Today, Investors await consumer confidence data, sending stock futures slightly higher.
Top stock gainers
Novavax’s (NASDAQ:NVAX) shares rose 40% after reporting mixed Q1 results and announcing a co-exclusive license deal with Sanofi to co-commercialize and develop next-generation COVID-19-influenza combo vaccines. Novavax receives $500M upfront and up to $1.2B in milestone payments. Novavax will get vaccine sales royalties and maybe Sanofi vaccines using its technology. A minority share (<5%) in Novavax will be acquired by Sanofi.
Sweetgreen (NYSE:SG) shares rose 16% after reporting solid Q1 profits and FY2024 forecast. The business predicts 23–27 net new restaurant openings, $660M–$675M revenue, 4%–6% same-store sales growth, 18.5%–20% restaurant-level profit margin, and $10M–$19M adjusted EBITDA in FY2024.
Top stock losses
Unity Software (NYSE:U) shares fell over 4% after mixed Q1 earnings and a reduced Q2 sales projection. Unity forecasts Q2 sales of $420M to $425M, down 6% to 7% Y/Y and below the consensus of $443.22M. Unity interim CEO Jim Whitehurst is optimistic: Our portfolio and cost reset from a few months ago is complete. We will constantly strive for efficiencies, but we focus on sales growth at acceptable profit and cash flow margins.”
Akamai Technologies (NASDAQ:AKAM) shares fell almost 10% after the content delivery service posted mixed Q1 earnings and a below-market forecast. Q2 earnings per share are expected to be between $1.51 and $1.56, below the consensus of $1.63, while revenues are between $967M and $986M, below $1B. Akamai’s board also approved a $2 billion, three-year share repurchase.
Premarket
Gainers
Bumble (NASDAQ:BMBL) stock rose 12% after the online dating service exceeded expectations for first-quarter revenue, aided by an increase in paid users.
Yeti Holdings (NYSE:YETI) stock surged 12% after the outdoor equipment manufacturer exceeded first-quarter profit projections and upped guidance due to strength in coolers and overseas sales.
Warby Parker’s (NYSE:WRBY) stock increased 9.3% after the eyewear retailer upgraded its full-year expectations, overcoming a surprising quarterly loss.
Robinhood (NASDAQ:HOOD) stock increased 5.3% after the trading platform reported first-quarter earnings and revenue that exceeded forecasts, bolstered by strong crypto trading volumes and a high borrowing rate environment that increased net interest revenue.
Losers
Airbnb (NASDAQ:ABNB) stock slumped 9.3% after the vacation rental business anticipated second-quarter revenue lower than expected, despite robust demand outside of North America.
Arm Holdings (NASDAQ:ARM) ADRs plummeted 7.5% after the chip designer issued annual sales guidance that fell short of expectations, amid a surge in industry spending on artificial intelligence.
Planet Fitness (NYSE:PLNT) stock fell 7.5% after the fitness facility operator revised its full-year outlook to reflect a more cautious consumer.
Warner Brothers Discovery (NASDAQ:WBD) stock slumped 4% after the entertainment company missed first-quarter revenue projections, citing a sluggish advertising market and strike-related delays at its studio unit.
Papa John’s (NASDAQ:PZZA) stock declined 0.4% after the pizza restaurant reported lower first-quarter earnings as sales fell without the bump from a year ago’s high-volume last week of December.
Boeing’s (NYSE:BA) stock declined 0.4% after a 767 cargo plane was forced to make an emergency landing at Istanbul Airport without front landing gear, the latest in a string of safety difficulties for the aircraft manufacturer.
Stocks In Focus
SoundHound AI (SOUN) Class A shares rose more than 15% in pre-market trading after the voice AI solutions provider reported a smaller Q1 loss and 73% Y/Y revenue growth. Voice AI startup that delivers features for restaurants, cars, and smart gadgets reported its total subscriptions and bookings backlog climbed 80% to $682M at the end of the quarter. Nvidia-backed SoundHound (SOUN) cut its full-year 2024 revenue target range to $65M to $77M from $63M to $77M.
Gen Digital (GEN) stock rose over 5% before the opening bell as the cybersecurity business beat FQ4 2024 top and bottom lines. Norton, LifeLock, Avast, and AVG are owned by Tempe, Arizona-based Gen Digital (GEN). After an increase in cyberattacks and hacking attempts, customers spent more on digital protection, helping the company. Gen (GEN) forecasts fiscal 2025 revenue of $3.89B to $3.93B, below the consensus expectation of $3.94B. The corporation increased its share repurchase to $3B.
Before market open, U.S.-listed Taiwan Semiconductor Manufacturing (TSM) shares rose 3% after reporting a ~60% Y/Y increase in April revenue. Taiwan Semi (TSM), which develops processors for Apple (AAPL) and Nvidia (NVDA), reported NT$236.02B ($7.28B) in revenue for April, up 20.9% from March and 59.6% from April 2023. The statistics pleased investors after Taiwan Semi’s (TSM) CEO worried about semiconductor market growth in 2024 on the company’s last earnings call.
After reporting preliminary Q1 earnings that showed a better-than-expected sales decrease and an adjusted profit, Victoria’s Secret (VSCO) stock rose 13% in pre-market trading. The business now expects Q1 sales to fall 3% to 4% Y/Y, down from 4% to 6%. Instead of a 15-cent loss to 10-cent earnings, Victoria’s Secret (VSCO) now expects to earn 7- to 12-cents a share on an adjusted basis. The lingerie shop reported “improving trends throughout the quarter” in stores and online.
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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.