Premarket movers
Gainers
Eli Lilly (NYSE:LLY) has anticipated 2024 sales that would exceed expectations, owing in large part to rising expected demand for its weekly diabetes injection, driving shares of the U.S. drugmaker up.
NXP Semiconductors (NASDAQ:NXPI) shares climbed in premarket trade on Monday after the automotive chipmaker disclosed fourth-quarter results that exceeded Wall Street predictions and current-quarter profitability guidance that met expectations.
Spotify (NYSE:SPOT) shares climbed after the music streaming behemoth announced a stronger-than-expected first-quarter monthly active user projection.
Chinese stocks listed in the United States rose after the China Securities Regulatory Commission announced new support measures for the domestic stock market. The regulator promised to encourage more local funds and asset managers to invest in the Chinese market and to order local enterprises to buyback more shares.
Palantir (NYSE:PLTR) shares rose after the software and analysis firm announced a higher-than-expected annual earnings prediction.
United Parcel Service (NYSE:UPS) shares rose after UBS analysts upgraded their rating for the courier to buy from neutral.
Losers
Chegg (NYSE:CHGG) shares fell after the online educational services provider missed expectations for adjusted core earnings in the first quarter.
Stocks in Focus
Pre-market activity saw Spirit AeroSystems (SPR) shares fluctuate, ultimately up ~2%. The business suspended its 2024 guidance due to safety concerns with its biggest customer Boeing’s (BA) 737 Max jets. Spirit (SPR) won’t issue an outlook “until there is further clarity on the timing of 737 MAX production rate increases from our customer in relation to FAA approval and ongoing price negotiations with Airbus (OTCPK:EADSF) (OTCPK:EADSY).” SPR missed Q4 2023 profits but beat revenue projections. Quarterly deliveries rose to 398 shipsets, including 104 Boeing 737s.
Spotify Technology (SPOT) stock rose 8% before the opening bell after reporting its second-largest Q4 2023 MAU increases. Its MAUs rose 23% Y/Y to 602M, 1M ahead of Spotify’s (SPOT) expectations. Premium subscribers rose 15% Y/Y to 236M, exceeding the company’s projection by 1M. Revenue and profitability trends were “inflecting favorably” until 2024, according to SPOT. Charts show SPOT performance.
Before market open, Eli Lilly (NYSE:LLY) shares rose more than 5% after the pharmaceutical company reported a strong Q4 2023 top and bottom line thanks to strong sales of its diabetes drug Mounjaro and weight loss drug Wegovy, despite competition from Novo Nordisk. The tremendous demand for GLP-1 agonists has helped Eli Lilly (LLY) and Novo Nordisk (NVO) become the world’s largest health care firm and Europe’s largest publicly listed corporation, respectively. LLY’s Mounjaro earned $2.2B, compared to Bloomberg’s $1.8B, while Wegovy earned $175.8M, versus $140.7M. Charts show LLY performance.
Q4 2023 earnings from Dow 30 component Amgen (AMGN) will be watched after the bell. Wall Street anticipates the Thousand Oaks, Calif.-based drugmaker to earn $4.59 per share on $8.11B in revenue. As Amgen (AMGN) develops its own GLP-1 agonist, investors will watch for its ambitions to challenge weight loss champions. AMGN’s quarterly earnings will likely be led by blockbuster pharmaceuticals like Prolia and Enbrel.
Chipotle Mexican Grill (CMG) shares will also be watched for Q4 2023 earnings in extended trading. Wall Street expects CMG to earn $9.73 per share on $2.49B.
Demand for Chipotle (CMG)‘s tacos, burritos, and salad bowls kept it growing in 2023 despite customers cutting back on discretionary spending due to inflation and high interest rates.
DocuSign (DOCU) fell 7% pre-market, heading for a sixth straight loss. The drop follows a report that DOCU’s private equity buyout has halted. The electronic signature firm announced Tuesday that it would stay publicly traded. It also announced a 6% layoff of 400 employees, mostly in sales and marketing. Job losses will cost the corporation $28M to $32M in restructuring expenses, which should be completed by Q2 2024.
Weekly Earnings Calendar
Tuesday
Amgen (AMGN), Chipotle (CMG), e.l.f. Beauty (ELF ), Eli Lilly (LLY), Spotify (SPOT), Fiserv (FI), Ford (F), Hertz (HTZ), BP (BP), Snap (SNAP), Toyota (TM)
Wednesday
Alibaba (BABA), Arm Holdings (ARM), CVS (CVS), Mattel (MAT), Paycom (PAYC), Paypal (PYPL), Roblox (RBLX), Uber (UBER), Walt Disney (DIS), Wynn Resorts (WYNN)
Thursday
Affirm (AFRM), Aurora Cannabis (ACB), Bill.com (BILL), ConocoPhillips (COP), Expedia (EXPE), Hershey (HSY), Pinterest (PINS), Spirit (SAVE), Take-Two Interactive (TTWO)
Friday
Canopy Growth (CGC), Pepsi (PEP)
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