Today is Tuesday, October 31, 2023.

The Early Bird Index today is 51.37.

New to this newsletter? Sign up here.

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.

Hal9 (Sponsored)

Chat with your enterprise databases using secure generative AI and empower business users in your team to do their own data analyses in seconds.

Try Hal9 Now.

Notables

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)

Eye See the Problem: FDA warns 26 eye drop products, including from large store brands, could lead to eye infections and vision loss (CNN)

Full Circle: On Bitcoin White Paper's 15th Anniversary, Wall Street Threatens to Swallow Its One-Time Challenger (CoinDesk)

Coming Soon: Why a Bitcoin ETF Is Making BTC Miners Nervous (Decrypt)

Thank you for reading!

Forward to a friend and tell them to sign up here.

Be social: Like our Facebook page and follow us on Twitter.

Want more investing tips? Listen to the podcast.

Show Your Support: Buy Me a Coffee.

Questions or comments? Hit reply to reach out.