Google's AI-Powered Search

And, the Levi Strauss sales outlook.

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Today is Thursday, April 4, 2024.

The Early Bird Index today is 72.83.

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Google parent Alphabet (Nasdaq: GOOGL) might be implementing its first major change in its search platform in company history.

Details: The Financial Times reported Wednesday afternoon that Google might charge for new “premium” search features from its new generative artificial intelligence-powered tool. Current access to Google’s AI assistant (called Gemini) is free.

  • The report also said that Google’s traditional search engine will remain free.

  • No final decision has been made yet.

Background: Google has been progressing with its AI aspirations, although it might lag behind Microsoft (Nasdaq: MSFT), which has an AI-powered search tool in Bing.

Stock Price: Google is up 12% in 2024. The stock dipped 0.28% in after-hours trading.

Final Thoughts: If the report is true, this would be a major shake-up for Google and the tech industry’s race to release AI products.


Notable Earnings Today: Lamb Weston (NYSE: LW), Simply Good Foods (Nasdaq: SMPL), Lindsay (NYSE: LNN), RPM (NYSE: RPM), Radius Recycling (Nasdaq: RDUS), AngioDynamics (Nasdaq: ANGO), CollPlant Biotechnologies (Nasdaq: CLGN), Conagra Brands (NYSE: CAG), Kura Sushi USA (Nasdaq: KRUS).

Notable IPOs Today: NewGenIvf Group Limited Class A ordinary shares (Nasdaq: NIVF).

Notable Equity Crowdfunding Campaigns Ending Today: Abundant Acres Farm (Honeycomb), Phinney Station (SMBX), Big Bear DC (SMBX), The Spot on Mill Street (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Trade Balance / Imports / Exports (8:30 a.m. ET).

Levi Strauss Reveals Good Sales Outlook

Levi Strauss (NYSE: LEVI) jumped 8.25% in after-hours trading on Wednesday after announcing strong financial results.

Financials: Levi Strauss reported earnings of 26 cents per share in the past quarter and revenue of $1.55 billion; both were better than expected.

Details: A shift in wholesale shipments caused revenue to decline year-over-year. Sales were down in the Americas, but better than expected. Sales in Asia and Europe were lower than expected.

Also: While wholesale revenues declined by 18% in the quarter, direct-to-consumer sales increased by 7%. Total inventories also dropped by 14%, a step in the right direction.

Outlook: The company reaffirmed its full-year revenue guidance while raising its earnings per share guidance for 2024.

Final Thoughts: Levi Strauss was up 14% in 2024 before these results. Despite a rough macro environment for retail, Levi Strauss is doing well.

Etsy Gets Elliot Bounce

Shares of Etsy (Nasdaq: ETSY) ticked up 1.23% in after-hours trading on Wednesday after Elliott Investment Management's managing director Jesse Cohn told people at the Sohn Conference that he predicts a “significant, multi-year upside” for the e-commerce platform.

Background: Etsy is down 19% in 2024, including a 3% decrease in the last 30 days.

Final Thoughts: Poor financial results and concerns about consumer spending have hit Etsy this year. Can the stock turn things around?

Slowing Down the Rate Cuts: Fed Chair Jerome Powell pumps brakes on rate cuts (ABC News)

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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.