ELF Beauty stock is the IBD Stock of The Day as it eyes a possible breakout after finding support at a key level. Significantly, ELF stock nearly doubled in the past year and more than quintupled over the past two years. Teen-loved cosmetics brand ELF Beauty skyrocketed on the back of outsize earnings and revenue growth, but it faces challenges in upcoming quarters.
Futures were mixed a day after the Fed's hawkish shift. Broadcom jumped on earnings. Tesla soared as Elon Musk said he expects to win the Tesla pay vote.
Shares of cosmetics company e.l.f. Beauty (NYSE:ELF) jumped 6.7% in the afternoon session after major indices soared as yields declined after the Bureau of Labour Statistics reported CPI (Consumer Price Index - a gauge of the average price consumers pay for goods and services) for the month of May 2024 came in better than expected at 3.3% year on year (versus analysts' expectations for 3.4%). The data also revealed that inflation was flat (unchanged) month on month. The inflation results benefit