Premarket
Here are some of the largest stock moves in the United States before trading begins in New York on Tuesday.
Today’s largest pre-market U.S. stock moves:
Top Gainers
Target Corporation (NYSE:TGT) announced adjusted per-share profits in the fourth quarter that above average analyst expectations, sending shares of the big-box retailer higher.
Top losers
Tesla (NASDAQ:TSLA) shares fell after the electric vehicle (EV) company reported that sales of its China-made vehicles fell to a 14-month low in February.
Shares of Advanced Micro Devices (NASDAQ:AMD) fell after Bloomberg News reported that the US government has blocked the company’s efforts to sell an artificial intelligence chip targeted for the Chinese market.
MicroStrategy (NASDAQ:MSTR) shares fell in premarket trading in the United States on Tuesday, following drops in other crypto-linked firms such as Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK).
Gitlab (NASDAQ:GTLB) shares dropped after the company’s full-year projections fell short of Wall Street expectations.
Apple (NASDAQ:AAPL) shares dipped, putting the tech giant on track for its sixth consecutive negative session, after Counterpoint Research reported that iPhone sales in the company’s core Chinese market declined by 24% in the first six weeks of 2024.
Stocks in focus
Nio (NIO) shares fell more than 2% in pre-market trading after the Chinese electric vehicle (EV) maker announced a larger adjusted loss from operations for Q4 2023, despite revenue of $2.41 billion above expectations by $70 million. The firm delivered 50,045 automobiles in the quarter, a 25% increase year on year but a 9.7% decrease quarter on quarter. Vehicle deliveries for the entire fiscal year 2023 climbed by 30.7% to 160,038. Nio (NIO) anticipates delivering between 31,000 and 33,000 automobiles in the first quarter of 2024. Its sales outlook for the same time was $1.479B to $1.562B, which was much lower than the average expectation of $2.28 billion. See NIO’s performance in charts.
Amer Sports (AS) stock fell more than 7% ahead of the opening bell. In its first results since becoming public, the sports equipment producer reported a Q4 2023 adjusted net loss of $41 million, compared to a profit of $46 million the previous year. Its sales increased 10% year on year to $1.32 billion, exceeding projections by $20 million. The business, famed for its iconic Wilson tennis rackets brand, had a sluggish market debut in February, with shares rising only 3.1% and reaching a lower-than-expected valuation of over $6.6 billion.
CrowdStrike (NASDAQ:CRWD) stock will be closely watched, as the cybersecurity business is expected to release FQ4 2024 data after the market closes. Wall Street expects CRWD to earn 82 cents per share on $839.96 million in sales. Both statistics are expected to climb year on year, as CrowdStrike (CRWD) and its peers have benefitted from increased demand for cybersecurity services in the wake of a global wave of ransomware assaults. However, experts expect the corporation will be cautious in its projections.
Novo Nordisk (NVO) shares listed in the United States declined roughly 2% before the market opened. Earlier in the day, the Danish manufacturer said that a massive late-stage study of its blockbuster medicine Ozempic reduced the risk of kidney disease progression, as well as cardiovascular and renal mortality in diabetic patients by 24%. However, investors appeared to be expecting for a higher result, as the 24% decrease rate fell somewhat short of certain predictions. It should be noted that Novo (NVO) discontinued the experiment, known as FLOW, in October of last year since an interim analysis indicated that the research would be successful. The announcement on Tuesday also boosted dialysis businesses, with DaVita (DVA) stock rising more than 6% and Fresenius Medical Care (FMS) stock rising 12% on the US exchange.
Must read book about investing – check here
Premarket Premarket Premarket Premarket Premarket Premarket Premarket