News
John Smaug
- March 05, 2024
Stock futures for the S&P 500 and Nasdaq Composite were down on Tuesday, indicating a continuation of losses after both indexes retreated from their record highs in the previous session.
GitLab: Strong Earnings, Weak Guidance
GitLab reported fourth-quarter adjusted earnings of 15 cents per share, surpassing analysts' expectations of 8 cents. However, the stock was down 21% as the software company provided fiscal-year guidance below expectations. GitLab anticipates adjusted earnings for fiscal 2025 to be between 19 and 23 cents per share, falling short of analysts' projections of 35 cents per share.
AeroVironment Raises Forecasts
AeroVironment exceeded Wall Street forecasts for fiscal third-quarter adjusted earnings and raised its profit and revenue outlook for fiscal 2024. The defense supplier and drone maker now expects revenue in the range of $700 million to $710 million for the fiscal year, higher than its previous guidance of $685 million to $705 million. As a result, the stock surged by 20% in premarket trading.
Paymentus Soars on Strong Performance
Shares of Paymentus jumped 21% after the cloud-based payment technology company reported fourth-quarter profit and revenue figures that exceeded Wall Street estimates. Earnings for the quarter climbed to $9.4 million, or 7 cents per share, up from $957,000, or 1 cent per share, in the previous year. Additionally, revenue saw a 25% increase to $164.8 million.
Market Update: Tesla and MicroStrategy
Tesla Stock Falls
Tesla was down 2% in premarket trading after shares of the electric-vehicle maker tumbled 7.2% on Monday. The decline was driven by profit-taking in EV peers and weaker production data from China. Tesla shares have decreased by 24% this year.
MicroStrategy on the Move
MicroStrategy dropped 7% in premarket trading after the company, a business intelligence group with extensive holdings of Bitcoin, closed with a gain of 24% on Monday. The stock has surged more than 90% during a six-day winning streak, boosted by the rising Bitcoin prices.
Additionally, after the close of trading on Monday, MicroStrategy announced a proposed offering of $600 million of convertible debt to purchase more Bitcoin and for general corporate purposes.
Upcoming Earnings Reports
Earnings reports are expected Tuesday from the following companies:
- Target
- CrowdStrike Holdings
- NIO
- Ross Stores
- Nordstrom
- Box
- ChargePoint Holdings
Target Performance Expectations
Target was rising 1.4% ahead of its fourth-quarter report. Analysts predict that the retailer will post earnings of $2.42 a share on revenue of $31.8 billion, compared to earnings of $1.89 a share on revenue of $31.4 billion from the previous year.
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