Today’s Top Performers
As the Federal Reserve opens its two-day policy meeting today, stock futures were mostly flat in the early hours of Tuesday. Market players are hungry for interest rate clues.
Top stock gainers
Following Q4 earnings that above expectations and permission for a $100M repurchase, National CineMedia (NASDAQ:NCMI) stock rose nearly 18%. The business expects 1Q24 sales of $34.5M to $35.5M, beating the average of $32.48M, and adjusted OIBDA of negative $7.5M to negative $6.5M, down from negative $10.9M a year ago.
Fusion Pharmaceuticals (NASDAQ:FUSN) shares rose 94% after AstraZeneca (AZN) acquired it for $21.00 per share in cash at closing and a $3.00 per share contingent value right on a regulatory milestone. This $2B upfront cash acquisition is 97% higher than Fusion’s closing market price of $10.64 on March 18, 2024, and 85% higher than the 30-day volume-weighted average price. The contingent value payments may raise the transaction value to $2.4B, 126% over Fusion’s closing market price and 111% above the 30-day volume-weighted average price. The transaction will improve AstraZeneca’s Canadian footprint by adding actinium-based radio conjugate expertise in 2Q24.
Top stock losses
StoneCo (NASDAQ:STNE) fell up to 10% despite Q4 earnings and revenue growth, fueled by its strong MSMB sector. The business announced board changes after results. After serving their two-year terms, founder André Street, vice chairman Conrado Engel, and Patricia Verderesi Schindler will not run again at the April Annual General Meeting. The shareholder majority must approve the appointment of Mauricio Luchetti as chairman and Gilberto Caldart as vice chairman. José Scheinkman may also join the board.
Bitcoin (BTC-USD) prices fell 6%, causing numerous cryptocurrency stocks to fall. Bitdeer Technologies (NASDAQ:BTDR) fell 8% and MicroStrategy (NASDAQ:MSTR) 15%. CleanSpark (NASDAQ:CLSK) plummeted 7%, Riot Blockchain (NASDAQ:RIOT) 5%, and Marathon Digital (NASDAQ:MARA) 6.5%.
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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.