Dow Jumps 400 Points; Starbucks Posts Upbeat Earnings
Portfolio Pulse from Lisa Levin
US stocks traded higher with the Dow Jones index gaining over 400 points. Starbucks Corp reported better-than-expected Q4 results with sales growth of 11.4% YoY to $9.37 billion, beating the analyst consensus estimate of $9.29 billion. 8x8, Inc., Rocky Brands, Inc., and Lemonade, Inc. also reported upbeat quarterly results. However, Outlook Therapeutics, Inc., Confluent, Inc., and Remitly Global, Inc. saw their shares drop after reporting their financial results.

November 02, 2023 | 4:16 pm
News sentiment analysis
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NEGATIVE IMPACT
Confluent, Inc. shares were down 43% after the company reported Q3 financial results.
Confluent's Q3 financial results could negatively impact investor confidence and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Outlook Therapeutics, Inc. shares dropped 53% after the FDA informed the company that an additional clinical trial would be required for the approval of ONS-5010.
The FDA's requirement for an additional clinical trial for ONS-5010 could negatively impact investor confidence and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Remitly Global, Inc. shares fell 32% after the company reported mixed Q3 financial results.
Remitly Global's mixed Q3 financial results could negatively impact investor confidence and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
8x8, Inc. reported upbeat quarterly results, causing its shares to shoot up 33%.
8x8's positive quarterly results could increase investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Lemonade, Inc. reported strong Q3 results, causing its shares to gain 37%.
Lemonade's strong Q3 results could increase investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Rocky Brands, Inc. reported better-than-expected Q3 results, causing its shares to shoot up 42%.
Rocky Brands' positive Q3 results could increase investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Starbucks reported better-than-expected Q4 results, beating analyst consensus estimates. The company sees FY24 revenue growth at the lower end of 10% - 12% forecast.
Starbucks' better-than-expected Q4 results and positive FY24 forecast could boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100