Today is Wednesday, February 28, 2024.

The Early Bird Index today is 70.37.

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Beyond Meat’s “Steep” Cuts

Plant-based meat company Beyond Meat (Nasdaq: BYND) surged by a massive 73.54% (that’s not a typo) in after-hours trading on Tuesday after reporting financial results.

Financials: Beyond Meat reported a loss of $2.40 per share in the past quarter, which was bad. But revenue reached $73 million, which was better than expected.

Details: The company’s 2024 outlook was riddled with scary tidbits about macroeconomic issues such as “inflation” and “further weakened demand in the plant-based meat category.”

Yes, But: Beyond Meat said that it wants to “steeply reduce operating expense and cash use,” which is music to investors’ ears.

Final Thoughts: Beyond Meat was down 57% in the last year before these results. It will be tough for the company to turn things around, even with the steep cuts.

Notables

Notable Earnings Today: Salesforce (NYSE: CRM), Marathon Digital Holdings (Nasdaq: MARA), Snowflake (SNOW), HP Inc. (NYSE: HPQ), Advance Auto Parts (AAP), AMC Entertainment (AMC), TJX (TJX), C3.ai (AI), Nutanix (Nasdaq: NTNX), Viatris (VTRS), Monster Beverage (Nasadq: MNST), Sinclair Broadcast (Nasdaq: SBGI), Warby Parker (NYSE: WRBY), Squarespace (NYSE: SQSP), ACM Research (ACMR), Okta (OKTA), WW (WW), Duolingo (DUOL), AAON (Nasdaq: AAON), Ameresco (NYSE: AMRC), Amicus Therapeutics (Nasdaq: FOLD), Baidu (Nasdaq: BIDU), Cactus (NYSE: WHD), Chart Industries (NYSE: GTLS), Chemours (NYSE: CC), Clearwater Analytics (NYSE: CWAN), Compass Diversified (NYSE: CODI), Dine Brands (NYSE: DIN), Donaldson (NYSE: DCI), Dycom (NYSE: DY), Editas Medicine (Nasdaq: EDIT), Emcor Group (NYSE: EME), EPR Properties (NYSE: EPR), Forward Air (Nasdaq: FRWD), Frontdoor (Nasdaq: FTDR), Fulgent Genetics (Nasdaq: FLGT), Geron (Nasdaq: GERN), Gogo (Nasdaq: GOGO), Greif (NYSE: GEF), Holley (NYSE: HLLY), Icahn Enterprises (Nasdaq: IEP), Integra (Nasdaq: IART), IONQ (NYSE: IONQ), James River Group (Nasdaq: JRVR), Jazz Pharma (Nasdaq: JAZZ), Kinetik (NYSE: KNTK), Kontoor Brands (NYSE: KTB), Magnite (Nasdaq: MGNI), Marqeta (Nasdaq: MQ), National Storage Affiliates (NYSE: NSA), Nexstar (Nasdaq: NXST), Novavax (Nasdaq: NVAX), NRG Energy (NYSE: NRG), ODP Corporation (Nasdaq: ODP), Paramount Global (Nasdaq: PARA), Patterson Companies (Nasdaq: PDCO), Payoneer (Nasdaq: PAYO), Sarepta Therapeutics (Nasdaq: SRPT), Sociedad Quimica y Minera (NYSE: SQM), Sovos Brands (Nasdaq: SOVO), Steven Madden (Nasdaq: SHOO), Taboola (Nasdaq: TBLA), Talos Energy (NYSE: TALO), TG Therapeautics (Nasdaq: TGTX), United Parks & Resorts (NYSE: PRKS), Vipshop (NYSE: VIPS), Zuora (NYSE: ZUO).

Notable IPOs Today: Critical Metals Corp. Ordinary Shares (Nasdaq: CRML).

Notable Equity Crowdfunding Campaigns Ending Today: Yelli (Wefunder), 3 KEYS Communities (CrowdFund My Deal), Vvolt (StartEngine).

Notable Economic Events Today: GDP (8:30 a.m. ET), Goods Trade Balance (8:30 a.m. ET), Retail Inventories (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

eBay Increases Investor Dividend

eBay (Nasdaq: EBAY) ticked up 3.02% in after-hours trading on Tuesday after the e-commerce company posted better-than-expected financial results during the holiday shopping season.

Powering the Story: The company raised its dividend by 8% and announced a $2 billion share buyback program, which could further raise the price of the stock.

Final Thoughts: eBay is down 3% in the past year. The company’s holiday season was strong, but other e-commerce companies also bragged about good holiday season sales as well.

Dogecoin Jumps to Due New Listing

The price of the cryptocurrency Dogecoin jumped about 6% on Tuesday after Japan-based crypto exchange Bitflyer listed the coin on its platform.

Final Thoughts: Dogecoin is up 24% in 2024, lagging behind other cryptos.

Trends to Watch

Lower Retail Footprint: Macy’s Will Close 150 Stores but Expand Bloomingdale’s and Bluemercury (The New York Times)

First-Ever Annual Profit: Coupang Soars After Loyalty Perks Lift Sales Above Estimates (Bloomberg)

RIP iCar: Apple Ends Quest to Build Its Own Electric Vehicle (Wall Street Journal)

They’re Not Great: Kellogg CEO under fire for suggesting cereal as a money-saving dinner (Washington Post)

Growing Crypto Market: Crypto recaptures $2T market cap as Bitcoin climbs above $57,000 (Cointelegraph)

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.