Before the bell, take a look at the businesses that are in the news.
1. Under Armour: After news that founder Kevin Plank is returning as chief executive, shares of sportswear company Under Armour dropped by 5.3%. Evercore ISI downgraded the stock to “underperform” from “in line,” stating that Plank’s return signifies that UAA’s current strategy is not effective.
2. Robinhood: The financial services platform reported a 41% increase in equity trading volumes in February compared to the previous year, leading to a nearly 12% surge in its stock price.
3. Dollar General: Following a stronger-than-expected earnings report for the fourth quarter, discount retailer Dollar General saw its shares rise by 5.8%. Earnings per share were $1.83 on revenue of $9.86 billion, exceeding analyst expectations.
4. United States Steel: Shares of United States Steel fell by 5.8% after reports that President Joe Biden expressed concerns over the company’s proposed acquisition by Japanese firm Nippon Steel Corp.
5. Fisker: Electric vehicle developer Fisker’s stock plummeted to 19 cents a share following reports that the company has hired restructuring advisers for a potential bankruptcy filing due to ongoing sales challenges.
6. SentinelOne: AI-powered cybersecurity provider SentinelOne experienced an 8% decline in its stock price as investors considered its revenue forecast for fiscal 2025 to be weaker than expected.
7. Dick’s Sporting Goods: The sporting goods retailer’s shares rose by 3.6% after it reported an earnings and revenue beat for the fourth quarter. Dick’s also announced a 10% increase in its dividend and provided an earnings per share outlook for fiscal 2024.
8. Citigroup: Shares of Citigroup edged 1% higher after Goldman Sachs upgraded the bank stock to “buy” from “neutral” and raised its price target, citing potential revenue growth and expense reductions.
Source (CNBC)
