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
Spotify (NYSE:SPOT) shares rose 8% after the music streaming firm disclosed that its gross profit exceeded E1 billion in a quarter for the first time, despite quarterly monthly active users falling short of expectations.
General Motors’ (NYSE:GM) shares increased 5.1% after the automaker announced a strong first quarter in 2024, with earnings and revenue above forecasts and the company upping its full-year guidance.
Roblox (NYSE:RBLX) shares increased 4.4% after JPMorgan raised its rating on the gaming platform to ‘overweight’ from ‘neutral’, citing considerable monetization prospects.
United Parcel Service (NYSE:UPS) shares increased 1.1% after the transportation company posted a first-quarter profit that above expectations owing to cost reduction, which somewhat offset reduced demand for small-package delivery.
Amazon (NASDAQ:AMZN) shares increased 0.5% after the e-commerce giant introduced a new grocery delivery subscription in the United States for Prime members and government food aid clients.
Losers
JetBlue (NASDAQ:JBLU) stock slumped 8.9% after the low-cost airline reduced its revenue prediction for 2024, adding that second-quarter revenue would likely fall by much to 10.5% year on year.
Cadence Design (NASDAQ:CDNS) shares slumped 6.7% after the semiconductor design software company forecasted lower second-quarter sales than expected.
Affirm (NASDAQ:AFRM) shares declined 0.2% after the fintech lender began offering “buy now, pay later” loans for elective medical procedures, a significant expansion beyond its main e-commerce industry.
PepsiCo (NASDAQ:PEP) shares declined 0.2% despite the soft drinks major exceeding quarterly profits and revenue projections, as well as a recall of some Quaker Foods cereal and bars that reduced U.S. volume.
Apple (NASDAQ:AAPL) shares declined 0.2% after the company’s iPhone sales in China plunged 19% in the March quarter, according to Counterpoint Research, marking the device’s worst performance in the area since the outbreak of Covid in 2020
Stocks In Focus
After the closing bell, Tesla (TSLA) shares will be closely watched for Q1 earnings. The Elon Musk-led corporation may post its worst quarterly report in seven years. Over the previous three months, Wall Street has revised down its forecast for EV maker earnings to 50 cents per share and revenue to $22.26B. Tesla stock fell 43% YTD in 2024. Slowing EV demand, layoffs, severe competition, and ineffectual price cuts have caused the fall.
Pre-market, PepsiCo (PEP) shares rose marginally. Food and beverage giant beat Q1 organic revenue growth. PEP’s European, Asia Pacific, Australia, New Zealand, and China markets performed well for the quarter. Organic sales rose 2.7% Y/Y. “We delivered a sequential improvement in our volume trends, year-over-year growth in our net revenue, operating profit margin, and EPS – despite Quaker Foods North America product recalls and a difficult net revenue growth comparison from the prior year,” PepsiCo (PEP) CEO Ramon Laguarta said. Performance charts for PEP.
UPS stock dropped 1% before the opening bell. Q1 earnings for the parcel delivery behemoth were mixed, with revenue under projections but profit exceeding expectations. UPS, a worldwide economic barometer, struggles with dwindling package delivery demand. Its primary U.S. domestic business saw average daily volume drop 3.2% Y/Y, lowering revenue by 5%. Though its quarterly adjusted profit per share fell 35%, it beat the expectation by eight cents. Chart UPS’s performance.
After beating Q1 sales projections by more than a billion dollars, General Motors (GM) shares rose over 6% before market open. The “Detroit Three” upped their annual profit prediction over Street expectations. “We delivered double-digit EBIT margins in North America, pricing has been steady, and we gained retail market share with incentives much lower than the industry average,” letters GM (GM) CEO Mary Barra to shareholders. Barra said retail deliveries of the carmaker’s EV portfolio rose 21% Y/Y, and GM (GM) was witnessing “good early sales momentum” for the Cadillac Lyriq. Performance charts for GM.
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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.