Hormel Foods Stock (NYSE:HRL), Trade Ideas

Hormel Foods

Historically meat-focused, Hormel Foods broadened its lineup to include other protein offerings and become a branded food company. The firm sells its wares through multiple channels, including U.S. retail (64% of fiscal 2023 sales), U.S. food service (30%), and international (6%). By product, 70% of fiscal 2023 sales were from perishable food and 30% from shelf-stable. Major brands include Hormel, Spam, Jennie-O, Columbus, Applegate, Planters, and Skippy. Many of these hold the number one or two market share in their respective categories.

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The Zacks Food – Meat Products industry players have been benefiting from consumers&#39; growing appetite for protein-rich products stemming from their rising consciousness toward health and wellness. Efforts to make the most of these trends through product diversification, capacity expansion and exploring plant-based meats have been working well.

Zacks Industry Outlook Highlights Tyson Foods, Hormel Foods and Pilgrim&#39;s Pride

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Hormel Foods Corp

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Hormel Foods Introduced Summer-Themed Hard Salami & Pepperoni Tray

The Zacks Food &ndash; Meat Products industry players have been benefiting from consumers&#39; growing appetite for protein-rich products stemming from their rising consciousness toward health and wellness. Efforts to make the most of these trends through product diversification, capacity expansion and exploring plant-based meats have been working well.
However, several meat companies have been battling hurdles associated with cost inflation, though the trend is moderating. Also, companies remain troubled by challenges in the Beef business. Nonetheless, the abovementioned upsides keep Tyson Foods, Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tsn#NYSE">TSN</a>),&nbsp;Hormel Foods Corp.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrl#NYSE">HRL</a>)&nbsp;and Pilgrim&#39;s Pride Corp.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ppc#NASDAQ">PPC</a>) well-positioned for growth.
<h3>About the Industry</h3>
The Zacks Food &ndash; Meat Products industry comprises companies that manufacture, process, market, distribute and sell a wide range of meat products like chicken, pork, beef, prepared food and plant-based meats. Some companies also offer poultry and turkey products, alongside providing nutritional food products and supplements, desserts and drink mixes and industrial gelatin products.
Most companies offer their products to retail and foodservice customers, while some cater to deli and commercial operators, including grocery retailers, grocery wholesalers, meat distributors, warehouse club stores, industrial food processing companies, chain restaurants, international export companies, school cafeterias and hospitals, among others. Some products offered include frozen whole chicken, primary pork cuts, salads, sandwiches and meatballs.
<h3>Major Trends Shaping the Future of the Meat Food Industry</h3>
Protein Consumption on the Rise, Plant-Based Meat Surges: The growing preference for protein-rich diets has been a boon for meat companies, prompting them to continuously innovate their product offerings. This trend is fueled by heightened health consciousness among consumers, especially fitness enthusiasts embracing high-protein diets like keto. In recent years, the popularity of meatless alternatives and plant-based meat substitutes has been steadily increasing, driven by consumers&#39; preference for fresh, healthier options over traditional meat products.
Most plant-based food alternatives are well-regarded for their reduced reliance on artificial ingredients and additives, making them a wholesome choice. These alternatives also serve as valuable sources of protein for those following vegan dietary practices. Industry experts believe that plant-based protein could lead to significant disruptions in the traditional meat market.
Dynamic Expansion Strategies: Industry players are actively diversifying their product ranges and strengthening market positions through strategic alliances, acquisitions and capacity expansions. Efforts include ramping up manufacturing capabilities through new facilities, plant expansions and partnerships with co-manufacturers. Concurrently, select companies are making investments in automation technology, with a keen focus on accelerating the digitalization process. Additionally, some players are directing their efforts toward entering international markets, a strategy that is yielding favorable results.
Beef Segment Challenges: The beef segment has been battling numerous challenges in 2024, including consumer caution, economic uncertainties, shifting preferences and reduced production. The segment is likely to continue witnessing consumer caution due to the sluggish global economic recovery post the pandemic. Consumers, particularly, are shifting toward value-for-money products over premium ones due to heightened caution. This is likely to dampen demand for more expensive cuts of beef, leading to soft sales and revenues for producers.
Additionally, the beef segment is undergoing a significant decline in production, which is resulting in elevated retail prices for consumers. The reduced production is likely to put pressure on beef processors, leading to challenges in maintaining profitability throughout the supply chain.
<h3>Zacks Industry Rank Indicates Bright Prospects</h3>
The Zacks Food &ndash; Meat Products industry is housed within the broader Zacks Consumer Staples sector. The industry currently carries a Zacks Industry Rank #6, which places it in the top 2% of more than 250 Zacks industries.
The group&#39;s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry&#39;s positioning in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually gaining confidence in this group&#39;s earnings growth potential. Since the beginning of January 2024, the industry&#39;s earnings estimate for the current fiscal year earnings has jumped 15.1%.
Given the industry&#39;s impressive prospects, we present a few stocks that you may want to consider for your portfolio. However, before that, it&#39;s worth taking a look at the industry&#39;s performance and current valuation.
<h3>Industry vs. Broader Market</h3>
The Zacks Food &ndash; Meat Products industry has outperformed the broader Zacks Consumer Staples sector while underperforming the S&amp;P 500 over the past year.
The industry has declined 4.2% over this period compared with the broader sector&#39;s decrease of 12.3%. Meanwhile, the S&amp;P 500 has witnessed an increase of 22.4%.
<h3>Industry&#39;s Current Valuation</h3>
On the basis of forward 12-month price-to-earnings (P/E), which is commonly used for valuing Consumer Staple stocks, the industry is currently trading at 18.91X compared with the S&amp;P 500&#39;s 20.4X and the sector&#39;s 16.82X.
Over the past five years, the industry has traded as high as 21.76X and as low as 12.24X, with the median being 17.05X.
<h3>3 Meat Food Stocks to Keep a Close Eye On</h3>
Pilgrim&#39;s Pride: Key strategic initiatives, such as facility expansions and investments in technology, have been playing a pivotal role in strengthening PPC&#39;s position in the market. Pilgrim&#39;s Pride&#39;s focus on key customers is a pathway for refining its portfolio and creating competitive advantages.
Apart from this, this Zacks Rank #1 (Strong Buy) company has been steadily augmenting the marketing support of its brands as they expand and enter new regions. This provider of fresh, frozen and value-added chicken and pork products continues to explore M&amp;A opportunities to further diversify its portfolio across segments and geographies. Additionally, it resorts to frequent supply-chain improvements to enhance efficiency and reduce costs.
The Zacks Consensus Estimate for Pilgrim&#39;s Pride&#39;s current fiscal year EPS has risen by 1.3% over the past 30 days to $3.01. This suggests growth of 78.1% from the prior-year reported figure. Shares of PPC have surged 46.1% in the past six months.&nbsp;
Hormel Foods: This Zacks Rank #2 (Buy) company has been benefiting from the impressive execution of strategic priorities. These include pursuing solid global expansion, emphasizing the One Supply Chain initiative and continuing the ongoing transformation and modernization of the business, among others. In addition, Hormel Foods&#39; long-standing relationships, differentiated product portfolio, innovative solutions and impressive sales team are fueling growth in the Foodservice business. The company has also been benefiting from its prudent buyouts and efforts to boost capacity.
The Zacks Consensus Estimate for Hormel Foods&#39; current fiscal year EPS has risen by a penny over the past 30 days to $1.59. Shares of HRL have increased 9.4% in the past six months.
Tyson Foods: The company operates across Beef, Pork, Chicken and Prepared Foods segments while exploring alternative meat and protein sources as part of its diversification strategy. This Zacks Rank #3 (Hold) company has been showcasing resilience amid industry hurdles with its iconic brand portfolio for sustained market share growth and consumer resonance.
Strategic investments in brand building and innovation reinforce Tyson Foods&#39; leadership position, driving long-term loyalty. The meat products giant has been benefiting from its three main pillars, which include driving growth across the core protein platform, fueling growth through its robust brands and focusing on prudent international expansion.
Operational excellence remains another upside, with initiatives like plant closures and digitalization. These upsides are likely to continue working well for Tyson Foods and help it battle the expected challenges in the Beef segment due to limited cattle supply. The Zacks Consensus Estimate for TSN&#39;s fiscal 2024 earnings per share (ETF:EPS) has decreased by 0.9% over the past 30 days to $2.33. Shares of TSN have rallied 27.2% in the past six months.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed&nbsp;that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and&nbsp;is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&amp;P 500 is an unmanaged index
<a href="https://www.zacks.com/stock/news/2259328/zacks-industry-outlook-highlights-tyson-foods-hormel-foods-and-pilgrim-s-pride?cid=CS-BENZ-FT-press_releases-2259328">To read this article on Zacks.com click here.</a>

Zacks Industry Outlook Highlights Tyson Foods, Hormel Foods and Pilgrim's Pride

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Shares of consumer staples stocks are trading lower amid overall market weakness following mixed inflation data this week, which has impacted stocks across sectors.

Hormel Foods's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) short percent of float has fallen 12.61% since its last report. The company recently reported that it has 11.37 million shares sold short, which is 2.08% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.56 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Hormel Foods Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1709930714_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Hormel Foods has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Hormel Foods's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Hormel Foods's peer group average for short interest as a percentage of float is 5.23%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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Short Ideas

Looking Into Hormel Foods's Recent Short Interest

JP Morgan analyst Thomas Palmer maintains Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) with a Underweight and raises the price target from $27 to $28.

JP Morgan Maintains Underweight on Hormel Foods, Raises Price Target to $28

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Barclays boosted the price target for Veeva Systems Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/veev#NYSE">VEEV</a>) from $240 to $245. Barclays analyst Saket Kalia maintained an Overweight rating. Veeva shares rose 0.1% to close at $225.51 on Thursday. <a href="https://www.benzinga.com/quote/VEEV/analyst-ratings">See how other analysts view this stock.</a></li>
<li>DA Davidson increased the price target for SoundHound AI, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/soun#NASDAQ">SOUN</a>) from $5 to $7.5. DA Davidson analyst Gil Luria maintained a Buy rating. SoundHound AI shares rose 17% to close at $7.42 on Thursday. <a href="https://www.benzinga.com/quote/SOUN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Bernstein cut Zscaler, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zs#NASDAQ">ZS</a>) price target from $311 to $280. Bernstein analyst Peter Weed maintained an Outperform rating. Zscaler shares rose 2% to close at $241.97 on Thursday. <a href="https://www.benzinga.com/quote/ZS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Telsey Advisory Group boosted the price target for Bath &amp; Body Works, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bbwi#NYSE">BBWI</a>) from $50 to $53. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating. Bath &amp; Body Works shares fell 5.4% to close at $45.70 on Thursday. <a href="https://www.benzinga.com/quote/BBWI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Bernstein raised Dell Technologies Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dell#NYSE">DELL</a>) price target from $90 to $120. Bernstein analyst Toni Sacconaghi maintained an Outperform rating. Dell shares rose 1.5% to close at $94.66 on Thursday. <a href="https://www.benzinga.com/quote/DELL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley boosted the price target for Flywire Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/flyw#NASDAQ">FLYW</a>) from $27 to $30. Morgan Stanley analyst James Faucette downgraded the stock from Overweight to Equal-Weight. Flywire shares fell 1.6% to close at $28.39 on Thursday. <a href="https://www.benzinga.com/quote/FLYW/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sachs boosted Hormel Foods Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrl#NYSE">HRL</a>) price target from $26 to $28. Goldman Sachs analyst Adam Samuelson maintained a Sell rating. Hormel Foods shares climbed 14.6% to close at $35.32 on Thursday. <a href="https://www.benzinga.com/quote/HRL/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler boosted Autodesk, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adsk#NASDAQ">ADSK</a>) price target from $234 to $260. Piper Sandler analyst Clarke Jeffries maintained a Neutral rating. Autodesk shares climbed 1.1% to close at $258.17 on Thursday. <a href="https://www.benzinga.com/quote/ADSK/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Canaccord Genuity increased ACI Worldwide, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aciw#NASDAQ">ACIW</a>) price target from $34 to $40. Canaccord Genuity analyst Joseph Vafi maintained a Buy rating. ACI Worldwide shares gained 6.3% to close at $32.91 on Thursday. <a href="https://www.benzinga.com/quote/ACIW/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group increased AvePoint, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avpt#NASDAQ">AVPT</a>) price target from $9 to $10. Evercore ISI Group analyst Kirk Materne maintained an Outperform rating. AvePoint shares rose 1.1% to close at $8.00 on Thursday. <a href="https://www.benzinga.com/quote/AVPT/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
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Check This Out: <a href="https://www.benzinga.com/news/24/03/37415654/hewlett-packard-enterprise-posts-mixed-q1-results-joins-fisker-plug-power-and-other-big-stocks-movin"> Hewlett Packard Enterprise Posts Mixed Q1 Results, Joins Fisker, Plug Power And Other Big Stocks Moving Lower In Friday&#39;s Pre-Market Session </a>

Barclays analyst Benjamin Theurer maintains Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) with a Equal-Weight and raises the price target from $33 to $35.

Barclays Maintains Equal-Weight on Hormel Foods, Raises Price Target to $35

Goldman Sachs analyst Adam Samuelson maintains Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) with a Sell and raises the price target from $26 to $28.

Goldman Sachs Maintains Sell on Hormel Foods, Raises Price Target to $28

Wall Street exhaled a sigh of relief as the Federal Reserve&#8217;s favored gauge of inflation cooled as anticipated in January, quelling fears that an unexpected rise in the Consumer Price Index (CPI) might spill over into the Personal Consumption Expenditure <a href="https://www.benzinga.com/news/econ-s/24/02/37392512/feds-preferred-inflation-gauge-matches-expectations-personal-income-soars-thursdays-economic-digest">(PCE) price index.</a>
At noon in New York, the Nasdaq 100 was up 0.4%, striving to erase losses from Wednesday. The S&amp;P 500 Index and the Dow Jones Industrial Average exhibited more subdued reactions, with gains of 0.1% and a decline of 0.2%, respectively, while the Russell 2000 edged 0.3% higher.
Among major tech stocks, Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) stands out, surging over 6% to achieve a new all-time high, emerging as the top performer in the semiconductor sector today.
Conversely, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) continues to deliver lackluster results, dropping 1% to $178, marking its tenth negative day out of the last thirteen and poised to close at its lowest levels since early November 2023. Recent reports indicate that Apple&#8217;s iPhone 15 series is being heavily discounted by resellers in China, signaling a <a href="https://www.benzinga.com/news/24/02/37395093/apple-resellers-slash-iphone-15-prices-in-china-to-counter-economic-headwinds-and-huaweis-resurgence">sustained decline in demand.</a>
Treasury yields edged lower as traders adjust their positions in anticipation of a rate cut in June. The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.6%.
In the volatile crypto market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is down over 2% to $61,000, after hitting an intraday high of $63,675.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % Chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,949.36</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>203.07</td>
<td>0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,077.32</td>
<td>0.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,881.01</td>
<td>-0.2%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.1% higher to $506.76, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.1% to $389.15 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.4% to $437.06, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>), was the notable outperformer for the second straight session, up by 0.8%, while the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) continued to lag behind, down 0.6%. 
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Crypto-related stocks took a hit as Bitcoin prices fell. Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) tumbled over 17%, despite the company reported sharply higher-than-predicted profits last quarter. Peers Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), Bit Digital Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTBT#NASDAQ">BTBT</a>) and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) fell 12%, 6.5% and 2.5%, respectively. </li>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) tumbled nearly 20%, after the company announced that CEO&nbsp;Frank Slootman&nbsp;has decided to<a href="https://www.benzinga.com/pressreleases/24/02/b37376268/sridhar-ramaswamy-named-chief-executive-officer-of-snowflake" target="_blank" rel="noreferrer noopener">&nbsp;retire from his role as CEO</a>. The AI-related company saw its revenue and earnings beating Wall Street&#8217;s analyst predictions last quarter. </li>
<li>Hormel Foods Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) rose over 13%, marking the highest daily performance among S&amp;P 500 stocks, after the company unveiled better-than-expected results last quarter. </li>
<li>Other companies reacting to earnings were Monster Beverage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>), up 5.7%, Celsius Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>), up 19%, Okta Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>), up 19%, Hayward Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAYW#NYSE">HAYW</a>), up 15%, Natera Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>), up 12%, The Chemours Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CC#NYSE">CC</a>), down 31%, DoubleVerify Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>), down 17%, AMC Entertainment Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>). </li>
<li>Stocks reporting after the close include Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>), Cooper Companies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>), Fisker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSR#NYSE">FSR</a>), Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>), Hewlett Packard Enterprises Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>), NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) and SoundHound AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOUND#NASDAQ">SOUND</a>).</li>
</ul>
Now Read: <a href="https://www.benzinga.com/government/24/02/37397964/argentine-stocks-rebound-as-president-milei-eyes-potential-new-imf-deal-exit-from-capital-controls">Argentine Stocks Rebound As President Milei Eyes Potential New IMF Deal, Exit From Capital Controls</a>
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Wall Street Takes A Breather As Inflation Stays Tamed, AMD Hits Record Highs, Apple Struggles: What's Driving Markets Thursday?

Shares of Butterfly Network, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bfly#NASDAQ">BFLY</a>) fell sharply during Thursday&rsquo;s session after the company reported mixed fourth-quarter financial results.
Butterfly Network posted GAAP loss of 21 cents per share versus market estimates for a loss of 14 cents per share. The company&rsquo;s quarterly sales came in at sales came in $16.52 million versus estimates of $15.35 million.
Butterfly Network shares dipped 21.7% to $1.1588 on Thursday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>Enveric Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/envb#NASDAQ">ENVB</a>) gained 177.1% to $2.30 after the company announced it has signed three non-binding term sheets with an undisclosed biotechnology company to pursue the out-licensing of compounds.</li>
<li>Societal CDMO, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sctl#NASDAQ">SCTL</a>) shares climbed 132.7% to $1.07 as the company agreed to be acquired by CoreRx, Inc.</li>
<li>Volcon, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vlcn#NASDAQ">VLCN</a>) gained 55.4% to $1.8802 after surging around 39% on Wednesday.</li>
<li>Sidus Space, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sidu#NASDAQ">SIDU</a>) climbed 39.7% to $7.78.</li>
<li>Ocean Biomedical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ocea#NASDAQ">OCEA</a>) gained 36.4% to $2.1008. Ocean Biomedical announced joint venture partner, Virion Therapeutics to present clinical study data at 2024 APASL Global Liver Meeting.</li>
<li>Inseego Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/insg#NASDAQ">INSG</a>) rose 34.5% to $3.00.</li>
<li>Vertex, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/verx#NASDAQ">VERX</a>) jumped 29.8% to $32.97 after the company reported better-than-expected fourth-quarter results and issued strong FY24 guidance.</li>
<li>iHeartMedia, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ihrt#NASDAQ">IHRT</a>) rose 29.1% to $2.93 following fourth-quarter results.</li>
<li>Agrify Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/agfy#NASDAQ">AGFY</a>) gained 27% to $0.6161. Agrify announced a $3.4 million sales order from New Jersey woman-owned business HarvestWorks Farm.</li>
<li>Renalytix Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rnlx#NASDAQ">RNLX</a>) climbed 26.5% to $1.05 after the company announced that effective Mar. 1, the US approved adding the company&#39;s kidneyintelX.dkd to its 10-year Governmentwide Acquisition Contract.</li>
<li>Tutor Perini Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tpc#NYSE">TPC</a>) gained 26% to $11.64 following fourth-quarter results.</li>
<li>Bright Scholar Education Holdings Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bedu#NYSE">BEDU</a>) gained 25.3% to $2.3178.</li>
<li>C3.ai, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ai#NYSE">AI</a>) shares rose 24.6% to $37.00 after the company reported better-than-expected third-quarter financial results.</li>
<li>Sterling Check Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ster#NASDAQ">STER</a>) jumped 24.6% to $15.49 after the company agreed to be acquired by First Advantage for approximately $2.2 billion, including outstanding debt.</li>
<li>Adial Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adil#NASDAQ">ADIL</a>) gained 24% to $2.00. Adial Pharmaceuticals was awarded a new patent covering AD04 for the potential treatment of opioid use disorder.</li>
<li>Revance Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvnc#NASDAQ">RVNC</a>) jumped 24% to $7.02 after the company reported better-than-expected quarterly financial results.</li>
<li>Latham Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/swim#NASDAQ">SWIM</a>) climbed 22.8% to $3.36.</li>
<li>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) jumped 22.5% to $18.70. Avidity Biosciences announced an oversubscribed $400 million private placement.</li>
<li>Pure Storage, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pstg#NYSE">PSTG</a>) rose 21.9% to $51.35 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter revenue guidance above estimates. Also, UBS maintained a Neutral rating on the stock and raised its price target from $38 to $44.</li>
<li>Duolingo, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/duol#NASDAQ">DUOL</a>) gained 21.6% to $237.82 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Okta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/okta#NASDAQ">OKTA</a>) shares rose 19.8% to $104.55 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Mersana Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mrsn#NASDAQ">MRSN</a>) gained 19.5% to $5.80 after the company reported fourth-quarter financial results.</li>
<li>Establishment Labs Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/esta#NASDAQ">ESTA</a>) rose 17.8% to $45.31 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Montrose Environmental Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/meg#NYSE">MEG</a>) gained 16.7% to $38.52 following quarterly results.</li>
<li>ORIC Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oric#NASDAQ">ORIC</a>) climbed 16.1% to $13.65.</li>
<li>SunOpta Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stkl#NASDAQ">STKL</a>) rose 15% to $6.91 following strong quarterly results.</li>
<li>TaskUs, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/task#NASDAQ">TASK</a>) gained 14.4% to $14.17 following upbeat quarterly results.</li>
<li>Magnite, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mgni#NASDAQ">MGNI</a>) rose 13.8% to $11.93 following strong quarterly results.</li>
<li>Indaptus Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/indp#NASDAQ">INDP</a>) rose 13.8% to $2.23.</li>
<li>Hayward Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hayw#NASDAQ">HAYW</a>) gained 13.7% to $14.88 following upbeat results.</li>
<li>Hormel Foods Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrl#NYSE">HRL</a>) rose 12.8% to $34.81 after the company reported better-than-expected first-quarter earnings and reaffirmed FY24 outlook.</li>
<li>Nxu, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxu#NASDAQ">NXU</a>) shares rose 9.2% to $0.7750. Nxu said it fully regained compliance with Nasdaq&#39;s continued listing requirements.</li>
<li>NFT Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mi#NYSE">MI</a>) shares jumped 7.9% to $0.2374.</li>
<li>Sprinklr, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cxm#NYSE">CXM</a>) gained 7.9% to $13.56. Sprinklr will replace Veradigm in S&amp;P SmallCap 600 effective prior to opening of trading on March 4, 2024.</li>
<li>Papa John&#39;s International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pzza#NASDAQ">PZZA</a>) climbed 6.8% to $74.89 following strong quarterly earnings.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>J-Long Group Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jl#NYSE">JL</a>) fell 46.3% to $6.86. J-Long Group declared a special cash dividend in aggregate amount of $6 million.</li>
<li>Golden Minerals Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aumn#NYSE">AUMN</a>) dipped 40.4% to $0.3163. Golden Minerals announced that it has elected to stop operations at its Velarde&ntilde;a Properties, located in Durango State, Mexico.</li>
<li>LivePerson, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lpsn#NASDAQ">LPSN</a>) shares declined 40% to $1.43 following fourth-quarter financial results.</li>
<li>NWTN Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nwtn#NASDAQ">NWTN</a>) fell 40% to $2.99.</li>
<li>Endava plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dava#NYSE">DAVA</a>) fell 40% to $38.31 following second-quarter earnings.</li>
<li>Kineta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ka#NASDAQ">KA</a>) fell 39.7% to $1.3801 as the company announced intention to explore strategic alternatives.</li>
<li>Ironwood Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/irwd#NASDAQ">IRWD</a>) fell 39% to $9.23 after the company&#39;s Phase 3 trial of once-weekly subcutaneous apraglutide did not meet two out of four key secondary endpoints.</li>
<li>Xometry, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/xmtr#NASDAQ">XMTR</a>) fell 37.4% to $18.84 after the company reported fiscal fourth-quarter results and issued first-quarter guidance below estimates and disclosed a CFO transition.</li>
<li>Grifols, S.A. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grfs#NYSE">GRFS</a>) fell 36.7% to $5.91.</li>
<li>The Chemours Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cc#NYSE">CC</a>) shares declined 33.7% to $19.05. Chemours Company named Denise Dignam as the interim CEO and Matt Abbott as the interim CFO. The company also issued preliminary 2023 results.</li>
<li>Bakkt Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bkkt#NASDAQ">BKKT</a>) fell 33.4% to $0.6792 after the company announced two securities purchase agreements.</li>
<li>CommScope Holding Company, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/comm#NASDAQ">COMM</a>) dipped 30% to $1.2950 after the company reported financial fourth-quarter results below estimates.</li>
<li>Critical Metals Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crml#NASDAQ">CRML</a>) fell 25.2% to $11.43.</li>
<li>Gyre Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gyre#NASDAQ">GYRE</a>) dropped 22% to $19.34.</li>
<li>Lotus Technology Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lot#NASDAQ">LOT</a>) fell 21.8% to $7.71.</li>
<li>BYND Cannasoft Enterprises Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bcan#NASDAQ">BCAN</a>) shares fell 20.2% to $0.1621. BYND Cannasoft is entering into production agreements for its EZ-G Device.</li>
<li>Snowflake Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snow#NYSE">SNOW</a>) shares tumbled 20.1% to $183.81. Snowflake reported upbeat earnings for its fourth quarter. The company said CEO Frank Slootman has decided to retire from his role as CEO but will continue to serve as chairman of the board. Sridhar Ramaswamy has been appointed as CEO and a member of the board, effective immediately.</li>
<li>Schr&ouml;dinger, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sdgr#NASDAQ">SDGR</a>) shares declined 19.9% to $25.12 after the company reported mixed fourth-quarter financial results.</li>
<li>Castle Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cstl#NASDAQ">CSTL</a>) fell 18.7% to $19.83 following fourth-quarter financial results.</li>
<li>bluebird bio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blue#NASDAQ">BLUE</a>) fell 18.2% to $1.3750.</li>
<li>Inari Medical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nari#NASDAQ">NARI</a>) shares fell 18.1% to $47.50 after posting a loss for the fourth quarter.</li>
<li>WW International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ww#NASDAQ">WW</a>) fell 17.9% to $3.1350 after the company reported fourth-quarter financial results and announced that director Oprah Winfrey has decided not to stand for re-election at the company&#39;s upcoming annual meeting of shareholders.</li>
<li>uniQure N.V. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qure#NASDAQ">QURE</a>) fell 16.7% to $5.57. Goldman Sachs analyst Salveen Richter downgraded uniQure from Buy to Neutral and lowered the price target from $63 to $8.</li>
<li>Amarin Corporation plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amrn#NASDAQ">AMRN</a>) fell 16.7% to $1.09 following quarterly results.</li>
<li>DoubleVerify Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dv#NYSE">DV</a>) declined 16.6% to $32.71 after the company reported fourth quarter financial results.</li>
<li>Shoals Technologies Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/shls#NASDAQ">SHLS</a>) shares dipped 16.3% to $12.89 after the company reported worse-than-expected fourth-quarter financial results and issued FY24 revenue guidance below estimates.</li>
<li>Milestone Pharmaceuticals Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mist#NASDAQ">MIST</a>) shares fell 16% to $1.7897 after announcing a proposed public offering of common shares and pre-funded warrants.</li>
<li>COMPASS Pathways plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cmps#NASDAQ">CMPS</a>) fell 16% to $10.40 following a wider-than-expected quarterly loss.</li>
<li>FIGS, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/figs#NYSE">FIGS</a>) shares fell 15.4% to $5.10 after the company reported mixed quarterly financial results.</li>
<li>The Lion Electric Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lev#NYSE">LEV</a>) dipped 12.6% to $1.46 following fourth quarter financial results.</li>
<li>Cytek Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ctkb#NASDAQ">CTKB</a>) fell 12.2% to $7.67 following fourth quarter financial results.</li>
<li>AMC Entertainment Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amc#NYSE">AMC</a>) shares fell 11.1% to $4.4350 following quarterly results.</li>
<li>Titan International, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/twi#NYSE">TWI</a>) fell 10% to $12.73 following weak sales.</li>
<li>IonQ, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ionq#NYSE">IONQ</a>) shares declined 7.2% to $10.45 after the company reported mixed fourth quarter financial results.</li>
<li>Array Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/arry#NASDAQ">ARRY</a>) fell 5.8% to $13.27.</li>
<li>Bath &amp; Body Works, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bbwi#NASDAQ">BBWI</a>) fell 5.2% to $45.80 after the company reported fourth-quarter earnings and issued worse-than-expected FY24 outlook. It also authorized $500 million stock buyback.</li>
<li>NetEase, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ntes#NASDAQ">NTES</a>) shares fell 3.7% to $108.03 after the company reported financial fourth-quarter results below estimates.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/24/02/37390717/nvidia-to-rally-around-27-here-are-10-top-analyst-forecasts-for-thursday"> NVIDIA To Rally Around 27%? Here Are 10 Top Analyst Forecasts For Thursday</a>

Penny Stocks

Movers

ADIL

AGFY

AMRN

ARRY

AUMN

BCAN

BEDU

BFLY

Bakkt Holdings, Inc. Class A Common Stock

BKKT

BLUE

CMPS

COMM

CRML

CSTL

CTKB

DAVA

DUOL

ENVB

ESTA

FIGS

GRFS

GYRE

IHRT

INDP

INSG

IONQ

IRWD

LPSN

MGNI

MIST

MRSN

NARI

NTES

NWTN

OCEA

ORIC

PSTG

PZZA

QURE

RNLX

RVNC

SCTL

SDGR

SHLS

SIDU

STER

STKL

SWIM

TASK

VERX

VLCN

XMTR

Why Butterfly Network Shares Are Trading Lower By 22%? Here Are Other Stocks Moving In Thursday's Mid-Day Session

U.S. stocks were higher, with the Nasdaq Composite gaining around 50 points on Thursday.
Shares of Hormel Foods Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hrl#NYSE">HRL</a>) rose sharply during Thursday&rsquo;s session after the company reported better-than-expected first-quarter <a href="https://www.benzinga.com/news/earnings/24/02/37392276/why-hormel-foods-shares-are-rising-today">earnings and reaffirmed FY24 outlook</a>.
The company reported first-quarter adjusted earnings per share of 41 cents, beating the analyst consensus of 34 cents. Quarterly revenues of $2.997 billion, beating the analyst consensus of $2.917 billion.
Hormel Foods shares climbed 12.6% to $34.72 on Thursday.
Here are some other big stocks recording gains in today&rsquo;s session.
<ul>
<li>Vertex, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/verx#NASDAQ">VERX</a>) jumped 29.8% to $32.97 after the company reported better-than-expected fourth-quarter results and issued strong FY24 guidance.</li>
<li>Tutor Perini Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tpc#NYSE">TPC</a>) gained 26% to $11.64 following fourth-quarter results.</li>
<li>C3.ai, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ai#NYSE">AI</a>) shares rose 24.6% to $37.00 after the company reported better-than-expected third-quarter financial results.</li>
<li>Sterling Check Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ster#NASDAQ">STER</a>) jumped 24.6% to $15.49 after the company agreed to be acquired by First Advantage for approximately $2.2 billion, including outstanding debt.</li>
<li>Revance Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvnc#NASDAQ">RVNC</a>) jumped 24% to $7.02 after the company reported better-than-expected quarterly financial results.</li>
<li>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) jumped 22.5% to $18.70. Avidity Biosciences announced an oversubscribed $400 million private placement.</li>
<li>Pure Storage, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pstg#NYSE">PSTG</a>) rose 21.9% to $51.35 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter revenue guidance above estimates. Also, UBS maintained a Neutral rating on the stock and raised its price target from $38 to $44.</li>
<li>Duolingo, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/duol#NASDAQ">DUOL</a>) gained 21.6% to $237.82 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Okta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/okta#NASDAQ">OKTA</a>) shares rose 19.8% to $104.55 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.</li>
<li>Mersana Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mrsn#NASDAQ">MRSN</a>) gained 19.5% to $5.80 after the company reported fourth-quarter financial results.</li>
<li>Establishment Labs Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/esta#NASDAQ">ESTA</a>) rose 17.8% to $45.31 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Montrose Environmental Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/meg#NYSE">MEG</a>) gained 16.7% to $38.52 following quarterly results.</li>
<li>ORIC Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oric#NASDAQ">ORIC</a>) climbed 16.1% to $13.65.</li>
<li>SunOpta Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/stkl#NASDAQ">STKL</a>) rose 15% to $6.91 following strong quarterly results.</li>
<li>TaskUs, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/task#NASDAQ">TASK</a>) gained 14.4% to $14.17 following upbeat quarterly results.</li>
<li>Magnite, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mgni#NASDAQ">MGNI</a>) rose 13.8% to $11.93 following strong quarterly results.</li>
<li>Hayward Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hayw#NASDAQ">HAYW</a>) gained 13.7% to $14.88 following upbeat results.</li>
<li>Sprinklr, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cxm#NYSE">CXM</a>) gained 7.9% to $13.56. Sprinklr will replace Veradigm in S&amp;P SmallCap 600 effective prior to opening of trading on March 4, 2024.</li>
<li>Papa John&#39;s International, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pzza#NASDAQ">PZZA</a>) climbed 6.8% to $74.89 following strong quarterly earnings.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/02/37389900/top-3-real-estate-stocks-which-could-rescue-your-portfolio-this-month"> Top 3 Real Estate Stocks Which Could Rescue Your Portfolio This Month</a>

Hormel Foods Reports Upbeat Earnings, Joins Pure Storage, Okta, Papa John's International And Other Big Stocks Moving Higher On Thursday

Thursday&#8217;s premarket trading session saw substantial upward momentum propelled by major tech stocks, laying the groundwork for a promising session for <a href="https://www.benzinga.com/markets">U.S. equity indices</a>.
This surge comes as the Fed&#8217;s preferred measure of inflation meets anticipated levels from last month, thereby failing to disrupt expectations of potential interest rate cuts in the <a href="https://www.benzinga.com/news/econ-s/24/02/37392512/feds-preferred-inflation-gauge-matches-expectations-personal-income-soars-thursdays-economic-digest">first half of the year.</a>
Futures on the Nasdaq 100 Index edged up 0.6% to 18,000 points at 8:50 a.m. in New York, poised to fully recover Wednesday&#8217;s losses, according to data from the <a href="https://pro.benzinga.com/dashboard">Benzinga Pro platform</a>. 
Contracts on the S&amp;P 500 rose 0.4% to 5,090 points, reaching levels last observed at the beginning of the week.
The Dow Jones, which has limited exposure to tech stocks, saw only a marginal increase of 0.1%.
The most significant reaction was seen in small-cap stocks, with contracts on the Russell 2000 index, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), surging by 1.6%.
Yields on Treasury bonds fell, with the 10-year benchmark yield dropping to 4.25%. Market-implied probabilities on a Fed rate cut by June inched higher to 67%, up from Wednesday&#8217;s 62%. 
The U.S. Dollar Index (DXY), as monitored through the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), declined by 0.2% following the inflation data. 
<h3 class="wp-block-heading">Mega-Cap Stock Movers Premarket Thursday</h3>
<h4 class="wp-block-heading">Top Gainers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)</td>
<td>606.20</td>
<td>9.72</td>
<td>1.63%</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>1,310.00</td>
<td>20.58</td>
<td>1.60%</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>787.23</td>
<td>10.60</td>
<td>1.36%</td>
</tr>
<tr>
<td>Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td>
<td>178.74</td>
<td>2.20</td>
<td>1.25%</td>
</tr>
<tr>
<td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td>
<td>204.43</td>
<td>2.39</td>
<td>1.18%</td>
</tr>
</tbody>
</table>
</figure>
<h4 class="wp-block-heading">Worst Performers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>)</td>
<td>166.00</td>
<td>-1.03</td>
<td>-0.62%</td>
</tr>
<tr>
<td>McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>)</td>
<td>293.52</td>
<td>-1.67</td>
<td>-0.57%</td>
</tr>
<tr>
<td>The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</td>
<td>206.17</td>
<td>-0.83</td>
<td>-0.40%</td>
</tr>
<tr>
<td>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>)</td>
<td>196.85</td>
<td>-0.72</td>
<td>-0.36%</td>
</tr>
<tr>
<td>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>)</td>
<td>54.90</td>
<td>-0.20</td>
<td>-0.36%</td>
</tr>
<tr>
<td>Texas Instruments Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td>
<td>162.50</td>
<td>-0.54</td>
<td>-0.33%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">S&amp;P 500 Movers Premarket Thursday</h3>
<h4 class="wp-block-heading">Top Gainers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>)</td>
<td>33.13</td>
<td>2.30</td>
<td>7.46%</td>
</tr>
<tr>
<td>Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>)</td>
<td>58.40</td>
<td>2.55</td>
<td>4.57%</td>
</tr>
<tr>
<td>Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>)</td>
<td>83.02</td>
<td>3.34</td>
<td>4.19%</td>
</tr>
<tr>
<td>Enphase Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NYSE">ENPH</a>)</td>
<td>123.89</td>
<td>4.79</td>
<td>4.02%</td>
</tr>
<tr>
<td>Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</td>
<td>137.28</td>
<td>5.22</td>
<td>3.95%</td>
</tr>
</tbody>
</table>
</figure>
<h4 class="wp-block-heading">Worst Performers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Bath &amp; Body Works, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>)</td>
<td>44.80</td>
<td>-3.53</td>
<td>-7.30%</td>
</tr>
<tr>
<td>NiSource Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NI#NYSE">NI</a>)</td>
<td>25.32</td>
<td>-0.53</td>
<td>-2.03%</td>
</tr>
<tr>
<td>HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>)</td>
<td>28.16</td>
<td>-0.56</td>
<td>-1.95%</td>
</tr>
<tr>
<td>CF Industries Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CF#NYSE">CF</a>)</td>
<td>78.64</td>
<td>-1.26</td>
<td>-1.58%</td>
</tr>
<tr>
<td>Dominion Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>)</td>
<td>47.59</td>
<td>-0.76</td>
<td>-1.57%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Russell 2000 Movers Premarket Thursday</h3>
<h4 class="wp-block-heading">Top Gainers</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>The Children&#8217;s Place, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLCE#NASDAQ">PLCE</a>)</td>
<td>24.98</td>
<td>5.78</td>
<td>30.10%</td>
</tr>
<tr>
<td>Sterling Check Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STER#NASDAQ">STER</a>)</td>
<td>15.61</td>
<td>3.19</td>
<td>25.72%</td>
</tr>
<tr>
<td>Avidity Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>)</td>
<td>18.49</td>
<td>3.23</td>
<td>21.17%</td>
</tr>
<tr>
<td>Voyager Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VYGR#NASDAQ">VYGR</a>)</td>
<td>10.85</td>
<td>1.88</td>
<td>20.96%</td>
</tr>
<tr>
<td>Duolingo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOL#NASDAQ">DUOL</a>)</td>
<td>235.90</td>
<td>40.39</td>
<td>20.66%</td>
</tr>
<tr>
<td>C3.ai, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AI#NASDAQ">AI</a>)</td>
<td>35.28</td>
<td>5.59</td>
<td>18.83%</td>
</tr>
</tbody>
</table>
</figure>
Worst Performers
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Last</td>
<td>Chg</td>
<td>Chg %</td>
</tr>
<tr>
<td>Ironwood Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRWD#NASDAQ">IRWD</a>)</td>
<td>10.59</td>
<td>-4.53</td>
<td>-29.96%</td>
</tr>
<tr>
<td>Xometry, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XMTR#NASDAQ">XMTR</a>)</td>
<td>21.50</td>
<td>-8.59</td>
<td>-28.55%</td>
</tr>
<tr>
<td>WW International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WW#NASDAQ">WW</a>)</td>
<td>2.83</td>
<td>-0.98</td>
<td>-25.82%</td>
</tr>
<tr>
<td>Butterfly Network, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BFLY#NYSE">BFLY</a>)</td>
<td>1.19</td>
<td>-0.29</td>
<td>-19.59%</td>
</tr>
<tr>
<td>LivePerson, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPSN#NASDAQ">LPSN</a>)</td>
<td>1.93</td>
<td>-0.47</td>
<td>-19.58%</td>
</tr>
<tr>
<td>FIGS, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIGS#NYSE">FIGS</a>)</td>
<td>5.00</td>
<td>-1.03</td>
<td>-17.08%</td>
</tr>
</tbody>
</table>
</figure>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37377354/american-express-hits-all-time-high-chart-points-to-upcoming-bull-battle-at-resista">American Express Hits All-Time High: Chart Points To Upcoming Bull Battle At Resistance Line</a>
Wall Street bull illustration created using artificial intelligence via MidJourney.

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Tech Stocks Set To Rise Thursday As January Inflation Data Fails To Scare Markets, Small Caps Surge

Hormel Foods Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) shares are trading higher after the company reported better-than-expected first-quarter earnings<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/n37388037/hormel-foods-reports-first-quarter-fiscal-2024-results" rel="noreferrer noopener">&nbsp;and reaffirmed its FY24 outlook.</a>
The company reported first-quarter adjusted earnings per share of 41 cents,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the analyst consensus of 34 cents.&nbsp;</a>
Quarterly revenues of $2.997 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">beating the analyst consensus of $2.917 billion.</a>
Retail net sales in the quarter under review was down by 2%, while volume rose 2%. First quarter volume of 1.1 billion lbs. was up 4% year over year.
The company&#8217;s first quarter food service revenue gained 9%, with volume increasing 8%. International net sales fell 3%, while volumes increased 11%.&nbsp;
Quarterly adjusted operating income of $295 million rose 2% year over year. Quarterly operating margin was 9.5%, compared to 9.7% last year. Adjusted operating margin was 9.8%.
Outlook:&nbsp;Hormel Foods reaffirmed FY24 outlook, with sales of $12.200 billion-12.500 billion versus the $12.18 billion estimate.&nbsp;
The company continues to see adjusted EPS of $1.51-1.65 versus the $1.54 estimate.&nbsp;
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/02/37387249/xpeng-and-volkswagen-spice-up-partnership-for-b-class-ev-development-and-joint-sourcing-program" rel="noreferrer noopener">XPeng And Volkswagen Spice Up Partnership For B-Class EV Development And Joint Sourcing Program</a>
Price Action: HRL shares are trading higher by 6.58% to $32.86 premarket on the last check Thursday.
Photo by Willis Lam via Flickr

Earnings

Guidance

General

Why Hormel Foods Shares Are Rising Today

Hormel Foods shares are trading higher after the company reported better-than-expected Q1 earnings and reaffirmed FY24 outlook.

Hormel Foods Reaffirms FY2024 Outlook: Adj EPS $1.51-1.65 vs $1.54 Est; Sees Sales $12.200B-12.500B vs $12.18B Est

Hormel Foods Q1 Volume 1.1B lbs +4% YoY

Hormel Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) reported quarterly earnings of $0.41 per share which beat the analyst consensus estimate of $0.34 by 20.59 percent. This is a 2.5 percent increase over earnings of $0.40 per share from the same period last year. The company reported quarterly sales of $3.00 billion which beat the analyst consensus estimate of $2.92 billion by 2.60 percent. This is a 0.84 percent increase over sales of $2.97 billion the same period last year.

Hormel Foods Q1 Adj. EPS $0.41 Beats $0.34 Estimate, Sales $3.00B Beat $2.92B Estimate

The cautious sentiment prevailing throughout the week persisted on Thursday, with U.S. stock futures indicating a mostly lower open as traders anxiously await the Federal Reserve&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37373227/stocks-fall-ahead-of-feds-inflation-data-unitedhealth-sinks-bitcoin-tops-61-000-wha" rel="noreferrer noopener">favored inflation gauge</a>. If the reading proves milder than anticipated, pent-up demand from sidelined traders could propel stocks sharply higher, but a hotter-than-expected inflation figure may trigger further selling. Rising bond yields and a firmer dollar reflect apprehensions about the inflation data.
Market participants will also hear from numerous Fed officials before the &#8220;blackout&#8221; period begins on March 9. While tech earnings have generally impressed, there have been some disappointments from other sectors. The ongoing crypto rally underscores the prevailing risk-on sentiment.
Cues From Last Trading Session
Wednesday&#8217;s session saw U.S. stocks close lower as investors digested revised fourth-quarter GDP data and its inflation components. All major indices opened lower and remained below the unchanged line throughout the session, closing in negative territory.
Recent weakness has pulled the S&amp;P 500 and Dow Industrials off their record highs, with the latter declining for three consecutive sessions. Small-cap stocks reversed course and underperformed larger counterparts, with the Russell 2000 Index ending down 0.77%.
Communication services, IT, and healthcare sectors bore the brunt of the downturn, while real estate stocks surged.
Fund manager Louis Navellier said, &#8220;We&#8217;re seeing primarily a minor tech correction, with the Magnificent&nbsp;7 the weakest, the pullback on the sectors which have had the strongest YTD performance,&nbsp;a rational move.&#8221;
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.55%</td>
<td>15,947.74</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.17%</td>
<td>5,069.76</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.06%</td>
<td>38,949.02</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.77%</td>
<td>2,040.31</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Analyst Color:</figcaption></figure>
An analyst shrugged off the current lackluster phase and pointed to data that offers hope for the remainder of the year. Carson Group&#8217;s Ryan Detrick shared a chart that showed in the fourth year of a new president, the market performed well in the second half of the year. The average gain for these years is 12.2%, the chart showed.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You are here <a href="https://t.co/k2EKBF2vcD">pic.twitter.com/k2EKBF2vcD</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1762831751259259234?ref_src=twsrc%5Etfw">February 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption"> Futures Today Futures Performance On Thursday ( as of 6 a.m. ET)</figcaption></figure>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.23%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.24%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.35%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.12%</td>
</tr>
</tbody>
</table>
</figure>
<a href="https://www.benzinga.com/premarket/">In premarket trading</a> on Thursday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) slipped 0.27% to $504.90 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.20% to $434.40, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Upcoming Economic Data:
The Labor Department is due to release its customary weekly jobless claims report at 8:30 a.m. ET. Economists, on average, expect the number of individuals claiming unemployment benefits to rise from 201,000 in the week ended Feb. 17 to 209,000 in the week ended Feb. 24.
The Bureau of Economic Analysis is due to release its personal income and spending report for January at 8:30 a.m. On a month-over-month basis, personal income and spending may have increased by 0.4% and 0.2%, respectively. This compares to increases of 0.3% and 0.7%, respectively, in the previous month. The core price consumption expenditure index &#8211; the Fed&#8217;s preferred gauge, may have risen 0.4% on a monthly basis and 2.8% on an annual basis. In December, the monthly and annual rates came in at 0.2% and 2.9%, respectively.
ISM Chicago&#8217;s regional manufacturing survey results, which are due by 9:45 a.m. ET, is expected to show a slower contraction in February. The Chicago business barometer may have risen 2.1 points from January to 48.1. A reading below 50 suggests a contraction in activity.
The National Association of Realtors will release its pending home sales index for January at 10 a.m. ET. The headline is expected to show a 1.4% month-over-month increase, slower than the 8.3% climb in December.
Among the Fed speeches scheduled for the day are:
<ul>
<li>Fed Governor Christopher Waller: 10:15 a.m. ET</li>
<li>Atlanta Fed President Raphael Bostic: 10:50 a.m. ET</li>
<li>Chicago Fed President Austan Goolsbe: 11:00 a.m. ET</li>
<li>Cleveland Fed President Loretta Mester: 1:15 a.m. ET &amp; 3:30 p.m. ET</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>AMC Entertainment Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) fell about 8.50% <a href="https://www.benzinga.com/premarket">in premarket trading </a>following the company&#8217;s earnings announcement.</li>
<li>AI-levered mid-cap c3.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>) rose over 15.50%, also in reaction to its quarterly results.</li>
<li>Other stocks moving on earnings reports are Monster Beverages Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) (up over 4%), Marathon Digital Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) (down over 7%), Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) (up over 4%), HP, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) (down about 3.5%), DoubleVerify Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>) (down over 17%), Okta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) (up over 24%) and Snowflake, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) (down nearly 23%).</li>
<li>Anheuser-Busch InBev SA/NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>), Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), Celsius Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>), Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>), NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) and Papa John&#8217;s International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PZZA#NASDAQ">PZZA</a>) are among the <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting quarterly results ahead of the market open.</a></li>
<li>Those reporting after the close include Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>), Cooper Companies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>), Fisker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSR#NYSE">FSR</a>), Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>), Hewlett Packard Enterprises Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>), NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) and SoundHound AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOUND#NASDAQ">SOUND</a>).</li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures edged down 0.01% to $78.53 in early European session on Thursday after the commodity snapped a two-session winning run and ended down 0.42% on Wednesday. The benchmark 10-year Treasury note climbed 0.041 percentage points at 4.315%. 
In Asia, the Chinese market rallied strongly while the mood elsewhere showed nervousness, especially as traders awaited key U.S. inflation data. European stocks were firmed in early trading on Thursday. The crypto rally continued with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) topping $62,500.
Ahead of the U.S. PCE data, the dollar was firmer against most major currencies, except the euro and the yen.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37384873/gold-bull-peter-schiff-warns-us-q4-growth-is-really-a-credit-bubble-amid-834b-surge">Gold Bull Peter Schiff Warns US Q4 Growth Is Really &#8216;A Credit Bubble&#8217; Amid $834B Surge In National Debt</a>
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