Today’s Premarket shows stock futures rose marginally as market players anticipated the Federal Reserve meeting and critical job data later in the week.
Top stock gainers
Following news of a cooperation between Tesla (NASDAQ:TSLA) and Baidu to implement Full-Self Driving technology with Baidu providing mapping and navigation support, Tesla shares rose as much as 6%. The development follows Tesla’s compliance with a key Chinese data security and privacy regulation.
After announcing a $1.1B deal to address personal injury lawsuits and class action over its global sleep apnea ventilator recall, Koninklijke Philips N.V. (NYSE:PHG) shares rose more than 37%. About 58,000 people are covered by the non-fault agreement, which is due to be paid in 2025. Philips also agreed with insurers to pay €540M this year for recall-related product liability claims. A reiterated FY2024 guidance, non-GAAP EPS of €0.26, revenue of €4.1B (-1.7% Y/Y), and comparable sales increase of 2.4% were announced by PHG in Q1.
Top stock losses
Bitcoin (BTC-USD), the oldest cryptocurrency, fell 2% on Monday morning and is now trading about $62K. Stronghold Digital Mining (SDIG) -8%, Cipher Mining (CIFR) -4%, TeraWulf (WULF) -3%, Coinbase (COIN) -2%, Marathon Digital (MARA) -3%, Riot Platforms (RIOT) and MicroStrategy (MSTR) -2%.
Premarket
Gainers
Philips (NYSE:PHG) ADRs increased by more than 40% after the Dutch medical device company announced a $1.1 billion deal to address litigation claims about the safety of its recalled breathing equipment in the United States.
Tesla (NASDAQ:TSLA) stock jumped 11% after the Wall Street Journal reported that the electric vehicle manufacturer has received preliminary approval from Beijing to launch its driver assistance software in China, leveraging mapping and navigation technology from Baidu (NASDAQ:BIDU), a Chinese tech behemoth that is also up 6%.
Domino’s Pizza (NYSE:DPZ) shares increased 5.3% after the pizza business exceeded first-quarter sales expectations as customers took advantage of the company’s loyalty programs.
Paramount Global (NASDAQ:PARA) shares jumped 5% on speculation that CEO Bob Bakish may be leaving as the company considers a sale.
Apple (NASDAQ:AAPL) shares increased 2.4% after Bernstein raised its rating on the iPhone manufacturer to ‘outperform’ from’market perform’, advising investors to “buy the fear” surrounding the world’s second most valuable company.
SoFi Technologies (NASDAQ:SOFI) shares increased 2.2% after the personal finance business raised its 2024 projection following stronger-than-expected first-quarter profits, with loan origination up 22% year on year.
Losers
Coinbase (NASDAQ:COIN) shares slumped 2.5%, as the cryptocurrency exchange was pulled down by weaker Bitcoin prices, the world’s most popular digital currency.
Alphabet (NASDAQ:GOOGL) shares dipped 1.5%, reversing some of Friday’s significant gains that saw the Google parent surpass the $2 trillion market valuation barrier for the first time since November 2021.
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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.