Today is Thursday, June 6, 2024.

The Early Bird Index today is 73.60.

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Lululemon’s “Strong Momentum”

Lululemon Athletica (Nasdaq: LULU) finally had some good news in 2024, posting good earnings and jumping 9.72% in after-hours trading on Wednesday.

Financials: Lululemon reported earnings of $2.54 per share in the past quarter and revenue of $2.2 billion; both were better than expected.

Details: Revenue jumped 10% in the past quarter. Comparable sales increased 6%, which was lower than expected.

Also: The company increased its stock buyback program by $1 billion.

Quote: “In the first quarter, we saw strong momentum in our international markets, demonstrating how our brand continues to resonate around the world.” - CEO Calvin McDonald.

Outlook: Lululemon expects sales to grow 9% to 10% in the current quarter, which is better than expected.

Final Thoughts: It’s been a bad year for Lulelemon. The stock was down 39% as consumer spending fell. Now the company might be making a positive turn.

Notables

Notable Earnings Today: Ciena (NYSE: CIEN), Nio (NYSE: NIO), DocuSign (Nasdaq: DOCU), Samsara (NYSE: IOT), Big Lots (NYSE: BIG), G-III Apparel (Nasdaq: GIII), The Toro Company (NYSE: TTC), Braze (Nasdaq: BRZE), J.M. Smucker (NYSE: SJM), Vail Resorts (NYSE: MTN), ABM Industries (NYSE: ABM), Zumiez (Nasdaq: ZUMZ), Mission Produce (Nasdaq: AVO), Addex Therapeutics (Nasdaq: ADXN), Argan (NYSE: AGX), NGL Energy Partners (NYSE: NGL), Orion Energy Systems (Nasdaq: OESX), Planet Labs (NYSE: PL), QuantaSing Group (Nasdaq: QSG), Rent the Runway (Nasdaq: RENT), Secureworks (Nasdaq: SCWX), Tilly’s (NYSE: TLYS).

Notable IPOs Today: Novelis (NYSE: NVL), Fly-E Group, Inc. Common Stock (Nasdaq: FLYE), Life360, Inc. Common Stock (Nasdaq: LIF), Gauzy Ltd. Ordinary Shares (Nasdaq: GAUZ).

Notable Equity Crowdfunding Campaigns Ending Today: Charis Winery & Distillery (Honeycomb), Jungle Juice (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Trade Balance / Imports / Exports (8:30 a.m. ET), Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Five Below’s “Disappointing” Sales

Bad financial results caused discount retailer Five Below (Nasdaq: FIVE) to drop by 15.47% in after-hours trading on Wednesday.

Financials: Five Below reported earnings of 60 cents per share in the past quarter and revenue of $811.9 million; both were below estimates.

Quote: “While our first quarter sales were disappointing, disciplined cost management enabled us to deliver adjusted EPS within our earnings outlook.” - CEO Joel Anderson.

Final Thoughts: Five Below, down 38% this year, is struggling because low-end consumers (AKA its customers) are spending less.

Sprinklr Cuts Outlook

Despite posting good financial results on Wednesday, software company Sprinklr (NYSE: CXM) plummeted 18.36% in after-hours trading after cutting its guidance.

Outlook: Sprinklr only expects sales in the current quarter to be between $177.5 million and $178.5 million, which is lower than the previous quarter.

Final Thoughts: Sprinklr’s CEO blamed the “challenging macro environment.” The stock is down 8% in 2024.

Trends to Watch

New Price Target: VanEck Sees Ether Hitting $22K by 2030 (CoinDesk)

New Record High: Nvidia Market Cap Crosses $3 Trillion for the First Time, Surpassing Apple (IGN)

In the Green: 100% Bitcoin long-term hodlers are now in profit as BTC crosses $71K (Cointelegraph)

Smile, You’re on Camera: TJ Maxx store workers now wearing body cameras to thwart shoplifters (CBS News)

Lagging: How Apple Fell Behind in the AI Arms Race (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.}