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Today is Friday, August 9, 2024.

The Early Bird Index today is 65.59.

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Paramount+ Finally Profitable

Amid a bad year and mixed financial earnings results for Paramount Global (Nasdaq: PARA), the stock jumped by 5.39% in after-hours trading on Thursday.

Financials: Paramount reported earnings of 54 cents per share in the past quarter, which was better than expected. But the revenue of $6.81 billion missed estimates.

Details: Revenue fell short because Paramount’s linear networks (think MTV and Nickelodeon) struggled with ad sales. The number of Paramount+ subscribers decreased by 2.8 million.

Yes, But: Paramount’s direct-to-consumer streaming business, which includes Paramount+, achieved its first profitable quarter.

Background: Disney (NYSE: DIS) reported Wednesday that its streaming business was also finally profitable.

Early Bird’s Nest Egg Gains: Several factors have contributed to some streaming businesses finally reaching profitability in 2024.

• Streaming platforms are cutting costs, including slashing thousands of jobs.

• There is also a growing trend to raise prices, introduce ad-supported models, and leverage live sports to grow revenue.

Final Thoughts: Paramount is also laying off about 2,000 employees to cut costs, Variety reported Thursday.

Notables

Notable Earnings Today: Nikola (Nasdaq: NKLA), AMC Networks (Nasdaq: AMCX), Canopy Growth (Nasdaq: CGC), Construction Partners (Nasdaq: ROAD), Berry Petroleum (Nasdaq: BRY), Legend Biotech (Nasdaq: LEGN), Embecta (Nasdaq: EMBC), Algonquin Power & Utilities (NYSE: AQN), American Axle (NYSE: AXL), Embraer SA (NYSE: ERJ), Evergy (Nasdaq: EVRG), New Fortress Energy (Nasdaq: NFE), Sylvamo (NYSE: SLVM), Victory Capital (Nasdaq: VCTR).

Notable IPOs Today: Lionheart Holdings Class A Ordinary Shares (Nasdaq: CUB), Voyager Acquisition Corp Unit (Nasdaq: VACHU).

Notable Equity Crowdfunding Campaigns Ending Today: E-Barber (Honeycomb), Cute Coffee (Honeycomb), Contractor+ (Wefunder), Katsh Digital ID (Netcapital), Rule G Brewing (Honeycomb).

Notable Economic Events Today: N/A.

Sweetgreen's Sweet 2024 Outlook

Fast casual restaurant chain Sweetgreen (NYSE: SG) served up solid financial results on Thursday and the stock jumped 23.09% in after-hours trading.

Financials: Sweetgreen reported a loss of 13 cents per share in the past quarter, which was lower than expected. Revenue reached $184.6 million, which was better than expected.

Powering the Story: The company raised its full-year revenue outlook and now expects revenue between $670 million to $680 million.

Final Thoughts: Sweetgreen, with its stock up 137% this year, is finding ways to grow sales.

Toncoin Gets Binance Listing

The cryptocurrency platform Binance announced Thursday that it will list Toncoin for users, sending the price of the coin up 13% at one point.

Final Thoughts: Toncoin is up over 370% this year. 

Trends to Watch

Travel Slowdown: Expedia warns of lower travel demand but stock rises 7% after Q2 earnings (GeekWire)

So Much Winning: A Trump-Themed Token Soars, Then Dives 95% After His Son Dashes Hope the Former President Backed It (CoinDesk)

To Cut or Not to Cut: Fed rate-cut fervor is gripping Wall Street again. That could set up markets for another trap. (MarketWatch)

Pharma Win: Eli Lilly Surges On Strong Earnings As Mounjaro And Zepbound Sales Soar (Forbes)

Bull Time: Bitcoin reclaims $62K, forming a ‘massive bull hammer’ on price chart (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.}