Today’s Top Performers
In the early hours of Friday, stock futures are up as all three main averages surpassed their previous closing records.
Top stock gainers
FedEx shares rose over 12% in Q3, driven by cost-cutting measures in its Express business and improved margins in Q3. The Express segment achieved an operating margin of 2.5%, surpassing Street expectations by 150 basis points. The company’s adjusted operating margin rose to 6.2% from 5.3% in Q3. FedEx anticipates a slight revenue decrease in 2024 and has adjusted its profit guidance to $17.25 to $18.25 per share, excluding MTM retirement plans. The company plans to increase share repurchase in Q4 by $500M and authorizes a new $5B share repurchase program.
Ocugen (OCGN) shares rose by 10% on Friday after hitting a 52-week high. The increase was due to an amendment to the company’s bylaws, which reduced the quorum requirement for stockholder meetings to one-third of the voting power of its outstanding shares. This change, effective immediately, reduces the company’s quorum requirement from a majority to a third of the voting power.
Top stock losses
Nike‘s shares dropped by 7% following a disappointing revenue outlook, which overshadowed its better-than-expected Q3 earnings report. CFO Matthew Friend confirmed a 1% growth in FY2024 revenue, but projected a low single-digit decline in the first half of fiscal 2025. Nike revised its growth projections in December due to overseas market challenges and plans to reduce costs by around $2B over the next three years.
Lululemon Athletica‘s Q4 results exceeded analysts’ expectations, but its Q1 outlook fell below the consensus forecast. The company expects Q1 revenue between $2.18B and $2.20B, below the consensus estimate of $2.26B. Q1 EPS is projected between $2.35 to $2.40, below the consensus of $2.53. For the full year, Lululemon expects revenue between $10.7B and $10.8B, below the consensus of $11B, and EPS between $14.00 and $15.20.
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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.