Today, Stock futures were mostly steady in premarket as traders awaited inflation data.
Top stock gainers
The return of social media influencer Keith Gill, known as Roaring Kitty, after three years, who helped spark the meme stock phenomenon during the pandemic, drove shares of GameStop (NYSE:GME) and AMC (NYSE:AMC) up 40% in early trading on Tuesday, adding to Monday’s 70% gains. BlackBerry (NYSE:BB) and Koss (NASDAQ:KOSS) also rallied 19% and 11%, respectively. Even Reddit, which started the 2021 meme stock craze, had its share price rise nearly 3%.
After the Biden administration announced intentions to treble tariffs on Chinese electric vehicles and raise duties on other major industries, US clean technology companies like SunPower (NASDAQ:SPWR) jumped 12% and Maxeon Solar Technologies (NASDAQ:MAXN) rose 8%. Tariff rises will affect the market, but solar panel component manufacturing machinery will be excluded. Sunnova Energy (NOVA) rose 3% and SolarEdge Technologies (SEDG) up 2%. In alternative energy, Plug Power (PLUG) rose 1% and Ballard Power Systems (BLDP) rose 4%.
Alcon (NYSE:ALC) shares rose over 10% after the eye care company posted mixed Q1 earnings and boosted its 2024 growth projection. Alcon now predicts FY2024 net sales to reach 7% to 9%, up from 6% to 8%. It expects core diluted EPS to rise 15% to 18% Y/Y in 2024, up from 13% to 16%.
Top stock losses
TeraWulf (NASDAQ:WULF) shares fell 8% after its lackluster Q1 results. The stock fell despite 82% Q/Q top-line growth and 95.4% adjusted EBITDA growth. Q1 2024 Bitcoin self-mined rose to $56.8M from $35.2M in Q4 2023, according to the business.
Premarket
Gainers
GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) shares both more than doubled as a surge in so-called meme stocks continued after a major character in their 2021 climb returned from a lengthy social media hiatus.
Paysafe (NYSE:PSFE) shares jumped 12% after the online payments business announced higher revenue in the first quarter and reiterated its full-year forecast.
On Holding (NYSE:ONON) shares jumped 10% after the sportswear firm announced a spike in net profit for the first quarter, aided by increasing revenue from direct-to-consumer sales.
Home Depot (NYSE:HD) shares climbed 0.5% after the home-improvement store exceeded earnings expectations in the first quarter, although sales fell slightly short as the spring selling season got started to a late start.
Apple (NASDAQ:AAPL) shares climbed 0.2% after Bloomberg reported that the tech behemoth is preparing to offer its Vision Pro mixed-reality headset outside of the United States in an effort to rekindle demand for its most expensive investment in years.
Kraft Heinz (NASDAQ:KHC) shares climbed 0.1% after the Wall Street Journal reported that the packaged food giant is considering selling its Oscar Mayer meats unit for $3 billion to $5 billion.
Losers
Alibaba (NYSE: BABA) ADRs slumped 4.5% after the Chinese e-commerce business revealed March quarter results that were 86% lower than expected, despite higher revenue.
Stocks In Focus
United States-listed Alibaba (BABA) shares were among the most frequently traded before the opening bell, falling about 5%. The Chinese e-commerce giant topped revenue predictions by $310M but missed bottom line estimates in FQ4 2024. The company, which was formerly China’s best shot for a $1T market cap, reported a 96% drop in net income Y/Y due to a quarterly loss from publicly held equities. Charts show BABA performance.
Home Depot (HD) stock fell 1% pre-market after reporting a larger-than-expected drop in Q1 comparative sales. Home Depot (HD) CEO Ted Decker blamed a delayed spring season and “continued softness in certain larger discretionary products.” Transactions and average ticket sales fell. Home Depot’s (HD) results come as inflation makes shoppers reconsider significant expenditures. Chart HD’s performance.
U.S.-listed Sea (SE) shares rose about 6% before market open after the Singapore-based internet services giant reported Q1 revenue increase across all three of its primary operations. Sea (SE) owns Shopee, SeaMoney, and Garena. Shopee’s quarterly orders, gross merchandise volume, and income were its best ever.
Plug Power (PLUG) stock rose ~58% pre-market. The hydrogen fuel cells company said it received a conditional commitment for a $1.66B loan guarantee from the U.S. Department of Energy to build six green hydrogen production plants. Plug Power (PLUG) opened its first commercial-scale green hydrogen facility in Georgia this year. The company’s green hydrogen network produces ~25 tons/day of liquid hydrogen.
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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.