Today’s Premarket shows stock futures were neutral as investors expected significant bank earnings.
Top stock gainers
Coupang (NYSE:CPNG) shares rose 10% after the South Korean e-commerce company raised its monthly membership price 58% to 7,890 won. New members will pay the additional charge on April 13, while existing members will pay in August. Expanding advantages, including discounts and free delivery for Coupang Eats, drove the pricing rise, according to Coupang (CPNG). Coupang (CPNG) last raised membership fees to 4,990 won from 2,990 won in 2022.
Top stock losses
In FQ3, Applied Digital (NASDAQ:APLD) missed both the bottom and top lines despite 208% Y/Y sales increase. Shares declined 10%. Facility power outages in our datacenter hosting operation caused many financial issues for Applied Digital during the quarter. Applied Digital Chairman and CEO Wes Cummins said, “Despite these short-term obstacles, we achieved considerable progress with our core growth ambitions in developing our Cloud Services company and establishing our unique purpose constructed 100 MW HPC datacenter in Ellendale. “Other achievements included welcoming our newest Cloud Services customer, Together AI, and the strategic decision to divest our Garden City Facility.”
After pricing its upsized public offering of 10.17M shares of common stock at $15 per share, Nurix Therapeutics (NASDAQ:NRIX) stock plummeted over 8%. The estimated gross proceeds are $175 million. The $125M offering was raised to $175M and is slated to conclude on April 16, 2024.
Premarket
Gainers
Following a severe selloff on Thursday, when Fuzzy Panda Research revealed a short position in the firm and claimed many instances of insurance fraud, Globe Life (NYSE:GL) saw a 10% increase in stock price. The claims have been refuted by Global Life.
As the biggest e-commerce platform in South Korea announced that it will be raising membership fees—its first increase in two years—Coupang’s (NYSE:CPNG) shares surged by 9.4%.
The shares of investment management firm BlackRock (NYSE:BLK) increased 2.7% following the release of its first-quarter earnings report, as the company’s investment advising and administration fees were supported by a surge in global equities markets.
Losers
When the sector braced for widely anticipated Federal Reserve rate reduction, JPMorgan Chase (NYSE:JPM) reported full-year income from interest payments below estimates, causing its shares to plunge 2.4%.
Following news from the Wall Street Journal that China is stepping up efforts to lessen its reliance on foreign technology and intends to remove American chip companies from its telecom infrastructure by 2027, shares of Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) fell 1.7%.
The shares of Wells Fargo (NYSE:WFC) dropped by 1% as the lender revealed lower-than-expected net interest income figures, despite first-quarter revenue exceeding projections.
The shares of electric vehicle maker Tesla (NASDAQ:TSLA) dropped 0.6% after noted bull Dan Ives of Wedbush Securities said in a note that the company’s recently unveiled robotaxi product “is not the answer for now.”
Following the iPhone maker’s unsuccessful attempt to have a class action lawsuit worth slightly less than $1 billion, filed in London on behalf of over 1,500 software developers about software Store fees, dismissed, Apple’s (NASDAQ:AAPL) shares dropped 0.2%.
Stocks in focus
U.S.-listed Coupang (CPNG) shares rose roughly 9% before market open. The South Korean e-commerce behemoth raised its monthly membership costs 58% to 7,890 won ($5.71). Coupang (CPNG) raised membership fees for the first time since 2022. Morgan Stanley termed the news a nice surprise for investors and expects shares to climb. The fee hike might boost monthly membership earnings to 110.5B won (almost $80M) from 69.9B won for Coupang (CPNG), which had 14M members last year.
After the largest U.S. bank by assets published annual net interest income (NII) projections below expectations, JPMorgan (JPM) stock fell more than 3.5% in pre-market trade. JPMorgan (JPM) expects NII, excluding markets, to reach $89B, up from its previous forecast of ~$88B but below the Visible Alpha consensus of $90.4B. Jamie Dimon, JPMorgan’s CEO, said “many economic indicators” were positive but cautioned of “uncertain forces” including “a large number of persistent inflationary pressures, which may likely continue.” Charts show JPM performance.
BlackRock (BLK) shares rose slightly before the opening bell as the world’s largest asset management reported better-than-expected quarterly earnings on strong fee growth. Larry Fink, CEO of BlackRock (BLK), observed that long-term net inflows of $76.4B in the quarter were “nearly 40% of full year 2023 levels.” Bluebell Capital Partners, an activist investor, proposed an independent chair for Fink last week, criticizing his dual job as chairman and CEO. Charts for BLK.
After reporting a record $4.3T in assets under management at the end of Q1 2024, State Street (STT) stock rose 1.5% before market open. The Boston-based asset manager’s quarterly net interest income fell 7% Y/Y while overall fee revenue grew 4% to $2.42B. “Fee revenue growth, on a year-over-year basis, reflected robust performance across our Global Advisors and Front office solutions businesses, which, along with growth in Servicing fees, more than offset lower trading revenues as volatility remained muted,” Ron O’Hanley, CEO of State Street
In pre-market trade, Novo Nordisk (NVO) U.S. shares rose over 1%. The increase followed Europe’s pharma regulator’s months-long investigation that found no relationship between weight loss GLP-1 agonists like Novo’s (NVO) semaglutide and suicidal thoughts. In its own research and electronic health records of overweight and type 2 diabetes patients who took the medications, the European Medicines Agency found “did not support a causal association between the use of GLP-1 receptor agonists and this risk.”
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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.