Boeing
Pre-Market active stocks
Gainers
- SMCI stock soared over 12% after the artificial intelligence server maker reported good quarterly earnings and boosted its full-year sales projection.
- Strong first-quarter figures lifted F5 Networks (NASDAQ:FFIV) stock 10% after the cybersecurity company boosted its 2024 earnings projection.
- GM (NYSE:GM) stock rose 7.8% after the automaker reported lower fourth-quarter pretax profit but provided investors an optimistic view for 2024 and suggested more capital return to shareholders.
- Ford shares jumped 2.7% after the automaker said it would supply Ecolab (NYSE:ECL) with more than 1,000 F-150 Lightning and Mustang Mach-E electric vehicles to replace its gas-powered vehicles in California.
- Pfizer (NYSE:PFE) stock increased 1.1% after reporting a surprise quarterly profit due to stronger COVID product demand and decreased research costs.
Losers
- As clients reconsider spending plans, Calix (NYSE:CALX) stock fell over 20% after the telecom software supplier released first-quarter forecasts below Wall Street estimates.
- UPS stock slumped 7% as the world’s largest package transportation company anticipated lower yearly revenue due to weak domestic and international e-commerce demand.
- Whirlpool (NYSE:WHR) stock slumped 4.6% after the white goods producer anticipated lower full-year sales and profit due to rival pricing pressure and greater expenses.
- JetBlue Airways (NASDAQ:JBLU) stock declined 0.9% after the low-cost carrier reported a fourth-quarter loss and anticipated a first-quarter revenue drop due to decreasing domestic demand.
Stocks in focus
Pfizer (NYSE:PFE) shares rose 1% in pre-market trading as the pharmaceutical giant reported a surprise Q4 2023 adjusted profit, supported by better-than-expected COVID-19 performance and a large decrease in R&D spending. Pfizer (PFE) lost investors last year as demand for its COVID-19 drugs, antiviral Paxlovid and vaccine Comirnaty produced with BioNTech, plummeted. Revenue from the two items dropped dramatically to $12.5B in 2023 from $56.7B in 2022. Charts show PFE performance.
JetBlue Airways (JBLU) stock plunged over 6% before the opening bell after reporting a Q4 2023 loss. While quarterly capacity increased, operating revenue declined 3.7% to $2.3B. With revenue down 5% to 9% Y/Y, JetBlue’s (JBLU) Q1 2024 outlook disappointed. After indicating last week that the merger with Spirit Airlines (SAVE) may be dissolved on or after January 28, JetBlue (JBLU) did not provide any updates. U.S. officials believe the merger will raise plane fares, delaying it.
NASDAQ:AMD shares will be watched after the closing bell for Q4 2023 earnings. Wall Street forecasts 77 cents per share on $6.14B in revenue. AMD’s (AMD) outlook will be watched closely after Intel (INTC) disappointed investors last week with its forecast. AMD’s (AMD) MI300 AI chips, which compete with market leader Nvidia (NVDA), will also be watched by analysts. UBS says recent channel and customer inspections show solid chip demand.
Microsoft (MSFT) stock will also be watched as it announces FQ2 2024 earnings in extended session. Wall Street expects MSFT to earn $2.77 per share on $61.13B in revenue. In 2023 and 2019, investors favored Satya Nadella’s company, which joined Apple (AAPL) in the $3T market valuation club. With its investment in OpenAI and chatbot Copilot, the company has become an AI pioneer while simultaneously expanding into the cloud market with Azure. Wedbush considers Microsoft’s (MSFT) earnings report a “key barometer for the pace of AI spending.”
Alphabet (GOOG) (GOOGL), another “Magnificent 7” company, will disclose its earnings after hours. Wall Street forecasts $1.60 per share for Google-parent in Q4 2023 on $85.27B in revenue. After Alphabet’s (GOOG) (GOOGL) cloud unit had its worst sales growth since 2021 in Q3, investors will be watching. Google search and YouTube are anticipated to improve due to rising digital advertising investment and AI use.
WEEKLY EARNINGS CALENDAR
Tuesday, JAN 30
Algoma Steel, Canopy Growth, Metro, CAE, CP Rail, Pfizer, JetBlue, UPS, GM, AMD, Mondelez, Alphabet Starbucks, Microsoft, Electronic Arts
Wednesday, JAN 31
Boeing, Mastercard
Thursday Feb 01
Apple, Amazon, Meta, Peloton, Sirius
Friday, Feb 02
TKO, Abbvie, Chevron, Imperial Oil, Exxon
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Airbnb suffers as a result of KeyBanc’s downgrade
Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.
Following the split, WK Kellogg began at Sell.
Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00.
WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.
Nortfolk Southern and Bread Financial have been downgraded.
Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.
Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday.
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ell suffers as a result of a downgrade by Barclays.
Dell Technologies (NYSE:DELL) shares tumbled 3% before the bell on Thursday after Barclays downgraded the firm to Underweight from Equalweight, with a $53.00 price target.
Cloudflare began at Underperform.
Cloudflare (NYSE:NET) has been added to BofA Securities’ coverage with an Underperform rating and a $52.00 price objective.
Crocs (NASDAQ:CROX) shares were down more than 2% in pre-market trading today after B.Riley downgraded the firm to Neutral from Buy and reduced its price objective to $101.00 from $125.00.
Verint Systems (NASDAQ:VRNT) was downgraded from Outperform to Perform by Oppenheimer.
Following the company’s announced Q2 EPS and sales misses, as well as dismal full-year forecasts, shares fell more than 17% pre-market today.