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HomeStocks in FocusPremarket Winners and Losers: Micron and Guess Climb; Apple, Darden, Five Below...

Premarket Winners and Losers: Micron and Guess Climb; Apple, Darden, Five Below Decline.

Premarket Winners and Losers

The Federal Reserve’s decision to decrease interest rates three times this year boosted U.S. futures Thursday.

Top Gainers

Micron (NASDAQ:MU) shares rose 16% to a record high after the chipmaker reported a surprise profit and anticipated strong current-quarter sales on rising demand for AI computer memory chips.

Guess (NYSE:GES) shares jumped 11% after the apparel company reported a Q4 profit that exceeded Street expectations and grew from previous year.

Top losers

Five Below (NASDAQ:FIVE) plummeted 13% after missing quarterly forecasts and providing disappointing guidance.

Though revenue exceeded market expectations, Designer Brands (NYSE:DBI) stock slumped 9.3% after the footwear and accessories discount retailer posted a fourth-quarter loss.

Li Auto (NASDAQ:LI) shares slumped 8.7% after the Chinese EV producer lowered its first-quarter delivery projection due to “lower-than-expected order intake.”

Accenture (NYSE:ACN) shares fell 6.7% after the IT services giant decreased its fiscal-year 2024 revenue projection as clients cut consulting expenditure due to an uncertain environment.

Darden Restaurants (NYSE:DRI) stock slumped 4.4% as same-store sales dipped for the first time since the pandemic, below revenue estimates.

Apple (NASDAQ:AAPL) shares dipped 1% after Bloomberg reported that the U.S. Department of Justice will sue the tech titan on Thursday for prohibiting rivals from using iPhone hardware and software.

Reddit (NYSE:RDDT) will debut Thursday after pricing its initial public offering at the top of the $31 to $34 range it had touted before.

Stocks in focus

Today will include Reddit’s (RDDT) market debut, the first big one for a social media business since 2019. Reddit (RDDT) will begin trading on the New York Stock Exchange a day after pricing its IPO at $34/share. Reddit (RDDT) is aiming a valuation of $6.4B, down from $10B in 2021, after raising $748M in the IPO. Despite millions of faithful users, Reddit (RDDT) has never made a profit in almost two decades. This platform hosts the WallStreetBets subreddit that started the meme stock craze in late 2020 and early 2021.


Pre-market Apple (AAPL) shares fell about 1%. Bloomberg News reported on Wednesday that the DoJ would prosecute Apple for antitrust violations on Thursday. One of Wall Street’s most positive Apple (AAPL) analysts, Wedbush analyst Dan Ives, said investors were worried about a lengthy procedure and regulatory scrutiny, even though Wall Street had long anticipated the case. Ives thinks Apple might face a “hefty fine” and overhaul its business strategy.


Nike stock will be watched after the closing bell as the sportswear and footwear company reports FQ3 2024 earnings. The Dow 30 component is expected to earn 75 cents per share on $12.30B in sales. Nike’s (NKE) quarterly sales is expected to drop 0.7% Y/Y, its first drop in almost two years. Product innovation and direct-to-consumer strategy have plagued the old corporation. In clothes, Lululemon (LULU), Alo Yoga, and Vuori compete with it, while in footwear, Hoka and On compete with it.

With FedEx (FDX) reporting FQ3 2024 results, shares will be watched in extended trading. On $22.08B in sales, Wall Street expects FDX to make $3.48 per share. The global economic bellwether dropped its full-year outlook in December 2023 as decreased demand pressured its top line. FedEx (FDX) package volumes, which have been under pressure due to an industry-wide volume reduction over 10 quarters, will be actively watched by investors.

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3M (MMM) rose over 7% pre-market. The industrial conglomerate’s appointment of former L3Harris Technologies (LHX) CEO William Brown as its new CEO, starting May 1, appeared to please investors. Brown will succeed Michael Roman as 3M’s (MMM) executive chairman. Brown was Harris Corp’s CEO before its 2019 merger with L3 Technologies. After becoming CEO of the merged firm, he was executive chair from June 2019 until June 2022. Roman was 3M’s (MMM) CEO since July 2018.

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