Today, Stock futures were quiet in early trading hours as market players prepare for a plethora of speeches from Fed officials.
Top stock gainers
Larimar Therapeutics (NASDAQ:LRMR) shares rose over 20% after the FDA lifted a partial clinical hold on Larimar’s nomlabofusp trial program following a review of Phase 2 data for the medicine. Larimar has been evaluating the medication for the treatment of Friedreich’s ataxia. Interim data from an open-label extension study is planned in Q4, with an FDA market application filing targeted for the second part of 2025.
Top stock losses
Despite outperforming expectations in FQ3, shares of Palo Alto Networks (NASDAQ:PANW) declined roughly 9% due to a decreased billing outlook for FY2024. For Q4, the business forecasts EPS in the range of $1.40 to $1.42, which coincides with the estimate of $1.42, and sales between $2.15B and $2.17B, close to the estimate of $2.17B. Total billings are anticipated to be between $3.43B and $3.48B, representing a Y/Y growth of 9% to 10%. Billings for FY2024 are estimated in the range of $10.13B to $10.18B, showing a rise of 10% to 11%, slightly adjusted from the preceding range of $10.1B to $10.2B. FY2024 revenue projection now tightens to fall between $7.99B and $8.01B, compared to the previous range of $7.95B to $8.01B. However, estimate for non-GAAP EPS for the year has climbed since February, with the business now anticipating annual EPS to range from $5.56 to $5.58, up from the previous forecast of $5.45 to $5.55.
Gaotu Techedu (NYSE:GOTU) shares plummeted 6% after announcing a revenue rise of over 34% in Q1 and a Y/y gross billings growth of 35%. The company offered a robust revenue projection for Q2, expecting revenue to fall between RMB 908M and RMB 928M, indicating a rise of 29.1% to 32% Y/Y.
Chinese automaker Li Auto (NASDAQ:LI) slumped over 4% after delayed the launch of its all-electric SUVs until the first half of 2025, following an earnings loss in Q1. CEO and founder Xiang mentioned limited charging stations and other obstacles during the post-Q1 results call. He stated, “The Beijing-based business needs an extra 500 to 600 display spaces around the country to achieve regular sales of over 10,000 units per model. Otherwise, we’ll merely be increasing the number of products rather than the sales volume.”
JD.com’s (NASDAQ:JD) shares plummeted by 5% after the business revealed plans to sell convertible senior notes worth $1.5B due on June 1, 2029. The net proceeds will be used for concurrent repurchase and additional Class A ordinary shares and/or American depositary shares on the open market. The revenues will also be used to expand global operations, improve supply chain network, and meet working capital demands.
Chinese automaker Li Auto’s all-electric SUV launch delay caused a 4% drop, citing inadequate charging stations and other constraints. CEO Xiang emphasized the need for additional display spots to achieve consistent sales.
Premarket
Gainers
Xpeng (NYSE:XPEV) stock increased 5.4% after the Chinese electric car manufacturer posted better-than-expected first-quarter results amid a highly competitive market.
Macy’s (NYSE:M) stock increased 3.9% after the department store’s first-quarter results above forecasts, upping full-year earnings expectations as it observed early signs of progress in its recovery strategy.
Lowe’s (NYSE:LOW) shares increased 2.1% after the home improvement company announced first-quarter net sales that exceeded expectations, aided by growth in its online offerings and professional services.
AstraZeneca (NASDAQ:AZN) ADRs increased 1.1% after the pharmaceutical company revealed it intends to generate $80 billion in total revenue by the beginning of the next decade, up from $45.8 billion in 2023.
Nvidia (NASDAQ:NVDA) shares climbed 0.6%, maintaining the previous session’s upbeat tone, with investors anticipating another good earnings report from the AI chip titan on Wednesday.
Losers
Palo Alto Networks (NASDAQ:PANW) stock plummeted 8% after the cybersecurity firm’s latest billings projection fell short of forecasts, with the company suffering lackluster spending from clients concerned about the uncertain economic situation.
Peloton’s (NASDAQ:PTON) stock plummeted 3.1% after Bloomberg reported that the integrated fitness business has raised a $1 billion loan to restructure current debt.
Zoom (NASDAQ:ZM) stock slumped 2.9% after the video conferencing behemoth, a pandemic-era favorite, issued a cautious outlook for the current quarter and fiscal year.
Stocks In Focus
Lam Research (LRCX) shares rose 4% pre-market after the semiconductor equipment maker authorized a $10B share repurchase and a 10-for-1 stock split. Lam Research (LRCX) finance head Doug Bettinger said the share repurchase was “consistent” with the company’s objective to distribute 75% to 100% of free cash flow to stakeholders through dividends and buybacks. The stock split should allow more Lam (LRCX) employees worldwide to participate in equity programs.
After beating modest Q1 top and bottom line projections, Macy’s (M) stock gained more than 3% pre-market. Tony Spring, Macy’s (M) CEO, said the company’s “investments in product, presentation and experience” were paying off despite declining net and comparable sales. Macy’s (M) adjusted its full-year net sales expectation to $22.3B-$22.9B from $22.2B-$22.9B and saw 2024 comparative sales down 1% to up 1.5% Y/Y.
Lowe’s (LOW) shares rose 2.5% before the opening bell as its Q1 comparative sales fall beat expectations. The company also supported its full-year guidance. Lowe’s (LOW) CEO Marvin Ellison was “pleased” with the start to the crucial spring season, despite a 4.1% drop in quarterly comparative sales due to smaller DIY big ticket discretionary spending. Lowe’s (LOW) larger rival Home Depot (HD) also saw comparable sales drop last week due to a delayed spring.
ZIM Integrated Shipping Services (ZIM) stock fell roughly 8% before market open after the container shipping company missed Q1 top and bottom line. Despite ZIM (ZIM) returning a 23-cent quarterly dividend per ordinary share, reflecting 30% of Q1 net income, shares fell. “Looking ahead, we now expect freight rates to remain stronger for longer than initially anticipated due to a combination of continued pressure on supply and availability of equipment and a recent uptick in demand,” Eli Glickman of ZIM said.
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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.