Today’s Top Performers
Stock futures rose in the early hours of Thursday as the Federal Reserve maintained interest rates and indicated at least three rate cuts in 2024.
Top stock gainers
Micron Technology (NASDAQ:MU) shares rose 18% after its strong FQ2 earnings and bullish outlook. In FQ2, DRAM revenue rose over 50% and NAND revenue rose 77%. Micron expects adjusted EPS between $0.38 and $0.52 in FQ3, over the consensus of $0.09, and revenues between $6.4B and $6.8B, above $6B.
At an investor meeting, Broadcom (NASDAQ:AVGO) announced its latest artificial intelligence infrastructure services, raising shares 3%. To meet the growing need for generative AI clusters, Broadcom semiconductor solutions group president Charlie Kawwas stressed the necessity for a network-centric platform built on open solutions. Broadcom displayed the Bailly CPO Ethernet switch, Tomahawk 5, Trident 5-X12 chip with neural network, and Jericho3-AI fabric for AI networks to enable large-scale AI infrastructure. Barclays positioned Broadcom as best for the “second wave of AI,” assigning a $1,405 price target, while Jefferies called it one of the top 10 stocks to buy.
Top stock losses
Top stock losses
Due to lower-than-expected order intake, Li Auto (NASDAQ:LI) shares fell over 7% after revising its 1Q24 delivery projection. The new projection predicts 76,000–78,000 car deliveries, down from 100,000–103,000. Xiang Li, Li MEGA’s chairman and CEO, recognized operational challenges and stressed the need to focus on key user groups and cities with higher purchasing power. To reestablish sustainable growth, Li stressed user value and operating efficiency above sales volume and competitiveness.
After missing the consensus in Q4 results, Lufax Holding (NYSE:LU) declined 3%. Total income fell 44% for the firm. In FY2024, Lufax forecasts fresh loan sales of RMB190B to RMB220B. Additionally, the business estimates a year-end debt amount of RMB200B to RMB230B.
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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.