Premarket movers
Gainers
Ford Motor (NYSE:F) shares rose in premarket trade in the United States after the automaker announced a revenue projection for 2024 that exceeded analysts’ expectations and pledged to distribute more cash to shareholders. General Motors (NYSE:GM) and Stellantis (NYSE:STLA) were also up.
Fortinet (NASDAQ:FTNT) announced a higher-than-expected fourth-quarter earnings from its cybersecurity division after a slew of hacking events prompted an increasing number of businesses to spend more on protecting their digital operations. The company’s stock surged dramatically.
Losers
Snap (NYSE:SNAP) shares fell more than 30% after the social media company announced quarterly sales of $1.36 billion, below expectations.
New York Community Bancorp (NYSE:NYCB) said it had a strong enough liquidity base to more than cover bank deposits that were not covered by U.S. government-backed insurance, as the regional bank sought to reassure investors after Moody’s (NYSE:MCO) downgraded its long-term and some short-term issuer ratings to “junk” status. Shares in the regional bank went positive, reversing previous losses that had sent the stock price to its lowest level since 1997.
Uber Technologies (NYSE:UBER) declared its first-ever yearly operational profit on a net basis, owing to strong holiday demand for its ride-sharing and food delivery services. However, shares were down premarket.
Yum China (NYSE:YUMC) shares soared after the operator of the KFC and Pizza Hut fast food brands reported fourth-quarter comparable sales that exceeded expectations.
VF Corp (NYSE:VFC) fell after the owner of the Vans shoe brand reported lower-than-expected third-quarter adjusted earnings per share and revealed that its chief financial officer would step down later this year.
Stocks in Focus
U.S.-listed shares of Alibaba (BABA) originally climbed in pre-market trading after the Chinese e-commerce behemoth released FQ3 2023 earnings and a $25B boost to its share repurchase program. They have now reversed course and were last down 5%. Some analysts and investors appear to be unhappy with Alibaba’s (BABA) sales performance. The firm showed a +2.1% Y/Y gain in FQ3 revenues to $36.67B. Alibaba (BABA) was just unseated by Pinduoduo-owner PDD (PDD) as the most valued Chinese e-commerce business.
Fox Corp’s class A (FOXA) and class B shares (FOX) climbed by 4% and approximately 5%, respectively, ahead of the opening bell. The broadcasting corporation produced a FQ2 2024 top and bottom line beat, backed by greater sports sublicensing income at its national sports networks. Still, quarterly advertising income declined around 20% Y/Y to $2B, mostly owing to the lack of the FIFA soccer world cup and reduced political advertising revenue due to the absence of the 2022 mid-term elections.
Uber Technologies (UBER) stock seesawed ahead of market open, ending down more than 2%. The ride-hailing business posted a Q4 2023 top and bottom line beat, led by a 22% Y/Y jump in gross bookings to $37.6B. The major sales statistic again came in ahead of the expected number of $37.2B. Uber (UBER) top boss Dara Khosrowshahi remarked that the company’s platform witnessed a “average of nearly 26M daily trips last year.” For Q1 2024, Uber (UBER) forecasted for gross bookings of $37B to $38.5B. See how UBER did in charts.
Class A shares of Roblox (RBLX) rose about 11% in pre-market trading, after the kids gaming platform disclosed a narrower-than-expected Q4 2023 loss on better-than-anticipated bookings. The firm, which counts 9 to 12 year-olds as its top demographic, had its average daily active users surge 22% Y/Y to 71.5M, while its monthly unique payers grew 18% Y/Y to 15.9M. For Q1 2024, Roblox (RBLX) anticipated bookings of $910M to $940M, far above the average expectation of $902.6M.
PayPal (PYPL) shares will be under focus, with the payment technology giant slated to release Q4 2023 earnings after the closing bell. Wall Street anticipates PYPL to earn $1.36 per share on revenue of $7.87B. Investors will be looking out for the company’s projections and whether it discloses any cost-cutting initiatives, as its new CEO aims to boost PayPal’s (PYPL) bottom line. The corporation recently announced company-wide employment layoffs as it faces issues like as competition from Apple Pay and purchase now, pay later players.
Shares of Walt Disney (NYSE:DIS) will gain attention, with the theme park and movie behemoth on set to publish FQ1 2024 earnings in extended trading. Wall Street anticipates the traditional firm to earn $1.04 per share on revenue of $23.77B. Disney (DIS) has been under pressure from activist investor Nelson Peltz, who last month officially initiated a proxy war with the business, and shareholder Blackwells Capital which is aiming to add its members to Disney’s (DIS) board and pushed it to explore separating into three organizations.
Weekly Earnings Calendar
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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