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Daily's Pre-Market: Under Armour, Oil's price, Pinterest, 23andMe, and Arm

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Feb 9, 2024
  • 2 min read

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Under Armour shares jump after it raises profit expectations amid sliding sales


  • Under Armour delivered a mixed set of results for its 2023 holiday quarter after it saw slow sales in its wholesale channel and soft demand in North America.

  • The athletic apparel retailer cut its full-year sales outlook slightly, but said it expects its profits and gross margin to rise more than it previously did.


‘World is grateful’: India keeps oil prices cheaper by buying from Russia, Indian oil minister says


  • ndia keeps global crude prices affordable by buying oil from Russia, India’s energy minister said.

  • “If we start buying more of the Middle Eastern oil, the oil price will not be at $75 or $76. It will be $150,” he told CNBC’s Sri Jegarajah on the sidelines of the India Energy Week conference in Goa.

  • The minister said he was confident that India’s renewable targets “will be met totally.” 


Pinterest shares plunge on weak revenue and forecast


  • Pinterest missed on sales but beat on earnings in its fourth-quarter earnings report.

  • The company also issued a weaker-than-expected forecast.

  • Pinterest’s report follows earnings from Meta, Alphabet and Amazon, which all showed double-digit growth in their ad businesses. Snap, however, isn’t seeing that level of expansion.


23andMe considers splitting up company to revive stock price


  • Shares of 23andMe sank Thursday, a day after the company reported dismal third-quarter fiscal 2024 results and discussed splitting itself in two to help juice its stock price.

  • 23andMe reported revenue of $44.7 million for the quarter, down from $66.9 million in the year-ago period.

  • In November, 23andMe received a deficiency letter from the Nasdaq Listing Qualifications Department giving the company 180 days to bring its share price back above $1.

  • CEO Anne Wojcicki said the company is considering splitting up its consumer and therapeutics businesses to help expand its investor base.


Arm shares surge 48% after SoftBank-controlled chip designer issues strong forecast


  • Shares of chip designer Arm climbed 48% on Thursday.

  • The company reported better-than-expected earnings for the third quarter, and issued an optimistic forecast.

  • SoftBank still owns about 930 million shares of the chip designer, or roughly 90% of its outstanding stock, and founder Masayoshi Son is Arm’s chairman.


 
 
 

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