:PLNT) Stock, Quote.Headers.trade-ideas