Today Stock futures jumped as the Federal Reserve maintained interest rates. Investors are anxiously expecting Friday’s employment data.
Top stock gainers
Carvana (NYSE:CVNA) shares rose 34% following a strong Q1. Despite reduced inventory and promotion, the business sold 91,878 automobiles, up 16% Y/Y. Adjusted EBITDA exceeded costs for Carvana’s third straight quarter of positive net profitability. Sales and profitability are expected to rise in Q2 compared to Q1.
XPeng (NYSE:XPEV) shares rose 7% after delivering 9,393 Smart EVs in April, up 33% Y/Y and 4% M/M. With 82% urban driving penetration, the firm’s XNGP technology is also growing. In June 2024, the EV manufacturer will introduce MONA.
Qualcomm (NASDAQ:QCOM) surged over 5% after a strong Q2 and optimistic Q3 forecast. The business estimates Q3 sales of $8.8B to $9.6B, vs $9.05B average. Adjusted EPS to $2.15–$2.35 vs. $2.16 expectation. Qualcomm’s growth and diversity, including record automotive sales, Snapdragon X launches, and on-device AI innovation, excited CEO Cristiano Amon.
Top stock losses
Fastly (NYSE:FSLY) shares fell 33% after lackluster Q1 earnings and a poor outlook. The business predicts Q2 sales between $130M and $134M, below the average of $140.4M, and adjusted EPS between -$0.10 and -$0.06, below the consensus of -$0.02. Revenue is predicted to be $555M–$565M in FY2024, with adjusted EPS of -$0.12–-$0.06 vs. the consensus of -$0.04.
DoorDash (NASDAQ:DASH) shares fell 14% despite robust revenue growth, surpassing order consensus, and an all-time record in adjusted EBITDA. Revenue increased 23% Y/Y, and adjusted EBITDA rose to $371M from $204M in 1Q23. The quarter had 620 million orders, up 21% Y/Y, above the estimate of 607.7M. Marketplace gross order value up 21% to $19.2B vs. $18.7B estimate. The firm also forecast Marketplace GOV of $19.0B to $19.4B and adjusted EBITDA of $325M to $425M for Q2.
Premarket
Gainers
Carvana (NYSE:CVNA) shares rose 35% after the used vehicle dealer predicted an unexpected increase in current-quarter retail sales and core profit as high borrowing rates compel people to buy used automobiles.
Wayfair (NYSE:W) shares jumped 8% after the furnishings retailer disclosed that its losses had been reduced by more than $100 million despite eliminating 13% of its workforce.
Peloton (NASDAQ:PTON) shares jumped 7.5% after the connected fitness business announced the retirement of CEO Barry McCarthy, after a price fall.
Qualcomm’s (NASDAQ:QCOM) shares jumped 5.6% after the chipmaker anticipated quarterly revenue and adjusted profit above forecasts, owing to the introduction of more and more expensive processors into smartphones with artificial intelligence capabilities.
Moderna’s (NASDAQ:MRNA) shares jumped 1.4% after the pharmaceutical reported a narrower-than-expected first-quarter loss as cost-cutting measures paid off and sales of its Covid vaccine exceeded expectations.
Shell (LON:SHEL) ADRs increased 1.1% after the oil major posted a first-quarter profit of $7.7 billion, significantly above forecasts, and announced plans to repurchase an additional $3.5 billion of its shares over the following three months.
Losers
Fastly (NYSE:FSLY) stock fell 34% after the cloud computing services processor issued weaker-than-expected forecasts for the second quarter and full year 2024, citing decreased revenue from several of its top clients.
DoorDash (NASDAQ:DASH) shares fell more than 11% after the meal delivery service announced a poor annual profit estimate, indicating that increasing expenses were offsetting some benefits from rising grocery and food orders.
Zillow (NASDAQ:ZG) shares slumped 5.9% after the online real estate marketplace missed its second-quarter sales prediction by $525 million to $540 million, falling short of the widely predicted $560 million.
eBay (NASDAQ:EBAY) stock slumped 3.4% after the e-commerce company estimated second-quarter revenue below expectations due to slowing demand.
Regeneron’s (NASDAQ:REGN) shares dipped 1.6% after the company missed first-quarter earnings targets owing to lower sales of its blockbuster eye medicine Eylea and eczema therapy Dupixent.
Stocks In Focus
Peloton (PTON) Class A shares were among the most actively traded before the opening bell, rising 9%. The fitness equipment company’s reorganization plans, which included eliminating 15% of its global personnel and retail showrooms, were well received by investors. “Hard as the decision has been to make additional headcount cuts, Peloton (PTON) simply had no other way to bring its spending in line with its revenue,” CEO Barry McCarthy said. Peloton (PTON) also announced McCarthy’s resignation after two years. Additionally, Peloton (PTON) published FQ3 2024 results.
After reporting a Q1 top and bottom line loss, Regeneron (REGN) stock fell more than 1% pre-market. Regeneron’s (REGN) quarterly revenue fell 1% Y/Y to $3.15B, below the expectation by $70M. Its blockbuster eye-disease medication Eylea fell 2% to $1.40B, causing the decrease. In Q1, Regeneron (REGN) reported $40M in Eylea sales losses due to a sequential net reduction in wholesaler inventory. Eylea’s volumes and net selling price fell due to “changing market dynamics”.
Novo Nordisk (NVO) U.S. shares fell roughly 2% before market open. Despite Ozempic and Wegovy’s blockbuster diabetic and weight loss medications’ outstanding beat-and-raise quarter, the Danish drugmaker fell. At constant exchange rates, sales of the former rose 43% to DKK 27.81B ($3.99B) and those of the latter doubled to DKK 9.38B ($1.35B). Novo Nordisk (NVO) revenue rose 24% to DKK 65.35B ($9.38B). Ozempic and Wegovy helped the Danish drugmaker become Europe’s largest publicly listed company.
Apple (AAPL) will release FQ2 2024 numbers after the closing bell. Wall Street forecasts iPhone earnings of $1.51 per share on $90.61B in sales. Apple (AAPL) stock hasn’t been popular this year, and its FQ2 sales is expected to shrink by its greatest margin since FQ1 2023. The stock has been hurt by plummeting Chinese iPhone sales and a perceived AI lag. Investors will watch Apple’s effort to add generative AI to iPhones and boost performance in China.
Must read book about investing – check here Today Today Today Today Today Today Today Today Today
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.