Today’s premarket trands shows hotter-than-expected CPI figures, stock futures fell marginally.
Top stock gainers
Alpine Immune Sciences (ALPN) shares rose 37% after Vertex Pharmaceuticals (VRTX) agreed to acquire it for $65 per share, or $4.9B in cash. Vertex paid 67% more than Alpine’s Tuesday closing price for the acquisition, which is anticipated to finalize later this quarter. Vertex will start a cash tender offer for all Alpine common stock.
Top stock losses
After doubling in price on Wednesday, Adial Pharmaceuticals (ADIL) shares fell over 3% after promising data for AD04, its alcohol use disorder treatment. European Journal of Internal Medicine reported the drug’s favorable clinical trial findings, safety, and patient compliance. In addition, low-dose AD04 did not significantly change liver damage biomarkers like ALT, AST, serum bilirubin, or GGT, which are linked to alcohol usage.
Avita Medical (RCEL) shares fell 6% after the firm stated it expects Q1 commercial sales to be between $11M and $11.3M, down from $14.8M to $15.6M. This downward change was due to a slower-than-expected conversion rate of new accounts for its extended full-thickness skin defect designation. RCEL also maintained its FY2024 sales projection of $78.5M to $84.5M.
Premarket
Gainers
Alpine Immune Sciences (NASDAQ:ALPN) shares increased by more than 36% after Vertex Pharmaceuticals (NASDAQ:VRTX) announced plans to buy the company for $4.9 billion in cash, gaining access to its kidney autoimmune disease treatment.
Rent the Runway (NASDAQ:RENT) stock increased 30% after the clothes rental subscription service reported a smaller loss than a year earlier, indicating modest member retention.
Nike (NYSE:NKE) stock increased 1.4% after the sportswear company presented its Olympic uniforms, anticipating that top athletes will help it win over more regular shoppers.
Albemarle (NYSE:ALB) stock jumped 1.1% after Berenberg upgraded the lithium miner’s stance to ‘buy’ from ‘hold’, citing increased lithium volumes and a rising trend in lithium pricing, eliminating the need for the company to seek more equity funding in the near future.
Losers
CarMax (NYSE:KMX) stock slumped 9.1% after the used automobile reseller reported a lower fourth-quarter earnings due to lower profitability from unit sales.
Fastenal (NASDAQ:FAST) stock plummeted 5.6% after the industrial distributor posted weak first-quarter earnings. CEO Dan Florness stated that “the core issue remains poor demand.”
Robinhood (NASDAQ:HOOD) shares plummeted 3.6% after Citigroup downgraded it to’sell’ from ‘neutral’, noting its link with Bitcoin, despite improving fundamentals.
Regeneron’s (NASDAQ:REGN) stock declined 1% after the Justice Department accused the drugmaker of fraudulent conduct involving its eyesight medication, Eylea.
Amazon (NASDAQ:AMZN) shares declined 0.4% after the online retail giant’s CEO, Andy Jassy, stated that the e-commerce firm is continuing looking for ways to cut costs in its fulfillment network, having reduced staff in a number of departments in recent months.
Stocks in focus
Fastenal (FAST) shares fell roughly 6% pre-market after the industrial supply maker missed Q1 2024 top and bottom lines. FAST focuses on fasteners and smaller products like housekeeping supplies and cutting tools. Weather reduced quarterly net sales by 10–30 basis points. Also, generally steady prices throughout the quarter slowed sales growth. FAST’s primary fasteners business declined, while its non-fastener product lines performed better.
After reporting a FQ4 2024 top and bottom line beat and fiscal 2025 profit guidance above estimates, Constellation Brands (STZ) stock rose roughly 1% before the opening bell. Constellation’s (STZ) beer division grew approximately 11% net sales and 8.9% depletion in the quarter. Pacifico and Modelo Especial lead the company’s depletion growth with 22% and 14%, respectively. Corona Extra depletion rose 1% and Modelo Chelada 14%.
Airbnb (ABNB) Class A shares dipped 1% before market open as investors weighed various viewpoints on the vacation rental service. Benchmark started the stock at Buy, but Needham lowered it to Hold. Needham thought the market was “an overly optimistic” about Airbnb’s (ABNB) ability to disrupt the worldwide online travel agency sector using AI. But Benchmark claims industry and its own tests show Airbnb (ABNB) leading among users, hosts, and unaffiliated travel experts.
Pre-market trading saw Moderna (MRNA) stock rise slightly. On Thursday, the vaccine company halted construction of an mRNA production facility in Kenya. Since the epidemic, African demand for COVID-19 vaccinations has dropped, making the Kenyan facility unviable. The business stated that Moderna (MRNA) has not received vaccination orders for Africa since 2022 and has had previous purchases cancelled, resulting in over $1B in losses and write-downs.
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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.