Under Armour's Founder Returns

Plus, Solana’s meme coin dog surge.

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Under Armour's Founder Returns

Under Armour (NYSE: UAA) dipped by 0.74% in after-hours trading on Wednesday after announcing a sudden leadership change.

Details: Founder Kevin Plank, who was previously the CEO, is stepping back into the role of CEO and president. Stephanie Linnartz will step down from those roles and remain an advisor to the company through next month. Dr. Mohamed A. El-Erian, an independent director, becomes the non-executive Chair of the Board.

Background: The change comes as the sportswear company has faced challenges in the retail industry, including issues with inventory and questions about consumer spending.

Stock Price: Under Armour is down 62% since Plank left the CEO role over four years ago. The stock price under Linnartz, who became CEO last year, is down 21% during that time.

Final Thoughts: Can Plank turn the company that he founded around? It’s a tough task.

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Notable Earnings Today: Adobe (Nasdaq: ADBE), Dollar General (NYSE: DG), Dick's Sporting Goods (NYSE: DKS), Blink Charging (Nasdaq: BLNK), Ulta Beauty (Nasdaq: ULTA), Zumiez (Nasdaq: ZUMZ), Smartsheet (NYSE: SMAR), Weibo (Nasdaq: WB), Phreesia (NYSE: PHR), Babcock & Wilcox Enterprises (NYSE: BW), Build-A-Bear Workshop (NYSE: BBW), Canadian Solar (Nasdaq: CSIQ), Cardlytics (Nasdaq: CDLX), EverCommerce (Nasdaq: EVCM), Futu Holdings (Nasdaq: FUTU), G-III Apparel Group (Nasdaq: GIII), GoHealth (Nasdaq: GOCO), Hello Group (Nasdaq: MOMO), KE Holdings NYSE: BEKE), PagerDuty (NYSE: PD), Rigetti Computing (Nasdaq: RGTI), Solo Brands (NYSE: DTC), Vaxart (Nasdaq: VXRT), Wheaton Precious Metals (NYSE: WPM).

Notable IPOs Today: WisdomTree 1-3 Year Laddered Treasury Fund (Nasdaq: USSH), WisdomTree 7-10 Year Laddered Treasury Fund (Nasdaq: USIN).

Notable Equity Crowdfunding Campaigns Ending Today: Luna Selene (Honeycomb), Urban Creperie (SMBX), Mauki’s Bakery & Country Store (Honeycomb), ConsumerDirect (StartEngine), Erin Leonard Events (SMBX).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Producer Price Index (8:30 a.m. ET), Retail Sales (8:30 a.m. ET), Business Inventories (10:00 a.m. ET), Retail Inventories Ex Auto (10:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Solana’s Meme Coin Dog Surge

The price of Solana jumped 10% on Wednesday to $160, its highest level since January 2022.

Background: Solana is one of the largest and most well-known cryptocurrencies. The Solana blockchain platform also offers functionality for handling smart contracts. In recent months, a few dog-themed meme coins have launched on the Solana blockchain.

Powering the Story: One of those meme coins called dogwifhat (yes, that’s the actual name of the meme coin) raised nearly $700,000 in the last few days so that the token’s mascot (a dog sporting a beanie) can be displayed on the Sphere in Las Vegas.

Final Thoughts: Solana is up 25% in the last week and has benefited from the recent larger surge in crypto.

Lennar’s Average Sales Price Drops

Shares of Lennar (NYSE: LEN) ticked down by 0.91% in after-hours trading on Wednesday after posting mixed financial results.

Financials: Lennar reported earnings of $2.57 per share in the past quarter, which was better than expected. But revenue only reached $7.3 billion, which was lower than expected due to a decline in the average sales price of homes delivered.

Final Thoughts: Despite a questionable housing market, Lennar is up 12% this year.

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.