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🫰 $SNAP, Crackle, Drop

🫰 $SNAP, Crackle, Drop

Plus, elves may be short, but that doesn't mean you should short an e.l.f.

Brooks Dyroff
February 06, 2024

Happy Tuesday Zingers! Elves may be short. But that doesn’t mean you should short an e.l.f.

e.l.f. Beauty beat earnings estimates and raised guidance for the third quarter in a row. The makeup brand’s stock has been a monster — or at least a mythical creature. It’s up more than 1,500% in the last five years.

I’ll be right back. I need to call my girlfriend and see what else she’s buying.

Today’s Price Action:

$SPY: +.29%
$QQQ: -.20%
$DIA: +.39%

Also, here is a step-by-step guide to walk you through how to maximize your options strategies.

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TODAY’S MOST VOLATILE STOCKS

ONE TOP MOVER

Snap's Stock Crashes On Q4 Earnings

Briefly: $SNAP, crackle, drop. Snap Inc’s stock got crushed after the company’s earnings report, trading down more than 30%.

So Basically: Expectations were high for Snap after Meta’s blockbuster earnings, but its revenue fell short. And while Snap did beat EPS expectations, it also offered light guidance, citing headwinds from the war in the Middle East.

So Then: Snap’s stock dropped from its closing price of around $17.45 to $12 a share after the report. The crash wiped out more than $5 billion in market cap for Snap.

So What? Snap’s disappointing earnings report is weighing on other social media stocks. Pinterest traded down more than 4% in today’s after-hours session.

What Next: Read more here.

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FIVE MOVERS

Fortinet, one of the leading cybersecurity companies, reported strong earnings after the close today, and the stock soared more than 10%.

Ford shares moved higher after the close following a strong earnings report and upbeat guidance.

Chegg failed a big test during its earnings report, and now analysts are turning on the stock. Here’s what’s going on.

Phunware & DWAC, two Trump-linked stocks, got dumped after a federal court ruled against the former president regarding January 6th charges.

Palantir shares closed the day up more than 30% after investors continued to rush to the stock following the company’s strong report.

ONE TRADE IDEA FOR MONDAY

Uber's Stock Surge: Navigating All-Time-Highs Ahead Of Q4 Earnings

Briefly: Uber will report its fourth-quarter earnings bright and early tomorrow morning.

So Basically: Wall Street expects $0.15 in EPS and $9 billion in revenues as the company reports before market hours. The company's stock is up over 105% over the past year, about 13% in 2024 so far.

So Then: The stock toyed with new all-time highs today, crossing $70 a share. Investor optimism ahead of the company’s Q4 earnings report appears to be fueling the stock.

So What? Uber analysts are also bullish heading into the report. Consensus analyst ratings on Uber stock stand at a Buy currently with a price target of $60.75. Recent ratings received in January 2024 have pegged the stock's target price between $68 and $79 a share so far.

What Next: Read the full preview here.