Examine these businesses that are leading the way in premarket trading:
Micron: After exceeding analyst expectations for revenue and profitability in the fiscal second quarter, the semiconductor manufacturer’s shares surged by 16.5%. A loss of 25 cents per share on $5.35 billion in revenue was predicted by analysts surveyed by LSEG, while Micron reported earnings of 42 cents per share on $5.82 billion in revenue. A higher-than-expected third-quarter revenue and earnings forecast was also provided by Micron.
Apple – The maker of the iPhone saw a 1% decline following a Bloomberg story indicating that the Justice Department may bring an antitrust action against the company as soon as Thursday.
A day after making their Nasdaq debut, shares of Astera Labs (ALAB) increased by almost 2%. Astera saw a 72% increase in its first day of trade. Astera supplies cloud and artificial intelligence infrastructure companies with data centre networking chips.
Li Auto’s U.S.-listed shares fell 9% following the Chinese electric vehicle manufacturer’s announcement that it would only be delivering 77,000 vehicles in the first quarter, as opposed to the previous estimate of 101,500 vehicles at the same period.
Revolve Group: The fashion retailer surged nearly 5% following an upgrade from TD Cowen to outperform from market perform. The firm stated it expects Revolve to see a return to growth after a year of markdowns and broad-based softness.
Broadcom: Shares increased nearly 3% before the opening bell after TD Cowen upgraded the chipmaker to outperform early Thursday, with analyst Matthew Ramsay highlighting further potential upside from the artificial intelligence business.
Nvidia: After TD Cowen raised its price objective for the leading manufacturer of AI chips from $900 to $1,100 and kept its outperform rating, the company’s shares surged 2%. The bank claimed that Nvidia’s “compute leadership across the stack” was furthered by the company’s announcement of its most recent Blackwell platform at its GTC conference.
Chewy Following the pet supplies retailer’s lacklustre Q4 outlook announcement, shares dropped 2%. According to LSEG, Chewy anticipates first-quarter revenue of between $2.84 billion and $2.86 billion, as opposed to the $2.89 billion experts had predicted. Revenue and profitability for the fourth quarter exceeded forecasts.
Guess — The stock shot up nearly 12% a day after the clothing designer posted adjusted earnings of $2.01 per share, topping the $1.56 expected from analysts polled by LSEG. Revenue came in at $891 million, versus the $856 million consensus estimate.
Five Below — The discount retailer plunged 13% one day after reporting an earnings and revenue miss in its fourth quarter. Additionally, Five Below issued light guidance for both the top and bottom line for both the current quarter and full year.
Darden Restaurants — After the company that owns the Olive Garden and LongHorn Steakhouse brands released recent revenue figures that were below analyst projections, the company’s shares slid by almost 4%. In its fiscal third quarter, Darden Restaurants reported revenue of $2.97 billion, less than the $3.02 billion that FactSet’s panel of analysts had predicted.
Source (CNBC)
