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First Trust Introduces A Slew Of New ETFs

Susquehanna analyst Mehdi Hosseini maintains Advanced Energy Indus (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEIS#NASDAQ">AEIS</a>) with a Neutral and lowers the price target from $95 to $90.

Price Target

Analyst Ratings

AEIS

Susquehanna Maintains Neutral on Advanced Energy Indus, Lowers Price Target to $90

<ul>
<li>Leading utility needed a seamless way to transition from legacy power grid synchronization to ultra-stable PTP timing and resilient PNT</li>
<li>Oscilloquartz ePRTC+ solution delivers new levels of accuracy and availability with robust protection against GNSS cyberattacks</li>
<li>Ensemble Sync Director ensures centralized control, comprehensive monitoring and operational simplicity</li>
</ul>
Adtran today announced that a leading Canadian hydropower producer is using its Oscilloquartz grandmaster device combined with its optical cesium atomic clock to achieve new levels of precision, reliability and resilience in its power grid synchronization network. The deployment addresses the urgent need to implement the highest standards of protection against GNSS disruptions, including jamming and spoofing cyberattacks, and helps bolster North America's energy resilience. Featuring multi-source protection, the enhanced timing architecture offers a zero-trust approach to positioning, navigation and timing (PNT), ensuring robust and accurate synchronization. It also seamlessly supports existing services, enabling a smooth transition from legacy timing to power grids with advanced PTP technology. For streamlined operations and assurance, the synchronization network is remotely managed through the Adtran Ensemble Controller with Sync Director.
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20240502346533/en/">https://www.businesswire.com/news/home/20240502346533/en/</a>
&nbsp;
"It's great to be helping another major utility to modernize its timing infrastructure and prepare for next-generation smart grid applications. The transition from traditional TDM to advanced packet-based synchronization marks a significant milestone for this forward-thinking power supplier. The solution will also strengthen its timing network against the growing dangers of relying solely on GNSS," commented John Scherzinger, GM of Americas sales at Adtran. "The deployment of our advanced grandmaster clock enables the utility to extend reliable timing to Canada's most remote regions. The superior stability and precision of our optical cesium clock are key to realizing levels of accuracy and resilience never seen before. What's more, our <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.oscilloquartz.com%2Fen%2Fproducts-and-services%2Fnetwork-management-systems%2Fensemble-sync-director%3Futm_source%3Dbusiness-wire%26utm_medium%3Dpress-release%26utm_campaign%3D240502-canadian-hydropower-producer&amp;esheet=53971103&amp;newsitemid=20240502346533&amp;lan=en-US&amp;anchor=Ensemble+Sync+Director&amp;index=1&amp;md5=9a94a3d02be6aa76700fbe5130f299bd">Ensemble Sync Director</a> system brings the benefits of centralized control, ensuring comprehensive monitoring and simplified operational management. This is essential for maintaining the reliability and security of the utility's extensive and often remotely located network."
By enhancing its timing framework with Adtran's Oscilloquartz solution, the hydroelectric producer is ensuring it maintains the highest standards of cybersecurity and energy reliability in its critical infrastructure. The deployment will also improve the stability and security of the energy supply across Canada and the US. The new solution includes Adtran's <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.oscilloquartz.com%2Fen%2Fproducts-and-services%2Fcesium-clocks%2Fosa-3350%3Futm_source%3Dbusiness-wire%26utm_medium%3Dpress-release%26utm_campaign%3D240502-canadian-hydropower-producer&amp;esheet=53971103&amp;newsitemid=20240502346533&amp;lan=en-US&amp;anchor=OSA+3350+ePRC%2B&amp;index=2&amp;md5=a2d1cb5065302166e4ed6b5a553fe467">OSA 3350 ePRC+</a> combined with its highly versatile <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.oscilloquartz.com%2Fen%2Fproducts-and-services%2Fptp-grandmaster-clocks%2Fmid-sized-ptp-grandmasters%2Fosa-5420-series%3Futm_source%3Dbusiness-wire%26utm_medium%3Dpress-release%26utm_campaign%3D240502-canadian-hydropower-producer&amp;esheet=53971103&amp;newsitemid=20240502346533&amp;lan=en-US&amp;anchor=OSA+5422&amp;index=3&amp;md5=504bf3eef0561cccb73c3ad07dc8bce4">OSA 5422</a> to provide the highest precision, stability and resilience against GNSS vulnerabilities. Featuring an all-digital design, the OSA 3350 ePRC+ utilizes optical-pumping techniques, guaranteeing timing accuracy and optimal stability for over a decade – twice the lifespan of conventional cesium clocks. Together with the OSA 5422, the solution future-proofs the utility's timing network and assures compliance with governmental regulations. It also fortifies security and underscores the renewable energy utility's commitment to maintaining a continuous, secure power supply.
"This leading Canadian power supplier is renowned for its dedication to innovation. Its choice to adopt our technology highlights both the impact of our solution and its significance on a global scale. By transitioning its substation network from traditional TDM to advanced packet-based synchronization, it's setting a precedent for the entire industry to follow," commented Gil Biran, GM of Oscilloquartz, Adtran. "Our solution offers robust defense against GNSS vulnerabilities and ensures adherence to stringent industry regulations. Through our ongoing support, the utility is reinforcing its dedication to enhancing both resilience and reliability – elements that are fundamental for fulfilling PNT requirements. This is crucial for safeguarding the integrity of critical network infrastructure, ensuring a consistent and dependable energy future for all."

Global

ADTN

Canadian Hydropower Producer Upgrades Timing Network With Adtran's Oscilloquartz Optical Cesium Clock

BLNK

Blink Charging Selected As Official Electric Vehicle Charger And Network Services Provider For State Of New York, Co. Will Offer The State Its Electric Vehicle Charging Stations Which Include Level 2 And DC Fast Chargers

The agreement paves the way for exploratory work to begin on two projects: the Wisting field offshore Norway and Bay Du Nord, off Newfoundland and Labrador, Canada.

EQNR

SLB Ink New Long-Term Strategic Collaboration Agreement Between Equinor And The Subsea Integration Alliance

Susquehanna analyst Joseph Stauff upgrades MGM Resorts Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>) from Neutral to Positive and raises the price target from $46 to $54.

Upgrades

Susquehanna Upgrades MGM Resorts Intl to Positive, Raises Price Target to $54

8.0 EH/s of installed and operational self-mining capacity &nbsp;
Mining fleet achieved a Company record of 98% utilization
Building 4 (35 MW) at Lake Mariner nearing final construction, providing path to 10.0 EH/s by mid-2024
EASTON, Md., May 02, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WULF#NASDAQ">WULF</a>) ("TeraWulf" or the "Company"), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by 95% zero-carbon energy, today provided an unaudited monthly production and operations update for April 2024.
April 2024 Production and Operations Highlights&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Self-mined 348 bitcoin in April with an average production rate of 11.6 bitcoin per day.</li>
<li>Power cost averaged $16,058 per bitcoin self-mined, or approximately $0.038/kWh in April, which excludes the benefit of expected demand response or ancillary services proceeds.</li>
<li>Remaining older generation miners at Lake Mariner were replaced with approximately 3,000 S19k Pro miners in April bringing Lake Mariner's total S19k Pro miner count to approximately 4,100. &nbsp;</li>
</ul>
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Key Metrics 1</td>
<td>April 2024</td>
<td>March 2024</td>
</tr>
<tr>
<td>Bitcoin Self-Mined Lake Mariner</td>
<td>269</td>
<td>290</td>
</tr>
<tr>
<td>Bitcoin Self-Mined Nautilus2</td>
<td>79</td>
<td>89</td>
</tr>
<tr>
<td>Value per Bitcoin Self-Mined 3</td>
<td>$66,245</td>
<td>$67,354</td>
</tr>
<tr>
<td>Power Cost per Bitcoin Self-Mined</td>
<td>$16,058</td>
<td>$13,798</td>
</tr>
<tr>
<td>Avg. Operating Hash Rate (EH/s) 4</td>
<td>7.8</td>
<td>7.6</td>
</tr>
</tbody>
</table>
</figure>
 Management Commentary
"During April, the Company mined 348 bitcoin or 11.6 BTC per day, a 5.0% decrease from March's rate of bitcoin production. Bitcoin mined in April before the halving, which took place on April 19th, was 236 bitcoin or 68% of April's total bitcoin production. A spike in transaction fees made up for most of the lost block subsidy in the week following the halving. We saw transaction fees fall to typical levels towards the end of April" said Sean Farrell, SVP of Operations at TeraWulf.
"Lake Mariner completed installation of the remaining Bitmain S19K Pro miners to increase fleet efficiency and improve performance. Elsewhere at Lake Mariner, construction on building 4 continues to progress on schedule with the completion of framing work on the building" continued Farrell.
Production and Operations Update
Operational infrastructure capacity at the Lake Mariner facility was 160 MW plus 50 MW at Nautilus with TeraWulf's total self-mining hash rate at 8.0 EH/s. On average our miners operated at 98% of installed nameplate capacity.
Construction of Building 4 (35 MW) at the Lake Mariner facility remains on track to be completed by mid-2024, which is expected to further increase TeraWulf's total operational capacity to approximately 10.0 EH/s.
As previously announced, the Company is finalizing the design for a large-scale, high-performance computing (HPC) / AI project at the Lake Mariner site and has committed an initial 2 MW block of power, capable of deploying thousands of the latest generation graphics processing units (GPUs). Lake Mariner has upgraded its internet interconnection to align with bandwidth requirements of AI, designed closed loop liquid cooling, and power supply for 100% redundancy in support of the project.

WULF

TeraWulf Announces April 2024 Production And Operations Update; Self-Mined 348 Bitcoin In April

The HVIP incentive, starting at a base amount of $85,000, offers Xos a significant opportunity to provide their innovative 2024 Xos SV Battery-Electric Stepvan at a reduced upfront cost to customers. 
&nbsp;

General

Xos Has Received Official Approval From The California Air Resources Board For The 2024 Xos SV Battery Electric Stepvan To Be Listed On The Clean Truck And Bus Voucher Incentive Program (HVIP) Catalog

WIIM

Wayfair shares are trading higher after the company reported better-than-expected Q1 financial results.

Expectations are very muted as Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) prepares to announce its fiscal year 2024 <a href="https://www.benzinga.com/calendars/earnings">second-quarter results </a>Thursday after the market close.
Apple&#8217;s Key Q1 Numbers: Apple&#8217;s year-over-year revenue declining streak is expected to resume and the bottom-line performance is expected to be flattish from a year earlier.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Q2&#8217;24 Consensus&#x2A;</td>
<td>Q2&#8217;23</td>
<td>Q1&#8217;24</td>
</tr>
<tr>
<td>Revenue</td>
<td>$90.01B</td>
<td>$94.84B</td>
<td>$119.6B</td>
</tr>
<tr>
<td>Non-GAAP EPS</td>
<td>$1.50</td>
<td>$1.52</td>
<td>$2.18</td>
</tr>
<tr>
<td>Gross margin</td>
<td>N/A</td>
<td>44.26%</td>
<td>45.88%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">&#x2A;according to Benzinga Pro data</figcaption></figure>
The predicament is primarily due to the weak uptake of its flagship iPhone device. Bullish analyst Daniel Ives said in a recent note that he expects iPhone unit sales in China to be softer, with revenue potentially declining year-over-year, due to Huawei competition and a lackluster iPhone 15 upgrade cycle.
Market research firm Canalys said worldwide smartphone shipments rose 10% year-over-year in the first quarter to 296.2 million units. Apple&#8217;s shipments, however, fell 16% to 48.7 million units and its market share fell five points to 16%.
Morgan Stanley analyst Erik Woodring said he expected a slight March quarter beat from April, with the headline metrics likely coming in at $91 billion and $1.51 per share, respectively. 
See Also: <a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock">Everything You Need to Know About Apple Stock</a>
Apple Businesses: Woodring sees iPhone and iPad build stability, slight Mac shipment upside, and Services outperformance. Estimates provided by Morgan Stanley (consensus and in-house) for the various product categories are as follows:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Consensus</td>
<td>Morgan Stanley&#8217;s estimates</td>
<td>Q2&#8217;23</td>
<td>Q1&#8217;24</td>
</tr>
<tr>
<td>iPhone</td>
<td>$46.42B</td>
<td>$46.48B</td>
<td>$51.33B</td>
<td>$69.70B</td>
</tr>
<tr>
<td>Mac</td>
<td>$6.88B</td>
<td>$6.63B</td>
<td>$7.17B</td>
<td>$7.78B</td>
</tr>
<tr>
<td>iPad</td>
<td>$5.94B</td>
<td>$6.39B</td>
<td>$6.67B</td>
<td>$7.02B</td>
</tr>
<tr>
<td>Wearable, Home &amp; Accessories</td>
<td>$8.08B</td>
<td>$7.93B</td>
<td>$8.76B</td>
<td>$11.05B</td>
</tr>
<tr>
<td>Services</td>
<td>$23.26B</td>
<td>$23.56B</td>
<td>$20.91B</td>
<td>$23.12B</td>
</tr>
</tbody>
</table>
</figure>
Forward Outlook: For the third quarter, which is seasonally weak, the Street forecasts earnings per share of $1.30 and revenue of $82.89 billion. Woodring expects the company to guide revenue 4-7% below consensus.
Ives models June-quarter iPhone revenue of about $35 billion and total revenue in the $80 billion range.&nbsp;He expects things to improve with the launch of the iPhone 16 model. &#8220;The good news is help is on the way as we believe a pent-up demand cycle with an AI-driven iPhone 16 model on the horizon should enable Cook &amp; Co. to return to growth again in China with tailwinds into FY25,&#8221; he said. 
Key upcoming events that could have a bearing on the stock included:
<ul>
<li>April 30 Epic v. Apple hearing</li>
<li>May 1-3, DOJ vs. GOOGL closing arguments</li>
<li>June 10 WWDC </li>
</ul>
Morgan Stanley&#8217;s Woodring said, &#8220;Historically, a mixed March quarter earnings report/June quarter guide has been neutral to slightly positive for Apple&#8217;s shares in the day, week and month following earnings.&#8221;
Earnings Call Focus: CEO Tim Cook will likely shed more light on the <a href="https://www.benzinga.com/news/24/04/38040467/apple-quietly-unveils-new-ai-model-realm-that-outperforms-openais-gpt-4-despite-being-much-lighter-a">broader AI strategy </a>as the technology would be a game-changer for the Apple story over the coming years, said Ives. This assumes importance because rumors suggest the company is negotiating with both OpenAI and Alphabet to bring AI to its iPhones.
The Apple Stock: In premarket trading, the stock rose 1.09% to $171.15, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> The stock has shed roughly 12% for the year-to-date period compared to the Invesco QQQ ETF&#8216;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) 3.07% gain and 5.60% rise by the SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38540655/wall-street-braces-for-brutal-apple-earnings-but-top-analyst-gives-6-reasons-to-sta">Wall Street Braces For Brutal Apple Earnings, But Top Analyst Gives 6 Reasons To Stay Bullish On iPhone Maker</a>
Photo courtesy: Apple

Earnings

Equities

Previews

Tech

AAPL

Will Apple Crack AI Code And Spark Investor Optimism? Tim Cook's Tech Strategy In Focus Amid Expected Q2 Slump

In addition to his appointment as President and CEO, Blaser will join the Board, effective May 15, 2024, when the Board will be expanded from ten to eleven members.
The Company will report its&nbsp;first quarter&nbsp;2024 financial results on May 8, 2024.

Management

QDEL

QuidelOrtho Appoints Brian Blaser As President And CEO, Effective May 6

Akoya Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKYA#NASDAQ">AKYA</a>), The Spatial Biology Company&#xAE;, and Shanghai KR Pharmtech, a leading company providing molecular diagnostic solutions in China, have jointly announced that KR-HT5, which Akoya Biosciences co-developed with Shanghai KR Pharmtech utilizing the PhenoImager HT technology as its foundation, has received premarket approval from China's National Medical Products Administration (NMPA) to support next generation pathology clinical workflows.
The NMPA serves as the national regulatory body in China, overseeing the safety, quality, and efficacy of medical products, encompassing pharmaceuticals and medical devices. Obtaining NMPA approval indicates that the regulatory authority has examined and sanctioned the product for sale or utilization in the Chinese clinical market.
The KR-HT5 is a product jointly developed by Akoya Biosciences and Shanghai KR Pharmtech for Chinese clinical needs. Built on the PhenoImager HT core technologies, specifically Akoya's Multispectral Imaging (MSI) and spectral unmixing technologies, KR-HT5 will provide clinicians with a high-throughput platform to enable analysis for multiplex biomarker workflows. Shanghai KR Pharmtech will offer the KR-HT5 as part of its <a href="https://www.globenewswire.com/Tracker?data=pHM7qThVHgByH7WcWmHq9T-KNxFU_rL1SBAB4EXRUDfltB14UUDS-_C7LGBHJZf_pE10YqZawYRXBJ5MOkT0VZT9NFYjN5lzmId4PxA7Th2Nb9pU3rH-Q9YntI9F26mUGbiR7Nb6UZLK7BrHkQNUH6QX-FfnygpRgFEONZ9UBq8=">Next Generation Pathology (NGP) solutions</a>.
"We are honored and excited to collaborate with Shanghai KR Pharmtech to develop KR-HT5 with our PhenoImager HT core technology and launch the Next Generation Pathology initiative," expressed Brian McKelligon, CEO of Akoya Biosciences.
"We are very pleased to see that KR-HT5 has received NMPA premarket approval, and we will leverage Akoya's research capabilities and experience in spatial omics, combined with our understanding and work in the Chinese domestic market, to promote the clinical utilization of Next Generation Pathology solutions," said Lingbin Bu, CEO of Shanghai KR Pharmtech.
&nbsp;

Biotech

AKYA

Akoya Biosciences And Shanghai KR Pharmtech Announce Chinese Regulatory Agency Premarket Approval For KR-HT5 In China To Support Next Generation Pathology Clinical Workflows

XWELL, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XWEL#NASDAQ">XWEL</a>) ("XWELL" or the "Company"), an authority in wellness solutions for people on the go, today announced the introduction of IV hydration drip therapy at its Miami International Airport (MIA) XpresSpa&#xAE; location. In partnership with Revitalize IV Lounge ("Revitalize"), the new service, which offers a fast and efficient way to deliver vitamins, minerals, and amino acids directly into the bloodstream, is available in MIA's North Terminal, Concourse D, Gate D-11. &nbsp;
"A popular and effective treatment to replenish our body's essential nutrients, IV hydration drip therapy is a compelling addition to our XpresSpa menu of services and provides yet another opportunity to drive more revenue at higher margins," said XWELL CEO, Scott Milford. "Miami is a great location for us to pilot Revitalize's IV drips, with the intention of expanding to other U.S. markets."
IV hydration drip therapy ensures rapid absorption and replenishment of fluids and helps to boost energy levels, aid in recovery from jet lag, and enhance recovery from illness or strenuous activity. The XpresSpa location in Miami currently offers four IV hydration drip therapy options to its customers:
<ul>
<li>Jet Lag Xpress: A blend of trace minerals and B-complex vitamins help regulate circadian rhythm sleeping patterns, boost mental performance, and help travelers stay sharp and focused.</li>
<li>Myer's Cocktail: The perfect blend of multivitamins and hydration, it helps alleviate chronic symptoms like inflammation, muscle pain, fatigue, and stress.</li>
<li>Ultimate Xpress: This potent vitamin blend enhances the immune system, detoxifies the body, increases energy levels, and restores hydration.</li>
<li>Xpress Recovery: Get instant hangover relief with a high dose of vitamins and minerals that help hydrate the body and replenish electrolytes.</li>
</ul>
XpresSpa's IV hydration drip therapies can be administered in as little as 20 minutes with prices starting at $220 per session.
The introduction of Revitalize's IV hydration drip therapies in Miami underscores recent growth across the XWELL portfolio including the launch of Clockwork MiNiCURE robotic manicures at Harry Reid International Airport in Las Vegas (LAS), Miami International Airport (MIA) and John F. Kennedy International Airport (JFK), the introduction of Stretch services, and the expansion of fully autonomous massage chairs by HydroMassage and Human Touch&#xAE;. XWELL also recently opened an XpresSpa location in Abu Dhabi and announced plans to open a tech-forward, labor-lite location in New York City's Penn Station.
For more information about XpresSpa, visit <a href="https://www.globenewswire.com/Tracker?data=Ch-gUPwHcylblTq6ZNYC-fmsVbSI1e8JteEkMdCUWaR477NWyhuXuLXZiVWdspLjB7vj1pxalYnB9s25e4ErThFT7J5BKK7dFYVIEnmdZLc=">www.xpresspa.com</a>.

XWEL

XpresSpa Introduces IV Hydration Drip Therapy At Miami International Airport

WOLF

Wolfspeed shares are trading lower after the company reported worse-than-expected Q3 revenue results. Also, TD Cowen downgraded the stock from Buy to Hold and Mizuho lowered its price target from $30 to $27.

Real Estate

NLOP

Net Lease Office Properties Announced The Sale Of The Following Three Office Properties In March And April For Gross Proceeds Totaling Approximately $131.6M

Share Repurchase Plan
In addition, the Company today announced that its Board of Directors has authorized a new one-year share buyback plan allowing the Company to invest up to $15 million to repurchase its ordinary shares. This plan will take effect as soon as the previously-announced $15 million one-year plan is completed. The timing and actual number of shares repurchased will depend upon a variety of factors, including share market price and general business and market conditions. The plan authorizes management to repurchase ordinary shares using a variety of methods, including open market transactions in compliance with the rules of the US Securities and Exchange Commission and other applicable legal requirements. Repurchases will be funded from available working capital. The plan does not obligate Silicom to buy back any specific number of shares and may be suspended or terminated at any time at Management's discretion. Management notes that its cash balance provides sufficient working capital and financial flexibility to weather the current environment while completing the Company's current share buyback program and carrying out this new one.

Buybacks

SILC

Silicom Board Of Directors Has Authorized A New One-year Share Buyback Plan Allowing The Company To Invest Up To $15M To Repurchase Its Ordinary Shares

Contracts

V2X Awarded Firm-Fixed Price Contract Valued At $88M

U.S. stock futures were higher this morning, with the Dow futures gaining over 150 points on Thursday.
Shares of Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) fell sharply in today's pre-market trading after the company reported worse-than-expected <a href="https://www.benzinga.com/news/earnings/24/05/38565528/etsy-q1-earnings-revenue-miss-eps-miss-challenging-macroeconomic-environment">first-quarter financial results</a>.
Etsy reported first-quarter revenue of $645.954 million, which missed the consensus estimate of $646.33 million, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The company reported quarterly earnings of 48 cents per share, which missed estimates of 49 cents per share.
Etsy shares tumbled 13.2% to $60.45 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Fastly, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSLY#NYSE">FSLY</a>) shares dipped 31.8% to $8.82 in pre-market trading after the company reported first-quarter financial results. The company said it expects second-quarter revenue in a range of $130 million and $134 million, versus the $140.16 million analyst estimate.</li>
<li>Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>) shares tumbled 28.6% to $13.02 in pre-market trading after the company reported first-quarter financial results and announced a CEO transition. Baird analyst Rob Oliver downgraded Freshworks from Outperform to Neutral and lowered the price target from $28 to $16.</li>
<li>Remitly Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RELY#NASDAQ">RELY</a>) shares declined 16.7% to $14.58 in pre-market trading after the company reported mixed first-quarter financial results.</li>
<li>DoorDash, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>) dipped 12.5% to $111.50 pre-market trading after the company reported mixed first-quarter financial results.</li>
<li>CytomX Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTMX#NASDAQ">CTMX</a>) shares fell 12.7% to $4.48 after jumping 215% on Wednesday.</li>
<li>Wolfspeed Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) shares declined 11.3% to $23.15 in pre-market trading following weak quarterly sales.</li>
<li>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) shares dipped 10.6% to $100.00 in pre-market trading following weak first-quarter guidance.</li>
<li>Paycom Software Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAYC#NYSE">PAYC</a>) shares fell 9.3% to $169.00 in pre-market trading following weak second-quarter guidance.</li>
<li>Hudson Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HDSN#NASDAQ">HDSN</a>) shares fell 8.2% to $9.00 in pre-market trading following first-quarter results.</li>
<li>Appian Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPN#NASDAQ">APPN</a>) shares declined 7.4% to $34.00 in pre-market trading after the company reported worse-than-expected first-quarter earnings and updated FY24 outlook.</li>
<li>Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) shares declined 6.5% to $39.19 pre-market trading after the company reported its first-quarter financial results.</li>
<li>Schrodinger Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SDGR#NASDAQ">SDGR</a>) shares declined 5.8% to $23.80 in pre-market trading after the company reported worse-than-expected first-quarter financial results.</li>
<li>Prudential Financial Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>) shares fell 5.4% to $106.29 in pre-market trading following downbeat earnings.</li>
<li>eBay Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) shares fell 3.4% to $49.35 in pre-market trading after the company reported first-quarter financial results.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/05/38573088/apple-kellanova-and-3-stocks-to-watch-heading-into-thursday">Apple, Kellanova And 3 Stocks To Watch Heading Into Thursday</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>

Pre-Market Outlook

Movers

APPN

CTMX

DASH

EBAY

ETSY

FRSH

FSLY

HDSN

PAYC

QRVO

RELY

SDGR

Etsy Reports Downbeat Earnings, Joins Fastly, DoorDash And Other Big Stocks Moving Lower In Thursday's Pre-Market Session

Guidance
Management projects that revenues for the second quarter of 2024 will range from $15 million to $17 million. We believe that excess customer inventories and global economy headwinds will ease moving forward through 2024, resulting in second half revenues that are higher than those of the first half, and full-year revenues of approximately $70 million.

Guidance

Silicom Sees Q2 Revenue $15M-$17M; FY24 Revenue ~$70M

Remitly Global shares are trading lower after the company reported mixed Q1 financial results.

Health Care

Wipro Has Been Selected By Independent Health, Western New York's 5-star Rated Medicare Advantage Plan, To Implement Wipro's Medicare Prescription Payment Plan Platform For The Upcoming Open Enrollment Period

Where's The Downside Tipping Point For U.S. Stocks?

Brad Simpson On Rising Iran-Israel Tensions And The Implications For Markets

S&P 500 Earnings: So Far, The Pattern Is Typical, But Mega-Cap Earnings This Week Loom Large