Today’s Premarket shows Boeing (BA), AT&T (T), IBM (IBM), and Meta Platforms (META) earnings announcements were expected, but stock futures were mostly flat early Wednesday morning.
Top stock gainers
Tesla (NASDAQ:TSLA) shares rose over 10% despite Q1 sales and margin decreasing Y/Y, below the consensus. The good momentum occurred after the firm revealed intentions to update its car inventory and launch new, more affordable vehicles in early 2025 or late 2024.
Texas Instruments (NASDAQ:TXN) rose 7% after strong Q1 earnings and forecast. The business predicts Q2 EPS between $1.05 and $1.25, vs the average of $1.15, and revenues between $3.65B and $3.95B, versus $3.74B.
Top stock losses
Evotec (NASDAQ:EVO) dropped almost 30% of its value after FY2023 earnings, leaving an uncertain outlook. The business forecasts FY2024 group sales and adjusted EBITDA to expand by double-digits (2023: €781.4M and €66.4M, respectively). The business said the new CEO will offer more detailed guidance and present a mid-term view during its August first-half results.
After reporting disappointing Q1 and Q2 earnings, Enphase Energy (NASDAQ:ENPH) shares fell 8%. The business predicted Q2 revenues of $290M–$330M, below the consensus of $346M and much below $711M a year ago. Sequentially, Q1 sales fell “the result of seasonality and a further softening in U.S. demand, while we continued to reduce shipments to manage channel inventory.”
Premarket
Gainers
Despite first-quarter earnings below Wall Street expectations, Tesla (NASDAQ:TSLA) shares rose 12% as the electric vehicle company indicated it will accelerate the production of “more affordable” models..
Texas Instruments (NASDAQ:TXN) shares rose 6.8% after the chipmaker anticipated second-quarter revenue above analysts’ projections, indicating analog semiconductor demand.
After handily beating earnings projections, Hasbro (NASDAQ:HAS) shares jumped 4.9% as reduced inventory and strong digital gaming income offset lower toy demand.
After beating first-quarter earnings projections, Biogen (NASDAQ:BIIB) shares increased 4% due to cost-cutting initiatives as older medications face severe competition.
AT&T (NYSE:T) shares increased 3.6% after reporting better subscriber growth and free cash flow growth in the first quarter.
Humana shares jumped 2.9% after the health insurer topped first-quarter earnings projections due to strong government-backed older adult insurance.
Visa (NYSE:V) stock rose 2.4% after the credit card company’s second-quarter earnings above forecasts as consumers shrugged aside economic concerns
Thermo Fisher (NYSE:TMO) shares jumped 1.6% after the medical equipment firm topped quarterly profit estimates and boosted its annual profit prediction, relying on drug research demand.
The U.S. Senate passed a measure that would prohibit rival TikTok in the US if its owner, Chinese tech giant ByteDance, failed to sell. Meta Platforms (NASDAQ:META) and Snap (NYSE:SNAP) both climbed roughly 2%.
Losers
After providing soft guidance, Enphase Energy (NASDAQ:ENPH) shares slumped 9.4%, reflecting the solar market’s challenges.
Uber and LYFT slumped over 1% after Tesla said it will enter ride-hailing via a robotaxi app.
Stocks In Focus
Boeing (BA):- After reporting better-than-expected Q1 earnings under a production cap and regulatory scrutiny following the January blown door plug incident on an Alaska Airlines (ALK) 737 Max 9 aircraft, Boeing (BA) shares rose almost 4% in pre-market trade. Core loss per share for Boeing (BA) fell to $1.13 in Q1 from $1.27 a year earlier. Due to reduced 737 deliveries and the 737 Max 9 grounding, revenue declined 8% to $16.57B. Boeing (BA) CEO Dave Calhoun stated, “Our first quarter results reflect the immediate actions we’ve taken to slow down 737 production to drive quality improvements. Calhoun plans to resign at year’s end. Charts show BA performance.
AT&T (T) rose 4% before the bell. Strong growth in its mobile and consumer wireline connectivity businesses, which account for 80% of the company’s revenues, helped the U.S. telecom giant meet Q1 profit expectations. AT&T (T) gained 349K postpaid phone users in the quarter, above Bloomberg News’ average forecast of 303,539. “We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline,” said AT&T (T) CEO John Stankey. Chart T’s performance.
After the closing bell, Facebook-parent Meta Platforms (META) will post Q1 results, attracting interest. Wall Street anticipates Mark Zuckerberg’s social media company to make $4.36 per share on $36.22B in revenue. Meta (META) beat sales projections, increased its stock repurchase, and introduced its first dividend in February. Meta’s 40% YTD gain is the second-best in the “Magnificent 7” group. Ad revenue and AI comments will dominate Q1.
As IBM (IBM) prepares for its Q1 report after regular trade, its stock will be watched. Wall Street expects IBM (IBM) to earn $1.59 per share on $14.54B in revenue. The more-than-a-century-old company is anticipated to announce Q1 earnings in line with forecasts, amid concerns about consulting industry downturn after competitor Accenture (ACN) guided FY24 revenue lower last month. As companies use AI technologies to boost efficiency, investors will also watch IBM’s (IBM) AI division.
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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.