Today, After cooler CPI data propelled U.S. market indexes to record highs, stock futures are mixed in Premarket.
Top stock gainers
Cisco Systems (NASDAQ:CSCO) shares climbed 5% after reporting strong FQ3 earnings and a positive outlook. In FQ4, the business expects to earn $0.84–$0.86 per adjusted share, exceeding the average expectation of $0.84, and sales of $13.4B–$13.6B, compared to $13.54B. Cisco expects adjusted gross margins of 66.5%–67.5%. Cisco boosted its FY2024 sales projection to $53.6B to $53.8B, up from $51.5B to $52.5B and above the average expectation of $53.63B.
Chubb Limited (NYSE:CB) stock rose more than 8% after Berkshire Hathaway (BRK.B) (BRK.A) announced a 25.9M share holding in the insurer, valued at $6.7B at the end of Q1 2024.
After announcing a commercial arrangement with AT&T (T) to provide its space-based broadband network directly to cell phones until 2030, AST SpaceMobile (NASDAQ:ASTS) shares rose over 42%. AST SpaceMobile (ASTS) will launch its first commercial satellites from Cape Canaveral this summer.
Top stock losses
On Thursday, GameStop (GME) and other meme stocks extended their losses after a strong start to the week. The meme-stock frenzy began in 2021 with a tweet by retail investor Keith Gill, known as Roaring Kitty. AMC Entertainment Holdings (AMC) fell 13%, GameStop (GME) 16%, and BlackBerry Limited (BB) 7%.
Premarket
Gainers
Chubb’s (NYSE:CB) stock surged 7.8% after Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) announced a $6.72 billion investment in the insurer.
Walmart (NYSE:WMT) shares surged 4.9% after exceeding quarterly profits and revenue projections, aided by robust e-commerce growth.
JD (NASDAQ:JD) ADRs increased 3.9% as the Chinese retailer’s first-quarter sales exceeded expectations, thanks to price cuts and discount coupons for price-conscious customers.
Cisco Systems (NASDAQ:CSCO) shares increased 2.6% after the communications equipment company posted higher-than-expected quarterly results.
Dell (NYSE:DELL) shares jumped 1.7% after Evercore ISI boosted its price target for the IT behemoth, rated ‘outperform’, to $165 from $140, citing the company’s success in winning a substantial chunk of Tesla’s AI server buildout.
Losers
AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME) both reported double-digit losses as the purchasing momentum for these so-called meme stocks faded.
Deere & Company (NYSE:DE) shares slumped 5.2% after the agriculture and construction gear manufacturer issued dismal profit outlook while reporting better-than-expected results for the fiscal second quarter.
Meta Platforms (NASDAQ:META) shares dipped 0.5% after the European Commission started an inquiry into Facebook’s parent company for possible violations of the bloc’s tough online content rule relating to child safety hazards.
Stocks In Focus
Walmart (WMT) shares rose 6% in pre-market trading after the retailer reported strong FQ1 2025 comparable sales growth in its U.S. and Sam’s Club businesses and raised its fiscal full year revenue and adjusted profit estimate. Global revenues in e-commerce and Walmart’s (WMT) advertising operations rose 21% and 24% Y/Y, respectively, during the quarter. Walmart (WMT) expects its fiscal 2025 consolidated net sales and adjusted earnings per share to be at the high end or slightly over its previous prediction of +3% to +4% and $2.23 to $2.37, respectively. Charts show WMT performance.
Deere (DE) stock fell nearly 5% before the opening bell after the world’s largest agricultural equipment and machinery company dropped its fiscal 2024 net income projection again. Farm income was hampered by falling crop prices. FQ2 2024 revenue down 12% Y/Y to $15.24B, and Deere (DE) now expects full-year net income of $7B, down from $7.5B to $7.75B. The company reported that global agriculture and grass demand decreased in the quarter, but construction remained stable. Charts show DE performance.
U.S.-listed Baidu (BIDU) shares fell 1% before market open, reversing gains. The Chinese internet giant and Asia’s largest search engine provider surpassed Q1 top and bottom line predictions due to core business growth and AI cloud product demand. Total revenue climbed 1% Y/Y to RMB 31.51B ($4.37B), and adjusted earnings per American depositary share rose 24% to RMB 19.91. In the quarter, Baidu (BIDU) extended its AI product offering, although online advertising sales still dominate its revenue.
After the closing bell, Take-Two Interactive Software (TTWO) shares will be watched for FQ4 2024 results. Wall Street forecasts 8 cents per share on $1.32B in revenue. Investors will be looking out for any commentary on Take-Two (TTWO) unit Rockstar Games’ highly anticipated release Grand Theft Auto VI. The game is apparently facing a probable release delay into late 2025 or 2026 as work has slipped behind schedule. Take-Two (TTWO) in April claimed it will dismiss 5% of its workers and added that it would scarp many projects in development.
Must read book about investing – check here Today Today Today Today Today Today Today Today Today
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.