Today, Stock futures were neutral in the early trading hours of Monday following modest inflation data last week.
Top stock gainers.
Autodesk (NASDAQ:ADSK) shares jumped as high as 4% following a WSJ story that activist investor Starboard Value had purchased a $500M interest in the company. Starboard is pressing for reforms at Autodesk, including increased margins, board shakeups, and greater transparency.
Best Buy (NYSE:BBY) surged almost 3% in early trading on Monday after UBS lifted its rating on the stock to Buy from a prior position of Neutral. The brokerage believes that the store is likely to benefit from a consumer appliance upgrade cycle as well as new product offerings that could create a “nice recovery” in its sales in the second half of 2025 and into 2025.
Shares of The Aaron’s Company (NYSE:AAN) soared as much as 32% premarket after the retailer revealed that it will be bought by fintech group IQVentures for an enterprise value of around $504M. The deal reflects 34% premium to Aaron’s closing share price on June 14. Upon closing, Aaron’s (AAN) will become a privately held company, and its common stock will no longer be traded on NYSE.
AMC Networks (NASDAQ:AMCX) shares dropped about 24% in early trade after the firm disclosed intentions to sell $125M aggregate principal amount of convertible senior notes due 2029 in a private offering. Net revenues from sale will be utilized for general corporate objectives, which may include the repayment of indebtedness.
Broadcom (NASDAQ:AVGO) climbed almost 3% premarket, extending its rise from the previous week, during which its shares hit a fresh record high. The semiconductor manufacturer added 23% last week, courtesy to its better-than-expected Q2 revenues that climbed 43% Y/Y despite robust demand for AI and VMware.
Top stock losses
Premarket
Gainers
Autodesk (NASDAQ:ADSK) shares jumped 4.1% after the Wall Street Journal reported that activist investor Starboard Value has bought a position worth around $500 million in the design-software firm, and is now pressing for changes within the company.
Best Buy (NYSE:BBY) stock jumped 3.1% after UBS changed its investment stance on the electronics retailer to ‘buy’ from ‘neutral’, noting a bullish outlook, supported by the company’s ongoing restructuring efforts.
GameStop (NYSE:GME) climbed 0.9% ahead of the video game retailer’s annual meeting later in the session, after it was postponed last week owing to a technical fault arising from excessive demand from shareholders.
UBS (NYSE:UBS) stock jumped 0.7% after the Swiss banking giant said it will set aside roughly $900 million to compensate investors in Credit Suisse funds that were tied to failed supply chain finance business Greensill Capital, accounting for 90% of what they are owed.
Losers
AMC Networks (NASDAQ:AMCX) stock dropped 9.4% after the entertainment business launched a $125 million convertible offering.
Primo Water (NYSE:PRMW) stock declined 1.9% after the packaged water firm stated it would merge with BlueTriton Brands in an all-stock agreement.
Coinbase (NASDAQ:COIN) stock declined 1.2%, with the cryptocurrency exchange pressured by additional losses in bitcoin, the world’s most popular digital currency.
Stock in Focus
Tesla (TSLA) shares was among the most-actively traded before of the opening bell, jumping more than 1%. On Thursday, a regulatory filing showed that 77% of all Tesla (TSLA) shareholders voted in support of top boss Elon Musk’s historic $56B salary package. That resulted into 1.76B votes of shares in favor, 528.9M against and 20.6M abstained. Musk the previous day had already signaled that the plan would be approved. The decision on the pay package will now once again rest with the Delaware Court of Chancery. Shareholders also voted in support of Tesla’s (TSLA) redomestication to Texas.
Class A shares of Pinterest (PINS) tumbled more than 3% in pre-market trading, after Piper Sandler said it has witnessed weaker growth in traffic to Amazon (AMZN) in May. Pinterest (PINS) had announced a deal with Amazon (AMZN) back in April 2023 to bring third-party ad demand to the image sharing social network’s platform. “We’ve analyzed referral web traffic from Pinterest (PINS) directly to Amazon (AMZN), and May +83% is down from April +147% y/y and the prior ~7 months over 100% y/y,” Piper Sandler analyst Thomas Champion noted, while retaining his Overweight rating and top choice status.
Nucor (NUE) stock dropped about 3% before of market open, as the U.S. steelmaker issued current quarter earnings guidance that came in considerably below expectations. Nucor (NUE) forecasts Q2 income per share in the range of $2.20 to $2.30, compared to a consensus number of $2.96. The prediction also showed a considerable dip from earnings of $5.81/share in Q2 last year. The company said the predicted decline was principally attributable to decreased earnings of the steel mills division on the back of lower average selling prices and volumes.
U.S.-listed shares of Shopify (SHOP) gained more than 2% in pre-market trade, after Evercore ISI upgraded the Canadian e-commerce firm’s stock to Outperform from In Line. The firm feels the “recent pullback in the stock (~30% off 52wk high) has created an attractive entry point to own a best-in-class ecommerce platform business.” Evercore also stated there was a “very resilient Long Thesis” to Shopify’s (SHOP) shares, given its vast total addressable market and its “very strong competitive position.”
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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.