Today is Tuesday, March 28, 2023.
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Lyft (Finally) Gets New Boss
Lyft (Nasdaq: LYFT) jumped by 4.38% in after-hours trading on Monday after the ride sharing company announced a leadership change.
Details: CEO Logan Green, who is a co-founder of Lyft, is stepping down on April 17 to become chair of the board. David Risher, an executive with Amazon (Nasdaq: AMZN) and Lyft board member, will become the new CEO.
Also: John Zimmer, Lyft’s president and other co-founder, will step down on June 30 to become vice chair of the board.
Quote: “As a member of the board, he knows both the challenges and opportunities ahead. David has the right energy, ambition, and experience to lead Lyft into the future.” - Outgoing Lyft CEO Logan Green.
Stock Price: Lyft’s stock is down 74% in the last 12 months. The stock is down 87% since going public.
Final Thoughts: Investors clearly liked this leadership change. Lyft’s stock was headed in the wrong direction and it lagged behind its competitor, Uber Technologies (NYSE: UBER). Having an outsider come in to take over the company should make investors really happy.
Notable Earnings Today: Micron Technology (Nasdaq: MU), Walgreens Boots Alliance (Nasdaq: WBA), Lululemon Athletica (Nasdaq: LULU), Futu Holdings (Nasdaq: FUTU), Lovesac (Nasdaq: LOVE), Cal-Maine Foods (Nasdaq: CALM), IHS Holding (NYSE: IHS), Dave & Buster's (Nasdaq: PLAY), Core & Main (NYSE: CNM), Progress Software (Nasdaq: PRGS), McCormick (NYSE: MKC), Danimer Scientific (NYSE: DNMR), TD Synnex (NYSE: SNX), Emeren Group (NYSE: SOL), Aadi Bioscience (Nasdaq: AADI), Jefferies (NYSE: JEF), iMedia Brands (Nasdaq: IMBI), nCino (Nasdaq: NCNO), FiscalNote Holdings (NYSE: NOTE), Arcturus Therapeutics Holdings (Nasdaq: ARCT).
Notable IPOs Today: JIN MEDICAL INTERNATIONAL LTD. Ordinary Shares (Nasdaq: ZJYL), TMT Acquisition Corp Unit (Nasdaq: TMTCU), YanGuFang International Group Co., Ltd. Ordinary Shares (Nasdaq: YGF).
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: Goods Trade Balance (8:30: a.m. ET), Retail Inventories (8:30 a.m. ET), S&P Case-Shiller Home Price Index (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), API Weekly Crude Oil Stock (3:30 p.m. ET).
PVH Jumps Despite High Inventory Levels
Photo by Sahej Brar / Unsplash
Tommy Hilfiger and Calvin Klein parent PVH (NYSE: PVH) rose by 10.91% in after-hours trading on Monday due to strong financial results.
Financials: PVH reported earnings of $2.38 per share in past quarter and revenue of $2.49 billion; both were better than expected.
Details: Revenue increased by 2% in the quarter due to stronger sales. The company expects revenue in the current year to increase by 3% to 4%.
But: Inventory levels increased by 34%. This forced the company to turn to promotions and discounts, which caused the gross margin to decrease from 58.3% in the same period last year to 55.9%.
Final Thoughts: The stock is down 12% in the last 12 months. PVH is on the right track, except with the bloated inventory levels.
XRP Jumps as Other Cryptos Fall
When most cryptocurrency prices slipped on Monday, the price of XRP jumped by 4%.
Final Thoughts: XRP got a nice Monday boost due to the ongoing online buzz about the potential outcome of XRP’s matter with the SEC.
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Trends to Watch
Survivor: Salesforce Shakes Off Proxy Fight From Elliott (The Wall Street Journal)
Not Happy: Disney begins laying off 7,000 employees, CEO Bob Iger announces (CNN)
Rejected: Lithium miner Liontown soars as it snubs $3.7 bln Albemarle bid (Reuters)
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