Today’s Top Performers
Premarket trade on Wednesday saw stock futures hover near the flatline as investors eagerly await the Federal Reserve’s rate-cut predictions.
Top stock gainers
Chipotle Mexican Grill (NYSE:CMG) shares climbed over 5% after its board authorized a 50-for-one split of its ordinary stock. On June 6, 2024, the firm will seek shareholder approval at its annual meeting. After the market closes on June 25, 2024, record shareholders will get 49 extra shares each share. The company’s shares will trade at market open on June 26, 2024. Over 20 years, CMG will offer restaurant general managers and staff a one-time equity award.
PDD Holdings (NASDAQ:PDD) shares rose 4% before Q4 earnings. Analysts predict a consensus EPS estimate of $1.54, up 27.3% Y/Y, and a revenue estimate of $10.85B, up 88.0%. Over the past two years, Pinduoduo has outperformed EPS predictions 88% and revenue estimates 75%. EPS expectations have been revised 4 times and revenue estimates 6 times in the past three months.
Intel’s (NASDAQ:INTC) shares climbed 3% after the White House announced up to $8.5B in CHIPS Act funding. This is part of the Biden administration’s attempt to bring back US semiconductor production. Intel may also receive $11B in financing from the 2022 CHIPS and Science Act. Arizona will host President Joe Biden’s award announcement on Wednesday.
Top stock losses
Shares of Aquestive Therapeutics (NASDAQ:AQST) fell nearly 14% after pricing a public offering at $4.50 per share, below the current trading price of $5.30. About $75M is expected from the offering. AQST will use the net proceeds and existing cash to advance its product pipeline, including Anaphylm (epinephrine) Sublingual Film for severe allergic reactions and Libervant (diazepam) Buccal Film for seizure clusters in two- to five-year-old epilepsy patients, and for general corporate purposes. By March 22, 2024, the offering should close.
NuScale Power (NYSE:SMR) fell 5% Wednesday morning after falling 35% on Tuesday. In response to misplaced market euphoria, Wells Fargo cut the shares to Underweight from Equal Weight and set a $4.50 price objective from $7.50. Neil Kalton of Wells Fargo noted that NuScale (SMR) has not yet secured any customers for its VOYGR product, is in a precarious financial position with only a year of cash runway, has trouble attracting new customers, and its VOYGR technology is not cost-competitive with other generation sources. This fall erased a 29% rise on Monday, which was spurred by optimism that the corporation may raise funds by issuing fewer shares.
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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.