Today’s Premarket shows Stock futures continued to move upward in premarket trade on Tuesday, ahead of the earnings reports from Tesla (TSLA) and General Motors (GM).
Top stock gainers
Novartis (NYSE:NVS) surged as much as 5% after beating expectations in Q1 earnings and upping the FY2024 projection. The business now anticipates net sales to expand high-single to low double-digit from mid-single-digit, and core operating income is projected to grow low double-digit to mid-teens from a prior expectation of high single-digit growth.
ImmunityBio’s (NASDAQ:IBRX) stock surged 31% following the announcement that the U.S. Food and Drug Administration (FDA) approved ANKTIVA (N-803, or nogapendekin alfa inbakicept-pmln) in combination with Bacillus Calmette-Guérin (BCG) for treating patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) featuring carcinoma in situ (CIS), with or without papillary tumors. ANKTIVA is predicted to be accessible in the U.S. around mid-May 2024.
Top stock losses
Nucor’s (NYSE:NUE) shares tumbled by about 7% following its Q1 financial results, which fell short of market forecasts. Moreover, Nucor forecasts a sequential fall in earnings for Q2 due to lower average selling prices across both their steel plants and product divisions.
Shares of Abeona Therapeutics (NASDAQ:ABEO) dropped almost 50% in value when the FDA failed to approve its medication pz-cel, citing the need for more Chemistry Manufacturing and Controls information. The biotech business aims to submit the needed material in Q3.
Premarket
Gainers
Salesforce (NYSE:CRM) shares jumped 3.3% after the company pulled out of discussions to purchase data-management software provider Informatica (NYSE:INFA), which fell 6.7% after the two businesses were unable to reach an agreement.
Verizon (NYSE:VZ) shares jumped 1.4% after the telecom giant announced on Monday that it lost fewer wireless subscribers than projected in the first quarter due to its flexible plans and streaming bundles with discounted prices.
Apple (NASDAQ:AAPL) shares climbed 0.5% after Morgan Stanley advised investors to purchase “post-earnings weakness” in the iPhone manufacturer, citing projections for the June quarter’s revenue and estimated EPS to be 4%-7% lower than Wall Street expectations.
Losers
Li Auto (NASDAQ:LI) shares slumped 7.5% after the Chinese EV maker reduced the pricing of many of its models, including the L7, L8, L9, and the recently introduced MEGA SUV.
CNH Industrial (NYSE:CNHI) declined 4.5% after the agricultural machinery maker announced the retirement of CEO Scott Wine and the appointment of Gerrit Marx to lead the firm.
Quanex (NYSE:NX) stock slumped 3.8% after the construction materials business revealed intentions to buy Tyman, a rival in the United Kingdom, for $1.1 billion.
Tesla’s (NASDAQ:TSLA) shares plummeted 3.5% as the EV manufacturer announced further price cuts in many important locations, including China and Germany, only days after similar reductions in the United States, triggering a new electric car pricing war.
Cardinal Health’s (NYSE:CAH) stock dipped 2% after the healthcare business said that its contracts with pharmacy-benefits management OptumRx would not be extended when they expire at the end of June.
Stock in focus
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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.