Today, A respite in the global semiconductor sell-off and substantial rallies in Nvidia and other tech firms kept stock futures stable . The 2024 first presidential debate and PCE pricing data, the Fed’s favored inflation metric, are anticipated by market investors.
Top stock gainers
Rivian Automotive’s (NASDAQ:RIVN) stock rose 36.7% in pre-market trading as Volkswagen (OTCPK:VLKAF) proposes to invest $1 billion in the California-based company, with intentions to grow by $4 billion if a joint venture works. Volkswagen (OTCPK:VLKAF)’s $5 billion initial and anticipated investments, including Rivian’s cash position, are projected to fund electric car operations through R2’s ramp in Normal, Illinois, and the midsize platform in Georgia.
FedEx (NYSE:FDX) shares rose 13.5% in early trade after its FQ4 earnings report beat forecasts and set revenue targets. Shipping company management gave stronger-than-expected guidance for fiscal 2025, expecting recent growth to continue. Memphis-based shipping giant’s FQ4 revenue grew 0.9% to $22.1 billion. EPS was $5.41, compared to $5.37 estimate and $4.94 last year. The business said it is evaluating FedEx Freight’s position in value-creation strategies.
Top stock losses
Taysha Gene Therapies (NASDAQ:TSHA) shares fell 15.2% in the pre-market after launching a $75 million securities offering of common stock and pre-funded warrants. The company would also provide the underwriters a 30-day option to buy up to 15% more of its common stock in the public offering.
Premarket
Gainers
Rivian’s (NASDAQ:RIVN) stock rose 36% after German automaker Volkswagen (ETR:VOWG_p) made a significant investment in the American high-end electric truck group.
Whirlpool (NYSE:WHR) stock jumped 14% after Reuters reported that German engineering giant Robert Bosch is considering an offer for the US appliance producer.
FedEx (NYSE:FDX) stock increased 14% after the shipping company announced an upbeat outlook and plans for a $2.5 billion share buyback in the current fiscal year.
Vista Outdoor (NYSE:VSTO) stock increased 10% after MCN Capital Partners upgraded its all-cash bid for the shooting sports company to $42 per share, or around $3.2 billion, from $39.50 earlier.
Albemarle (NYSE:ALB) stock climbed 2.9% after the world’s largest lithium producer announced intentions to host additional auctions for the metal used in EV batteries.
Robinhood (NASDAQ:HOOD) shares increased 2.9% after Wolfe Research raised its rating on the trading platform operator to “outperform” from “peer perform,” noting solid net deposits, “significant” operating leverage, and “strong” free cash flow production.
Nvidia’s (NASDAQ:NVDA) shares jumped 2.4%, adding to the previous session’s significant gains that catapulted its market capitalization above $3.1 trillion and alleviated investor concerns that its important position in the AI revolution may be waning.
Losers
Southwest Airlines’ (NYSE:LUV) stock slumped 5.5% after the airline reduced its second-quarter revenue outlook, citing uneven travel demand.
Chipotle (NYSE:CMG) stock declined 0.5% after the burrito giant announced a 50-for-1 stock split, the company’s first ever and one of the largest on the New York Stock Exchange.
Blackstone (NYSE:BX) declined 0.3% after the private equity firm agreed to acquire British hotel operator Village Hotels, as part of a larger investor push into the hospitality industry, which outperforms the broader commercial property market.
Stock in Focus
General Mills (GIS) shares plummeted more than 5% in pre-market trade after reporting a 6% drop in organic net sales for FQ4 2024. General Mills (GIS), which owns Betty Crocker and Cheerios, said its organic net sales were hurt by a comparison to favorable trade expense timing a year ago, a retailer inventory decrease, and an overseas headwind. Due to a “continued uncertain macroeconomic backdrop for consumers across its core markets,” the company expects fiscal 2025 organic net sales to be flat to up 1%.
Micron Technology (MU) shares will be watched for their FQ3 2024 announcement after the bell. Wall Street anticipates the Boise, Idaho-based company to earn 53 cents per share on $6.67B in revenue. Micron (MU) stock has risen more than 65% YTD amid a technology sector rally driven by AI. Micron (MU) expects FQ3 revenue to rise approximately 78% Y/Y due to strong demand for its AI memory chips.
Before market open, Whirlpool (WHR) shares rose about 19%. After three sources told Reuters that Bosch had been in negotiations with advisers about acquiring Whirlpool (WHR), the advance came. Benton Harbor, Mich.-based home appliance business with a $4.75B market valuation. The company’s Q1 revenue fell 3.4% in April due to decreased sales and demand.
Southwest Airlines (LUV) stock fell more than 4% before the opening bell as the company forecast a larger revenue decline for the quarter. In a regulatory filing, Southwest (LUV) revised its Q2 operating revenue per available seat mile (RASM) projection to down 4% to 4.5% from 1.5% to 3.5%. “The reduction in the Company’s RASM expectations was driven primarily by complexities in adapting its revenue management to current booking patterns in this dynamic environment,” the airline stated.
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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.