E.l.f. Beauty CEO Tarang Amin refuted allegations from short seller Muddy Waters, which claimed the company overstated revenue and inventory. Amin emphasized the company's 23 consecutive quarters of growth and strong market share, asserting that the accusations are unfounded and aimed at manipulating stock prices. He noted that E.l.f. has increased inventory to meet rising demand, particularly internationally, despite challenges faced by competitors in the beauty industry.
Stock futures remained nearly flat following a significant rally after Donald Trump's election victory, with traders now focused on the Federal Reserve's interest rate decision expected Thursday. The Dow, S&P 500, and Nasdaq all reached new highs, while expectations for future rate cuts have shifted, indicating a potential pause in January. Key earnings reports from companies like Lyft and SolarEdge also influenced market movements in after-hours trading.
E.l.f. Beauty reported a 40% sales increase, raising its full-year revenue guidance to $1.32-$1.34 billion, surpassing analyst expectations. The company posted adjusted earnings of 77 cents per share, significantly above the anticipated 43 cents, and plans to expand shelf space in Target and Walgreens. CEO Tarang Amin highlighted the brand's appeal across generations, attributing success to its value-driven strategy and innovative product offerings.
Jim Cramer noted that Monday's market movements indicate some traders are anticipating a potential victory for Vice President Kamala Harris in the upcoming election, despite a deadlocked race. A recent poll showing Harris leading Trump in Iowa has sparked investor interest, particularly in sectors like home building and imports, which may benefit from her proposed policies. However, Cramer cautioned against overreacting to these market signals, suggesting that traders may not be the best predictors of long-term trends.
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