Icahn Down 18% On Ackman Feud

Empower Brands Recalls Waffle Makers After 34 Burn Injuries

Empower Brands has recalled nearly half a million PowerXL Stuffed Wafflizer waffle makers due to risk of getting burned.

According to the Consumer Products Safety Commission, hot pieces of the waffle or stuffing can be expelled from the waffle maker during use or upon opening the product, posing a burn risk to consumers.

The company said it received 44 reports of incidents including 34 burn injuries with three requiring medical attention.

The recall involves PowerXL Model ESWM02 (five inch) and Model ESWM03 (seven inch) Stuffed Wafflizer waffle makers. The waffle makers were sold in 11 colors including black, white, red, cinnamon, gray, lavender, lemon, ocean, slate, seafoam and sage.

The company has asked its customers to immediately stop using the recalled PowerXL Model ESWM02 and Model ESWM03 Stuffed Wafflizer waffle makers and contact Empower Brands to receive a free latch adaptor part and written instructions to complete the repair.

The products were sold at Walmart, Kohls, Big Lots, BJ’s Wholesale Club, Best Buy, The Home Depot, Target, Sam’s Club and other home goods stores nationwide and online at www.QVC.com, www.walmart.com, www.kohls.com and other websites from July 2021 through October 2022 for between $30 and $60.

E.l.f. Beauty Up 19% On Wider Q1 Profit

Shares of e.l.f. Beauty, Inc. (ELF) are gaining 19% on Thursday morning trade after the company announced wider profit in the first quarter.

e.l.f. Beauty is currently trading at $103.56, up 19.79 percent or $17.11, in its regular trading session. The stock opened its trading at $95.70 after closing Wednesday’s trading at $86.45. The stock has traded between $22.97 and $103.90 in the past 52-week period.

e.l.f. Beauty reported a profit of $16.2 million, or $0.03 per share for the first quarter, wider than $1.5 million, or $0.53 per share in the comparable quarter last year.

Excluding one-time items, the company reported earnings of $23.8 million or $0.42 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $0.47 per share.

Revenue in the quarter was $187 million, compared to $105 million last year.

Nutanix Stock Up 14% On Narrow Loss, Higher Revenues In Q3; Lifts FY23 Outlook

Shares of computer software company Nutanix, Inc. (NTNX) were up 14% on Thursday as it reported a narrower loss and higher revenue for the third quarter. The company raised its outlook for the full year 2023.

NTNX is currently trading at $28.98, up 14.05% or $3.57 per share, on Nasdaq. It has traded between $13.44 and $33.73 in the past 52-week period.

Net loss for the third quarter was $81.1 million or $0.35 per share, compared to the loss of $111.9 million or $0.50 per share the prior year.

Adjusted income came in at $11.5 million or $0.04 per share, compared to the loss of $10.6 million or $0.05 per share the previous year.

The company’s revenue increased to $448.6 million from the previous year’s $403.6 million.

The company expects fourth-quarter revenues in the range of $470 million – $480 million. For the full-year 2023, the company raised guidance for revenues to $1.84 billion – $1.85 billion versus the previous guidance of $1.80 billion – $1.81 billion.

Mirati Therapeutics Slip 13% As Late-stage Trial Of Sitravatinib Fails To Meet Primary Goal

Shares of oncology company Mirati Therapeutics, Inc. (MRTX) were down 13% Thursday as its SAPPHIRE study did not meet its primary endpoint in a registrational Phase III trial in patients with second-or third-line advanced lung cancer.

MRTX is currently trading at $28.06, down 13.17% or $5.78 per share, on Nasdaq. It has traded between $32.96 and $101.30 in the past 52-week period.

SAPPHIRE is a Phase III study evaluating sitravatinib in combination with nivolumab versus docetaxel in patients with advanced lung cancer who progressed on prior therapy with chemotherapy and immune checkpoint inhibitor therapy.

Ulta Beauty, Inc. Bottom Line Rises In Q1, Beats estimates

Ulta Beauty, Inc. (ULTA) revealed a profit for its first quarter that increased from last year and beat the Street estimates.

The company’s earnings came in at $347.05 million, or $6.88 per share. This compares with $331.39 million, or $6.30 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $6.87 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.4% to $2.63 billion from $2.34 billion last year.

Ulta Beauty, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $347.05 Mln. vs. $331.39 Mln. last year.
-EPS (Q1): $6.88 vs. $6.30 last year.
-Analyst Estimate: $6.87
-Revenue (Q1): $2.63 Bln vs. $2.34 Bln last year.

-Guidance:
Full year EPS guidance: $24.70 to $25.40
Full year revenue guidance: $11.0 – $11.1 Bln

Marvell Technology Group Ltd. Q1 Earnings Summary

Below are the earnings highlights for Marvell Technology Group Ltd. (MRVL):

Earnings: -$168.9 million in Q1 vs. -$165.7 million in the same period last year.
EPS: -$0.20 in Q1 vs. -$0.20 in the same period last year.
Excluding items, Marvell Technology Group Ltd. reported adjusted earnings of $264.2 million or $0.31 per share for the period.

Analysts projected $0.29 per share
Revenue: $1.32 billion in Q1 vs. $1.45 billion in the same period last year.

-Guidance:
Next quarter EPS guidance: $0.27 – $0.37

Icahn Down 18% On Ackman Feud

Shares of Icahn Enterprises L.P. (IEP) are losing 18% on Thursday trade a day after the company’s rival Bill Ackman called out its high valuation.

Icahn is currently trading at $19.55, down 18.34 percent or $4.39, in its regular trading session. The stock opened its trading at $21.77 after closing Wednesday’s trading at $23.94. The stock has traded between $18.03 and $55.16 in the past 52-week period.

Ackman tweeted on Wednesday that the dividend yield of IEP is achieved by distributing capital to external shareholders, and this capital is obtained through the company’s sale of stock to investors. This statement echoes the accusation made by Hindenburg, suggesting that IEP is relying on a “Ponzi-like structure” to finance dividend payments.

Ackman clarified that he does not currently hold any long or short positions in the stock. A notable conflict occurred ten years ago when Ackman took a short position on the supplement company Herbalife, in which Icahn, an activist investor, held shares.