Thursday, February 22, 2024
HomeTrading RoomThe Biggest-Moving Premarket Stocks Include Lucid, Nvidia, Dollar General, Sunrun, And Others

The Biggest-Moving Premarket Stocks Include Lucid, Nvidia, Dollar General, Sunrun, And Others

Look at the businesses grabbing attention during the morning trading.

The Lucid Motors The manufacturer of electric vehicles witnessed a 14% premarket decline in shares after revealing that fourth-quarter revenue did not meet forecasts. The Air premium automobile was only produced in 7,000 units last year, according to Lucid, because to manufacturing issues. The shares were downgraded by Bank of America on Thursday, citing concerns about near-term demand.

Nvidia – As the chipmaker outperformed expectations on Wednesday for its most recent quarter’s top and bottom lines, shares of the company rose more than 9% in early trade. Wall Street praised Nvidia’s performance on Thursday, describing AI potential as the chipmaker’s next significant growth vector.

Dollar General — Following the release of preliminary results for its fourth quarter and fiscal year 2022 that fell short of prior guidance and FactSet consensus forecasts, Dollar General’s shares dropped roughly 5%.

Despite reporting fourth-quarter earnings and revenue that above analysts’ expectations, as measured by Refinitiv, the online auction platform eBay saw a 5% decline in stock. Although the company’s earnings came in at $1.07 per share, it gave a range of $1.05 to $1.09 per share as its earnings guidance for the current quarter. Wall Street anticipates $1.06.

Following the release of the company’s quarterly earnings, shares of the online retailer Etsy increased by 5%. Etsy announced revenue of $807 million, exceeding average projections from Refinitiv of $752 million. In addition, the business projected sales for the current quarter of between $600 million and $640 million, up from projections of $622 million.

Bath & Body Works – Upon the release of the company’s fourth-quarter earnings, shares dropped more than 4%. According to FactSet’s measurements, the bath store retail chain provided weaker-than-anticipated first-quarter and full-year expectations. According to consensus projections from Refinitiv, it posted a beat on the top and bottom lines in all other respects.

Bumble – Shares of the online dating service increased by more than 3% on the release of better-than-anticipated fourth quarter profits and sales. The $191 million in revenue reported by Bumble was higher than the $186 million analysts surveyed by FactSet had predicted. Moreover, revenue came in at $242 million as opposed to analysts’ forecasts of $236 million.

— mosaic the manufacturer of fertilizer announced fourth-quarter revenue of $4.48 billion, which above analysts’ expectations of $4.17 billion and saw a 2% increase in shares. The quarter’s earnings came up short of expectations.

Alibaba — The Chinese e-commerce juggernaut increased by almost 6% after beating analyst expectations for the third quarter of its fiscal year. Contrary to expectations, revenue came in at 247.76 billion Chinese yuan ($35.92 billion), not 245.18 billion. Profits per American depository share were 46.82 billion yuan as opposed to the analysts’ estimate of 34.02 billion yuan.

Sunrun – After exceeding Wall Street’s forecasts for its fourth-quarter earnings, the solar company saw a 1.5% increase. According to Street Account estimates, earnings per share were 29 cents as opposed to the 1 cent anticipated. Their adjusted net income was $63 million, higher than the projected $37.3 million.

Moderna — The pharmaceutical company revealed that Merck and they have received breakthrough status from the Food and Drug Administration for a tailored cancer vaccine for people with high-risk melanoma. Merck gained less than 1%, while Moderna gained more than 1%.

Shares of the chipmaker Intel increased more than 1% after Morgan Stanley raised the stock from underweight to equal weight following the company’s 60% dividend reduction. The stock has suffered due to speculation over a dividend cut, but Morgan Stanley said that given Intel’s poor performance, there is “little downside” and that it is “the appropriate thing to do longer term.”

Source (CNBC)

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