U.S. Business Inventories Drop In Line With Estimates In March

Stock Alert: E.l.f Beauty Rises 10% On Upbeat Q4 Results

Shares of e.l.f. Beauty, Inc. (ELF) are gaining more than 10 percent or $1.49 in Friday’s morning trade at $15.92 after the beauty company reported earnings and sales for the fourth quarter that beat analysts’ expectations.

Thursday, e.l.f. Beauty said its fourth-quarter net loss was $0.3 million or $0.01 per share, narrower than $17.9 million or $0.37 per share loss in the year-ago quarter. Adjusted earnings for the quarter were $0.10 per share, compared to $0.06 per share in the prior-year quarter. Net sales grew 13 percent to $74.7 million from $66.1 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share for the quarter on sales of $67.06 million. Analysts’ estimates typically exclude special items. e.l.f. Beauty said it has been a significant decline in retail sales due to the impact of the COVID-19 pandemic and expects this trend to continue until consumers return to normal shopping pattern.

The stock has traded in a range of $7.58 to $20.00 in the past 52 weeks.

Stock Alert: Synadax Down 18%

Shares of Syndax Pharmaceuticals, Inc. (SNDX) are sinking more than 18% Friday morning after the company announced that the phase III E2112 study of its investigational compound entinostat in combination with exemestane in patients with HR+, HER2- advanced breast cancer did not achieve the primary endpoint.

The study was conducted by ECOG-ACRIN Cancer Research Group (ECOG-ACRIN) and sponsored by the National Cancer Institute (NCI).

Syndax stock is currently trading at $16.71. It has traded in the range of $5.35- $21.97 in the last 52-weeks.

European Economics Preview: UK Retail Sales, Public Sector Finance Data Due

Retail sales and public sector finance reports from the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK retail and government borrowing figures for April. Economists forecast retail sales including auto fuel to decline 16 percent on a monthly basis after easing 5.1 percent in March.

The UK budget deficit is expected to widen to GBP 35 billion in April from GBP 2.33 billion in March.

At 3.00 am ET, Spain’s INE releases industrial order data for March. In the meantime, manufacturing confidence survey results are due from Turkey.

At 4.00 am ET, Poland’s retail sales data for April is due. Sales are forecast to decrease 16.9 percent annually in April following a 7.1 percent drop in March.

At 7.30 am ET, the European Central Bank is set to issue the account of the monetary policy meeting of the governing council held on April 29 and 30.

Stock Alert: E.l.f Beauty Rises 10% On Upbeat Q4 Results

Shares of e.l.f. Beauty, Inc. (ELF) are gaining more than 10 percent or $1.49 in Friday’s morning trade at $15.92 after the beauty company reported earnings and sales for the fourth quarter that beat analysts’ expectations.

Thursday, e.l.f. Beauty said its fourth-quarter net loss was $0.3 million or $0.01 per share, narrower than $17.9 million or $0.37 per share loss in the year-ago quarter. Adjusted earnings for the quarter were $0.10 per share, compared to $0.06 per share in the prior-year quarter. Net sales grew 13 percent to $74.7 million from $66.1 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share for the quarter on sales of $67.06 million. Analysts’ estimates typically exclude special items. e.l.f. Beauty said it has been a significant decline in retail sales due to the impact of the COVID-19 pandemic and expects this trend to continue until consumers return to normal shopping pattern.

The stock has traded in a range of $7.58 to $20.00 in the past 52 weeks.

Stock Alert: Splunk Rises 8% On Better Than Estimated Earnings

Shares of Splunk Inc. (SPLK) are climbing more than 8% Friday morning to hit a new high of $177.49, currently trading lower at $176.72.

Splunk makes software for searching, monitoring, and analyzing machine-generated big data via a Web-style interface.

When the company reported first-quarter results yesterday, adjusted loss per share of $0.56 beat the consensus estimate of analysts polled by Thomson Reuters at $0.57 loss per share.

Revenue in the quarter increased 2% year-over-year at $434 million, missed estimates of $442.85 million.

The company has recently been added to Fortune 1000.

“COVID-19 has transformed the world into one that requires rapidly accelerated digital transformation to keep organizations moving – we are seeing some resilient customers complete three-to-five-year projects in just months. As customers continue to adapt to this new normal, data matters more than ever, evidenced by our continued strong momentum this quarter,” said Doug Merritt, President, and CEO, Splunk.

U.S. Business Inventories Drop In Line With Estimates In March

Reflecting notable decreases in manufacturing and wholesale inventories, the Commerce Department released a report on Friday showing a modest drop in U.S. business inventories in the month of March.

The report said business inventories edged down by 0.2 percent in March after falling by a revised 0.5 percent in February.

Economists had expected inventories to dip by 0.2 percent compared to the 0.4 percent drop originally reported for the previous month.

The modest decrease in business inventories came as manufacturing and wholesale inventories both fell by 0.8 percent, more than offsetting a 1.0 percent jump in retail inventories.

Meanwhile, the Commerce Department said business sales plunged by 5.2 percent in March following a 0.5 percent decrease in February.

Manufacturing and wholesale sales both tumbled by 5.2 percent, while retail sales plummeted by 5.3 percent.

With sales falling by much more than inventories, the total business inventories/sales ratio surged up to 1.45 in March from 1.38 in February.