Today, Stock futures were trading neutral in premarket action , a day after the Juneteenth holiday.
Top stock gainers
Nvidia (NASDAQ:NVDA) stock extended its dominance, surging nearly 4% premarket on Thursday. It recently eclipsed Microsoft and Apple to become the world’s most valuable business at $3.33T, propelled by the red-hot demand for its AI chips. The company’s stock price has surged 174% thus far in 2024 and a stunning 210% over the past 12 months, with its market valuation exploding tenfold from $323B in 2020.
Shares of Accenture (NYSE:ACN) climbed roughly 3% ahead of its FQ3 results announcement anticipated later today. Analysts anticipate that ACN will announce EPS of $3.15, which is a 1.3% reduction Y/Y and sales of $16.54B, marking a minor decrease of 0.1% Y/Y. Accenture has routinely outperformed analyst estimates for both EPS and sales, reaching a beat rate of 75%. Additionally, the business announced the acquisition of Fibermind, an Italian network services company focusing in the development of fiber and mobile 5G networks as well as infrastructure engineering services. This acquisition could potentially improve Accenture’s future growth in the telecommunications sector.
Top stock losses
Shares of Trump Media & Technology Group (NASDAQ:DJT) extended a loss on Thursday morning, plunging another 7% after tumbling around 10% on Tuesday, after the SEC’s designation of the company’s April S-1 registration statement as valid. This updated registration statement, filed on April 15, refers to the transfer of certain shares and warrants by particular selling security holders and enables for the cash execution of these warrants. Although Trump Media won’t earn any proceeds from these purchases or resales, the business could gain up to $247M if all warrants are exercised for cash. The stock has dropped 61% after reaching a high of $79.38 on March 26.
Premarket
Gainers
Accenture (NYSE:ACN) stock jumped 7.2% after the IT services giant anticipated annual revenue growth above projections, as increased usage of artificial intelligence overcomes sluggish growth in enterprise spending.
Dell Technologies (NYSE:DELL) shares surged 3.2% and Super Micro Computer (NASDAQ:SMCI) rose 4.6% after Elon Musk indicated on social media platform X that these businesses would contribute server racks for the supercomputer that his startup xAI is creating.
Nvidia (NASDAQ:NVDA) shares surged 3.2%, adding to the previous session’s advances which resulted in the chipmaker becoming the most valuable corporation in the world.
Hewlett Packard Enterprise (NYSE:HPE) was up 2.2% after Britain’s competition authority indicated it was investigating whether the company’s planned $14 billion acquisition of Juniper Networks (NYSE:JNPR), up 1.3%, would result in competition issues.
KB house (NYSE:KBH) stock increased 1.9% after the house construction company announced a healthy second quarter, with net orders and order value rising year-over-year.
Losers
Trump Media & Technology Group (NASDAQ:DJT) stock tumbled over 11% after the SEC permitted investors in the firm’s derivatives, known as warrants, to swap their holdings for shares in the company which potentially dilute long-time investors.
Winnebago (NYSE:WGO) stock slumped 5.6% after the recreational vehicle maker’s fiscal third-quarter earnings underwhelmed, with rising loan rates deterring purchasers.
Honeywell (NASDAQ:HON) stock dipped 0.9% after the conglomerate agreed to buy aerospace and defense technology business CAES Systems for $1.9 billion from private equity firm Advent International.
Stock in Focus
Kroger (KR) stock climbed about 5% in pre-market trading, as the supermarket chain beat quarterly top-and-bottom-line estimates. Kroger (KR) said its FQ1 2024 comparable sales excluding fuel climbed 0.5%, compared to an expected gain of 0.3%, driven by a better-than-anticipated performance of its grocery sector. This comes at a time when U.S. customers have been forgoing dining out amid high inflation. Food away from home prices in May grew 0.4% M/M compared to an unchanged reading for food at home. Kroger (KR) also confirmed its full-year guidance.
Class C shares of Dell Technologies (DELL) gained roughly 4% ahead of the opening bell. The advance occurred after top boss Michael Dell on X (previously Twitter) revealed the company was developing an artificial intelligence (AI) factory with Nvidia (NVDA) to power Grok, a chatbot created by Elon Musk’s xAI startup. “To be precise, Dell (DELL) is assembling half of the racks that are going into the supercomputer that xAI is building,” Musk stated on X.
Darden Restaurants (DRI) stock perked up more than 1% ahead of market open, following the company’s FQ4 2024 revenue jumped over 7% Y/Y to $3B. The top-line performance was bolstered by 4% growth in same-restaurant sales at LongHorn Steakhouse and the addition of 80 company-owned Ruth’s Chris Steak House outlets. Darden (DRI) chief executive Rick Cardenas remarked that the firm in FQ4 had outperformed the high end of its own income per share target, despite “weakening conditions that emerged in the back half of the year.”
Shares of Advanced Micro Devices (AMD) inched up roughly 1% in pre-market trade. Two days ago, Bloomberg revealed that the chipmaker had suffered a cyberattack at the hands of a moderator known as IntelBroker. On Wednesday, Bloomberg claimed that an investigation by AMD (AMD) revealed that business-critical material was not accessed and that the infiltration would not have a substantial impact on the company’s operations. AMD (AMD) is the world’s second-largest maker of personal computer processors.
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After reporting 8% Y/Y subscription revenue growth in 4Q24, DocuSign (NASDAQ:DOCU) shares rose 10%. Electronic signature business predicts 1Q25 revenue of $704M to $708M, above analysts’ $699.1M forecast. DocuSign expects sales of $2.91B to $2.92B this year, with consensus of $2.91B. Customer adoption of Contract Lifecycle Management and eSignature in StateRAMP-authorized environments was also emphasized by the organization.
MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.
Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.
Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.
MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.
Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.
Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.