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An Ulta Beauty store is seen at Monroe Marketplace in...
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Ulta shares shine after the mega beauty retailer dropped dazzling Q4 earnings

Shares of the largest US beauty retailer are still down nearly 45% over the past year.

Nia Warfield

Ulta Beauty shares popped 6% in early trading Friday, a day after the mega beauty retailer posted an attractive Q4 earnings beat.

Revenue hit $3.48 billion, topping analyst estimates of $3.46 billion, according to FactSet, though it still fell slightly short of last year’s numbers, which included an extra week. Earnings per share came in at $8.46, beating expectations of $7.13.

As the largest US beauty retailer, Ulta has long been a go-to for cosmetics, fragrances, skin care, hair care, and salon services. However, like peers Estée Lauder, e.l.f. Beauty, and Coty, Ulta’s stock has struggled as consumer spending tightens and competition picks up from larger retail rivals like Amazon and Walmart. Ulta shares have fallen more than 20% so far this year.

For the full year, Ulta expects diluted earnings per share to range from $22.50 to $22.90, just below estimates of $23.06.

This is the first earnings report under Ulta’s new CEO, Kecia Steelman. On a call with analysts, she said the company’s relaunched loyalty program recently reached a record of 44.6 million members, and she highlighted plans to launch in Mexico and expand into the Middle East.

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SpaceX reportedly files confidentially for IPO

SpaceX confidentially filed its draft IPO paperwork with the Securities and Exchange Commission, Bloomberg reports, citing people familiar with the matter, the next step toward what is expected to be a blockbuster summer listing.

Elon Musk’s satellite and rocket company could raise around $75 billion in an IPO that would value it at more than $1.75 trillion — both records — though the exact amounts won’t be settled until it goes public, likely in June.

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Energy stocks tumble after massive March

Energy and chemical stocks tumbled early Wednesday on growing expectations that the US participation in the Iran war is nearing an end, and West Texas Intermediate crude oil futures slipped back below $100 a barrel.

LyondellBasell, APA Corporation, Dow, Inc., CF Industries, and Marathon Petroleum — the S&P 500’s top 5 gainers last month — all sank.

Natural gas drillers EOG Resources, Devon Energy, Coterra Energy, and Diamondback Energy dropped, as did integrated oil giants Exxon and Chevron. Fuel refiners and marketers such as Phillips 66 and Valero also fell.

Don’t shed too many tears for these energy giants; the S&P 500 energy sector rose 10% in March and 37% in Q1 2026.

The Energy Select Sector SPDR Fund is coming off its second-best quarter on record relative to the SPDR S&P 500 ETF, based on data going back to 1999.

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Nio, Li Auto rise as Q1 delivery totals beat internal guidance

China’s EV startup trio — Nio, Li Auto, and XPeng — are all climbing on Wednesday, following the release of March and first-quarter delivery totals.

Nio delivered 83,465 vehicles in the three months that ended in March, up 99% from the same quarter a year ago and slightly beating the upper end of its guidance. Li Auto delivered 95,142 vehicles in the period, up 2.5% and ahead of its guidance range. The figure was bolstered by 12% growth in March deliveries.

XPeng, on the other hand, saw Q1 deliveries drop 33% year over year to 62,682 vehicles — the company’s first quarterly drop since 2023. Shares are still up as of 10 a.m. ET on Wednesday, as the automaker’s March deliveries were up 80% from February’s total.

BYD is down more than 2% on Wednesday, as the automaker posted its seventh consecutive month of sales declines. First-quarter sales fell 30% year over year, Reuters reported.

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