Today is Tuesday, May 7, 2024.

The Early Bird Index today is 70.44.

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Palantir's AI Push Falls Short

Palantir Technologies (NYSE: PLTR) bragged about its artificial intelligence technology, yet shares dropped by 8.37% in after-hours trading on Monday due to mixed financial results.

Financials: Palantir Technologies reported earnings of eight cents per share in the past quarter, which was expected. Revenue was $634 million, which was better than expected.

Powering the Story: The company expects revenue to hit $649 million to $653 million in the current quarter, but investors were not impressed.

Final Thoughts: The stock is up 52% this year, but that gain remains in doubt because of the weak outlook for the quarter.

Notables

Notable Earnings Today: Walt Disney (NYSE: DIS), Reddit (NYSE: RDDT), Rivian Automotive (Nasdaq: RIVN), Celsius Holdings (Nasdaq: CELH), Arista Networks (NYSE: ANET), Datadog (Nasdaq: DDOG), Upstart (Nasdaq: UPST), Electronic Arts (Nasdaq: EA), Crocs (CROX), Wynn Resorts (Nasdaq: WYNN), Lyft (Nasdaq: LYFT), Virgin Galactic (NYSE: SPCE), Match Group (Nasdaq: MTCH), Occidental Petroleum (NYSE: OXY), Twilio (NYSE: TWLO), Dutch Bros (NYSE: BROS), Bloomin' Brands (Nasdaq: BLMN), Redfin (Nasdaq: RDFN), IAC (Nasdaq: IAC), Rockwell Automation (NYSE: ROK), Confluent (Nasdaq: CFLT), Toast (NYSE: TOST), Coupang (NYSE: CPNG), Sonos (Nasdaq: SONO), ZoomInfo (Nasdaq: ZI), Astera Labs (Nasdaq: ALAB), Duke Energy (NYSE: DUK), Energizer (NYSE: ENR), Spirit Aerosystems (NYSE: SPR), Squarespace (NYSE: SQSP), BP (NYSE: BP), Nikola (Nasdaq: NKLA), iRobot (Nasdaq: IRBT), AdaptHealth (Nasdaq: AHCO), Angi (Nasdaq: ANGI), Apellis Pharmaceuticals (Nasdaq: APLS), Aramark (NYSE: ARMK), Arcadium Lithium (NYSE: ALTM), Astrana Health (Nasdaq: ASTH), Avient (NYSE: AVNT), Bio-Rad Labs (NYSE: BIO), BlackLine (Nasdaq: BL), Builders FirstSource (NYSE: BLDR), Cadre Holdings (NYSE: CDRE), Cirrus Logic (Nasdaq: CRUS), Corsair Gaming (Nasdaq: CRSR), Delek US Holdings (NYSE: DK), Enpro Inc. (NYSE: NPO), First Watch Restaurant Group (Nasdaq: FWRG), Flywire (Nasdaq: FLYW), Geo Group (NYSE: GEO), GlobalFoundries (Nasdaq: GFS), Globus Medical (NYSE: GMED), GoPro (Nasdaq: GPRO), Grocery Outlet (Nasdaq: GO), Halozyme Therapeutics (Nasdaq: HALO), Healthcare Realty (NYSE: HR), Henry Schein (Nasdaq: HSIC), Hillman Solutions (Nasdaq: HLMN), Ionis Pharmaceuticals (Nasdaq: IONS), Jacobs Engineering (NYSE: J), Kenvue (NYSE: KVUE), Kratos Defense and Security (Nasdaq: KTOS), Kyndryl (NYSE: KD), Luminar Technologies (Nasdaq: LAZR), MarketAxess Holdings (Nasdaq: MKTX), McKesson (NYSE: MCK), MeridianLink (NYSE: MLNK), Myriad Genetics (Nasdaq: MYGN), NJ Resources (NYSE: NJR), NRG Energy (NYSE: NRG), Open Lending (Nasdaq: LPRO), Oscar Health (NYSE: OSCR), Pacira BioSciences (Nasdaq: PCRX), Perrigo (NYSE: PRGO), Portillo's (Nasdaq: PTLO), PubMatic (Nasdaq: PUBM), Qualys (Nasdaq: QLYS), Revolve Group (NYSE: RVLV), RingCentral (NYSE: RNG), ScanSource (Nasdaq: SCSC), Sempra Energy (NYSE: SRE), Shoals Technologies (Nasdaq: SHLS), STAAR Surgical (Nasdaq: STAA), Tempur Sealy International (NYSE: TPX), TopBuild (NYSE: BLD), Transdigm Group (NYSE: TDG), Veeco Instruments (Nasdaq: VECO), Waters (NYSE: WAT), WideOpenWest (NYSE: WOW), WK Kellogg (NYSE: KLG).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: ZenniHome (Wefunder), Mushroom Culture (Mainvest).

Notable Economic Events Today: EIA Short-Term Energy Outlook (12:00 p.m. ET), Consumer Credit (3:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Lucid Keeps Losing Money

It was another loss for the EV company Lucid Group (Nasdaq: LCID), with the stock decreasing by 7.87% during after-hours trading on Monday.

Financials: Lucid reported a loss of 30 cents per share in the past quarter and revenue of $172.7 million; both were worse than expected.

Final Thoughts: While Lucid’s liquidity improved, another quarterly loss is a bad sign. The stock is down over 26% this year.

Hims & Hers Health Posts Good Results

Strong financial results for Hims & Hers Health (NYSE: HIMS) caused the stock to jump 12.70% during after-hours trading on Monday.

Final Thoughts: Hims & Hers Health, up 20% this year, is a bright spot for healthcare in 2024.

Trends to Watch

Taking a Dip: Bitcoin Slips to $63K as Crypto Market Faces More U.S. Regulatory Pressure (CoinDesk)

Grounded: FAA Opens New Boeing Inquiry Over 787 Inspections (Wall Street Journal)

Staying Frugal: Citigroup CEO Jane Fraser says low-income consumers are being 'cautious' about their spending habits (Quartz)

Emergency: Steward files for bankruptcy, leaving its eight Massachusetts hospitals in limbo (Boston Globe)

Meme Season Ends: Memecoins sell-off as Bitcoin price takes the spotlight — Is meme season over? (Cointelegraph)

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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.}