Today, A Wall Street selloff in prominent tech firms brought the Nasdaq to its worst day since April. Stock futures were slightly higher on Tuesday.
Top stock gainers
Following a series of sell-offs, Trump Media & Technology Group (NASDAQ:DJT) stock rose 13.3% after a 21% spike on Monday due to stock warrant exercise, signaling a large new funding source. Stock warrants exercised on June 20 and 21 are estimated to generate around $69.4 million in cash. According to the corporation, exercising all warrants for cash would net $247 million.
Top stock losses
SolarEdge Technologies (NASDAQ:SEDG) shares fell 15.5% premarket after proposing a $300 million private offering via convertible senior notes due in 2029 and a client filing for Chapter 7 bankruptcy. SolarEdge (SEDG) said it may not get $11.4 million from PM&M Electric under a secured promissory note after Chapter 7 bankruptcy, delaying collection.
Enerpac Tool Group (NYSE:EPAC) shares tumbled 9% in early trading after the hydraulic tool maker reported lower quarterly sales and lowered full-year organic revenue growth to 2% to 3%. Revenue dipped 3.8% to $150.4 million, missing the consensus forecast of $153 million for the company’s fiscal third quarter ended May 31. Based on better-than-expected margin performance, the business raised adjusted EBITDA estimate to $147 million to $150 million.
Pool (NASDAQ:POOL) shares fell 10.9% after the firm forecast lower-than-expected earnings per share this year due to sluggish pool construction demand. The business now expects 2024 EPS of $11.04 to $11.44, down from $13.19 to $14.19. The company forecasts full-year sales to decline 6.5% and pool units to drop 15% to 20%.
Premarket
Gainers
Trump Media & Technology Group (NASDAQ:DJT) stock surged 9.2%, extending Monday’s gains after the former president’s company reported that cash exercise of warrants would generate $69.4 million.
Nvidia (NASDAQ:NVDA) stock surged 2.3%, rebounding after the chipmaker fell nearly 7% in the previous session, bringing its market capitalization back above $3 trillion.
Novo Nordisk’s (NYSE:NVO) stock jumped 2.1% after Chinese officials approved the drugmaker’s popular Wegovy weight-loss therapy.
Mastercard (NYSE:MA) stock climbed 0.2% after Commerzbank rated the US payment service provider a “strong buy,” citing its outstanding growth prospects and global payments leadership.
Losers
SolarEdge (NASDAQ:SEDG) shares plunged 17% after the renewable energy provider revealed intentions to issue $300 million in new debt.
Pool (NASDAQ:POOL) stock slumped 11% after the swimming pool supplies distributor reduced earnings and revenue forecasts, citing weaker new pool building and remodel activity.
Airbus (OTC:EADSY) stock slumped 11% after the aircraft manufacturer announced that it will lower its financial forecasts for 2024, citing supply chain concerns and increased expenditures in its space systems division.
Birkenstock (NYSE:BIRK) stock fell 3.8% after the footwear company said that a major stakeholder intends to sell 14 million shares in a public offering.
Spirit AeroSystems (NYSE:SPR) stock dipped 3.3% after Bloomberg reported that Boeing (NYSE:BA) has offered to acquire the airplane fuselage maker in a deal funded primarily by stock that values its main supplier at $35 per share.
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.