Magnificent News: Watch this athleticwear winner, MongoDB and these dominating large caps in tomorrow’s trading

THU, JUN 01, 2023

Tomorrow's Top CNBC Stories Tonight

Lululemon pops after posting an earnings beat

Lululemon climbed well over 10% in extended trading after beating estimates on earnings and revenue. The company's same-store sales at physical shops also topped expectations, though digital sales fell short. As of today's close, the stock was up about 2% year to date. That's sluggish compared to the broader market but much better than rivals Nike and Under Armour, which are down 11% and roughly 28%, respectively.

MongoDB soars on quarterly results, strong guidance

MongoDB also rallied after hours, up roughly 20%. The company reported adjusted earnings that nearly tripled estimates, along with strong earnings and revenue guidance for both the next quarter and full year. Tonight's gains add to a strong start for the year, with MongoDB up almost 50% as of today's close. It's also heading for its eighth-straight weekly gain, which would be its longest winning streak since February 2020.

SentinelOne shares suffer

SentinelOne is down over 30% in the extended session after the firm missed revenue estimates and issued weak revenue guidance. As far as cybersecurity stocks go, SentinelOne has been a pretty strong outperformer in 2023. As of today's close, it was the fourth-best performer in the First Trust Nasdaq Cybersecurity ETF (CIBR), up 42% year to date. If tonight's decline holds until the open tomorrow, it will be one of the ETF's worst performers.

A weak outlook pulls PagerDuty's shares lower

And finally, PagerDuty is off by about 15% after hours. The company beat on earnings and revenue, but its full-year outlook was tepid. The stock reaction is not unlike Okta's, which fell 18% today despite beating on earnings and revenue on Wednesday. JPMorgan cut Okta to neutral from overweight, saying the macroeconomic environment is putting pressure on the company's growth. In a similar vein, PagerDuty's CFO told Barron's in an interview that macro pressures are making its customers more cautious.

Beef

There have been several interesting stories recently about the shrinking amount of cattle as ranchers are holding on longer while prices rise. They're buying and caring for fewer cattle due to drought and higher expenses.
Live cattle prices are up about 30% in a year.
Tyson Foods is down 18% in 2023.
BRF is up 33.6% in two months.
Beyond Meat is down 40% in three months.

Big caps dominating small caps

The iShares S&P 100 ETF (OEF) is up nearly 12% in the last three months and 3.6% in a month.
The Invesco QQQ Trust, which is even bigger than those big caps, is up 20% in three months and 9.2% in a month.
The Russell 2000, which is a collection of small cap companies, is down nearly 7% in three months and just below flat in the last month.

The tech run

On Oct. 13, the QQQ was at a 52-week low. It is up roughly 39% since then.
Since that day...
Nvidia is up 267%.
AMD is up 119%.
Meta is up 114%
However, since Oct. 13...
Alphabet is only up 26%.
Apple is only up 30%.
Microsoft is only up 47.5%.
The First Trust Cloud Computing ETF (SKYY), which tracks cloud stocks, is up 26.5% since Oct. 13.
The ETFMG Prime Cyber Security ETF (HACK), tracking cybersecurity stocks, is up 16.6% since Oct. 13.
The VanEck Semiconductor ETF (SMH), which tracks chip stocks, is up 67% since Oct. 13.
The Defiance Next Gen Connectivity ETF (FIVG), tracking 5G-related technology, is up 16.5% since Oct. 13.