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Today is Wednesday, May 22, 2024.

The Early Bird Index today is 73.45.

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Toll Brothers Lifts Outlook 😎

Despite posting mixed financial results on Tuesday, Toll Brothers (NYSE: TOL) ticked up 1.18% in after-hours trading due to positive comments from the CEO.

Financials: Toll Brothers reported earnings of $3.38 per share in the past quarter, which was lower than expected. But the revenue of $2.84 billion was better than expected.

Quote: “Demand for new homes continues to be driven by a resilient economy, favorable demographics and a lack of supply that reflects both the chronic underproduction of housing in the U.S. and the historically low levels of resale inventory caused by the lock-in effect of higher rates.” - CEO Douglas C. Yearley, Jr.

Outlook: The company expects to deliver 10,400 to 10,800 homes this year.

Stock Price: Toll Brothers is up 29% in 2024, including a 14% increase in the last 30 days.

Final Thoughts: These results show that the luxury home market in the U.S. is going strong.

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Notables

Notable Earnings Today: Nvidia (Nasdaq: NVDA), Target (NYSE: TGT), TJX (NYSE: TJX), Snowflake (NYSE: SNOW), Analog Devices (Nasdaq: ADI), Dorian LPG (NYSE: LPG), VF Corp (NYSE: VFC), Petco Health and Wellness (Nasdaq: WOOF), Williams-Sonoma (NYSE: WSM), Dycom (NYSE: DY), Synopsys (Nasdaq: SNPS), LiveRamp (NYSE: RAMP), Sociedad Quimica y Minera (NYSE: SQM), Agora (Nasdaq: API), Arbe Robotics (Nasdaq: ARBE), Brady (NYSE: BRC), e.l.f. Beauty (NYSE: ELF), EnerSys (NYSE: ENS), GDS Holdings (Nasdaq: GDS), Golden Ocean Group (Nasdaq: GOGL), Kingsoft Cloud (Nasdaq: KC), Photronics (Nasdaq: PLAB), Star Bulk Carriers (Nasdaq: SBLK), Vipshop Holdings (NYSE: VIPS), WalkMe (Nasdaq: WKME), Zuora (NYSE: ZUO).

Notable IPOs Today: Kayne Anderson BDC, Inc. (NYSE: KBDC).

Notable Equity Crowdfunding Campaigns Ending Today: Audicus (Wefunder).

Notable Economic Events Today: Existing Home Sales (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), FOMC Meeting Minutes (2:00 p.m. ET).

Lululemon's Sudden Leader Exit

Shares of Lululemon Athletica (Nasdaq: LULU) fell 3.50% in after-hours trading on Tuesday due to the sudden departure of a key leader.

Details: Sun Choe, the chief product officer, resigned and will leave the company later this month to pursue another opportunity.

Quote: “We are grateful for Sun’s many contributions to the company over the past seven years, and she leaves us as a stronger, product-led organization with dynamic leaders ready to take us forward.” - CEO Calvin McDonald.

Stock Price: Lululemon is down 36% this year.

Final Thoughts: It’s been a tough year for retail stocks, especially Lululemon.

Urban Outfitters Sees “Robust” Demand

Urban Outfitters (Nasdaq: URBN) jumped 56.55% in after-hours trading on Tuesday after reporting good financial results.

Financials: Urban Outfitters reported earnings of 69 cents per share in the past quarter and revenue of $1.2 billion; Both were better than expected.

Quote: “Customer demand remains robust for our spring and summer fashion, which bodes well for continued sales growth in Q2.” - CEO Richard A. Hayne.

Final Thoughts: Urban Outfitters is up 15% this year and is bucking the negative trend among retail stocks.

Trends to Watch

Gearing up: Cboe Publishes Amended Spot Ether ETF Filings as Industry Renews Approval Hopes (CoinDesk)

May Surge: Why is Solana (SOL) price up today? (Cointelegraph)

AI Gold Rush: How Wall Street Lenders Are Betting Big on the AI Boom (Wall Street Journal)

Not Lovin’ It: McDonald’s franchisee group says $5 value meal can’t last without company investment (CNBC)

Tariff Battle: U.S. Seeks to Join Forces With Europe to Combat Excess Chinese Goods (New York Times)

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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.}