Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA, August 8, 2024.
Brendan McDiarmid | Reuters
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Here’s what CNBC TV producers were watching during the rebound and what they’re keeping an eye on in the next session.
Elven Beauty The company reported first-quarter sales growth of 50%, well above Wall Street expectations, following a 76% increase in the same period last year. The company said in a conference call after the earnings release that it expects rising container and shipping costs to be a headwind in fiscal 2025. The stock rose 3.4% in regular trading but fell 10% in after-hours trading.
Paramount Global The company rose 5% after falling 2.4% during the regular trading day. The company’s streaming division unexpectedly posted a profit for the first time. Paramount also announced it would cut 15% of its U.S. workforce as part of broader cost-cutting. CNBC’s Julia Boorstin gives the latest update.
Sweet Green Shares soared more than 20% after the close. The company raised its full-year sales outlook. Profits fell short of expectations, losing 13 cents a share compared with the market’s expectation of a loss of 10 cents a share. Revenue of $185 million beat expectations of $181 million.
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Sweetgreen’s performance year-to-date
Dropbox Shares rose 3% in after-hours trading after the company reported better-than-expected profit and revenue.
Archer Aviation The company’s shares fell sharply in after-hours trading after the quarterly earnings report. The company also announced plans to launch an air taxi network in Los Angeles as early as 2026. CNBC’s Phil LeBeau is scheduled to report the news on Friday.
—Jill Schneider
Renovation Nation
CNBC real estate reporter Diana Orrick reports on the rise of home remodeling in the U.S. She will report more on CNBC TV on Friday. Home Depot Down 2% this week, the stock is down 12% from its 52-week high hit in March and is flat for the year.Lowe’s It’s down 10% from its 52-week high. The stock is down 1.7% so far this week, but is on track to rise 6% in 2024.
US Bonds
CNBC.com’s Darla Mercado reports that with the Federal Reserve likely preparing to cut interest rates, investors will need to look for new sources of yield. Short-term bonds with a 5% or higher interest rateShe lists several core and core-plus bond funds investors should consider, including Vanguard’s Core Bond Fund (VCORX), which currently has a 30-day SEC yield of 4.47%; Fidelity’s Intermediate Term Bond Fund (FTHRX), which has a 30-day yield of 4.32%; Vanguard’s Core Plus Bond Fund (VCPIX), which has a 30-day SEC yield of 4.66%; BAGIX, a Baird Aggregate Bond Fund, which has a 30-day SEC yield of 4.32%; and BlackRock Total Return ETF (BRTR), which has a 30-day SEC yield of 4.97%.
The Magnificent Seven’s incredible achievements
NVIDIA It rose 6% on Thursday. The stock has risen 25% since its June 20 high.Meta Platform Thursday’s gains were a 4.2% increase. The stock has risen 6% since its July 8 high.Tesla It rose 3.7% during trading hours. The stock has risen 28.7% since its September high.alphabet The stock price rose nearly 2%. The stock has risen 15.5% since its July high.Amazon It was up 1.86% on Thursday. The stock has risen 17.6% since its July high.apple It was up about 1.7%. The stock is up 10% from its July high.Microsoft The stock is up 14% from its high in early July. S&P 500It was the best session since November 2022. Technology was the best-performing sector on the day, with communication services coming in second.
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S&P 500 5-day performance
Delta Air Lines and CrowdStrike
The airline said: Crowdstrike A technology outage last month cost the company $380 million. CrowdStrike said it offered to help and called the airline’s explanation “misleading.” “Fast Money” trader Karen Finerman said she was opening a CrowdStrike position, saying the selloff since the crisis was “overdone.” CrowdStrike rose 4.27% on Thursday. The stock is up 40% from its July 9 high. The stock’s Relative Strength Index, one of the indicators traders use to determine whether a stock is oversold, is currently at 30.8. An RSI of 30 suggests a stock may be oversold, while anything above 70 means it is overbought. There is no guarantee that a stock will fall when the RSI hits 70 or surge at 30, but it is one piece of data some traders use to make decisions.
compensate
As Jill Schneider mentioned above, Elf’s sales grew 50% last quarter, which seems pretty good. But guidance was cautious. The stock is down 11% in after-hours trading. Elf is up 13% in four days. Year-to-date, it’s up 30% and 15% from its March high.
Ulta Beauty It’s up 43% from its March high.
Estee Lauder It’s down 45% in the past year.
Koti It’s up 30% from its February high.
—Jason Gewirtz
