Today, Stock futures were modestly down, a day after the S&P 500 pulled back after setting fresh all-time highs.
Top stock gainers
Asana (NYSE:ASAN) shares increased over 4% after the business updated its outlook for Q2 and FY2024 and announced a new $150M share buyback program, which would run through June 30, 2025. The company reiterated revenue between $177M and $178M for the quarter, vs. the expectation of $177.7M, and between $719M and $724M for the fiscal year, vs. the average of $722M.
Sun Country Airlines (NASDAQ:SNCY) shares increased 5% after the carrier inked an amended and restated air transport services agreement with Amazon, extending the deal through 2030 with options to extend terms until 2037. The updated arrangement will allow Sun Country to operate up to eight additional Boeing 737-800 cargo planes, extending its cargo operation from 12 to 20 freighters. The first aircraft is planned to begin service in Q1 2025, with all eight operating by Q3 2025.
Sarepta Therapeutics (NASDAQ:SRPT) shares rose 34% after the FDA awarded fast approval for its Elevidys medication for Duchenne muscular dystrophy to include non-ambulatory patients. The agency also gave customary approval for ambulatory patients, requiring patients to be at least four years old. Sarepta has already initiated the ENVISION research as a phase 3 post-marketing experiment in non-ambulatory and older ambulatory people with Duchenne.
Top stock losses
Despite exceeding expectations in its FQ4 earnings, Smith & Wesson Brands (NASDAQ:SWBI) shares declined approximately 4% as the business predicts softer near-term demand than originally expected. The business forecasts FQ1 sales to fall around 10% Y/Y in both units and dollars, with growth in long guns largely offsetting a decline in handguns. Sales are likely to be more weighted toward the second half of the fiscal year. Additionally, operating expenses are projected to grow by 3% to 5% for the year due to compensation-related inflation, a more competitive market, and higher investment in R&D.
Premarket
Gainers
Gilead Sciences (NASDAQ:GILD) stock increased 3.1% after the biotech company announced that its investigational twice-yearly HIV prevention drug was 100% effective in a late-stage trial.
CarMax (NYSE:KMX) stock increased 1% after the used vehicle retailer’s first-quarter profit exceeded expectations, despite a 33% reduction, while sales fell short.
Amazon (NASDAQ:AMZN) stock climbed 0.2% after Reuters reported that the online retail giant is contemplating a big overhaul of its decade-old money-losing Alexa service, which will include a conversational generative AI with two tiers of service.
Sarepta Therapeutics (NASDAQ:SRPT) stock increased 37% after US regulators granted the biotech’s request to expand access to its gene therapy, which cures a rare muscle-wasting condition.
Losers
Nvidia (NASDAQ:NVDA) stock slumped 1.7% after tech investor Paul Wick of Seligman Investments cut his stake in the chipmaker. This year, the stock nearly tripled, briefly putting the business on top of the global market capitalization rankings.
Boeing’s (NYSE:BA) stock declined 0.2% after Reuters reported that the aircraft manufacturer is close to agreeing to repurchase Spirit Aerosystems (NYSE:SPR), up 4.1%, its former subsidiary.
Microsoft’s (NASDAQ:MSFT) stock dipped 0.1%, despite regaining the title of the world’s most valuable firm.
Stock in Focus
Shares of FactSet Research Systems (FDS) climbed over 4% in pre-market trade, after the business posted a good quarterly performance that outweighed a drop to its annual revenue outlook. Norwalk, Conn.-based FactSet (FDS) produces data and software solutions for investment professionals to offer them with financial data and analytics. FactSet’s (FDS) FQ3 2024 organic annual subscription value (ASV) plus professional services climbed 5% Y/Y to $2.22B. ASV indicates forward-looking revenues for the next 12 months from all subscription services currently delivered to clients.
CarMax (KMX) shares was holding on to moderate gains ahead of the opening bell, recently up roughly 1%. The used automobile retailer declared a FQ1 2025 top-and-bottom-line beat, despite a decline in retail used unit sales and comparable store used unit sales. CarMax (KMX) bought 314K vehicles from consumers and dealers in the quarter, down 8.6% Y/Y. “I am encouraged by the trends we saw in the first quarter including continued year-over-year price declines, improvements in vehicle value stability, and ongoing growth in upper funnel demand,” CarMax (KMX) top boss Bill Nash stated.
Shares of Spirit AeroSystems (SPR) surged by 5% ahead of market open, following a Reuters story that the company and plane-maker Boeing (BA) were closing a deal after months of talks. Boeing (BA) is making progress on reacquiring Spirit (SPR) after the parts supplier made great progress in separate talks with Airbus (OTCPK:EADSF)(OTCPK:EADSY) over its likely transatlantic separation, Reuters said, citing individuals familiar with the subject. Spirit (SPR) is Boeing’s (BA) largest parts supplier. A successful sale would see it return to Boeing (BA) after being spun off in 2005.
Gilead Sciences (GILD) stock climbed more than 3% in pre-market trade, after registering a stunning 8.5% jump in the previous session. Gilead (GILD) on Thursday said an interim review of a late-stage trial suggested that its lenacapavir medication demonstrated superiority over its Truvada prescription for the prevention of HIV in cisgender women. Gilead (GILD) noted that an independent data monitoring committee had suggested discontinuing the blinded phase of the experiment and give open-label lenacapavir to all individuals.
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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.