Today is Tuesday, April 30, 2024.

The Early Bird Index today is 68.40.

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Paramount Shake-Up 🎬

Media giant Paramount Global (Nasdaq: PARA) ticked up 0.41% in after-hours trading on Monday after disclosing financial results and making a leadership change.

Details: Bob Bakish is stepping down as CEO. A trio of senior executives will take over.

Financials: Paramount reported earnings of 62 cents per share in the past quarter, which was better than expected. But revenue was only $7.68 billion, which was lower than expected. 

Final Thoughts: The company is still losing money with streaming. Paramount, down nearly 15% this year, might still get acquired.

Notables

Notable Earnings Today: Amazon.com (Nasdaq: AMZN), PayPal Holdings (Nasdaq: PYPL), Eli Lilly (NYSE: LLY), Advanced Micro Devices (Nasdaq: AMD), 3M (NYSE: MMM), Clorox (NYSE: CLX), Super Micro Computer (Nasdaq: SMCI), McDonald's (NYSE: MCD), Starbucks (Nasdaq: SBUX), Coca-Cola (NYSE: KO), Sysco (NYSE: SYY), Mondelez International (Nasdaq: MDLZ), Molson Coors Brewing (NYSE: TAP), Pinterest (NYSE: PINS), Caesars Entertainment (Nasdaq: CZR), Lending Club (NYSE: LC), Prudential (NYSE: PRU), Public Storage (NYSE: PSA), Sirius XM Holdings (Nasdaq: SIRI), Lemonade (NYSE: LMND), GE HealthCare (Nasdaq: GEHC), Diamondback Energy (Nasdaq: FANG), ONEOK (NYSE: OKE), Enterprise Products (NYSE: EPD), Brinker International (NYSE: EAT), ACI Worldwide (Nasdaq: ACIW), Air Products (NYSE: APD), American Electric (Nasdaq: AEP), American Tower (NYSE: AMT), Archer-Daniels-Midland (NYS: ADM), Armstrong World Industries (NYSE: AWI), Ashland (NYSE: ASH), ATI (NYSE: ATI), Axos Financial (NYSE: AX), Blackbaud (Nasdaq: BLKB), Boston Properties (NYSE: BXP), Cameco (NYSE: CCJ), CenterPoint Energy (NYSE: CNP), Chesapeake Energy (Nasdaq: CHK), Corning (NYSE: GLW), Dana (NYSE: DAN), Denny's (Nasdaq: DENN), DigitalBridge (NYSE: DBRG), Eaton (NYSE: ETN), Ecolab (NYSE: ECL), Edison International (NYSE: EIX), Equitable Holdings (NYSE: EQH), Equitrans Midstream (NYSE: ETRN),  Essex Property (NYSE: ESS), Exelixis (Nasdaq: EXEL), Extra Space Storage (NYSE: EXR), Franklin Electric (Nasdaq: FELE), Gartner (NYSE: IT), Graphic Packaging (NYSE: GPK), Gulfport Energy (NYSE: GPOR), Harmony Biosciences (Nasdaq: HRMY), Hillenbrand (NYSE: HI), Hubbell (NYSE: HUBB), Huron Consulting (Nasdaq: HURN), Illinois Tool Works (NYSE: ITW), Incyte (Nasdaq: INCY), Invitation Homes (NYSE: INVH), Lear (NYSE: LEA), Leggett & Platt (NYSE: LEG), Littelfuse (Nasdaq: LFUS), LPL Financial (Nasdaq: LPLA), Lumen Technologies (NYSE: LUMN), Macerich (NYSE: MAC), Marathon Petroleum (NYSE: MPC), Martin Marietta Materials (NYSE: MLM), Matson (NYSE: MATX), Melco Resorts (Nasdaq: MLCO), Mirion Technologies (NYSE: MIR), MPLX (NYSE: MPLX), Northern Oil & Gas (NYSE: NOG),  Oaktree Specialty Lending Corp (Nasdaq: OCSL), Oatly Group (Nasdaq: OTLY), O-I Glass (NYSE: OI),OneMain Holdings (NYSE: OMF), PACCAR (Nasdaq: PCAR), Park Hotels & Resorts (NYSE: PK), Penske Automotive Group (NYSE: PAG), Piedmont Office Realty Trust (NYSE: PDM), Powell Industries (Nasdaq: POWL), Public Service (NYSE: PEG), Republic Services (NYSE: RSG), Root (Nasdaq: ROOT), Skyworks Solutions (Nasdaq: SWKS), STAG Industrial (NYSE: STAG), Stryker (NYSE: SYK), Tanger (NYSE: SKT), Taylor Morrison Home (NYSE: TMHC), Tenet Healthcare (NYSE: THC), Trane Technologies (NYSE: TT), UDR (NYSE: UDR), UFP Industries (Nasdaq: UFPI), Unum Group (NYSE: UNM), Voya Financial (NYSE: VOYA), W.P. Carey (NYSE: WPC), Werner Enterprises (Nasdaq: WERN), Zebra Technologies (Nasdaq: ZBRA).

Notable IPOs Today: PeakShares Sector Rotation ETF (Nasdaq: PSTR).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Employment Cost Index (8:30 a.m. ET), S&P/CS HPI Composite (9:00 a.m. ET), Chicago PMI (9:45 a.m. ET),  CB Consumer Confidence (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

MicroStrategy’s Impairment Loss

Tech and Bitcoin company MicroStrategy (Nasdaq: MSTR) posted disappointing financial results on Monday, sending shares down by 2.63% in after-hours trading. 

Powering the Story: The company reported digital asset impairment losses of $191.6 million.

Final Thoughts: This was a setback for MicroStrategy, which was up 88% this year.

NXP’s “Cautious Optimism”

NXP Semiconductors (Nasdaq: NXPI) jumped 5.97% in after-hours trading on Monday after posting good earnings results.

Final Thoughts: The company also said it had “cautious optimism” for the year.

Trends to Watch

Bad Financial Results: Chegg Stock Slides as Outlook Disappoints. The Company’s CEO Is Stepping Down. (Barron’s)

Boost Needed: Bitcoin Wavers Around $63K, Awaiting Hong Kong Spot Crypto ETF Debut (CoinDesk)

Agreement: Tesla Reaches Deals in China on Self-Driving Cars (New York Times)

Give Me a Brake: US safety regulations will require better automatic braking (CNN)

Crypto Debate: Solana illustrates the dark side of monolithic blockchains (Cointelegraph)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}