Crude Oil Jumps Over 3%; Upstart Shares Spike Higher

Benzinga

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 250 points on Wednesday.

The Dow traded up 0.95% to 39,367.42 while the NASDAQ rose 1.52% to 16,616.10. The S&P 500 also rose, gaining, 1.33% to 5,309.90.

Leading and Lagging Sectors

Energy shares climbed by 2% on Wednesday.

In trading on Wednesday, health care shares rose by just 0.1%.

Top Headline

The EIA said crude oil inventories in the U.S. declined by 3.728 million barrels in the week ended Aug. 2, compared to market estimates of a 0.4 million barrel decline.

Equities Trading UP

Upstart Holdings, Inc. shares shot up 50% to $35.77 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates on Tuesday.
Shares of G1 Therapeutics, Inc. got a boost, surging 66% to $7.07 after the company announced it will be acquired by Pharmacosmos Group in an all-cash transaction valued at $405 million.
PetIQ, Inc. shares were also up, gaining 48% to $30.44 after the company reported better-than-expected second-quarter adjusted earnings results.

Equities Trading DOWN

Stem, Inc. shares dropped 41% to $0.5844 after the company reported mixed second-quarter financial results.
Shares of Expion360 Inc. were down 68% to $0.0827 after the company reported the pricing of $10 million underwritten public offering.
Talis Biomedical Corporation was down, falling 49% to $4.58. The company announced board restructuring, appointed new directors and updated investors on potential bankruptcy proceedings.

Commodities

In commodity news, oil traded up 3.5% to $75.76 while gold traded up 0.3% at $2,437.90.

Silver traded down 0.4% to $27.095 on Wednesday, while copper fell 1.5% to $3.9655.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1.55%, Germany's DAX rose 1.46% and France's CAC 40 climbed 1.87%. Spain's IBEX 35 Index gained 2.13%, while London's FTSE 100 rose 1.71%.

Asia Pacific Markets

Asian markets closed higher on Wednesday, with Japan's Nikkei 225 jumping 1.19%, Hong Kong's Hang Seng Index gaining 1.38%, China's Shanghai Composite Index rising 0.09% and S&P BSE Sensex jumping 1.11%.

Economics

The Manheim Used Vehicle Value Index rose 2.8% month-over-month for July.
Mortgage applications rose by 6.9% from the prior week in the period ending August 2.
The EIA said crude oil inventories in the U.S. declined by 3.728 million barrels in the week ended Aug. 2, compared to market estimates of a 0.4 million barrel decline.

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Shopify Posts Upbeat Earnings, Joins Axon Enterprise, Aspen Technology, Illumina, Global Payments And Other Big Stocks Moving Higher On Wednesday

Benzinga

U.S. stocks were higher, with the Dow Jones index gaining over 400 points on Wednesday.

Shares of Shopify Inc. rose sharply during Wednesday's session after the company reported better-than-expected second-quarter EPS results.

Shopify clocked fiscal second-quarter 2024 revenue growth of 21% year-over-year to $2.05 billion, which beat the analyst consensus estimate of $2.01 billion. Revenue grew by 25% Y/Y after adjusting for the sale of its logistics businesses. The e-commerce platform company reported adjusted EPS of 26 cents, which beat analyst consensus estimate of 20 cents

Shopify shares jumped 24.6% to $67.59 on Wednesday.

Here are some other big stocks recording gains in today's session.

PetIQ, Inc. shares surged 48% to $30.44 after the company reported better-than-expected second-quarter adjusted earnings results.
Upstart Holdings, Inc. gained 35.4% to $32.38 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates on Tuesday.
Latham Group, Inc. climbed 34% to $4.19 after the company reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance above estimates. Additionally, the company announced an acquisition of Coverstar Central.
Lumen Technologies, Inc. gained 33% to $6.65 after the company reported better-than-expected quarterly revenue results. Goldman Sachs upgraded the stock from Sell to Neutral and raised its price target from $1 to $4.
Veracyte, Inc. rose 32.4% to $28.90 after the company reported better-than-expected quarterly financial results. Also, Needham maintained a Buy rating on the stock and raised its price target from $27-$31.
Rayonier Advanced Materials Inc. jumped 27.8% to $7.17 after the company reported better-than-expected quarterly financial results.
Angi Inc. gained 27.7% to $2.5250 after the company reported better-than-expected quarterly financial results.
Inspire Medical Systems, Inc. rose 25.6% to $184.81 after the company reported better-than-expected quarterly sales results and raised its FY24 guidance. Also, the company announced it authorized a $150 million share repurchase program.
Fortinet, Inc. rose 23.5% to $68.93 after the company reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.
Axon Enterprise, Inc. gained 21.3% to $358.06 after the company reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance above estimates.
Aspen Technology, Inc. rose 18.3% to $210.40 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.
Sunrun Inc. gained 16.1% to $19.15 after the company reported better-than-expected quarterly financial results and announced a partnership with Tesla to support Texas’s power grid.
Dynatrace, Inc. rose 15.3% to $46.69 following a Q1 earnings beat.
Champion Homes, Inc. gained 14.2% to $84.99 after the company reported better-than-expected quarterly financial results.
V.F. Corporation gained 14% to $18.74 after the company reported better-than-expected first-quarter financial results.
Rapid7, Inc. gained 13.7% to $37.55 after the company reported better-than-expected quarterly financial results.
Illumina, Inc. rose 11% to $129.15 after the company reported better-than-expected quarterly sales results.
Global Payments Inc. gained 9.4% to $101.74 after the company reported better-than-expected second-quarter financial results.
MongoDB, Inc. rose 6.9% to $238.66.
Snowflake Inc. gained 5.7% to $121.38.

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Petiq Surges On $1.5 Billion Take-Private Deal With Bansk Group

Reuters

PetIQ

0.00%

** Shares of pet health firm PetIQ PETQ.O rise 48% to more than three-year high of $30.47

** Consumer health-focused private equity firm Bansk Group will acquire PETQ for about $1.5 billion in cash

** Deal gives Bansk Group access to PETQ's products, including over-the-counter medications, diagnostic tests and grooming services

** Bansk Group will pay $31 for each PETQ share held, representing a premium of 51% to stock's previous close

** Deal is expected to close in Q4 2024

** Including session's gains, stock up ~54% YTD

(Reporting by Mariam Sunny in Bengaluru)

(( Mariam.ESunny@thomsonreuters.com ;))

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Petiq Shares Up 48% After Bansk Group To Take Co Private In $1.5 Billion Deal

Reuters

PetIQ

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Shopify Beats Estimates For Quarterly Results On Ai Boost, Shares Soar

Reuters

Zimmer Biomet Holdings

-0.93%

Updates share move in paragraph 1,adds details in paragraphs 4, 6, 7

Aug 7 (Reuters) - Shopify SHOP.TO beat analysts' estimates for second-quarter results and forecast upbeat sales growth as its AI-enabled tools attracted more merchants to its e-commerce services, sending its U.S. shares up 17% before the bell on Wednesday.

The Canadian company, which helps small and medium businesses build an online store as well as sell, has been rolling out artificial intelligence-powered features and in June increased the availability of such tools.

"More and more merchants across the world are putting their trust in Shopify's unified commerce operating system to fuel growth and simplify complex operations," company President Harley Finkelstein said in a statement.

Shopify reported a 21% jump in second-quarter revenue to $2.05 billion, compared with analysts' average estimate of $2.01 billion, according to LSEG data.

Merchants utilize Shopify's platform to collect, retain, and leverage buyer data for payment collection, order management, targeted advertising, and other related tasks.

Gross merchandise volume, which is the total amount of sales, rose 22% to $67.2 billion in the quarter ended June.

Excluding items, Shopify reported earnings of 26 cents per share, beating estimates of 20 cents.

Early in June, Shopify launched its biggest shopping event this year, the Shop Week, which included cash backs and offers from over a thousand brands.

The company expects third-quarter revenue to grow at a low-to-mid-twenties percentage rate year-over-year, largely above estimates for a growth of 20.8%.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Sriraj Kalluvila)

(( HarshitaMary.Varghese@thomsonreuters.com ;))

Keywords: SHOPIFY-RESULTS/ (UPDATE 3,PIX)

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PetIQ Shares Soar on $1.5B Takeover Deal

Dow Jones Newswires

PetIQ

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PetIQ (PETQ) Tops Q2 Earnings Estimates

Zacks

PetIQ

0.00%

Prestige Consumer Healthcare

+0.95%

PetIQ came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 42.86%. A quarter ago, it was expected that this pet medications and products maker would post earnings of $0.42 per share when it actually produced earnings of $0.58, delivering a surprise of 38.10%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

PetIQ, which belongs to the Zacks Medical - Products industry, posted revenues of $291.2 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 12.02%. This compares to year-ago revenues of $314.55 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

PetIQ shares have added about 4.2% since the beginning of the year versus the S&P 500's gain of 9.9%.

What's Next for PetIQ?

While PetIQ has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for PetIQ: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.37 on $288.17 million in revenues for the coming quarter and $1.42 on $1.16 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Prestige Consumer Healthcare , has yet to report results for the quarter ended June 2024. The results are expected to be released on August 8.

This medicine distributor is expected to post quarterly earnings of $0.87 per share in its upcoming report, which represents a year-over-year change of -17.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Prestige Consumer Healthcare's revenues are expected to be $260.07 million, down 6.9% from the year-ago quarter.

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