Rent the Runway’s Milestone

Plus, Uniswap is ready to fight.

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Today is Thursday, April 11, 2024.

The Early Bird Index today is 71.86.

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Rent the Runway’s Milestone

Rent the Runway (Nasdaq: RENT) surged by 58.38% (that’s not a typo) in after-hours trading on Wednesday after posting improved financial results.

Financials: Rent the Runway reported a loss of $7.02 per share in the past quarter, which was worse than expected. But revenue came in at $75.8 million, which was better than expected.

Problems: The number of active subscribers for the designer apparel company declined. The gross profit also fell.

Yes, But: Revenue increased by 1%. Most investors expected revenue to decrease.

Quote: “2023 was a year of significant improvements to the customer experience that we believe have set the foundation for a milestone fiscal year 2024.” - Jennifer Hyman, CEO.

Outlook: Through a renewed focus on marketing and product innovation, Rent the Runway told investors it anticipates free cash flow breakeven for the fiscal year.

Background: Trends in consumer spending have hurt Rent the Runway. Sales estimates were missed. The stock was so low that it had to enact a 1-for-20 reverse stock split.

Stock Price: Rent the Runway was down 88% in the past 12 months.

Final Thoughts: Rent the Runway is turning things around, but it still has room for improvement.


Notable Earnings Today: Constellation Brands (NYSE: STZ), CarMax (NYSE: KMX), Fastenal (Nasdaq: FAST), Lovesac (Nasdaq: LOVE), Conn’s (Nasdaq: CONN), Hooker Furnishings (Nasdaq: HOFT), Northern Technologies International (Nasdaq: NTIC).

Notable IPOs Today: PACS Group, Inc. (NYSE: PACS), Merrill Lynch Depositor Inc. (NYSE: IPB), EA Series Trust (NYSE: STXM), Skye Bioscience, Inc. Common Stock (Nasdaq: SKYE).

Notable Equity Crowdfunding Campaigns Ending Today: Atom Limbs (Wefunder), Jetoptera (Wefunder), Rexis Biotech (Wefunder).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Produce Price Index / Core PPI (8:30 a.m. ET), WASDE Report (12:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Uniswap is Ready to Fight

The price of the cryptocurrency Uniswap plunged 13% on Wednesday after it got an enforcement notice from the U.S. SEC.

Quote: “I’m not surprised. Just annoyed, disappointed, and ready to fight.” - Uniswap CEO Hayden Adams.

Price: Uniswap is up 60% in the past 12 months, but down 32% in the last 30 days.

Final Thoughts: Supporters of Uniswap are likely waiting on the outcome of the action from the regulators. Uniswap seems to be falling behind other cryptos.

Vertex Makes Immune Sciences Deal  

On Wednesday, biopharmaceutical company Vertex Pharmaceuticals (Nasdaq: VRTX) acquired Alpine Immune Sciences (Nasdaq: ALPN). Alpine jumped 36.46% in after-hours trading.

Quote: “Alpine is a compelling strategic fit for Vertex and furthers our ambition of using scientific innovation to create transformative medicines targeting serious diseases with high unmet need in specialty markets.” - Reshma Kewalramani, M.D., FASN, CEO and President of Vertex.

Stock Price: Vertex is down 3% in 2024, including a 4% drop in the last 30 days.

Final Thoughts: It’s been a tough year for health stocks. Hopefully, this deal helps Vertex turn things around.

An Inflation-ary Conversation: Bonds are talking to us after inflation gauge comes in above forecasts (Marketplace)

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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.