Intuitive Surgical's Low Sales
And, WD-40's new earnings forecast.
Today is Friday, October 20, 2023.
The Early Bird Index today is 52.45.
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Intuitive Surgical's Low Sales
Shares of Intuitive Surgical (Nasdaq: ISRG) dropped by 7.85% in after-hours trading on Thursday after the medical robotic products company posted mixed financial results.
Financials: Intuitive Surgical reported earnings of $1.46 per share in the past quarter, which was better than expected. But revenue only reached $1.74 billion; which was below estimates.
Details: Revenue grew by 12%. Worldwide procedures on the da Vinci Surgical System, which is the company’s popular robotic surgical system, increased by 19%.
Yes, But: The number of da Vinci surgical systems installed in the quarter was 8,285, which was below estimates.
Stock Price: Intuitive Surgical is up about 3% this year, but down 6% in the last 30 days.
Final Thoughts: Medical technology companies are having a decent year, but investors were expecting more out of Intuitive Surgical. The lagging number of da Vinci surgical systems installed during the quarter is troubling.
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Notable Earnings Today: SLB (NYSE: SLB), American Express (NYSE: AXP), Comerica (NYSE: CMA), Huntington Bancshares (Nasdaq: HBAN), Autoliv (NYSE: ALV), Regions Financial (NYSE: RF), Euronet Worldwide (Nasdaq: EEFT), Berkshire Hills Bancorp (NYSE: BHLB), Interpublic Group of Companies (NYSE: IPG).
Notable IPOs Today: Central Plains Bancshares, Inc. Common Stock (Nasdaq: CPBI), Abivax SA American Depositary Shares (Nasdaq: ABVX), Next.e.GO N.V. Ordinary Shares (Nasdaq: EGOX).
Notable Equity Crowdfunding Campaigns Ending Today: NextPower360 (Netcapital), Orange Bike Brewing Company (Mainvest).
Notable Economic Events Today: N/A.
WD-40's New Earnings Forecast
The WD-40 Company (Nasdaq: WDFC) decreased by 4.53% in after-hours trading on Thursday after reporting mixed financial results.
Financials: WD-40 reported earnings of $1.21 per share in the past quarter, which was expected. Revenue reached $140.5 million, which was better than expected.
Details: Overall, it was a solid financial quarter for WD-40. Sales grew by 8% and net income increased by 12%.
Quote: “We saw significant improvement through the second half of the year as sales volumes recovered.” - CEO Steve Brass.
Outlook: The problem with WD-40 was the company’s financial outlook for the next full year. WD-40 only expects earnings per share to be $5.15 for the full year, which was lower than expected.
Stock Price: WD-40 is up 25% this year, but down slightly in the last 30 days.
Final Thoughts: It’s been a good year for WD-40, but investors are concerned about earnings in the next year.
Solana Gets Bump Through New Partnership
Cryptocurrency exchange OKX announced this week that it will support Solana, sending the price of Solana up by 8% on Thursday.
Final Thoughts: Solana is up about 22% this year and is now at one of its highest prices in 2023. However, due to volatility, it is tough to trust altcoins such as Solana.
Trends to Watch
A Deal For Equity Crowdfunding: French VC firm Founders Future just acquired an equity crowdfunding platform, Sowefund (TechCrunch)
Bad News for Elon: Tesla Valuation Looks Unsustainable to Wall Street Analysts (Bloomberg)
It’s About Time: CFPB pushing to give consumers more control over their financial data (CNBC)
Jerome Talk: Strong Economic Data ‘Could Warrant’ Higher Rates, Fed Chair Says (The New York Times)
Slump: Third-quarter net earnings slip 24% at CSX (Freight Waves)
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