Today is Thursday, July 18, 2024.

The Early Bird Index today is 75.34.

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Beyond Meat's Restructuring 😱

Fake meat Plant-based meat company Beyond Meat (Nasdaq: BYND) plunged 15.62% in after-hours trading on Wednesday due to an alarming report about the company’s finances.

Details: The Wall Street Journal reported that Beyond Meat is talking to a group of bondholders about a balance-sheet restructuring because the company is losing cash.

• The bondholders own about $1.1 billion of convertible notes in the company.

• Beyond Meat has not commented on the report.

Background: Insolvency issues shouldn’t surprise investors. The stock was down 12.45% in 2024 before this report.

Early Bird’s Nest Egg Gains:Beyond Meat’s lower sales in 2024 can be attributed to declining demand and recession fears. The company also raised prices to combat the decline, but this is not sustainable.

Final Thoughts: Investors should avoid the stock until Beyond Meat can shore up its finances and find a way to pay back debt.

Notables

Notable Earnings Today: Netflix (Nasdaq: NFLX), Cintas (Nasdaq: CTAS), PPG Industries (NYSE: PPG), Domino's Pizza (NYSE: DPZ), D.R. Horton (NYSE: DHI), AAR Corp (NYSE: AAR), Abbott Laboratories (NYSE: ABT), Intuitive Surgical (Nasdaq: ISRG), KeyCorp (NYSE: KEY), Marsh & McLennan Companies (NYSE: MMC), Resources Connection (Nasdaq: RGP), Berkshire Hills Bancorp (NYSE: BHLB), Snap-On (NYSE: SNA), Western Alliance Bancorp (NYSE: WAL), Blackstone (NYSE: BX), Scholastic (Nasdaq: SCHL), Alpine Income Property Trust (NYSE: PINE), Glacier Bancorp (NYSE: GBCI), Hexcel (NYSE: HXL), Infosys (NYSE: INFY), Insteel Industries (NYSE: IIIN), M&T Bank (NYSE: MTB), Manpower (NYSE: MAN), Metropolitan Bank (NYSE: MCB), OceanFirst Financia (Nasdaq: OCFC), OFG Bancorp (NYSE: OFG), SB Financial Group (Nasdaq: SBFG),  Texas Capital (Nasdaq: TCBI), Textron (NYSE: TXT), Virtu Financial (Nasdaq: VIRT), WNS (NYSE: WNS).

Notable IPOs Today: Ardent Health Partners, Inc. (NYSE: ARDT), Pearl Diver Credit Company Inc. (Nasdaq: PDCC), TWFG, Inc. Common Stock (Nasdaq: TWFG), M3-Brigade Acquisition V Corp. Units (Nasdaq: MBAVU), KraneShares Artificial Intelligence ETF (Nasdaq: AGIX).

Notable Equity Crowdfunding Campaigns Ending Today: Fuzzy Monkey Coffee Co. (Honeycomb), Got Kosher Bakery (SMBX), NOLA Sliders (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m. ET), Philly Fed Employment (8:30 a.m. ET), US Leading Index (10:00 a.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

United Airlines' Weak Outlook 

Despite posting better-than-expected earnings results for the past quarter on Wednesday, United Airlines (Nasdaq: UAL) slipped by 0.40% in after-hours trading.

Details: United Airlines said it will earn $2.75 to $3.25 per share in the current quarter, which was lower than expected.

Final Thoughts: Despite a rough year in the airline sector, United Airlines is up 15%.

Kinder Morgan Posts Lower Sales

Energy infrastructure company Kinder Morgan (NYSE: KMI) fell 2.09% in after-hours trading on Wednesday after posting sales for the quarter that were lower than expected.

Final Thoughts: The stock was up 15% this year before the results.

Trends to Watch

Discovering Good Results: Discover Financial quarterly profit jumps on higher interest income (Reuters)

Strip Mall CEO Again:Petco Names Joel Anderson as CEO Following Exit From Five Below (Wall Street Journal)

Stock Market Hurting Crypto:Bitcoin Dips Below $64K as U.S. Equity Selloff Stalls Crypto Rebound (CoinDesk)

Spotted:SEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE Arca (Cointelegraph)

Delicious Acquisition: Darden Restaurants to acquire Chuy’s for approximately $605 million (CNBC)

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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.}