Today is Tuesday, November 28, 2023.

The Early Bird Index today is 60.78.

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Despite posting better-than-expected financial earnings results, cloud security company Zscaler (Nasdaq: ZS) dropped by 6.99% in after-hours trading on Monday.

Financials: Zscaler reported earnings of 67 cents per share in the past quarter and revenue of $496.7 million; both were better than expected.

Details: Zscaler dominated the quarter. Revenue jumped 40% and free cash flow expanded.

Yes, But: The company expects revenue in the current quarter to hit $505 million to $507 million. While this is an increase in overall revenue, it is also a decline in revenue growth.

Background: It’s been a great year for Zscaler and a bad year for companies getting hit with data breaches. As data breaches skyrocketed, sales for Zscaler increased. It’s a fear-based business.

Stock Price: Zscaler is up 74% this year, and hit a 52-week high on Monday.

Final Thoughts: Investors packed a lot of hype into Zscaler in 2023, and the results fell short of expectations. Keep an eye on results from fellow cybersecurity company CrowdStrike (Nasdaq: CRWD) today.

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Notable Earnings Today: CrowdStrike (Nasdaq: CRWD), Workday (WDAY), Intuit (Nasdaq: INTU), Pinduoduo (Nasdaq: PDD), Hewlett Packard Enterprise (NYSE: HPE), Splunk (Nasdaq: SPLK), Leslie's (Nasdaq: LESL), NetApp (Nasdaq: NTAP), Alarum Technologies (Nasdaq: ALAR), Nano-X Imaging (Nasdaq: NNOX), Elbit Systems (Nasadq: ESLT), Uxin (Nasdaq: UXIN), AZEK (NYSE: AZEK) Canaan (Nasdaq: CAN), Tuya (NYSE: TUYA), Mytheresa (NYSE: MYTE), Coolco (NYSE: CLCO), Scotiabank (TSE: BNS).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: S&P/CS HPI Composite - 20 n.s.a. (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

It appears that the first big initial public offering of 2024 is in sight.

Details: The Wall Street Journal reported on Monday that the China-based online fashion company Shein filed for a confidential IPO, with plans to go public in the U.S. in 2024.

Definition: Obviously, a confidential IPO is a private filing. As the IPO date gets closer, the filing becomes public.

Background: Founded in 2008, Shein is the world’s largest fashion retailer. The company is known for…well, cheap clothing. Shein was valued at $66 billion last year. If it goes public, it could be one of the largest IPOs of 2024.

Also: The IPO market has been ridiculously slow for the last two years. Investors are hungry for more big IPOs.

Final Thoughts: Shein isn’t the only major IPO to watch out for in 2024 (cough, cough, Reddit).

The cryptocurrency dydx decreased in value by about 5% on Monday because of a higher supply of the coin due to token unlocks.

Definition: A token unlock is when new coins that were hidden get released.

Final Thoughts: The price of dydx has more than tripled since the start of 2023.

Big Rally: US FDA approves SpringWorks Therapeutics' non-cancerous tumor treatment (Reuters)

Amazon on Top: The Biggest Delivery Business in the U.S. Is No Longer UPS or FedEx (Wall Street Journal)

Pouring Cash Into Crypto Funds: Bitcoin ETF Hope Pushes Crypto Fund Investments to $1.5 Billion (Decrypt)

iDrop: iRobot shares plunge 17% after EU warns Amazon deal ‘may restrict competition’ (CNBC)

Meta Trouble: Mark Zuckerberg can kiss 'Hot Zuck Summer' goodbye. Instagram is now in full crisis mode. (Business Insider)

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