🍻 All Summer Long

That's how long Kid Rock's Bud Light boycott did NOT last. Plus, analysts give love to HOKA-parent Deckers Outdoors.

Author

Brooks Dyroff
May 24, 2024

Happy Friday Zingernation! Kid Rock’s Bud Light boycott didn’t exactly last All Summer Long. He’s back to drinking BL again — and urging followers to boycott these two American brands instead.

–Aaron Bry & Nic Chahine

Today’s Price Action:

$SPY: +.66%
$QQQ: +.95%
$DIA: +0.01%

Plus, click here to check out the company that’s helping usher in the next wave of AI technology into the healthcare industry.

Also, want access to unparalleled news and data at your fingertips? Win more trades with Benzinga Pro, for 50% off during our Memorial Day sale.

TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
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Briefly: The SEC’s approval of Ethereum ETFs yesterday marks a significant regulatory shift, reflecting the heightened politicization of digital assets ahead of a tightly contested presidential race, according to this report.

What Happened: According to the report by H.C. Wainwright & Co., this policy turnaround signifies an unprecedented embrace of blockchain technology, contrasting sharply with last year’s stringent regulatory environment.

Why It Matters: Kevin Dede, CFA at H.C. Wainwright, notes, “The SEC’s approval of eight spot Ethereum ETFs, perhaps unthinkable just two weeks ago, is further evidence of the profound shift in appreciating blockchain and digital asset efficiency, easing adoption in the U.S. financial system.”

What Next: This approval is part of a broader legislative push, aligning with the FIT Act, a bipartisan bill aiming to protect consumers, streamline registration for intermediaries and spur technological advancements.

PRESENTED BY BRAND ENGAGEMENT NETWORK

According to a recent survey conducted by ZoomRx involving 200 professionals in the life sciences industry, over 50% of the respondents indicated that their respective companies had implemented a ban on the usage of ChatGPT, largely do to concerns that confidential company information could be accidentally exposed to rival organizations.

While there are still companies that are nervous about adopting new technology, it is unlikely that the industry is going away; the global AI in healthcare market size was valued at $20.9 billion in 2024 and is expected to reach $148.4 billion by 2029 at a CAGR of 48.1%. For companies that are hesitant, platforms like Brand Engagement Network may offer the security and reassurance that is needed to adapt to newer technology. 

ONE TRADE IDEA FOR NEXT WEEK
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Briefly: Deckers Outdoor closed up by more than 14% after the company reported upbeat quarterly results.

So Basically: The parent company of HOKA and UGG delivered revenue of $959.8 million and earnings of $4.95 per share surpassing Street estimates of $888.5 million and $2.97 per share, respectively.

So What: In the wake of the earnings, five analysts raised their price targets on the shoemaker. Here’s what a few of them had to say:

  • Wedbush’s Tom Nikic said Deckers Outdoor delivered "a huge beat," with revenue growth of 21% and earnings growth of 43% year-on-year, adding its earnings outlook appears "very conservative."

  • Stifel’s Jim Duffy said the company delivered a "strong upside," and saw “HOKA growth of particular importance to valuation.”

  • KeyBanc’s Ashley Owens was “encouraged by the focus on delivering newness/innovation and channel management within both HOKA and UGG.”