Today Stock futures edged up in the premarket hours, after optimistic statements from Federal Reserve Chair Jerome Powell, who anticipates interest rate decreases to begin this year.
Top stock gainers
Levi Strauss (LEVI) shares rose 9% Today after the garment company exceeded expectations in Q1 and boosted its earnings forecast. The business reiterated its previous sales growth projection for the year of +1% to +3%, which is consistent with the consensus growth rate of 2.4%. It raised its FY2024 EPS projection range to $1.17 to $1.27 from the previous range of $1.15 to $1.25 and $1.22 consensus. CFO Harmit Singh noted, “Our worldwide productivity effort, Project Fuel, is proceeding well and increasing the company’s profitability. Looking ahead, we are pleased by developments in our company across the world, especially Europe. As a result, we are confident in our ability to return the topline to mid-single-digit growth in the second half of this year and have raised our full-year EPS forecast.”
Organigram Holdings (OGI) shares rose 7% Today after its SHRED brand topped $200 million in annual retail sales. In September 2020, SHRED changed the cannabis market by introducing high-quality, convenient milled flowers in three powerful tastes. Convenience, quality, flavor, and value were key factors in the brand’s rapid success. SHRED increased their offerings to include pre-rolls, infused pre-rolls, gummies, and hash, including the patent-pending Rip-Strip hash.
BlackBerry (BB) shares rose 5% after the cybersecurity business outperformed forecasts in Q4. The business also issued a forecast that fell short of market expectations. BlackBerry forecasts 1Q25 sales of $130 million to $138 million, which is lower than the average of $151.85 million. The adjusted EPS for the quarter is expected to be between -$0.04 and -$0.06 per share, which is worse than the consensus of -$0.03. For FY2025, it predicts sales between $586 million and $616 million, much lower than the average of $651.18 million, and adjusted EPS between -$0.03 and -$0.07, compared to the consensus of -$0.01.
Intuitive Machines (LUNR) surged more than 6% Today after NASA gave it a $30 million contract to complete a Lunar Terrain Vehicle Services Feasibility Assessment. The contract asks the company’s worldwide team to create a feasibility roadmap for creating and deploying a Lunar Terrain Vehicle (“LTV”) on the Moon using Intuitive Machines’ Nova-D cargo lunar lander. The first phase funding marks the company’s introduction into human spaceflight operations under NASA’s $4.6 billion LTV Services project.
Wayfair (NYSE:W) stock rose 4.4% after Evercore ISI upgraded its rating on the online home furnishings retailer to ‘outperform’ from ‘in line’, citing the company’s attractive risk/reward profile, which includes cost-cutting measures that reduce downside risk while increasing potential upside as revenues begin to grow again.
Tesla (NASDAQ:TSLA) shares increased 0.8% after the Financial Times reported that the EV manufacturer is looking at sites in India for a projected $2 billion to $3 billion electric car facility.
Reddit (NYSE:RDDT) shares increased 0.4% after falling almost 7% the previous day, with Bernstein labeling the social media network as “an institutional meme stock” and initiating coverage with a ‘underperform’ rating.
Top stock losses
Riley Exploration Permian (REPX) shares fell 13% today following a public offering of 2.1 million ordinary shares. The offering includes 700,000 shares offered by the corporation and 1.4 million shares offered by specific owners. The funds will be used for general corporate objectives such as acquisition financing, debt reduction, capital investment, and working capital. The corporation will not benefit from the sale of shares by the selling investors.
Block (NYSE:SQ) shares fell 3.4% after Morgan Stanley downgraded the financial services firm to ‘underweight’ from ‘equal weight’, citing worries about the company’s Ebitda growth and its implications for future sales expansion.
Paramount Global (NASDAQ:PARA) shares declined 0.6% after the Wall Street Journal reported that the entertainment giant has gone into exclusive merger negotiations with Skydance Media, selecting the independent studio over Apollo Global Management’s (NYSE:APO) $26 billion bid.
Walt Disney (NYSE:DIS) (NYSE:DIS) shares declined 0.2% as the entertainment conglomerate’s shareholders backed CEO Bob Iger and other corporate directors, putting an end to a war for board seats initiated by activist investors Trian Fund Management and Blackwells Capital.
Stock in focus
Conagra Brands (CAG) shares surged over 5% pre-market. The Slim Jim, Duncan Hines, and Swiss Miss owner surpassed its FQ3 2024 profit forecast and raised its fiscal adjusted operating margin outlook. Quarterly net sales fell 1.7% to $3.03B, while organic net sales fell 2%. Conagra’s (CAG) quarterly grocery and snack sales rose 3.4% Y/Y to $1.3B, offsetting an 8.1% drop in refrigerated and frozen sales. U.S. consumers are eating at home more.
Lamb Weston (LW) stock fell 11% before the opening bell as the frozen potato major disclosed a FQ3 2024 top and bottom line failure owing to a larger-than-expected effect from a North American ERP system change. The ERP upgrade momentarily obscured distribution center finished products stocks, affecting our ability to fulfill client orders. This hurt sales and margins “LW CEO Tom Werner remarked. Lamb Weston (LW) cut its fiscal 2024 net sales outlook to $6.54B-$6.60B from $6.8B-$7B due to client order fulfillment rates.
Hertz Global (HTZ) shares fell 4% before market open after Goldman Sachs downgraded it to Sell from Neutral. The brokerage believes investors have not fully priced in the vehicle rental firm’s pricing, cost, and depreciation per unit challenges. Right-sizing the company’s fleet and stabilizing prices may take longer than expected, according to Goldman. Hertz (HTZ) sold 20K EVs, or one-third of its global fleet, in January due to losses from EV adoption.
Ford (F) shares rose more than 1.5% before the opening bell after the “Detroit Three” automaker revealed intentions to delay the introduction of its all-new three-row EVs at its Oakville, Ontario assembly site until 2027 from 2025. Ford (F) will focus on hybrid cars and expects to sell them across its North American portfolio by the end of the decade. Ford’s (F) action underscores the automotive industry’s recent supply shortages and high manufacturing costs in implementing EVs. Overall EV demand has fallen.
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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.