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Beyond Meat shares rise on promise of cost cuts and profitability in 2024
1 minute ago
Beyond Meat (BYND) shares soared Wednesday after the fake meat company said it would cut costs to overcome weak demand and return to profitability this year.
Beyond Meat expects its full-year gross profit margin to be in the mid-to-high teens, a significant improvement from the -24% gross profit margin in 2023. The company cut costs in 2023, reducing operating expenses to $259 million from $319 million in 2022. However, the annual operating loss remained virtually unchanged as revenue fell commensurately from $419 million to $343 million.
Beyond Meat expects to record operating expenses of $170 million to $190 million this year, but revenue is expected to be in the range of $315 million to $345 million. , almost unchanged from 2023.
The company’s full-year net loss was $338 million, or $5.26 per share, of which non-cash charges related to a strategic business review accounted for $85 million.
“In 2023, Beyond Meat embarked on a major effort to reset the business towards sustainable operations and, ultimately, profitable growth. Much of this reset is now on the horizon. ,” CEO Ethan Brown said on the earnings call.
Beyond Meat’s stock price soared more than 40% in intraday trading Wednesday, putting it on track for its best day since its initial public offering. Still, the stock, trading at $10.60, is a fraction of its former value.
Beyond Meat went public in May 2019 at an IPO price of $25 per share. On the first day of trading, the stock price soared, closing at just under $66. In the following months, it rose to an all-time high of $239.71 in July 2019. Since then, investors’ high hopes have been dashed by weak demand for the company’s plant-based meat products.
Agilent Technologies stock soars on best profit forecast
1 hour 19 minutes ago
Agilent Technologies (A) stock rose in intraday trading Wednesday after the lab supplies maker beat analysts’ quarterly revenue and bottom line estimates despite a year-over-year contraction in sales. It rose by nearly 5%.
The Santa Clara, Calif.-based company posted adjusted earnings per share of $1.29 and revenue of $1.66 billion for the fiscal first quarter. Wall Street had expected earnings of $1.22 on revenue of $1.59 billion. The company said continued stabilization in China and long-term global growth drivers in applied markets supported the better-than-expected quarterly results.
Despite beating the consensus view, the top line declined 5.6% year-over-year as growth in services and consumables was offset by conservative capital spending in most of Agilent’s end markets.
Source: TradingView.com.
Since early January, when the 50-day moving average broke above the 200-day moving average, triggering a golden cross buy signal, Agilent’s stock price has remained roughly flat on below-average volume.
Keep an eye on the $141 level on Wednesday. This area on the chart could be an overhead resistance from the trend line connecting April and his December swing highs. A convincing close above this area opens the door for a possible rally to the next key resistance level near the previous double top pattern around $160.
-Timothy Smith
Musk says Tesla plans to launch Roadster next year
2 hours 21 minutes ago
Tesla (TSLA) plans to ship its long-delayed electric sports car, the Roadster, next year, CEO Elon Musk said in a series of posts on social media platform X on Wednesday.
Musk said production designs for the Roadster are complete and expected to be unveiled later this year, and that the new sports car will be a collaboration between Tesla and his rocket and satellite internet company SpaceX.
The second generation of the Roadster was announced in 2017, but its launch has faced multiple delays, with the company blaming factors ranging from pandemic shutdowns to a global chip shortage. There is.
Released in 2008, the Roadster was Tesla’s first car. The company sold approximately 2,500 units before discontinuing production in January 2012.
Tesla shares rose 2.4% to $204.77 Wednesday afternoon, but are down about 18% this year.
-Fatima Atalwala
UnitedHealth stock plummets after Justice Department investigation report
2 hours 53 minutes ago
Shares of UnitedHealth Group (UNH) fell in early trading Wednesday following reports that the Department of Justice (DOJ) has launched an antitrust investigation into the health insurance giant.
wall street journal Federal investigators have questioned health care industry representatives about potential issues arising from UnitedHealth’s ownership of both the UnitedHealthcare insurance business and its medical services division, Optum, according to media reports Tuesday. thing.
This is the second Justice Department investigation into UnitedHealth in recent years. The department filed a lawsuit in 2022 seeking to block the company’s $13 billion acquisition of health tech company Change Healthcare. That effort was rejected by a federal judge.
UnitedHealth shares fell 4.7% to $489 late Wednesday morning. Thanks in part to Wednesday’s decline, the stock has risen just 2% in the past 12 months.
First solar power generation-related stock shines with fourth-quarter earnings forecast and full-year outlook
3 hours 38 minutes ago
First Solar (FSLR) stock rose early Wednesday after the company beat Wall Street’s fourth-quarter profit forecast and announced a better-than-expected full-year profit outlook on strong demand for renewable energy products. The stock rose 8% in trading.
The Tempe, Arizona-based solar panel maker reported net income of $349 million, or $3.25 per share, for the December quarter, beating analysts’ estimates of $3.19 per share. Revenue for the period increased from $801 million to $1.16 billion, but was below the consensus mark of $1.3 billion.
Looking ahead, the company expects 2024 earnings per share (EPS) to be between $13 and $14, with the midpoint of that estimate above Wall Street’s estimate of $13.26. The company expects full-year net sales to be between $4.4 billion and $4.6 billion, compared with $4.56 billion modeled by analysts.
Source: TradingView.com.
Since falling below Wyckoff’s distribution phase in mid-September last year, First Solar stock has been mostly flat with lackluster trading volume. If the stock shows follow-through earnings growth, keep an eye on the $174 level. This level is the area on the chart where price could be the confluence of the lower trendline of the distribution stage and the resistance from the descending 200-day moving average. A break above this important technical level could give the bulls a chance to retest May’s 2023 high of $232.
-Timothy Smith
Stocks that move the most before the market
4 hours 36 minutes ago
Profit:
- First Solar Inc. (FSLR): The company’s stock rose more than 6% after reporting better-than-expected fourth-quarter earnings and full-year guidance.
- Coinbase Global Inc. (COIN): Shares of this cryptocurrency exchange rose more than 5% as Bitcoin rose to near $60,000.
- eBay Inc. (EBAY): Shares of the online marketplace operator rose 5% after fourth-quarter earnings beat Wall Street expectations.
loss:
- Lemonade Inc. (LMND): The health insurance company’s stock fell more than 20% after its full-year revenue forecast fell short of analysts’ expectations. He also warned that investment in the business would weigh on short-term profits.
- Applied Materials (AMAT): Shares of the semiconductor manufacturing equipment maker fell about 2% after reports that the SEC had subpoenaed the company to investigate its operations in China.
- UnitedHealth Group (UNH): Shares fell more than 1% following reports that the Department of Justice has launched an antitrust investigation into the health insurance giant.
Before stock futures dip market
5 hours 18 minutes ago
Futures contracts tied to the Dow Jones Industrial Average fell 0.3% in premarket trading Wednesday.
S&P 500 futures fell 0.4%.
Nasdaq 100 futures were down 0.5% a little more than an hour before the market opened.
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