US equities are mostly weaker in Wednesday morning trading. The Fed’s FOMC meeting is today, and it is widely expected to raise rates by 50 basis points and formally announce its balance sheet runoff.
Oil up, gold down and Bitcoin (BTC) up.
Here are some of today’s trending stocks:
Airbnb Inc (NASDAQ: ABNB)
Airbnb Inc (NASDAQ: ABNB) is up 3% in pre-market trading after reporting its Q1 2022 earnings last night.
The home-sharing company reported record nightly bookings and a rise in prices. ABNB beat analyst expectations, projected Q2 revenue to come in above market estimates and noted it sees strong sustained pent-up demand.
Airbnb expects revenue between $2.03bn and $2.13bn, while FactSet analyst consensus comes in at $2.08bn.
Chief Executive Brian Chesky said:
We are going to continue to see continued and sustained growth for stays of longer than a month and stays of longer than a week,
Yesterday, the trading volume for ABNB stock was 3x higher than the prior 30-day average.
Rail Vision Ltd (NASDAQ: RVSN)
Rail Vision Ltd's (NASDAQ: RVSN) stock price is up 63% in early trading to $2.18. The company went public via IPO on March 31, and its share price slipped, but now it’s recovering.
The Israeli company is late filing its annual report, which was due on April 30. The reason given is that the company needs additional time to review its audited financial statements. It expects to file its Annual Report for the year ended December 31, 2021, on or before May 15.
Nevertheless, with the EU proposing a Russian oil ban, traders appear to be betting on a rise in rail travel.
Rail Vision specializes in safety on the rail track and is in the pilot stage of testing its various offerings in railway environments.
Aegis Capital recently initiated its coverage of RVSN stock with a Buy rating and share price target of $7.
Satellogic V Inc (NASDAQ: SATL)
Satellogic V Inc (NASDAQ: SATL) is up 7% in early trading after releasing its full-year 2021 results. Last year the company expanded its fleet to 22 satellites and planned to launch a further 12 this year.
SATL closed its business combination with SPAC CF Acquisition Corp. V enjoying gross proceeds of around $262m with $168m added to the balance sheet during its NASDAQ IPO.
The company has begun the construction of a manufacturing facility in the Netherlands intending to reach a production capacity of 25 satellites per quarter by Q3 2023.
SATL stock is up 19% year-to-date.
Brinker International, Inc. (NYSE: EAT)
Chili’s owner Brinker International, Inc. (NYSE: EAT), is one of the world's leading casual dining restaurant companies. It operates Chili's Grill and Bar and Maggiano's Little Italy restaurant brands.
This morning, EAT stock has slipped 16% after releasing its fiscal 2022 Q3 results. Shareholders appear to be disappointed with declining operating income and restaurant operating margin.
Fiscal 2022, Q3 Highlights
Sales: $960.6m (up 18% Y/Y from $813.7m)
Chili’s Company sales: $863.3m (up 15% Y/Y from $749m)
Maggiano’s Company sales: $97.3m (up 50.3% Y/Y from $64.7m)
Operating income: $49.4m (down 5.6% Y/Y from $52.2m)
Operating income, as a percentage of total revenues, decreased to 5%, compared to 6.3% Y/Y.
Restaurant operating margin, as a percentage of company sales, decreased to 12.2% as compared to 13.9% Y/Y.
Net income per diluted share, on a GAAP basis, increased to $0.81 as compared to $0.73 Y/Y.
Net income per diluted share, excluding special items, increased to $0.92 compared to $0.78 Y/Y.
Net cash provided by operating activities was $211.6m, and capital expenditures totaled $109m resulting in free cash flow of $102.6m.
Adjusted EBITDA increased to $97.7m from $93.9m Y/Y.
Bright Health Group Inc (NYSE: BHG)
Bright Health Group Inc (NYSE: BHG) stock is up 19% in early trading after releasing Q1 earnings.
The American health insurer reported:
Q1 revenue of $1.83bn (up 109.9% Y/Y)
Adjusted EBITDA of -$74.8m
GAAP Net Loss of -$180.6m
Enterprise Medical Cost Ratio of 84.8%
Bright HealthCare Medical Cost Ratio of 83.1%
Reaffirming the full year 2022 guidance metrics
Bright Health Group has achieved a significant scale, serving 1.16 million Bright HealthCare members, with over 530,000 NeueHealth value-based patients.
Mike Mikan, President and CEO of Bright Health Group, said:
Bright Health Group had a strong start to the year, demonstrating solid performance in the First Quarter. We are seeing the results from Bright HealthCare getting to scale and the emergence of our NeueHealth business. Bright Health Group is focused on optimizing the business, driving performance through investments in our integrated technology platform, and delivering differentiated value for consumers.
Yesterday, BHG closed at $1.68, down -90.3% off its 52-week high vs. the subsector average change of -34.4%.
