A sign was placed at Nvidia headquarters on May 25, 2022 in Santa Clara, California.
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Check out the companies making headlines in morning trade.
Lucid Motors – The electric vehicle maker saw shares slide 14% premarket after reporting that fourth-quarter revenue fell short of expectations. Lucid said it made just 7,000 Air luxury sedans last year amid manufacturing challenges. Bank of America lowered its stock on Thursday, citing short-term demand concerns.
Nvidia – Shares of the chip giant jumped more than 9% in early trading after Nvidia posted a beat Wednesday on both the top and bottom lines for the latest quarter. Wall Street praised Nvidia’s results on Friday, calling AI opportunities the next big growth vector for the chipmaker.
General Dollar – Shares fell about 5% after Dollar General reported preliminary results for the fourth quarter and fiscal year 2022 that were lower than previous guidance and weaker than consensus expectations from FactSet.
eBay – The online auction platform fell 5% despite posting fourth-quarter earnings and revenue that topped analysts’ estimates as measured by Refinitiv. Earnings came in at $1.07 per share, but the company issued earnings guidance for the current quarter of between $1.05 and $1.09 per share. Wall Street expected $1.06.
Etsy – Shares of the e-commerce company rose 5% after the company’s quarterly results. Etsy posted revenue of $807 million, beating Refinitiv’s consensus estimate of $752 million. The company also forecast current quarter revenue of $600 million and $640 million, compared to estimates of $622 million.
Bath & Body Works – Shares fell more than 4% after the company reported fourth-quarter earnings. The bath chain retail chain posted weaker-than-expected first-quarter and full-year guidance as measured by FactSet. Otherwise, report a beat on the top and bottom lines, according to consensus estimates from Refinitiv.
Bumble — The online dating site rose more than 3% after reporting better-than-expected fourth-quarter earnings and revenue. Bumble posted revenue of $191 million, more than the $186 million forecast from analysts polled by FactSet. Revenue also exceeded analysts’ expectations, at $242 million versus estimates of $236 million.
Mosaic – Shares of the fertilizer maker rose 2% after reporting fourth-quarter revenue of $4.48 billion that beat analysts’ estimates of $4.17 billion, according to FactSet. Earnings for the quarter fell short of estimates.
Ali Baba – China’s e-commerce giant rallied nearly 6% after its third-quarter fiscal results beat analysts’ estimates. Revenue was 247.76 billion Chinese yuan ($35.92 billion), compared with 245.18 billion Chinese yuan expected. Earnings per share of the American depository was 46.82 billion yuan compared to 34.02 billion yuan expected by analysts.
Run away – The solar company rose 1.5% after fourth-quarter earnings beat Wall Street expectations. Earnings per share were 29 cents, compared with 1 cent expected, according to StreetAccount estimates. Adjusted net income came in at $63 million, more than the $37.3 million expected.
Modern – The drugmaker announced with Merck that the Food and Drug Administration has granted breakthrough status to a cancer vaccine specifically for high-risk melanoma patients. Moderna rose more than 1%, and Merck rose less than 1%.
Intel – Shares of the chip maker rose more than 1% after Morgan Stanley upgraded the stock to equal weight from underweight, after the company cut dividends by about 60%. Speculation about a possible dividend cut has weighed negatively on the stock, but Morgan Stanley said it was “the right thing to do long-term” and that Intel had “limited downside” due to poor performance.
– CNBC’s Sarah Min and Michelle Fox contributed reporting