Look at the businesses that are leading the premarket trading charge:
1. Target: The retailer’s shares surged by nearly 8% following a robust fourth-quarter report, with earnings per share at $2.98 and revenue totaling $31.92 billion, surpassing analyst expectations.
2. Apple: Shares of the tech giant dipped by 2.3% after a report revealed a 24% decline in iPhone sales in China during the initial six weeks of 2024 compared to the previous year.
3. Tesla: The electric vehicle manufacturer experienced a 2.5% decline as production was temporarily stalled at its Berlin plant due to a power outage resulting from a nearby fire incident.
4. Microstrategy: The stock dropped by 3.6% as the bitcoin-focused company announced a private offering of $600 million in convertible senior notes to further invest in bitcoin and support general corporate initiatives.
5. Advanced Micro Devices: Shares fell by nearly 2% after U.S. regulators blocked the company from selling its advanced artificial intelligence chips to China, citing the need for a license from the Department of Commerce’s Bureau of Industry and Security.
6. Stitch Fix: The online styling service witnessed a 13.4% decline in shares after reporting an earnings miss for the second quarter and a 17% decrease in active clients compared to the previous year.
7. Albemarle: The specialty chemical company saw a more than 7% increase in shares following its announcement of a $1.75 billion depository shares sale, intended to fund growth capital expenditures and other initiatives.
8. GitLab: The software company’s stock plunged by nearly 24% after issuing lower-than-expected revenue and earnings guidance for the year, alongside an anticipated adjusted loss in the first quarter.
9. Paymentus Holdings: Shares surged by 19.6% as the payment technology company reported a fourth-quarter earnings and revenue beat driven by transaction growth.
10. AeroVironment: The defense company’s stock rallied by almost 18% after exceeding estimates for its third-quarter adjusted earnings per share and revenue, as well as providing optimistic full-year guidance.
Source (CNBC)
