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U.S. futures fell Friday, starting March cautiously after significant gains in February.
Today’s largest premarket U.S. stock moves:
Top Gainers
After reporting fourth-quarter earnings that beat Wall Street, Dell (NYSE:DELL) shares rose 24% as demand for its AI-optimized servers offset downturn in personal computing.
NetApp shares climbed 17% after the intelligent data infrastructure business announced strong growth and record profitability in its third quarter.
After reporting better-than-expected quarterly earnings and an optimistic sales outlook due to strong enterprise and entry-level demand, Autodesk (NASDAQ:ADSK) shares surged 8.5%.
Top losers
Fisker (NYSE:FSR) shares fell 36% after the electric-vehicle company warned of going-concern difficulties and announced a 15% personnel cut and a freeze in further spending.
After an internal loan review revealed “material weaknesses” in business controls, struggling regional lender New York Community Bancorp (NYSE:NYCB) stock fell 24%.
Plug Power (NASDAQ:PLUG) shares plunged 10% after the hydrogen fuel cell system developer reported disappointing 2023 results but rectified “going concern” difficulties.
Despite posting better-than-expected January quarter earnings, Zscaler (NASDAQ:ZS) shares slumped 6.8% due to poor forecast.
Apple slumped 0.5% after Goldman Sachs withdrew it from its “Conviction List – Directors’ Cut,” its top buy-rated equities.
Stocks in focus
Plug Power (PLUG) was among the most frequently traded stocks before the bell, falling over 9%. The hydrogen fuel cell producer lost $2.30 per share in 2023, up from $1.25 in 2022. Annual revenue rose 27% to $891M. Plug Power (PLUG) also resolved its Q3 2023 going concern problem. “Acknowledging the challenges encountered in cash management during 2023, Plug (PLUG) has embraced an increased emphasis on strengthening the Company’s cash management strategy in 2024,” according to a statement.
Eli Lilly (NYSE:LLY) rose 1.5% pre-market. Bank of America boosted its $1,000 Lilly (LLY) price objective to a Street high. That’s 32.7% more than LLY’s $753.68 closing price. The drugmaker’s latest annual report shows 950.2M shares outstanding as of February 16, 2024. The increased price objective from BofA indicates a $950.16B market value for Lilly (LLY). The popularity of weight loss GLP-1 agonists like Lilly’s (LLY) Zepbound (tirzepatide) has made it the world’s largest publicly traded pharmaceutical company. BofA was high on tirzepatide’s chances.
Microsoft (MSFT) shares fell slightly before market open. Tesla’s (TSLA) Elon Musk sued OpenAI late Thursday for putting business above humanity, according to Bloomberg News. Musk allegedly remarked that OpenAI’s tight partnership with Microsoft (MSFT) has compromised its initial objective of providing open-source technology independent of corporate agendas. MSFT has spent billions in ChatGPT, making Satya Nadella’s company an AI leader.
Warner Bros. Discovery (WBD) shares will be watched on Friday when Dune: Part Two is released. The film, directed by Denis Villeneuve and based on Frank Herbert’s renowned 1965 novel, was delayed many times owing to Hollywood actors and writers strikes. The film should revive the domestic box office, which has struggled in 2024. Dune: Part Two is eyeing a $70M–$80M opening.
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