Home News Deckers Outdoor Jumps on Uggs and Hoka Demand

Deckers Outdoor Jumps on Uggs and Hoka Demand

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Key Takeaways

  • The S&P 500 added 0.7% on Friday, May 24, 2024, closing out a week that saw reemerging inflation concerns cast a shadow over strong earnings news.
  • Footwear maker Deckers Outdoor topped quarterly estimates, driven by demand for its Uggs and Hoka shoe brands, and its shares soared.
  • Shares of Intuit tumbled after the financial software firm said it would lose 1 million customers who had used the free version of its TurboTax program.

Major U.S. equities indexes moved higher, boosted by outperformance from the technology sector. The gains on Friday closed out a week that saw a blockbuster earnings report from semiconductor giant Nvidia (NVDA) but also several signs of sticky inflation, which raised doubts about how long interest rates might remain elevated.

The S&P 500 gained 0.7% on Friday. The Nasdaq jumped 1.1%, while the Dow was mostly flat but edged out a gain of less than 0.1%.

Shares of footwear maker Deckers Outdoor (DECK) logged Friday’s biggest gains in the S&P 500, soaring 14.2% to hit an all-time high following a strong quarterly earnings report. Robust demand across its Uggs and Hoka shoe brands helped Deckers beat sales and profit estimates for its fiscal fourth quarter of 2024.

First Solar (FSLR) shares jumped 10.8%, shining yet again on Friday after notching the S&P 500’s top performance for two consecutive sessions earlier this week. First Solar stands to benefit from tax credits under the Inflation Reduction Act, and analysts have recently pointed to the company’s opportunity to meet the high energy demand from artificial intelligence (AI) processes.

The enthusiasm around powering AI may have extended to other renewable energy companies. Shares of GE Vernova (GEV), the energy equipment maker that completed its spinoff from the General Electric conglomerate earlier this year, added 9.8%. Shares of fellow renewable energy technology provider Enphase Energy (ENPH) were up 6.5%.

Intuit (INTU) shares tumbled 8.4%, marking the weakest performance of any S&P 500 stock, after the financial software provider said it expects to lose 1 million customers from the free version of its TurboTax tax filing program.

Shares of cloud-based human resources platform Dayforce (DAY) sank 7.6% after rival Workday (WDAY) issued softer-than-expected guidance for its subscription revenue. The firm expects sales scrutiny and slower customer headcount growth to drag on results. Workday shares plunged 15.3% on Friday.

Elevance Health (ELV) shares dropped 4.1%, receding from the all-time highs posted by the stock earlier this week. The health benefits company announced earlier this week that it would launch a $10 million impact investing program aimed at addressing health equity issues.

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