US stock futures were rising Thursday and tech stocks were lifted by strong earnings and a bullish forecast from artificial-intelligence bellwether Nvidia.
These stocks were poised to make moves Thursday:
Nvidia (NVDA) - Nvidia was rising 7% in premarket trading after the leader in artificial-intelligence chips reported first-quarter adjusted earnings and revenue that beat analysts’ estimates, issued a better-than-expected second-quarter revenue forecast, and said it would split its stock 10-for-1, effective June 7. Revenue in the first quarter was a record $26 billion, up 262% from a year earlier, and better than Wall Street consensus of $24.6 billion. The company’s sales to cloud-computing data centers rose more than fivefold, to $22.6 billion, or about 87% of total revenue.
Nvidia's strong forecast lifted shares of AI chipmakers. Dell (DELL) rose 5.8%; Super Micro Computer (SMCI) rose 4.4%; ASML (ASML) and Arm (ARM) rose nearly 4%; AMD (AMD), TSMC (TSM), Micron (MU) and Marvell Technology (MRVL) rose about 3%.
Alibaba (BABA) - Alibaba is considering selling convertible bonds to raise about $5 billion, people familiar with the matter said, following a $1.75 billion offering by rival Chinese online retailer JD.com this week. US-listed shares of Alibaba dropped 2.3% in premarket trading.
Snowflake (SNOW) - Snowflake jumped 4.4% after raising its fiscal-year product revenue forecast. The cloud-computing company said it expects product revenue in fiscal 2025 of $3.3 billion, higher than its previous outlook of $3.25 billion. First-quarter adjusted earnings of 14 cents a share fell from 15 cents a year earlier and missed estimates of 18 cents but product revenue of $790 million topped analysts’ expectations of $751 million.
GlobalFoundries (GFS) - GlobalFoundries announced pricing of $950 mln secondary offering of ordinary shares, including $200 mln share repurchase. The shares dropped 6% in premarket trading.
NetEase (NTES) - NetEase Non-GAAP EPADS of $1.84 beats by $0.12, revenue of $3.7B in-line. The shares dropped 5.5% in premarket trading.
VF Corp. (VFC) - VF Corp., which owns clothing brands The North Face, Vans, and Timberlands, reported an adjusted loss in its fiscal fourth quarter of 32 cents a share while analysts had been calling for a profit of 2 cents. Revenue fell 13% to $2.37 billion and missed analysts’ forecasts of $2.42 billion. Shares tumbled 13.6%.
DuPont (DD) - DuPont plans to split into three separate public companies: a materials giant with brands such as Tyvek and Kevlar; a company to serve the semiconductor industry; and a third serving water markets. The separations are expected to be completed within 18 to 24 months. “This is an extraordinary opportunity to deliver long-term, sustainable shareholder value through the creation of three strong, industry-leading companies,” said CEO Ed Breen, who it was announced would be stepping aside June 1 and transitioning to executive chairman. DuPont stock rose 4.3%.
Live Nation (LYV) - Live Nation was falling 6.3% after The Wall Street Journal reported the Justice Department and a group of states planned to sue the company on Thursday, alleging the owner of Ticketmaster has used its ticketing monopoly to suppress competition and should be broken up.
E.l.f. Beauty, the cosmetics company, forecast fiscal-year sales of $1.23 billion to $1.25 billion, below estimates of $1.27 billion. The company also said it anticipates adjusted profit of $3.20 to $3.25 a share for the year ending in March 2025 versus Wall Street estimates of $3.56.
Earnings reports are expected Thursday from Intuit, Medtronic, Workday, Autodesk, Ross Stores, Dollar Tree, Deckers Outdoor, and Ralph Lauren.
Comments