Today’s Premarket shows Stock futures fell as investors awaited the Federal Reserve’s interest rate announcement.
Top stock gainers
Pinterest (NYSE:PINS) shares rose over 16% after its Q1 earnings announcement above market forecasts. Top-line increase was over 23% Y/Y. Global monthly active users rose 12% to 518M, while ARPU rose 10% to $1.46. The business also forecast Q2 sales of $835M to $850M, up 18–20% Y/Y from $827.09M.
Top stock losses
Starbucks (NASDAQ:SBUX) fell over 12% after missing FQ2 expectations. Global comparable store sales fell 4%, missing the average expectation of 1.5%. Average ticket sales grew 2%, although transaction count fell 6% throughout the period. Comparable sales in North America declined by 3% vs the average forecast of 2.1%, and foreign sales fell by 6% below the projected 1.4%. Comparable store sales fell 11% in China, underperforming the average expectation of 1.6%.
AMD shares slumped 6% after exceeding market forecasts in Q1, as the semiconductor company’s sales estimate was mostly in line. Gaming revenue declined 48% Y/Y, while embedded revenue fell 46%. AMD forecasts Q2 sales of $5.4B to $6B, with the midpoint matching the average expectation of $5.69B.
Despite a 200% Y/Y sales increase, Super Micro Computer (NASDAQ:SMCI) shares fell 10% after mixed FQ3 earnings. The business forecast FQ4 net sales of $5.1B to $5.5B, above the consensus of $4.86B, and non-GAAP diluted EPS of $7.62 to $8.42, vs $6.96. SMCI upgraded its FY2024 sales outlook from $14.3B to $14.7B to $14.7B to $15.1B, above the average expectation of $14.59B, and expects non-GAAP diluted EPS of $23.29 to $24.09, compared to $21.85.
Premarket
Gainers
The social media company anticipated second-quarter sales above Wall Street projections, sending Pinterest shares up 16%.
After beating first-quarter earnings projections, Amazon (NASDAQ:AMZN) shares climbed 1.7%. Earnings were constrained as the e-commerce behemoth predicted more AI expenditure expenses and lower sales. despite the beverage giant reporting
Pfizer (NYSE:PFE) stock climbed 1% after beating first-quarter estimates and raising its full-year projection.
Losers
Super Micro Computer (NASDAQ:SMCI) shares plummeted 13% after its 2024 AI chip sales prediction of $4 billion fell short of expectations.
Starbucks (NASDAQ:SBUX) shares fell 12% after its first quarter profit missed estimates and revenue fell due to weaker North American and Chinese demand.
CVS Health (NYSE:CVS) stock fell 11% after the pharmacy company revealed lower first-quarter profitability and lowered its full-year earnings projection.
AMD shares tumbled over 7% after the chipmaker forecast $4 billion in AI chip sales for 2024, up $500 million from its previous projection. This fell short of Wall Street’s high expectations.
Estee Lauder (NYSE:EL) stock plummeted 5.9% after the beauty goods business beat anticipated profits and revenue but missed outlook.
Yum! Brands (NYSE:YUM) shares slumped 5.7% after the restaurant business announced a surprising drop in quarterly worldwide same-store sales due to inflation-weary consumers’ shaky demand for KFC and Pizza Hut.
Kraft Heinz (NASDAQ:KHC) shares slumped 3.9% after missing first-quarter sales projections as inflation-weary consumers resisted increased costs.
Marriott International (NASDAQ:MAR) shares dipped 1.7% despite upgrading its year adjusted profit projection on Wednesday, citing that domestic U.S. traffic is stabilizing following COVID-19.
Stocks In Focus
Mastercard (MA) shares fell 3% pre-market after reporting a Q1 revenue miss. The company’s currency-neutral top line climbed 11% Y/Y to $6.3B, $40M below consensus. Mastercard’s (MA) quarterly payment network net revenue rose 8% currency-neutrally due to 10% gross dollar volume increase, 18% cross-border volume growth, and 13% switched transaction growth. Payment network rebates and incentives increased 20%, boosting net revenue. Charts show MA’s performance.
Before the opening bell, Pfizer (PFE) stock was among the most frequently traded, rising about 3%. The quarterly success of its non-COVID goods encouraged investors. Pfizer (PFE) revenue fell 20% to $14.9B due to a 19% drop in COVID-19 vaccine Comirnaty and anti-viral Paxlovid sales. That was countered by 11% higher sales excluding COVID-19 goods. With confidence in its cost realignment program aim, Pfizer (PFE) boosted its full-year 2024 profit projection.
Marriott International (MAR) Class A shares fell roughly 2% before market open as the world’s largest hotel operator reported a 25% Y/Y drop in Q1 net profits due to rising expenses. Marriott’s (MAR) revenue grew 6% to $5.98B, driven by a 4.2% increase in RevPAR. “Our international markets were particularly strong, posting RevPAR gains of 11%, led by nearly 17% year-over-year growth in Asia Pacific excluding China,” Marriott (MAR) CEO Anthony Capuano said.
Qualcomm (QCOM) stock will be under focus following the closing bell for FQ2 2024 results. Wall Street forecasts $2.32 per share on $9.35B in QCOM revenue. Qualcomm (QCOM) is expected to meet sales projections amid a slow smartphone market rebound. Analysts anticipate FQ3 guidance close to estimates. A lack of “any significant change in the fundamentals for the smartphone market.” put JPMorgan on negative catalyst watch last month.
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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.