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Under normal circumstances, at least 80% of the funds total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the index. The index follows a rules-based methodology that tracks the performance of a portfolio of the 50 most widely held U.S.-listed equity securities in self-directed brokerage accounts (the SoFi Accounts) of SoFi Securities, LLC, an affiliate of Social Finance, Inc. (SoFi), as determined using the rules-based methodology.

Tesla, Inc.

Nvidia Corp.

Apple Inc

Rivian Automotive Inc

Amazon.Com Inc

Palantir Technologies Inc.

Microsoft Corp

Alphabet Inc.Class A

Meta Platforms, Inc.

Berkshire Hathaway, Cl. B

SoFi Social 50 ETF

Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) stock is moving lower Friday after the company reported worse-than-expected <a href="https://www.benzinga.com//node/41827920">third-quarter earnings. </a>
What To Know: Pinterest stock fell approximately 12% after the bell on Thursday following the earnings report and continues to trade lower on Friday.
The company reported earnings per share of 4 cents missing analyst estimates of 7 cents. In addition, it reported sales of $898 million beating analyst estimates of $896.34 million. 
Pinterest provided a more detailed look into its revenue. It reported revenue of $719 million from the U.S. and Canada, $137 million from Europe and $42 million from the rest of the world.
The company also reported some important business metrics. Pinterest announced Average Revenue Per User (ARPU) of $1.70 and Global Monthly Active Users (MAUs) of 537 million. 
&#8220;Our AI investments are driving results by powering better personalized experiences and greater performance for advertisers, with our lower-funnel ad tools being the fastest-growing part of our business. Advertisers are increasingly relying on Pinterest to engage our growing audience who see us as a great place to find inspiration, curate and shop,&#8221; said CEO of Pinterest Bill Ready.
Pinterest issued guidance for the 2024 fourth-quarter, which may be weighing on the stock. It anticipates revenue between $1.12 billion and $1.14 billion versus analyst estimates of $1.14 billion.
Analyst Changes: Following the earnings report, multiple analysts issued <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/11/41850902/pinterest-reports-healthy-q3-q4-guidance-disappoints-6-analysts-cut-forecasts-while-looking-for-ai-to-drive-1h25">price target changes.</a>
Related Link: <a href="https://www.benzinga.com/markets/equities/24/11/41795194/cathie-woods-wednesday-exodus-moderna-and-jack-dorseys-block-stocks-get-dumped">Cathie Wood&#8217;s Wednesday Exodus: Moderna And Jack Dorsey&#8217;s Block Stocks Get Dumped</a>
PINS Price Action: At the time of publication, Pinterest stock is moving 15.9% lower at $28.55, per data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Image: Image via Shutterstock

News

Movers

PINS

What's Going On With Pinterest Shares Friday?

The biopharmaceutical sector showed signs of recovery in the third quarter of 2024, fueled by increased investor optimism following the U.S. Federal Reserve&#8217;s interest rate cuts in September. 
According to GlobalData, the top 20 global biopharmaceutical companies <a href="https://www.globaldata.com/media/business-fundamentals/top-20-global-biopharmaceutical-companies-witness-2-growth-in-market-capitalization-in-q3-2024-reveals-globaldata/#:~:text=As%20a%20result%2C%20the%20top,data%20analytics%20and%20research%20company.">saw</a> a 2% rise in their combined market capitalization, reaching $4.3 trillion by the end of September, up from $4.2 trillion in June. 
This rebound highlights the industry&#8217;s potential for growth despite challenges earlier in the year.
Bristol-Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) led the market with the largest increase in capitalization, which surged by 24.6% to $105 billion. This was largely driven by advancements in its pipeline, notably the FDA&#8217;s approval of its antipsychotic drug, Cobenfy, for treating <a href="https://www.benzinga.com/general/biotech/24/09/41064867/schizophrenia-treatment-revolution-fda-approves-bristol-myers-squibb-cobenfy-as-new-class-of-trea">schizophrenia in September 2024</a>. 
Gilead Sciences Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) also <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41819570/hiv-drugmaker-gilead-reports-strongest-quarterly-performance-of-2024-analysts-boost">posted impressive growth</a>, rising 22.1% in market value, thanks to the accelerated FDA approval of Livdelzi, a treatment for <a href="https://www.benzinga.com/general/biotech/24/08/40394698/fda-approves-gileads-seladelpar-for-inflammatory-liver-disease-acquired-via-4b-cymabay-deal">primary biliary cholangitis</a>, as well as the approval of its antibody-drug conjugate, Trodelvy, for HR-/HER2- breast cancer in Japan.
Sanofi SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) experienced a 19.2% jump in market capitalization, largely fueled by its <a href="https://www.benzinga.com/general/biotech/24/10/41541274/sanofi-earns-5b-q3-core-profit-on-strong-dupixent-and-vaccine-sales-raises-2024-forecast">flagship drug Dupixent</a>. The drug&#8217;s strong performance in the treatment of conditions such as asthma and atopic dermatitis, coupled with its recent EMA and FDA approvals for chronic obstructive pulmonary disease (COPD), further <a href="https://www.benzinga.com/general/biotech/24/09/41069388/fda-approves-regeneronsanofis-blockbuster-dupixent-for-smokers-lung-disease">boosted Sanofi&#8217;s standing</a>. 
Similarly, AbbVie Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) saw a 15.2% increase in its market cap, driven by the continued success of its immunology drugs—Humira, Skyrizi, and Rinvoq—which together generated nearly $7 billion <a href="https://www.benzinga.com/general/biotech/24/07/39960414/abbvies-q2-earnings-beat-estimates-raises-annual-profit-on-strong-sales-from-newer-immunology-and">in Q2 2024 sales</a>.
Alnylam Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) joined the top 20 biopharmaceutical companies with a 14.9% rise in its market value, following its RNAi drug vutrisiran's positive results in treating ATTR <a href="https://www.benzinga.com/general/biotech/24/08/40652720/alnylam-pharmaceuticals-stock-falls-after-detailed-vutrisiran-data-for-a-condition-with-stiff-hea">amyloidosis with cardiomyopathy</a>. 
Roche Holdings AG's (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) market capitalization grew by 13.8%, spurred by the FDA&#8217;s approval of two key products, Ocrevus Zunovo for multiple sclerosis and Tecentriq Hybreza for oncology indications, the latter being the only approved subcutaneous <a href="https://www.benzinga.com/general/biotech/24/08/40652720/alnylam-pharmaceuticals-stock-falls-after-detailed-vutrisiran-data-for-a-condition-with-stiff-hea">PD-L1 inhibitor available</a>.
On the downside, Wegovy maker Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) saw an 18.2% drop in its market cap after the FDA rejected its BLA filing for the once-<a href="https://www.benzinga.com/general/biotech/24/07/39732571/fda-rejects-novo-nordisks-weekly-insulin-requests-information-related-to-manufacturing-process-ty">weekly insulin icodec</a>.
Similarly, Eli Lilly &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) reported a slight decline of 2.1%, though both companies retained their leadership in diabetes and <a href="https://www.benzinga.com/general/biotech/24/10/41622207/eli-lilly-q3-earnings-mounjaro-sales-more-than-double-takes-2-98-billion-hit-to-profit-cuts-annua">weight loss drugs</a>. 
Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) also faced a 8.2% fall in market value, largely due to disappointing sales of its HPV vaccine, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41693101/mercks-gardasil-shot-challenges-to-continue-analysts-optimistic-for-newly-approved-">Gardasil, in China</a>.
&nbsp;"The biopharmaceutical industry is poised for a recovery, fueled by multiple FDA approvals leading to a rebound in companies that have seen declines in market capitalization in previous quarters, such as Gilead Sciences and Bristol-Myers Squibb,&#8221; says GlobalData analyst.
Read Next:
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<li><a href="https://www.benzinga.com/general/biotech/24/11/41853302/adc-therapeutics-faces-competitive-oncology-market-but-analyst-sees-100-upside-heres-why">ADC Therapeutics Faces Competitive Oncology Market But Analyst Sees 100% Upside &#8211; Here&#8217;s Why</a></li>
</ul>
Image Via Shutterstock

Biotech

Large Cap

Health Care

Trading Ideas

General

ABBV

ALNY

GILD

RHHBY

Bristol-Myers Squibb Leads Biopharma Recovery With Almost 25% Growth In Market Cap, But Novo Nordisk And Lilly Suffer Market Setbacks

The cannabis market is facing heightened volatility <a href="https://www.benzinga.com/markets/cannabis/24/11/41782344/tilray-trulieve-and-other-cannabis-stocks-nosediving-as-industry-faces-new-wave-of-political-unc">post-election</a> as investor concerns mount over political uncertainty and the fallout from Florida's <a href="https://www.benzinga.com/markets/cannabis/24/11/41775201/cannabis-reform-stumbles-in-2024-elections-a-state-by-state-breakdown-as-stocks-take-a-hit">failed legalization vote</a>, leading to significant selloffs in top U.S. and Canadian cannabis stocks. Adult-use legalization was also <a href="https://www.benzinga.com/markets/cannabis/24/11/41775201/cannabis-reform-stumbles-in-2024-elections-a-state-by-state-breakdown-as-stocks-take-a-hit">rejected</a> in North Dakota and South Dakota.
Given this setup, investors might be asking: was the post-elections selloff an overreaction or a rational market adjustment?
Experts analysts from Viridian Capital Advisors weighed in on the debate.
<h3 class="wp-block-heading">Market Meltdown: Was The Sell-Off Justified?</h3>
In the wake of Florida&#8217;s failed ballot vote for adult-use cannabis, the market cap of 31 publicly traded cannabis companies fell by $2.6 billion from Friday, November 1 to Wednesday, November 6.
Florida&#8217;s medical cannabis market alone is projected to reach $2.1 billion in sales by 2024. 
If adult-use legalization had passed, it could have effectively doubled sales, adding another $2.1 billion. 
Applying a conservative 30% EBITDA margin to these potential sales would yield an EBITDA loss of $630 million. 
Using a 5x multiple, also considered conservative, the projected decline in market cap would be around $3.15 billion — suggesting that the $2.6 billion markdown might not have been as exaggerated as it seems.
However, there's a caveat: not all companies on the list have operations in Florida, though 81% of the market cap is held by firms actively operating there. 
A greater concern is the broader impact on the industry's growth narrative.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41775201/cannabis-reform-stumbles-in-2024-elections-a-state-by-state-breakdown-as-stocks-take-a-hit">Cannabis Reform Stumbles In 2024 Elections: A State-By-State Breakdown As Stocks Take A Hit</a>
<h3 class="wp-block-heading">Some Earnings Added Pessimism</h3>
For <a href="https://www.benzinga.com/author/viridian-capital-advisors">Viridian Capital Advisors</a>, in addition to the disappointing ballot results, earnings reports from major players including Trulieve (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>), TerrAscend (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TRSSF#OTC">TRSSF</a>), Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), <a href="https://www.benzinga.com/markets/cannabis/24/11/41808095/the-cannabist-co-q3-revenue-declines-8-completes-5m-asset-sale-exits-florida-market-amid-restruc">Cannabist</a> (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTCQX">CBSTF</a>) and GTI (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) have compounded concerns.
The results revealed significant misses, even against lowered expectations. 
Aggregate revenues for these companies are projected to be down 0.4% year-over-year and 1.1% sequentially. The decline in EBITDA is 2.2% year-over-year and 4.2% sequentially.
The failed vote has undeniably stretched the industry's growth timeline, leaving investors to weigh <a href="https://www.benzinga.com/markets/cannabis/24/11/41823267/cannabis-stocks-is-it-time-to-buy-the-dip-after-elections-and-legalization-setbacks">potential catalysts </a>against a stark present reality.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/41851368/hemp-market-surge-how-new-regulations-could-impact-growth">Hemp Market Surge: How New Regulations Could Impact Growth</a></li>
</ul>
Cover: AI generated image

Cannabis

Economics

Markets

THE CANNABIST CO HLDG by THE CANNABIST COMPANY HOLDINGS INC.

CBSTF

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

GTBIF

TCNNF

TRSSF

Cannabis Stocks Plunged After Florida Legalization Failed: Rational Reaction Or Market Overreach?

CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>) reported better-than-expected third-quarter financial results and <a href="https://www.benzinga.com/quote/carg/earnings">issued FY24 guidance EPS guidance above estimates.</a>
CarGurus reported quarterly earnings of 45 cents per share which beat the analyst consensus estimate of 42 cents. The company reported quarterly sales of $231.358 million which beat the analyst consensus estimate of $223.537 million.
&#8220;We are proud of our third quarter results as our Marketplace revenue growth further accelerated, and we leveraged our cost base to drive operating efficiencies,&#8221; said Jason Trevisan, Chief Executive Officer at CarGurus. &#8220;Our customer-centric focus has enabled us to capture greater wallet share, as we strive to continuously enhance the value proposition we offer to our dealer partners, delivering actionable insights, tools, and functionalities that will over time drive adoption, engagement, and retention across our platform.&#8221; 
CarGurus said it sees FY2024 adjusted EPS of $1.67 to 1.73 versus estimates of $1.64. The company sees sales of $885.000 million-905.000 million vs $883.61 million.
CarGurus shares gained 4.9% to trade at $35.00 on Friday.
These analysts made changes to their price targets on CarGurus following earnings announcement.
<ul>
<li>Oppenheimer analyst Jed Kelly maintained CarGurus with an Outperform and raised the price target from $32 to $44.</li>
<li>DA Davidson analyst Tom White maintained CarGurus with a Neutral and raised the price target from $26.5 to $38.5.</li>
<li>JP Morgan analyst Rajat Gupta maintained the stock with an Overweight and raised the price target from $36 to $40.</li>
<li>Needham analyst Chris Pierce maintained CarGurus with a Buy and raised the price target from $27 to $39.</li>
</ul>
Considering buying RL stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="541" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08143142/image-98-1024x541.png" alt="" class="wp-image-638402" style="width:636px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08143142/image-98-1024x541.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08143142/image-98-300x158.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08143142/image-98-768x406.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08143142/image-98.png 1208w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<li><a href="https://editorial.benzinga.com/wp-admin/post.php?post=638401&amp;action=edit">How To Earn $500 A Month From Nvidia Stock After Trump Win</a></li>
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Earnings

Price Target

CARG

CarGurus Analysts Boost Their Forecasts Following Better-Than-Expected Earnings

Needham analyst Joshua Reilly maintains Axon Enterprise (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>) with a Buy and raises the price target from $525 to $600.

Analyst Ratings

AXON

Needham Maintains Buy on Axon Enterprise, Raises Price Target to $600

U.S. stocks traded higher toward the end of trading, with the S&amp;P 500 gaining around 0.6% on Friday.
The Dow traded up 0.83% to 44,092.10 while the NASDAQ rose 0.20% to 19,308.79. The S&amp;P 500 also rose, gaining, 0.60% to 6,009.11.
Check This Out: <a href="https://www.benzinga.com/markets/24/11/41820056/how-to-earn-500-a-month-from-nvidia-stock-after-trump-win">How To Earn $500 A Month From Nvidia Stock After Trump Win</a>
Leading and Lagging Sectors Consumer staples shares surged by 1.8% on Friday.
In trading on Friday, materials shares fell by 1%.
Top Headline
The total number of active U.S. oil rigs came in unchanged at 479 rigs this week, Baker Hughes Inc reported.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Sezzle Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEZL#NASDAQ">SEZL</a>) shares shot up 71% to $429.31 after the company reported a year-over-year increase in third-quarter financial results, raised its FY24 guidance, and issued FY25 adjusted EPS guidance above estimates.</li>
<li>Shares of Applied Optoelectronics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAOI#NASDAQ">AAOI</a>) got a boost, surging 54% to $27.55 after the company reported better-than-expected third-quarter revenue results.</li>
<li>indie Semiconductor, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDI#NASDAQ">INDI</a>) shares were also up, gaining 49% to $5.11 after the company reported better-than-expected third-quarter financial results.</li>
</ul>
Equities Trading DOWN
<ul>
<li>ProPhase Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRPH#NASDAQ">PRPH</a>) shares dropped 45% to $0.78 after the company reported the pricing of public offering of common stock.</li>
<li>Shares of Evolent Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVH#NYSE">EVH</a>) were down 45% to $13.59 after the company reported worse-than-expected third-quarter financial results.</li>
<li>Nature&#8217;s Miracle Holding Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NMHI#NASDAQ">NMHI</a>) was down, falling 30% to $0.1038 after the company announced a $3 million public offering.</li>
</ul>
Commodities In commodity news, oil traded down 2.9% to $70.28 while gold traded down 0.5% at $2,692.30.
Silver traded down 1.5% to $31.385 on Friday, while copper fell 2.9% to $4.3040.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 fell 0.65%, Germany's DAX fell 0.76% and France's CAC 40 fell 1.17%. Spain's IBEX 35 Index fell 0.16%, while London's FTSE 100 fell 0.84%.
The trade gap in France increased to €8.3 billion in September versus a revised €7.7 billion gap in the previous month, while current account deficit increased to €2.1 billion in September.
Asia Pacific Markets
Asian markets closed mostly lower on Friday, with Japan's Nikkei 225 gaining 0.30%, Hong Kong's Hang Seng Index falling 1.07%, China's Shanghai Composite Index dipping 0.53% and India's BSE Sensex falling 0.07%.
Foreign exchange reserves held by the Reserve Bank of India declined to $682.1 billion as of Nov. 1. China reported a current account surplus of $149.6 billion during the third quarter compared to the $60.8 billion surplus in the year-ago period. Japan&#8217;s household spending declined by 1.1% year-over-year in September.
Economics
<ul>
<li>The University of Michigan consumer sentiment rose to 73 in November, recording the highest reading in seven months, versus a reading of 70.5 in October and also topping market estimates of 71.</li>
<li>The total number of active U.S. oil rigs came in unchanged at 479 rigs this week, Baker Hughes Inc reported.</li>
</ul>
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<li><a href="https://www.benzinga.com/trading-ideas/dividends/24/11/41843561/wall-streets-most-accurate-analysts-spotlight-on-3-tech-stocks-with-over-3-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Tech Stocks With Over 3% Dividend Yields</a></li>
</ul>

Equities

Eurozone

Commodities

Intraday Update

AAOI

INDI

NMHI

PRPH

SEZL

S&P 500 Tops 6,000; Sezzle Shares Spike Higher

Needham analyst Bernie McTernan maintains Sportradar Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRAD#NASDAQ">SRAD</a>) with a Buy and raises the price target from $16 to $18.

SRAD

Needham Maintains Buy on Sportradar Gr, Raises Price Target to $18

Turkcell Iletisim (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TKC#NYSE">TKC</a>) reported quarterly earnings of $0.04 per share. This is a 55.56 percent decrease over earnings of $0.09 per share from the same period last year. The company reported $1.20 billion in sales this quarter. This is a 23.08 percent increase over sales of $973.33 million the same period last year.

On Thursday November 7, 2024, Turkcell Iletisim Reported Q3 EPS $0.04 Down From $0.09 YoY, Sales $1.20B Up From $973.33M YoY

ASA Gold and Precious Metals Shares Halted, News Pending

HC Wainwright &amp; Co. analyst Raghuram Selvaraju maintains Cardiff Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRDF#NASDAQ">CRDF</a>) with a Buy and lowers the price target from $14 to $13.

CRDF

HC Wainwright & Co. Maintains Buy on Cardiff Oncology, Lowers Price Target to $13

Barclays analyst Adrienne Yih downgraded Bath &amp; Body Works Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>) from Equal-Weight to Underweight and lowered the <a href="https://www.benzinga.com/quote/BBWI/analyst-ratings">price target from $31 to $28</a>. The stock fell after the rerating.
Yih cited concerns over supply and demand risks that could negatively impact the company over the next 12 to 15 months.
While the guidance for the second half of 2024 has been adjusted to lower expectations, the analyst anticipates continued pressure in 2025 with potential declines in sales and contracting margins.
Her analysis points to rising inventory levels that are not aligned with the pace of sales recovery, suggesting that promotional activity is indicative of weaker consumer demand.
The downgrading decision comes amid signs of a deteriorating U.S. consumer environment, coupled with negative trends observed in the beauty segment, including data from competitors like Estée Lauder (EL), Coty (COTY), and Ulta Beauty (ULTA).
Yih highlights three main catalysts for Bath &amp; Body Works that could further weigh on its stock performance. The first catalyst involves promotional activities that might lead customers to stockpile products, particularly in categories like candles and body care, impacting future sales momentum.
The second catalyst is the heightened inventory risk, which could result in negative gross margin inflection, as seen in the third quarter of 2024. The company has shown negative growth in sales-to-inventory ratios for two consecutive quarters, raising concerns about margin sustainability.
The third catalyst involves the need for Bath &amp; Body Works to invest in premium product offerings to shift away from its heavily promotional strategy, which could support long-term brand elevation but also entail additional costs.
Yih's revised financial outlook reflects cautious estimates for the upcoming fiscal periods. For the fourth quarter of 2024, she forecasts revenue between $1.205 billion and $1.215 billion, factoring in a contribution from the company's recent promotional strategies.
The analyst has also lowered her earnings estimates for fiscal years 2024, 2025, and 2026, citing risks of continued sales decline and gross margin pressure. Earnings per share (EPS) projections have been adjusted to $3.11 for 2024, $3.24 for 2025, and $3.51 for 2026, down from her previous estimates of $3.13, $3.55, and $3.92, respectively.
Consequently, the price target has been reduced, applying a price-to-earnings multiple of 8x based on the 2026 EPS estimate.
Yih also notes that Bath &amp; Body Works faces significant competitive pressures and must navigate rising costs and changing consumer preferences, particularly as the market shows a growing inclination towards health-conscious and &#8220;clean&#8221; product offerings.
While the company has made strides in reformulating products to meet higher standards, there remains an opportunity to further elevate its product line, especially in the candle segment.
She suggests that a shift towards more organic and premium ingredients could help the brand achieve &#8220;clean brand&#8221; status, which aligns with evolving consumer trends. Despite the risks, Bath &amp; Body Works&#8217; robust business model, with high initial margins and strong free cash flow, could mitigate some challenges, although Yih warns that 2025 may still prove difficult for the company.
Price Action: BBWI stock is down 5.68% to $29.95 at the last check on Friday.
Photo via <a href="https://commons.wikimedia.org/wiki/File:VINTAGE_Bath_%26_Body_Works;_Shenango_Valley_Mall;_Hermitage_PA.jpg">Wikimedia Commons</a>

Downgrades

BBWI

Bath & Body Works Stock Downgraded Due To This Risk: Details

HC Wainwright &amp; Co. analyst Vernon Bernardino reiterates Cassava Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) with a Buy and maintains $116 price target.

Reiteration

SAVA

HC Wainwright & Co. Reiterates Buy on Cassava Sciences, Maintains $116 Price Target

Needham analyst Scott Berg maintains OneStream (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OS#NASDAQ">OS</a>) with a Buy and raises the price target from $35 to $38.

Needham Maintains Buy on OneStream, Raises Price Target to $38

<a href="https://www.cnn.com/2024/11/08/politics/biden-administration-american-military-contractors-deploy-ukraine/index.html">https://www.cnn.com/2024/11/08/politics/biden-administration-american-military-contractors-deploy-ukraine/index.html</a>
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The Biden administration has lifted a de facto ban on American military contractors deploying to <a href="https://www.cnn.com/world/europe/ukraine">Ukraine</a> to help the country's military maintain and repair US-provided weapons systems, particularly F16 fighter jets and Patriot air defense systems, an official with direct knowledge of the plan told CNN.
The new policy, approved earlier this month before the election, would allow the Pentagon to provide contracts to American companies for work inside Ukraine for the first time since <a href="https://www.cnn.com/world/europe/russia">Russia</a> invaded in 2022. Officials said they hope it will speed up the maintenance and repairs of weapons systems being used by the Ukrainian military.
It is not clear whether Donald Trump will keep the policy in place when he takes office in January. Trump has said he hopes to end the war between Ukraine and Russia "within 24 hours" of returning to power.
"In order to help Ukraine repair and maintain military equipment provided by the US and its allies, DoD (Department of Defense) is soliciting bids for a small number of contractors who will help Ukraine maintain the assistance we've already provided," a defense official said.
"These contractors will be located far from the front lines and they will not be fighting Russian forces. They will help Ukrainian Armed Forces rapidly repair and maintain US provided equipment as needed so it can be quickly returned to the front lines."
The defense official confirmed that the US is moving forward with the plan because several of the systems the US has provided Ukraine, particularly F-16s and Patriots, "require specific technical expertise to maintain."
The shift marks another significant change <a href="https://www.cnn.com/2024/06/20/politics/ukraine-us-air-defense-capabilities/index.html">in the Biden administration's Ukraine policy</a>, as the US looks for ways to give Ukraine's military an upper hand against Russia. The Pentagon is expected to start listing the contracts online soon, the official said.
Over the last two years, Biden has insisted that all Americans, and particularly US troops, stay far away from the Ukrainian frontlines. The White House has been determined to limit both the danger to Americans and the perception, particularly by Russia, that the US military is engaged in combat there. The State Department has explicitly warned Americans against traveling to Ukraine since 2022.
As a result, US-provided military equipment that has sustained significant damage in combat has had to be transported out of the country to Poland, Romania, or other NATO countries for repairs, a process which takes time. US troops have also been available to help the Ukrainians with more routine maintenance and logistics, but only from afar via video chat or secure phone—an arrangement that has come with inherent limitations, since US troops and contractors are not able to work directly on the systems.
Allowing experienced, US government-funded American contractors to maintain a presence in Ukraine means they will be able to help fix damaged, high-value equipment much faster, officials have told CNN. One advanced system that officials say will likely require regular maintenance is the F-16 fighter jet, which Ukraine received earlier this year.
Companies bidding for the contracts would be required to develop robust risk mitigation plans to reduce threats to their employees, officials told CNN.
"The Department made this decision after careful risk assessment and in coordination with interagency stakeholders," the defense official said. "Each US contractor, organization or company will be responsible for the safety and security of their employees and will be required to include risk mitigation plans as part of their bids."
Current and former officials familiar said the policy change will not result in the kind of major American contractor presence that existed in Iraq and Afghanistan. Instead, it would likely result in anywhere from a few dozen to a couple hundred contractors working in Ukraine at a time.
"It is worth noting that there already are a wide array of American companies who have personnel in Ukraine fulfilling contracts for the Ukrainian government, so this will not lead to a substantial increase of employees of US companies working on the ground in Ukraine," the defense official said.

Macro Economic Events

Contracts

Politics

Global

'Biden Administration To Allow American Military Contractors To Deploy To Ukraine For First Time Since Russia's Invasion' - CNN

Barclays analyst Trevor Young maintains Zillow Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>) with a Underweight and raises the price target from $36 to $50.

Barclays Maintains Underweight on Zillow Gr, Raises Price Target to $50

HC Wainwright &amp; Co. analyst Raghuram Selvaraju maintains ADMA Biologics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADMA#NASDAQ">ADMA</a>) with a Buy and raises the price target from $18 to $26.

ADMA

HC Wainwright & Co. Maintains Buy on ADMA Biologics, Raises Price Target to $26

Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITE#NASDAQ">LITE</a>) reported better-than-expected first-quarter financial results and <a href="https://www.benzinga.com/quote/lite/earnings">issued second-quarter guidance above estimates on Thursday.</a>
Lumentum reported quarterly earnings of 18 cents per share which beat the analyst consensus estimate of 12 cents per share. The company reported quarterly sales of $336.900 million which beat the analyst consensus estimate of $324.977 million.
&#8220;In the first quarter, we exceeded the high end of our guidance for both revenue and earnings per share,&#8221; said Alan Lowe, President and CEO. &#8220;We set a new record for datacom laser chip orders, including substantial 200G EML orders, reflecting strong demand from multiple customers, including an AI infrastructure customer. Based on expanding cloud demand and improving trends in the broader networking market, we expect double-digit sequential revenue growth in the second quarter.&#8221;
Lumentum said it sees second-quarter adjusted EPS of 30 cents-40 cents, versus market estimates of 27 cents. The company sees sales of $380.000 million-400.000 million, versus expectations of $354.32 million.
Lumentum shares gained 13.2% to trade at $83.82 on Friday.
These analysts made changes to their price targets on Lumentum following earnings announcement.
<ul>
<li>Susquehanna analyst Christopher Rolland maintained Lumentum with a Positive and raised the price target from $80 to $115.</li>
<li>Raymond James analyst Simon Leopold maintained Lumentum with an Outperform and raised the price target from $70 to $100.</li>
<li>Northland Capital Markets analyst Tim Savageaux maintained the stock with a Market Perform and raised the price target from $45 to $60.</li>
</ul>
Considering buying LITE stock? Here&#8217;s what analysts think: 
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</ul>

LITE

Lumentum Analysts Increase Their Forecasts Following Upbeat Earnings

Ralph Lauren Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>) reported better-than-expected second-quarter <a href="https://www.benzinga.com/quote/RL/earnings">financial results on Thursday</a>.
Quarterly adjusted earnings per share of $2.54, topped the consensus of $2.41. Quarterly revenues of $1.726 billion beat the street view of $1.677 billion.
Patrice Louvet, President and Chief Executive Officer, commented, "Our strong business performance across every geography this quarter underscores the resilience of our diversified growth drivers and our elevated consumer base, giving us confidence to take up our financial outlook for the full fiscal year ahead of the all-important holiday season."
Fore third quarter, Ralph Lauren expects constant currency revenues to grow approximately 3% to 4%, with foreign currency to benefit revenue growth by approximately 10 to 50 basis points.
Ralph Lauren shares gained 0.3% to trade at $222.27 on Friday.
These analysts made changes to their price targets on Ralph Lauren following earnings announcement.
<ul>
<li>TD Cowen analyst John Kernan maintained Ralph Lauren with a Buy and raised the price target from $251 to $258.</li>
<li>UBS analyst Jay Sole maintained the tock with a Buy and raises the price target from $287 to $300.</li>
<li>Raymond James analyst Rick Patel maintained Ralph Lauren with an Outperform and raised the price target from $215 to $235.</li>
<li>Barclays analyst Adrienne Yih maintained the stock with an Overweight and boosted the price target from $200 to $257.</li>
</ul>
Considering buying RL stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="522" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08142149/image-97-1024x522.png" alt="" class="wp-image-638385" style="width:508px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08142149/image-97-1024x522.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08142149/image-97-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08142149/image-97-768x392.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/08142149/image-97.png 1235w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Pre-Market Outlook

These Analysts Increase Their Forecasts On Ralph Lauren Following Strong Earnings

Needham analyst Quinn Bolton maintains Synaptics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYNA#NASDAQ">SYNA</a>) with a Buy and lowers the price target from $95 to $90.

SYNA

Needham Maintains Buy on Synaptics, Lowers Price Target to $90

Barclays analyst Kannan Venkateshwar maintains Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) with a Equal-Weight and raises the price target from $8 to $10.

Barclays Maintains Equal-Weight on Warner Bros. Discovery, Raises Price Target to $10

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