Today, Stock futures inched up during premarket session, following the S&P 500’s 30th record closing of 2024.
Top stock gainers.
Chegg (NYSE:CHGG) shares rose over 19% after disclosing a 23% reduction in its global staff, resulting in a loss of 441 people. The company, which offers book rentals and study guides, estimates non-GAAP expense savings of $40M to $50M in 2025. However, the company also expects to take a $10M to $14M charge due to the restructuring. Additionally, it restated its objective of EBITDA margins of at least 30% in FY2025.
Shares of Rocket Lab USA (NASDAQ:RKLB) surged over 4% after the space systems company inked the largest Electron launch arrangement in the company’s history. The launches in the new deal will take place from 2025 to 2027.
Top stock losses
NextEra Energy (NYSE:NEE) shares plummeted 5% after announcing plans to sell approximately $2B of equity units, each issued at $50, to purchase common stock by June 2027 and a 5% undivided ownership stake in a bond due June 1, 2029. The sale revenues will be added to NextEra Energy Capital Holdings’ general funds, which will be used to fund energy and power projects and other company objectives, including the repayment of portion of its outstanding commercial paper obligations.
Despite outperforming consensus in Q2 results, Lennar’s (NYSE:LEN) shares slid more than 3% after the homebuilder’s projection for deals in Q3 underperformed consensus expectations. The business predicts Q3 new orders of 20,500-21,000 vs. Bloomberg consensus of 21,095, deliveries of 20,500-21,000 vs. consensus of 21,004, average sales price of $420K-$425K, and gross margin on house sales of ~23.0% vs. expectations of 24%.
Premarket
Gainers
Chegg(NYSE:CHGG) stock rose 18% after the education technology company revealed intentions to cut 23% of its global personnel as part of a restructuring.
La-Z-Boy(NYSE:LZB) stock jumped 9.7% after the furniture manufacturer reported a good finish to its fiscal year 2024, with fourth-quarter earnings and revenue above forecasts.
Merck(NYSE:MRK) stock climbed 1.4% after the U.S. Food and Drug Administration approved the drugmaker’s next-generation vaccine to protect adults against the pneumococcal disease.
Apple(NASDAQ:AAPL) shares climbed 0.5% after the iPhone maker abandoned its “buy now, pay later” service in the U.S., calling a stop to the product only a little over a year after it was initially unveiled.
Losers
Lennar (NYSE:LEN) stock fell 2.7% after the homebuilder anticipated lower third-quarter home deliveries, indicating that mortgage rates will continue high and demand for new homes will remain low.
After CEO Ryan Cohen told investors that GameStop (NYSE:GME) will operate fewer locations, the stock slumped 2.6%, continuing the previous session’s severe losses.
Tesla(NASDAQ:TSLA) stock declined 0.4% as the electric vehicle firm launched its struggle for legal recognition of Chief Executive Elon Musk’s enormous $56 billion pay package.
Boeing(NYSE:BA) stock slid 0.4% after the Wall Street Journal reported GE Aerospace CEO Larry Culp has rebuffed the planemaker’s request to consider taking over as the chief executive.
Stock in Focus
Shares of America’s Car-Mart (CRMT) dropped ahead of the opening bell, as the used car dealership reported a more than 80% Y/Y drop in quarterly profit. For their FQ4 2024, the company stated it earned 6 cents per share compared to 32 cents per share a year ago. The amount was also 14 cents lower than the consensus estimate. A 13.6% reduction in car sales hurt on performance. “The persistent inflationary environment driven by macro trends disproportionately impacted our customer base,” America’s Car-Mart (CRMT) top boss Doug Campbell remarked.
KB house (KBH) shares will be in focus, with the house builder slated to release Q2 results following the closing bell. Wall Street expects the company to earn $1.81 per share on revenue of $1.65B. Larger rival Lennar (LEN) on Monday anticipated Q3 new orders and deliveries that missed forecasts. Affordability remains a problem among U.S. buyers, with home prices hitting an all-time high of $394K last week, according to statistics from Redfin. The real estate agency also reported home sales plummeting to one of its lowest levels on record in May.
After falling more than 12% in the previous session, shares of GameStop (GME) were on course to add on to those losses by more than 4% on Tuesday. The video game retailer on Monday finished its annual meeting with no substantial updates about its goals or prospects. Chief executive Ryan Cohen said lowering expenses and growing profitability were the immediate aims, but did not offer any details. The meeting lasted around half-an-hour, and no shareholders were allowed to ask their queries.
Micron Technology (MU) stock surged roughly 2.5% ahead of market open, after some bullish action by BofA Securities on the memory chipmaker’s stock. BofA added Micron (MU) to its US 1 List, which represents a compilation of the brokerage’s finest investment ideas taken from Buy-rated, U.S.-listed equities. Other firms on the list include IT heavyweights Apple (AAPL) and Microsoft (MU) and semiconductor behemoth Nvidia (NVDA). Micron (MU) will be presenting its FQ3 2024 report on June 26, in which it is likely to post a more than 77% Y/Y gain in revenue.
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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.