Premarket
U.S. futures dipped Thursday as investors absorbed worse corporate earnings before inflation data
Today’s largest premarket U.S. stock moves:
Top Gainers
Okta (NASDAQ:OKTA) shares rose over 24% after the digital security business announced solid outlook for the current quarter after fourth-quarter earnings above Wall Street projections.
C3.ai (NYSE:AI) shares jumped 14% after reporting a better-than-expected Q3 report and positive forecast.
Holiday bargains drove Best Buy (NYSE:BBY) shares up 2.6% after the electronics retailer reported a smaller-than-expected decrease in quarterly comparable sales.
Alibaba (NYSE:BABA) ADRs climbed 0.2% after the Chinese e-commerce giant stated Thursday that its cloud subsidiary would drop pricing on majority of its goods, which may further compress industry profits.
Top losers
The weight-loss services company WW International (NASDAQ:WW) fell 25% after director Oprah Winfrey declined re-election at the annual shareholder meeting.
Snowflake (NYSE:SNOW) shares fell 23% on Wednesday after the cloud data analytics startup estimated first-quarter product sales below Wall Street projections, expecting customers to curtail spending in an uncertain economy.
AMC Entertainment (NYSE:AMC) stock fell 8.8% after reporting a larger-than-expected quarterly loss due to Taylor Swift and Beyonce concert movie distribution charges
Anheuser Busch Inbev (EBR:ABI) (NYSE:BUD) ADRs slumped 2.2% as the brewing company announced low U.S. sales and stopped a fresh share buyback, overshadowing news that it met sales projections and hiked its annual dividend by 9%.
After a report that the U.S. Department of Justice is investigating Boeing’s door plug rupture last month, the shares plummeted 1%.
Salesforce (NYSE:CRM) shares dipped 0.2% amid disappointing full-year revenue expectations, although losses are restrained by its first quarterly dividend and stock repurchase program.
Stocks in focus
Best Buy (BBY) shares rose more than 4% in pre-market trade after reporting a smaller-than-expected dip in comparable sales for FQ4 2024. The Christmas quarter figures revealed that electronic sales were still under pressure. Best Buy’s (BBY) domestic revenue down 0.9% Y/Y to $13.41B as buyers cut back on big-ticket purchases including home theater, appliances, phones, and tablets. However, more Christmas shoppers joined Best Buy’s (BBY) premium memberships, increasing its domestic gross profit rate.
FQ4 2024 results from Dell Technologies (NYSE:DELL) will be watched following the close. Wall Street forecasts $1.72 per share on $22.17B in DELL revenue. After smaller competitor HP’s (HPQ) earnings on Wednesday, investors will keenly examine Dell’s (DELL) PC results and market reaction. HP (HPQ) missed quarterly sales due to a stronger post-holiday slowdown and cautious business clients.
Zscaler (ZS) shares will also be watched for their FQ2 2024 report in extended session. ZS should earn 58 cents per share on $506.83M in revenue, according to Wall Street. Nearly 57% and 31% Y/Y bottom and top line gains are estimated. Last year’s global ransomware assaults spurred demand for cybersecurity organizations’ services, causing a resurgence. Analysis will focus on Zscaler’s (ZS) near-term guidance and management’s outlook.
After two weeks of disclosures about possible serious deficiencies in its internal control over financial reporting, Chemours (CC) stock fell more than 30% in pre-market trading. The chemicals business placed top executive Mark Newman and finance head Jonathan Lock on administrative leave late Wednesday until the board’s audit committee’s internal inquiry with independent outside counsel. The annual report from Chemours (CC) was also delayed.
Must read book about investing – check here
Premarket Premarket Premarket Premarket Premarket Premarket Premarket