Pinterest's Product Market Fit
And, VF Corp withdraws 2024 guidance.
Today is Tuesday, October 31, 2023.
The Early Bird Index today is 51.37.
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Pinterest's Product Market Fit
Pinterest (NYSE: PINS) surged by 16.06% in after-hours trading on Monday after the social media company posted strong financial results.
Financials: Pinterest reported earnings of 1 cent per share in the past quarter and revenue of $763 million; both were better than expected.
Details: Monthly active users grew 8% to 482 million. Pinterest expects revenue to grow 11% to 13% in the current quarter.
Quote: “As we lean into Pinterest’s unique differentiators as a visual search, discovery, and shopping platform, we’re finding our best product market fit in years.” - CEO Bill Ready.
Final Thoughts: Pinterest pulled in a surprise earnings beat. The stock is up nearly 10% this year. The only big concern is global advertiser demand potentially facing headwinds.
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Notable Earnings Today: Advanced Micro Devices (Nasdaq: AMD), Pfizer (NYSE: PFE), Caterpillar (NYSE: CAT), Caesars Entertainment (Nasdaq: CZR), Sirius XM (Nasdaq: SIRI), Eaton (NYSE: ETN), Lumen (NYSE: LUMN), Amgen (Nasdaq: AMGN), First Solar (Nasdaq: FSLR), JetBlue (Nasdaq: BLU), Yum China (NYSE: YUMC), Paycom Software (NYSE: PAYC), Freshworks (Nasdaq: FRSH), Global Payments (NYSE: GPN), Cameco (NYSE: CCJ), Green Brick Partners (NYSE: GRBK), Livent (NYSE: LTHM), Zebra Technologies (Nasdaq: ZBRA), ONEOK (NYSE: OKE), Enterprise Products (NYSE: EPD), Assurant (NYSE: AIZ), Marathon Petroleum (NYSE: MPC), Match Group (Nasdaq: MTCH), AGCO Corp (NYSE: AGCO), Allegion (NYSE: ALLE), Ametek (NYSE: AME), Ares Management (NYSE: ARES), Bio-Techne (Nasdaq: TECH), Chesapeake Energy (Nasdaq: CHK), Cognex (Nasdaq: CGNX), Douglas Emmett (NYSE: DEI), Ecolab (NYSE: ECL), Equitrans Midstream (NYSE: ETRN), Equity Residential (NYSE: EQR), Franklin Resources (NYSE: BEN), GE HealthCare (Nasdaq: GEHC), Graphic Packaging (NYSE: GPK), Green Plains (Nasdaq: GPRE), Hubbell (NYSE: HUBB), Incyte (Nasdaq: INCY), Insperity (NYSE: NSP), International Game Technology (NYSE: IGT), Leidos (NYSE: LDOS), LXP Industrial Trust (NYSE: LXP), Meritage Homes (NYSE: MTH), MGIC Investment (NYSE: MTG), MPLX LP (NYSE: MPLX), MSCI (NYSE: MSCI), Neurocrine Biosciences (Nasdaq: NBIX), Noble (NYSE: NE), O-I Glass (NYSE: OI), PROS Holdings (NYSE: PRO), Sprouts Farmers Market (Nasdaq: SFM), Sysco (NYSE: SYY), TopBuild (NYSE: BLD), UFP Industries (Nasdaq: UFPI), Voya Financial (NYSE: VOYA), Xylem (NYSE: XYL).
Notable IPOs Today: Alpha Technology Group Limited Ordinary Shares (Nasdaq: ATGL).
Notable Equity Crowdfunding Campaigns Ending Today: Trueline (Vicintiy), Damn Right Cocktails (Netcapital).
Notable Economic Events Today: Employment Cost Index (8:30 a.m. ET), S&P/CS HPI Composite (9:00 a.m. ET), Chicago PMI (9:30 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
VF Corp Withdraws 2024 Guidance
Apparel and footwear company VF Corp (NYSE: VFC) fell by 8.29% in after-hours trading on Monday after posting disappointing financial earnings results.
Financials: VF Corp reported earnings of 63 cents per share in the past quarter, which was below estimates. Revenue reached $3.03 billion; which was better than expected.
Final Thoughts: The company withdrew its full-year 2024 guidance and is cutting its dividend. Investors are not pleased at all. The stock is down 38% this year.
Arista’s Strong Customer Momentum
Computing networking company Arista Networks (NYSE: ANET) reported better-than-expected financial results on Monday, sending shares up by 8.92% in after-hours trading.
Financials: Arista reported earnings of $1.83 per share in the past quarter and revenue of $1.5 billion; both were better than expected.
Final Thoughts: The company attributed its good results to strong “customer momentum.” The stock is up 45% in 2023.
Trends to Watch
Guess Howl Much: Wolfspeed’s stock rallies as company notches smaller loss than expected (MarketWatch)
Leadership Change: BlackBerry CEO Chen to retire, director Lynch to hold interim charge (Reuters)
Coming Soon: Why a Bitcoin ETF Is Making BTC Miners Nervous (Decrypt)
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