AI drive market, Nvadia leads/ Stocks 25

market movers

After market active

Midday movers

Premarket active stocks

Insider trades

Expert’s pick and cuts

MARKET MOVERS 

After market active stocks

Gainers

• Marvell Technology (NASDAQ:MRVL) 14% HIGHER;The quarterly earnings per share (EPS) for Marvell Technology (NASDAQ:MRVL) came in at $0.31, $0.02 higher than the $0.29 average expectation. Compared to the average forecast of $1.3 billion, the quarter’s revenue came in at $1.32 billion. Compared to the average estimate of $0.31, Marvell Technology expects Q2 2024 EPS of $0.27 to $0.37. In contrast to the average estimate of $1.31B, Marvell Technology
• Gap Inc (NYSE:GPS) 13% HIGHER;Gap Inc. (NYSE:GPS) posted Q1 EPS of $0.01, $0.16 more than the average expectation of ($0.15). This is a 13% increase. Contrary to the consensus forecast of $3.29B, the quarter’s revenue came in at $3.28B. In comparison to the net sales of $3.86B from the second quarter of last year, the business anticipates a mid- to high-single-digit decline in second-quarter net sales.
• Workday (NASDAQ:WDAY) 8% HIGHER; Workday (NASDAQ:WDAY) announced Q1 EPS of $1.31, $0.19 more than the average expectation of $1.12, resulting in an increase of 8%. Contrary to the consensus forecast of $1.67B, the quarter’s revenue came in at $1.68B. The business has increased its low end forecast for subscription revenue for fiscal 2024 to a range of $6.550B to $6.575B, an increase of 18% from the previous fiscal year.

Losers

• Tilray (NASDAQ:TLRY) 19% LOWER; (NASDAQ:TLRY) reported that it has started a registered offering of Convertible Senior Notes due 2027 for $150 million aggregate principal amount.
• Ulta Beauty (NASDAQ:ULTA) is down 9%; their Q1 EPS of $6.88 was $0.06 more than expected at $6.82. Contrary to the average forecast of $2.62 billion, the quarter’s revenue came in at $2.6 billion. Comparable sales (sales at establishments open at least 14 months and online sales) rose by 9.3% in the first quarter of fiscal 2022 compared to 18.0% in the same period last year, driven by an 11.0% rise in transactions and a 1.5% increase in revenue.

Midday Movers

Gainers

• NVIDIA Corporation (NASDAQ:NVDA) shares jumped 25%  The demand for NVIDIA Corporation’s (NASDAQ:NVDA) processors, which enable artificial intelligence technology, notably generative chatbots, is soaring, and the chip maker anticipated $11 billion in sales for the current quarter. This led to a 25% increase in the company’s share price. While shares of Intel (NASDAQ:INTC) decreased 6.6%, shares of Advanced Micro Devices (NASDAQ:AMD) increased 10%.

Losers

• Snowflake Inc (NYSE:SNOW) shares fell 16% After surpassing expectations for the first quarter, Snowflake Inc. (NYSE:SNOW) shares dropped 16% after the cloud computing firm provided softer-than-expected projections for second-quarter sales.  
• Shares of Dollar Tree Inc. (NASDAQ:DLTR) dropped 15% after the bargain retailer missed first-quarter forecasts and lowered its full-year earnings forecast.
• American Eagle Outfitters Inc (NYSE:AEO) shares fell 13%  Shares of American Eagle Outfitters Inc (NYSE:AEO) dropped 13% after the company revised its earlier projection for revenue growth from flat to slightly positive to flat to negative.
• Illumina Inc (NASDAQ:ILMN) shares fell 8.6% As the genome sequencing firm enters a shareholder meeting where shareholders will vote on the conclusion of a proxy dispute by activist investor Carl Icahn, shares of Illumina Inc (NASDAQ:ILMN) dropped 8.6%. Icahn Enterprises LP (NASDAQ:IEP) stock dropped more than 20%.

Pre-market active stocks

Gainers

• Nvidia (NASDAQ:NVDA) stock soared 28% After the most valuable chip business in the world, Nvidia (NASDAQ:NVDA), predicted good current-quarter sales and said it was ramping up supplies to meet soaring demand for its artificial intelligence processors, the shares of the company rose 28%. 
• Virgin Galactic (NYSE:SPCE) stock rose 6.1% With the space tourism company scheduled to fly its maiden spaceflight trip nearly two years from now on Thursday, a final planned test flight before it can start its long-awaited commercial service,
• Best Buy (NYSE:BBY) stock rose 4.4% The shares of consumer electronics giant Best Buy (NYSE:BBY) increased 4.4% after it topped quarterly profit forecasts thanks to its promotional initiatives.
• Vipshop (NYSE:VIPS) stock rose 3.9% The share price of VIPshop (NYSE:VIPS) increased 3.9% after JPMorgan changed its rating on the Chinese e-commerce business from “neutral” to “overweight,” calling it the finest defensive move in the e-commerce industry.
• MetLife (NYSE:MET) stock rose 2.2% After signing a $19.20 billion reinsurance agreement with retirement and life insurance company Global Atlantic, and increasing its stock repurchase program to $4 billion,

Losers

• American Eagle Outfitters (NYSE:AEO) stock slumped 19.7% After cutting its full-year sales projection, American Eagle Outfitters (NYSE:AEO) reported a 19.7% decline in shares as slower-than-expected demand for its clothing owing to persistently high inflation.
• Snowflake (NYSE:SNOW) stock fell 13.6% After the software provider published a dismal sales projection for the current quarter, Snowflake’s (NYSE:SNOW) shares dropped 13.6%, indicating that given the hazy macroeconomic situation, businesses are cutting down on their expenditure on cloud software.
• Dollar Tree (NASDAQ:DLTR) stock fell 11.2% The shares of discount retailer Dollar Tree (NASDAQ:DLTR) dropped 11.2% after it lowered its annual profit prediction as rising inflation slowed consumer desire for higher-margin goods.

Insider trades

Carla Vernon, CEO of The Honest Company Inc. (HNST), purchased 50,000 common shares on May 23, 23, for $1.68. After the most recent acquisition, Vernon now owns 1,895,238.

Upgrades by Experts

Baird boosted its price objective for NVIDIA (NASDAQ:NVDA) from $300.00 to $475.00 and upgraded the stock to Outperform from Neutral.

Ford (NYSE:F) shares increased by around 1% in pre-market trading today after Daiwa Securities raised its rating for the firm from Underperform to Neutral with a $12.00 price target.

Pre-market trading for Vipshop (NYSE:VIPS) shares increased by more than 2% as a result of JPMorgan raising its price objective for the stock from $16.00 to $18.00 and upgrading the business to Overweight from Neutral.

With a price objective of $16.50, Bank of America raised Accolade’s (NASDAQ:ACCD) rating from Neutral to Buy due to the company’s promising long-term trajectory and breakeven path.

Downgrades by Experts

Exane BNP Paribas downgraded Shopify (NYSE:SHOP) from Neutral to Underperform with a $51.00 price target, pointing out that declining U.S. consumer spending on more expensive goods may be a constraint on the company’s potential outperformance.

Barclays lowered its price objective for XPeng (NYSE:XPEV) from $8.00 to $6.00 and downgraded the stock to Underweight from Equalweight. After a Q1 results report yesterday and a 5% fall the day before, shares fell more than 5% premarket today.

Caleres (NYSE:CAL) was downgraded by Piper Sandler from Overweight to Neutral, and the firm lowered its price objective from $35 to $25.

Citi lowered its price objective for Dish Network (NASDAQ:DISH) from $18.00 to $8.00 and downgraded the company from Buy to Neutral. 

Earnings Calendar

Friday, May 26, 2023

PDD Holdings DRC (PDD)