PRISM Market Moves on Thursday: Restoration Hardware Shines, Estee Lauder Gains; Reddit and Braze Slip

US equities are trading mostly higher on Thursday at midday, after stocks rallied during Wednesday’s session.  Outperformers include energy, homebuilders, casinos, airlines, credit cards, food, and trucking, while machinery, biotech, managed care, cruise lines, and beverages are weaker. Treasuries are weaker, the Dollar index is up +0.1%, Gold is up +1.1%, Bitcoin futures are up +3.8% and WTI crude is up +1.6% and on track for a weekly gain.

Outperformers at midday are Restoration Hardware ($RH) which has soared +17.4% in spite of missing Q4 EPS and revenue. The company guided a FY24 demand outlook of +12-14% which came in meaningfully above expectations, and management is bullish on the Outdoor collection and noted Interiors and Contemporary are responding as expected. Estée Lauder ($EL) is up +6.3% after being upgraded to buy from neutral at BofA, and Snowflake ($SNOW)has gained +1.4% after CEO Sridhar Ramaswamy disclosed his purchase of 32K shares.

The day’s decliners are MillerKnoll ($MLKN) which has dropped (18.5%) on weak fiscal Q3 revenue and EBITDA, and Q4 guidance below expectation. The company noted overall demand patterns remain sluggish, blaming elevated rates, geopolitical concerns and the lagging US housing market. Reddit ($RDDT) is down (10.7%) after the company’s CEO and COO disclosed sale of 500K shares and 514K shares, respectively. Braze ($BRZE) has lost (10.0%) on disappointing guidance for FY25. The company noted continued macro headwinds.

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PRISM Market Moves on Thursday: Restoration Hardware Shines, Estee Lauder Gains; Reddit and Braze Slip

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