Advance Auto Parts, Kontoor Brands, Bumble: Trending Tickers
Advance Auto Parts (AAP) posts mixed fourth-quarter earnings results while its stock edges higher on its upbeat profit guidance.
Kontoor Brands (KTB) — the parent of denim brands Lee and Wrangler — shares sink on its disappointing fourth-quarter revenue.
Lastly, dating app Bumble (BMBL) announces plans to lay off 30% of its workforce in a new cost-cutting strategy.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
BRAD SMITH: Stocks lower this morning as investors, they're holding their breath for the Fed's favorite inflation gauge that's out Thursday, PCE. We're going to be watching that closely. Meanwhile, here though, Bitcoin taking center stage as it surges past $60,000, now up above $61,000. So getting closer to all-time-high territory here.
SEANA SMITH: Let's take a look at some of those individual trending tickers here. First up, Advanced Auto Parts rising. Upbeat profit guidance offsetting mixed quarterly results. Now the auto parts retailer delivered a mixed picture in its fourth quarter, reporting a wider-than-expected adjusted loss per share. But it did meet the Street's estimates on sales. CEO expressing some disappointment with the company's 2023 performance, saying that he feels, quote, "A sense of urgency to stabilize the business."
BRAD SMITH: Meanwhile, shares of clothing company Kontoor Brands sinking as its fourth-quarter results fall short of analysts' expectations. The maker of Wrangler and Lee jeans saw revenue fall in Q4 driven by a drop in its wholesale segment, which saw retailers keeping inventory tight amidst slowing consumer spending.
SEANA SMITH: And Bumble shares are also in the red, off just about 7.5%. The company reported a downbeat revenue forecast. It also announced some cost-cutting measures in an effort here to right-size the business.
Now it is cutting 30% of the workforce, 30%. These layoffs are one of the first major moves from the dating apps new CEO, who pointed to a need for Bumble to innovate in order to attract more paying users. Again, the stock off just about 8%.
