Weekly Roundup: Beauty Brands Ulta and Elf Rise, Texas Pacific Land Falls

- Ulta Beauty (ULTA) shares surged the most since 2020 after delivering first-quarter results that topped Wall Street estimates, signaling that shoppers are buying up beauty products despite growing economic concerns. Profit last quarter was $6.70 a share, the company said Thursday after markets closed, beating analyst expectations for $5.80. Comparable sales were also higher than expected. The company boosted its full-year outlook for sales and profit. The better-than-expected results bode well for the turnaround plan led by Steelman as growing economic worries push consumers to pull back spending elsewhere. The company’s effort in part leans on exclusive products such as a new hair-care line from Beyoncé.
- Elf Beauty (ELF) shares surged on Thursday, after the cosmetic company agreed to acquire Hailey Bieber's beauty brand, Rhode, for $1 billion.
- Texas Pacific Land (TPL) fell for its eighth consecutive day on Thursday, its longest losing streak since April 2023.

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