Today Stock futures rose up in the early trading hours of Friday, ahead of the April employment data, which is planned for publication later.
Top stock gainers
Amgen’s stock rose 13% following Q1 earnings, updated 2024 guidance, and progress updates on weight-loss drug candidates. The biotech company expects adjusted EPS between $19 and $20.20, with revenue ranging from $32.5B to $33.8B. Amgen expects Phase 2 data for its injected GLP-1 weight-loss drug candidate, MariTide, by late 2024.
Apple (NASDAQ:AAPL) shares jumped around 6% as the iPhone manufacturer posted better-than-expected second-quarter earnings, despite concerns about iPhone sales in China due to rising competition. The business also amended its capital return strategy, adding $110 billion to its repurchase program, and upped its quarterly dividend to $0.25 per share, a 4% increase.
Block (NYSE:SQ) shares rose 8% after the company reported Q1 earnings that exceeded expectations. The payment and fintech app provider boosted its 2024 view, now predicting $2.76 billion in adjusted EBITDA from $2.63 billion, surpassing the Visible Alpha estimate of $2.68 billion, as well as adjusted operating income of $1.30 billion, representing a 15% increase from 2023 levels, compared with $1.15 billion in the prior prediction. For the second quarter, the business predicts a gross profit of $2.165B-$2.185B, adjusted EBITDA of $670M-$690M (vs. $647.4M Visible Alpha estimate), and adjusted operating income of $305M-$325 million.
Top stock losses
Cloudflare (NYSE:NET) fell 15% despite exceeding expectations and presenting a favorable outlook. The San Francisco-based business anticipates Q2 non-GAAP EPS of $0.14, compared to the average of $0.13, and sales in the range of $393.5M to $394.5M, vs the consensus of $393.5M. Revenue for FY2024 is expected to be between $1.648B and $1.652B, compared to the consensus of $1.65B, and non-GAAP EPS of $0.60 to $0.61, vs the consensus of $0.58.
Expedia Group (NASDAQ:EXPE) shares fell 10% after the online travel giant reduced its full-year estimate to a range of mid- to high single-digit top-line growth with margins largely flat compared to last year owing to Vrbo slowness and the rate of acceleration in business-to-consumer so far.
Premarket
Gainers
Apple (NASDAQ:AAPL) stock rose 6% after the iPhone maker reported a drop in revenue in the opening three months of the year, but still topped analysts’ downbeat projections, while the tech giant also announced a $110B stock buyback program and hiked its dividend by 4%.
Amgen (NASDAQ:AMGN) stock soared 14% after the drugmaker said it was very encouraged after completing an interim analysis of its mid-stage study of experimental weight-loss drug MariTide.
Block (NYSE:SQ) stock rose 7.2% after the payments company’s first-quarter earnings topped estimates, while revealing it had been steadily investing in Bitcoin.
Hershey (NYSE:HSY) stock rose 2.2% after the sweets giant exceeded expectations for first-quarter sales and profit, benefiting from higher prices and steady consumer demand for its chocolates and candy.
Losers
Cloudflare (NYSE:NET) stock slumped 13% after the cybersecurity company released largely solid quarterly results, but the unchanged 2024 outlook left most bulls disappointed.
Expedia (NASDAQ:EXPE) stock fell 12% after the online travel agency cut its full-year revenue growth forecast, as gross bookings were hit by a drag in its vacation rental platform.
Fortinet (NASDAQ:FTNT) stock fell 8.3% after quarterly results that BTIG described as “soft,” highlighting an unchanged outlook for 2024 billings.
Coinbase (NASDAQ:COIN) stock fell 4.6% on concerns a dip in Bitcoin prices could weigh on trading volumes, even after the cryptocurrency exchange swung to a profit in the first quarter as revenue more than doubled from a year earlier.
Paramount Global (NASDAQ:PARA) stock fell 0.4%, slipping after the prior session’s sharp gains, following reports Sony (NYSE:SONY) and private equity firm Apollo Global Management (NYSE:APO) have proposed an all-cash offer worth $26 billion for the entertainment giant.
Stocks In Focus
Booking Holdings (BKNG) stock rose more than 4% pre-market after the online travel service beat Q1 top and bottom lines. Quarterly gross travel bookings, net of cancellations, were $43.5B, up 10% Y/Y. “We are seeing encouraging results at Booking.com with increasing direct mix, higher frequency, and more of our travelers moving into the upper Genius loyalty tiers,” Glenn Fogel of BKNG stated. Booking’s (BKNG) performance contrasted with Expedia’s (EXPE), which saw a VRBO drag overwhelm other positive data.
Hershey (HSY) shares lost early gains before the bell. In Q1, the company outperformed forecasts despite a dramatic jump in cocoa prices hitting its adjusted profit margin. Hershey’s (HSY) organic revenues rose 8.6% due to 3.4% volume growth. Due to faster shipments before Hershey’s (HSY) deployment of a new ERP system, everyday U.S. core confection increased. For over 100 years, the company has owned Hershey’s bars and Kisses, Reese’s Peanut Butter Cups, and Jolly Rancher lollipops.
DLR stock rose nearly 4% before market open after the data center REIT reported Q1 core FFO per share that topped Street projections by 5 cents. “Strong demand supported a new leasing record, driven by large footprint deals,” DLR CEO Andy Power said. The REIT raised over $1B through asset sales and joint ventures to meet this demand. Digital Realty Trust (DLR) signed bookings for $252M in annualized GAAP rental revenue in Q1. The REIT reiterated its $6.60–$6.75 2024 core FFO per share guidance.
Allete (ALE) shares gained slightly pre-market. On Thursday, the Financial Times reported that Global Infrastructure Partners and CPP Investments were close to acquiring the company for ~$5B. Allete (ALE) produces electricity in the Upper Midwest, and its Minnesota Power electric company serves 145K people in 15 communities. In the utilities sector, Allete (ALE) powers taconite mines, which produce steel industry iron ore.
Must read book about investing – check here Today Today Today Today Today Today Today Today Today
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.