Thursday's Morning Movers: DE & INTU Plunge, ELF Beats Earnings

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[00:00:00]Dianne King Hall is with me taking a look at some of the big movers, Elf Beauty. E.L.F. Cosmetics. I love saying that. I remember when they had their listing here.

[00:00:11]Tell us about the earnings. So, they did better than expected. You saw revenue jumping 35% for Elf Beauty. So, a strong performance there. Jumped to about $449 million. Adjusted earnings per share coming in at $0.32. So, that was better than expected. You're seeing shares rally off the back of these results. Not as strong as we saw in the pre-market, but a gainer no less right now. That stock up 5 and 1/2%. Had to double check that because it was indicating higher earlier this morning. So, again revenue topping $449 million.

[00:00:45]There was some weak guidance, but overall there were some strong things to point to there in terms of gaining a market share. They're also walking back some of the tariff-driven price increases that it did after seeing signs that consumers are becoming more price-sensitive amid >> [music] >> the pressure of high gas prices and tighter budgets. Rhode is a major growth engine here. You remember they also were here for that acquisition of Rhode with uh Hailey Bieber here as well. It's a strong performer for it. It's one of its biggest growth catalysts. Since the acquisition, sales for that brand have grown about 80% over the past year. It holds the number one brand position in Sephora North America now. Sephora in UK as well. It's expected to expand into more than a dozen European countries through Sephora right now. So, there's a strong growth trajectory there thanks to the acquisition of that brand. The company also said they're going to be modeling some price decreases because they tried out some during this recent quarter and they saw that that provided a tailwind and and created some demand with consumers.

[00:01:57]They tested a $4 price cut on the Halo Glow skin tint and they saw a 40% increase in demand because of that, Nicole. Yeah, and I was just looking. I mean, neither Elf nor Ulta are big winners this year.

[00:02:10]I mean, Elf is down 33%. Ulta's down 18%. So, it's a tough business, but um some good news there. And And so, we're seeing the stock up uh about 6% right there. Thank you for that. What about Intuit? Big sell-off.

[00:02:24]>> Yes, indeed. Big sell-off on shares of Intuit. That stock down double digits right now off the back of its quarterly results, down 19%. This is one of those ones that's been caught up in the SaaS-pocalypse and just really hasn't been able to get out of the pressure.

[00:02:38]It's down more than 50% even though they actually did do better than expected.

[00:02:42]Adjusted earnings per share coming in at 12.80, revenue rising 10% year-over-year uh topping 8 and 1/2 billion. So, again, both of those numbers are better than expected, but there's been slowing growth here. So, that's one of the tricky parts for investors here. And they also made this uh massive restructuring announcement.

[00:03:00]They plan to cut 17% of their workforce.

[00:03:03]So, they're taking a hatchet to their payrolls there. That impacts more than 3,000 employees for Intuit. Um they are expecting a restructuring charges of roughly 300 million to 340 million. They say that will happen mostly in the current quarter. The CEO uh saying the company is trying to become, quote, "faster, leaner, and more focused." They talked about redundant roles, um management layers. So, it sounds like they're trying to kind of flatten the organization. Um you know, there's been the talk about, okay, is this all tied to the proliferation of AI? The company is pushing back on that narrative, you know, because a lot of these layoffs that we hear about linked to the AI-driven productivity gains. Is that what this is about? Um the CEO saying to parents that this is not an AI layoff, Nicole. That's pretty interesting.

[00:03:51]They're saying it's not an AI layoff cuz most companies have been sort of saying we're going to move more to AI. In fact, it was Danielle DiMartino Booth who I'm speaking to you shortly who sort of flagged that to me and said, "You know, I think" and this was her opinion, "I think some of the companies are sort of saying we're doing some layoffs cuz we're going to be doing more in AI but they weren't really, you know, being sure about what they're doing in AI."

[00:04:12]So, I thought that was interesting. But, you can add the Into It with the job cuts, Meta, Standard Chartered, now this one Into It. So, we're seeing job cuts and also the teens the lowest hiring for teens according to the Bureau of Labor Statistics this summer since 1948.

[00:04:29]>> Wow.

[00:04:29]>> So, teens looking for summer jobs. How about Deere earnings? Let's take a look at that as well.

[00:04:34]>> Deere reported its latest quarterly results. They actually beat expectations but the stock is lower. It had had some strength coming into today.

[00:04:43]There are some, you know, kind of clouds on the horizon when you think about what the farming landscape looks like. They again delivered a beat on the top and bottom line. EPS coming in at 6.55.

[00:04:55]That beat expectations.

[00:04:58]You know, when you had revenue that coming in at 13.37 billion. Also better than expected. Now, the stock actually initially rose but then reversed lower in the pre-market because there's continued pressure in the farm industry and there's still weakness with regard to large agricultural equipment demand here. So, when you look at that segment, revenue in that segment fell 14% year-over-year.

[00:05:21]So, there's still pressure there and then obviously the way Deere performs is very much tied to the farming industry.

[00:05:26]There was a bright spot. Their diversification story is part of where you find the bright spots. Construction and forestry revenue, that surged 29%.

[00:05:36]So, that was strong there. It's small agriculture and turf revenue that climbed 16% and they also raised their growth outlook for their construction and forestry uh, to they raised that outlook to roughly 20% so that's up 15% but it seems like investors are more focused on the challenges of their what used to be their bread and butter. You know, we think about the ag markets and that was one of the things that came out of the China meeting, right? They I mean President was saying in addition to what we had heard last year about China investing in soybeans that they were going to put additional money in soybeans and agricultural market here in the states but um, obviously there's a lack of clarity in that right now cuz they're sticking to the construction bright spot it seems. Saiyami King Hall, great to see you. Thank you for covering those big names for us.