Premarket Winners and Losers
U.S. futures fell Wednesday as investors awaited the latest Federal Reserve monetary policy announcement.
Top Gainers
After the board authorized a 50-for-1 split of Chipotle (NYSE:CMG) common shares, the price gained 5.8%, allowing additional investors to buy into the firm.
Mobileye Global (NASDAQ:MBLY) climbed 3.9% after Volkswagen (ETR:VOWG_p) stated it will collaborate with the autonomous driving business to build its vehicles.
The Biden administration awarded Intel (NASDAQ:INTC) over $20 billion in grants and loans to expand chip manufacturing, sending its shares up 3.6%.
General Mills (NYSE:GIS) shares jumped 3.1% after the processed foods major reported a smaller-than-expected quarterly revenue dip, supported by increased morning cereal, snack bar, and pet food pricing that offset declining demand.
Tesla (NASDAQ:TSLA) shares increased 0.6% after confirming it will boost the price of China-made Model Y vehicles on April 1, indicating strong demand in this key region.
Nvidia (NASDAQ:NVDA) shares increased 0.3% in turbulent trade after revealing price and shipment plans for its highly anticipated Blackwell B200 processor.
Top losers
Signet Jewelers (NYSE:SIG) shares slumped 7.3% as the world’s largest diamond jewelry retailer announced a steep fourth-quarter sales loss, notably in North America.
BioNTech (NASDAQ:BNTX) The COVID-19 vaccine maker’s shares plummeted 5% after reporting a drop in 2023 sales and profitability as it focused on cancer treatment research.
Boeing (NYSE:BA) stock sank 1.8% as CFO Brian West said cash flow will be weaker than projected even in January as the beleaguered jet maker concentrates on quality following a series of mishaps.
JetBlue (NASDAQ:JBLU) shares dipped 0.9% after the carrier announced route and market cuts to enhance financial performance.
Stocks in focus
Tencent’s U.S.-listed shares will be watched after the Chinese gaming giant announced dismal Q4 revenue growth that missed projections. Total quarterly sales climbed 7% Y/Y to RMB 155.2B ($21.6B), below expectations of RMB 157.4B. Equityholder profit rose 44% Y/Y to RMB 42.7B. Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) will quadruple its stock repurchase program to above HKD 100B ($12.8B). Domestic games revenue fell 3% Y/Y, while social networks revenue fell 2% owing to reduced music and games live streaming sales. Online advertising sales rose 21% Y/Y.
General Mills (GIS) stock rose more than 3% in pre-market trade after reporting a better-than-expected quarterly organic sales drop. bring volumes outweigh price increases to bring FQ3 2024 net sales to $5.1B, down 1%. General Mills (GIS) increased its gross margin by 100 basis points to 33.5% of net sales through cost-cutting and improved net price realization and mix. Operating profit rose 25% to $911M. The business also maintained its fiscal 2024 full-year estimate.
With FQ2 2024 earnings expected after the bell, Micron Technology (MU) shares will be in focus. Wall Street anticipates Micron (MU) to lose 24 cents per share on $5.35B in sales. Due to rising demand for high bandwidth memory (HBM) processors to fuel artificial intelligence, investors will watch its performance. After a considerable fall in 2023, dynamic random access memory (DRAM) pricing could rebound in 2024, prompting robust guidance from the firm. Micron (MU) stock has surged over 10% YTD as semiconductor and tech stocks have rallied.
Mobileye Global (MBLY) Class A shares rose over 5% before the opening bell as the Israeli autonomous driving technology business expanded its cooperation with Volkswagen (OTCPK:VWAGY) (OTCPK:VWAPY). Mobileye (MBLY) will deliver partially and highly autonomous driving technologies for Audi, Bentley, Lamborghini, and Porsche under the arrangement. Advanced highway and urban driving assistance systems and automated red-light and stop sign stopping are included.
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3M (MMM) rose over 7% pre-market. The industrial conglomerate’s appointment of former L3Harris Technologies (LHX) CEO William Brown as its new CEO, starting May 1, appeared to please investors. Brown will succeed Michael Roman as 3M’s (MMM) executive chairman. Brown was Harris Corp’s CEO before its 2019 merger with L3 Technologies. After becoming CEO of the merged firm, he was executive chair from June 2019 until June 2022. Roman was 3M’s (MMM) CEO since July 2018.
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