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Today is Wednesday, November 13, 2024.

The Early Bird Index today is 80.93.

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CAVA's Restaurant Sales Growth

The Mediterranean restaurant chain CAVA Group (NYSE: CAVA) served strong financial results on Tuesday, sending shares up 16.30% in after-hours trading.

Financials: CAVA reported earnings of 15 cents per share in the past quarter and revenue of $243.8 million; both were better than expected.

Powering the Story: Adjusted EBITDA reached $33.5 million (up from $19.8 million last year) and same-restaurant sales grew 18.1%. CAVA raised its outlook for the year with same-restaurant sales growth between 12% to 13%.

Early Bird’s Nest Egg Gains: One of the most significant drivers of CAVA's same-restaurant sales growth is the substantial increase in customer traffic. This growth in foot traffic is particularly noteworthy given the challenging economic environment where many consumers have been reducing their restaurant visits.

Final Thoughts: CAVA’s stock is already up over 250% (wow!) this year.

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Notables

Notable Earnings Today: Cisco Systems (Nasdaq: CSCO), Tower Semiconductor (Nasdaq: TSEM), Dole (NYSE: DOLE), Paysafe (NYSE: PSFE), CyberArk Software (Nasdaq: CYBR), dLocal (Nasdaq: DLO), Beazer Homes (NYSE: BZH), Stratasys (Nasdaq: SSYS), Arcos Dorados (NYSE: ARCO), Tetra Tech (Nasdaq: TTEK), Helmerich & Payne (NYSE: HP), Sonos (Nasdaq: SONO), Advanced Flower Capital (Nasdaq: AFGC), BioNano Genomics (Nasdaq: BNGO), Bitcoin Depot (Nadaq: BTM), Capricor Therapeutics (Nasdaq: CAPR), Digi International (Nasdaq: DGII), Fulcrum Therapeutics (Nasdaq: FULC), Griffon (NYSE: GFF), HIVE Digital Technologies (Nasdaq: HIVE), Hut 8 (Nasdaq: HUT), Ibotta (NYSE: IBTA), Innoviz Technologies (Nasdaq: INVZ), KULR Technology Group (NYSE American: KULR), Liquidia (Nasdaq: LQDA), Loar Holdings (NYSE: LOAR), OptimizeRx (Nasdaq: OPRX), Riskified (NYSE: RSKD), Smith Micro Software (Nasdaq: SMSI).

Notable IPOs Today: Invizyne Technologies Inc. Common Stock (Nasdaq: IZTC), Medicus Pharma Ltd. Common Stock (Nasdaq: MDCX), Telix Pharmaceuticals Limited American Depositary Shares (Nasdaq: TLX), Peak Resources LP (NYSE American: PRB). 

Notable Equity Crowdfunding Campaigns Ending Today: True Nopal (StartEngine).

Notable Economic Events Today: Core CPI / CPI (8:30 a.m. ET), EIA Short-Term Energy Outlook (12:00 p.m. ET), Federal Budget Balance (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Spotify's Record Gross Margin

Despite posting weak financial earnings results on Tuesday, audio streaming company Spotify Technology (NYSE: SPOT) jumped 6.88% in after-hours trading.

Financials: Spotify reported earnings of €1.45 per share in the past quarter and revenue of €3.99 billion; both were lower than expected.

Powering the Story: The gross margin reached a record 31.1% in the quarter thanks to increases in monthly active users and subscribers.

Final Thoughts: Don’t skip this audio track (or stock in this case). Spotify is up over 120% this year.

Rivian Gets More Cash From Volkswagen

Electric vehicle manufacturer Rivian Automotive (Nasdaq: RIVN) climbed 9.45% in after-hours trading on Tuesday after Volkswagen (OTCMKTS: VWAPY) added $5.8 billion to its previously announced partnership.

Final Thoughts: This is on top of the original $5 billion Rivian got a few months ago from Volkswagen. Rivian’s stock is down 40% this year.

Trends to Watch

Another Milestone: Bitcoin Blasts to $90K as Crypto Rally Shakes Out $900M of Leveraged Bets (CoinDesk)

Insta-Bad: Instacart Posts Earnings Beat But Stock Slips On Mixed Outlook (Investor’s Business Daily)

Momentum: 3 reasons why Ethereum price is headed toward $4K (Cointelegraph)

Rocketing: Rocket Lab Shares Rise 20% After 3Q Results, 4Q Guidance Beat Estimates (MarketWatch)

Final Boarding Call: Spirit Airlines Moves Toward Bankruptcy Filing After Frontier Drops Merger Bid (Wall Street Journal)

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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.}