Rent the Runway surges after positive forecasts
** Shares of clothing rental subscription service Rent the Runway RENT.O up 55.4% at $11.50 in trading after the bell
** Co forecasts revenue growth between 1% and 6% vs FY23, and free cash flow to break even on a full-year basis
** Posts adjusted core profit of $11.2 mln for Q4 vs $7.1 mln last year
** Shares closed ~36% higher before results, bucking the overall market trend
** The benchmark S&P 500 index .SPX closed about a percent down on Wednesday
** "It was certainly pricing in a lot more bad news than good coming into this report, so any good news is going to have a disproportionately larger reaction," said Art Hogan, chief market strategist at B Riley Wealth in Boston
** Thomas Hayes, chairman at Great Hill Capital pegs the stock move to the break-even free cash flow guidance and that investors must be liking that RENT is taking costs out of the business to make it more stable
** As of last close, RENT down ~30% YTD
Reporting by Pritam Biswas and Granth Vanaik in Bengaluru
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