Today Stock futures were mostly unchanged premarket Tuesday as traders awaited inflation data.
Top stock gainers
NetEase’s (NTES) stock climbed over 4% after reports that the business was nearing a renewal of its partnership with Blizzard, bringing World of Warcraft to China. Since Netease recently worked with Marvel Games on Marvel Rivals, this relationship is likely to boost revenue.
BlackBerry (BB) stock climbed over 5% after announcing a deal with AMD. This partnership intends to improve robotics performance, accuracy, dependability, and scalability.
Top stock losses
Maxeon Solar Technologies (MAXN) shares plummeted 8% after reporting preliminary Q4 revenues of $229M, below the analyst average of $236.8M. The company shipped 653 MW and lost $35M in adjusted EBITDA. Year-ago revenues were $324M, adjusted EBITDA $4M, and shipments 734 MW. Maxeon revealed a plan to change its IBC capacity during the DG market slowdown, leading in increased restructuring expenses in Q4. The company predicted Q1 revenues of $186M, below the $241.5M expectation.
Harmonic (HLIT) shares fell 9% after Nimrod Ben-Natan was named President and CEO on June 11, 2024, replacing Patrick Harshman. The business expects Q1 revenue of $121M to $123M, matching the average estimate of $121.63M. After a strategic evaluation of its Video division, the Harmonic Board concluded that market conditions do not support its value generation goals. The company’s video business plan emphasizes profitable expansion through scalable market prospects, improved operations, and cost reduction.
Premarket
Gainers
Taiwan Semiconductor Manufacturing (NYSE:TSM) stock climbed 2.8% after the U.S. government awarded a $6.6 billion subsidy for an advanced semiconductor facility in Arizona. Earlier, its Taiwanese stock reached a record.
BP BP ADRs jumped 1.2% after the U.K. energy giant anticipated stronger first-quarter upstream oil, gas, and low-carbon energy output.
HSBC (NYSE:HSBC) ADRs climbed 0.4% after the U.K.-based bank announced plans to sell its Argentina business to Grupo Financiero Galicia for $550 million to streamline and focus on its Asian and European markets.
The drugs major said its respiratory syncytial virus vaccine Abrysvo was well tolerated and generated an immunological response in higher-risk persons under 60 equivalent to that in older adults, for whom the shot is already approved. Pfizer stock increased 0.4%.
Losers
Maxeon Solar Technologies (NASDAQ:MAXN) stock fell 14% after the company reported revenue guidance for the current quarter that fell short of expectations due to slowing global distributed generation demand forcing the company to ramp down inventory of its Maxeon 6 solar panels faster than expected, raising costs.
Tilray (NASDAQ:TLRY) stock plunged 13% after the cannabis firm disclosed a wider-than-expected loss and lower revenue in its fiscal third quarter.
Coinbase (NASDAQ:COIN) stock dipped 1% as Bitcoin, the world’s dominant digital currency, fell in price.
Trump Media & Technology (NASDAQ:DJT) shares dipped 0.5%, extending the previous session’s heavy losses as investors soured on the firm after it announced millions in losses earlier this month and claimed it would struggle to satisfy its financial obligations.
Compass Point downgraded Wells Fargo (NYSE:WFC) to ‘neutral’ from ‘buy’ ahead of Friday’s quarterly reports, causing the stock to fall 0.4%.
Tesla (NASDAQ:TSLA) stock dipped 0.3% after UBS analysts said plateauing EV demand and increased China competition could hurt its near-to-mid-term growth.
Stocks in focus
In pre-market trading, U.S.-listed Tilray Brands (TLRY) shares fell more than 13% after the cannabis business stated it no longer expects positive adjusted free cash flow for fiscal year 2024. Pot producer with U.S. and Canadian listings said asset sales cash collection was delayed. Tilray (TLRY) lowered its full-year adjusted EBITDA target to $60M-$63M from $68M-$78M. Other pot businesses fell after the company’s projection update, including Canopy Growth (CGC) down 6.2%, Cronos Group (CRON) down 5.9%, and Aurora Cannabis (ACB) down 5.6%. Charts for TLRY.
After Goldman Sachs rated GE Aerospace (GE) Buy, the stock rose slightly. After the spin-off of GE Vernova (GEV), the company was founded as a separate entity on April 2, ending the heritage conglomerate General Electric. Since then, GE Aerospace (GE) shares has gained 14.7% on a four-day victory streak. Goldman Sachs stated Tuesday that GE Aerospace (GE) would rise due to rising airplane sales. In a secular growth industry, engines offer tremendous long-term cash flow, recurring revenue, and pricing power, the brokerage noted.
After a two-day gain streak, U.S.-listed Taiwan Semiconductor Manufacturing (TSM) shares rose 3% before the opening bell. Monday’s tentative agreement with the chipmaker would provide up to $6.6B in grants and $5B in loans to expand advanced semiconductor manufacturing in the U.S. Taiwan Semiconductor’s (TSM) Arizona subsidiary signed a non-binding preliminary memorandum of agreement with the U.S. Department of Commerce for CHIPS and Science Act monies.
Alkermes (ALKS) stock rose 6% before market open after the Irish drugmaker reported its sleeping problem treatment showed promise in an early research. The business reported that ALKS 2680 outperformed placebo in narcolepsy type 2 and idiopathic hypersomnia patients in a phase 1b trial. ALKS stated the medication showed clinically meaningful and statistically significant advantages over placebo at all dose levels. The Irish pharma will choose doses for a mid-stage trial in H2 2024.
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After reporting 8% Y/Y subscription revenue growth in 4Q24, DocuSign (NASDAQ:DOCU) shares rose 10%. Electronic signature business predicts 1Q25 revenue of $704M to $708M, above analysts’ $699.1M forecast. DocuSign expects sales of $2.91B to $2.92B this year, with consensus of $2.91B. Customer adoption of Contract Lifecycle Management and eSignature in StateRAMP-authorized environments was also emphasized by the organization.
MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.
Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.
Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.
MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.
Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.
Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.