Today, Stock futures were quiet after the Dow’s greatest week in 2024 ahead of inflation data later this week.
Top stock gainers
Chinese EV producer Zeekr (NYSE:ZK) shares rose 4% early Monday. Its NYSE debut and 35% rise on Friday were impressive. The shares opened at $26, 24% higher than its IPO price of $21.
Tencent Music Entertainment (NYSE:TME) shares gained over 4% after its Q1 earnings above forecasts. Revenue from music subscriptions rose 39.2% Y/Y, while paying users rose 20.2%. TME also added 6.8M paying customers, its greatest quarter-over-quarter gain. Enhanced operational efficiency and cost control drove a 41.9% Y/Y operating income rise.
GameStop (NYSE:GME) shares rose 18% to extend its 57% gain in May, the greatest month since March 2021. Individual investors have favored GameStop, which has risen for three weeks. As in 2021, individual investors drove up meme stock values like GameStop and AMC Entertainment. Keith Gill, noted for his bullish GameStop analysis on Reddit during the epidemic, made his first social media post on the X service in three years, suggesting he was watching.
Novavax (NASDAQ:NVAX) shares rose 8% on Monday after a 98% gain on Friday, reaching a 52-week high. Novavax withdrew its going-concern notice with its mixed Q1 report and attributed the spike to a $1.2B license contract with Sanofi (NASDAQ:SNY) for its COVID-19 vaccine. J.P. Morgan analysts called the purchase significant, upgrading Novavax to Neutral and Underweight. Sanofi is expected to join Novavax’s commercialization activities in 2025, therefore Nuvaxovid’s 2023–24 launch challenges are unlikely to repeat. Bank of America upgraded the stock to Neutral from Underperform and raised its price objective to $12 from $4, calling the Sanofi agreement the best given the shrinking COVID-19 market. After leaders like Pfizer established themselves, Seeking Alpha analyst Stephen Ayers upgraded Novavax to hold from strong sell, signaling that the technology may succeed in the market.
Top stock losses
Premarket
Gainers
Squarespace (NYSE:SQSP) stock gained 13% after the website builder agreed to be purchased by private equity firm Permira in a cash transaction for $6.9 billion.
AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME) stocks have risen sharply, up 9% and 36%, respectively, putting these so-called meme stocks back in favor.
Arm Holdings (NASDAQ:ARM) ADRs increased 4.1% after Nikkei Asia reported that the chip designer intends to produce artificial intelligence processors in order to capitalize on the enormous demand for all things AI.
Apple (NASDAQ:AAPL) shares increased 1.3% after Bloomberg reported that the tech behemoth was reaching an agreement with OpenAI to incorporate the startup’s AI technology inside the iPhone.
Intel (NASDAQ:INTC) shares jumped 1.2% after the Wall Street Journal reported that the technology behemoth was in advanced negotiations with Apollo Global Management (NYSE:APO) about building a $11 billion chip facility in Ireland.
Tesla (NASDAQ:TSLA) shares climbed 0.6% after the Wall Street Journal reported that the Biden administration is about to announce that tariffs on Chinese EVs would be approximately tripled.
Losers
Bristol Myers (NYSE:BMY) stock dipped 1% after the drugmaker said late Friday that its study examining a combination of cancer medicines did not fulfill its primary aim.
Stocks 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.