Before the bell, take a look at the businesses that are in the news.
Qualcomm: After Citi downgraded the semiconductor company from buy to neutral, the stock fell 2%. Despite surpassing revenue and earnings projections for the fourth quarter, Qualcomm’s lower-than-expected outlook for the current quarter upset Christopher Danely, an analyst at Citi.
General Motors: Stock prices increased by almost 1% after Morgan Stanley kept its overweight rating and increased its price target. The analyst said that General Motors is returning its focus to internal combustion engine vehicles, as completely electric models are not gaining enough traction with consumers. The company emphasised that one important motivator for investors is that the stock is selling at a low multiple in relation to spending.
The Nextracker — Following the business’s impressive quarterly results and raising of its expectations, shares of the solar technology company surged 17% on optimistic analyst notes. Barclays kept its overweight recommendation on the shares, citing the company’s standing with its suppliers in the United States as drivers of increased market share and/or “superior gross margins compared to peers.”
Speed of Wolf — Following the company’s poor revenue guidance provided post-market on Wednesday, the semiconductor stock fell 5%. Lower than the $224 million LSEG projection, Wolfspeed projected fiscal third-quarter revenue of $185 million to $215 million. Nonetheless, Wolfspeed’s second-quarter revenue topped estimates and it posted a smaller-than-expected loss.
ChargePoint: The company’s stock increased 3.7% after TD Cowen increased its price target and declared ChargePoint a “potential long-term winner,” despite the fact that the investment firm still believes 2024 would be a challenging year.
C.H. Robinson — After missing profits and revenue projections because of a difficult demand and pricing environment, the logistics company’s stock fell more than 6%. According to LSEG, analysts had predicted 81 cents per share when C.H. Robinson posted adjusted earnings of 50 cents per share. $4.22 billion in revenue was reported, which was below the $4.34 billion analysts had predicted for the same quarter.
Peloton Cycle Company For its fiscal second quarter, the digital fitness business revealed a lacklustre set of results along with depressing quarterly guidance. LSEG reports that Peloton announced a somewhat wider than projected loss of 54 cents per share, or one cent per share higher than analysts had predicted. Nonetheless, sales was more than anticipated, coming in at $743.6 million as opposed to $733.5 million. In the premarket, shares dropped by over 6%.
Merck: Driven by robust demand for its hit cancer treatment Keytruda and HPV vaccination Gardasil, the pharmaceutical behemoth posted fourth-quarter revenue and earnings that exceeded consensus projections, resulting in a 1.8% rise.
Honeywell International — Following Honeywell’s less than projected fourth-quarter revenue, the industrial stock fell by almost 3%. The company’s sales was $9.44 billion, although LSEG’s survey of analysts predicted $9.70 billion. Only 2% of sales increased organically from the previous year.
Align Technology — After the medical equipment company’s fourth-quarter results exceeded Wall Street forecasts and it provided encouraging guidance, shares surged 16%. Align exceeded the consensus estimates of $2.18 per share and $934 million in revenue from analysts surveyed by LSEG, earning $2.42 per share, excluding items, on $957 million in revenue.
Source (CNBC)
