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Beyond Meat (BYND) Beyond This World in Late Trading

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Tuesday, February 27th, 2024

All four major market indices were up as of Tuesday’s close, with only the Dow slipping by -0.25% on the session. The Nasdaq gained a measured +59 points, +0.37%, as it inches toward a new all-time high (16,057 as of November 2021; it closed at 16,035), while the S&P 500 split the difference, +0.17%, still 10 points off its own recently-reached all-time high. The Russell 2000, still marching to its own beat, broke off from the pack from the start of trading and closed +1.39% for the day.

We’re now in positive territory across these indices over the past month, year-to-date and one year, with the Nasdaq still trading up around +40% from this time a year ago (following huge gains by NVIDIA +230%, Meta +170% and Super Micro Computer +760% from one year ago). The tech-heavy index — also home to Urban Outfitters (+70% in the past year) which posted earnings after today’s close — also leads year to date, but over the past month, the S&P 500 leads all major indices with +3% growth.

However, Urban Outfitters (URBN - Free Report) missed earnings expectations for the first time in five quarters: 69 cents per share missed the Zacks consensus by 4 cents, on in-line revenues of $1.49 billion in the quarter. Its Free People brand continues to bring the highest growth numbers as of the holiday, while the flagship Urban Outfitters stores missed expectations. Shares were selling off around -10% on the news; this is what can happen when you’ve traded at such a high valuation.

eBay (EBAY - Free Report) shares are up +3.4% in late trading on Q4 results, with earnings of $1.07 per share outpacing consensus estimates by 4 cents, on $2.56 billion in revenues that surpassed the $2.51 billion anticipated. Earnings were up meaningfully on next-quarter earnings, though down from the Zacks consensus on revenues ahead of this report. The e-commerce giant also upped its dividend by 2 cents per share and are instituting a share buyback program.

Cybersecurity firm Splunk beat estimates on its top line to $1.486 billion from $1.26 billion expected, with raised full-year guidance to $4.21 billion from $3.98 billion previously forecast. Splunk is in the process of being acquired by Cisco Systems (CSCO - Free Report) by March 13th (depending on potential compliance hurdles); shares are flat on this earnings report.

The big jump in today’s after-market is Beyond Meat (BYND - Free Report) , up now +80% since reporting its fiscal Q1 results after today’s close. The company beat easily on the top line — sales of $73.7 million versus $68.4 million forecast — on a higher top-end of current-quarter revenue guidance, but this is a company that had given away -57% of its share price in the past year, and is now up to levels not seen since before the company’s big slide back in August of 2023.

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