Several companies made headlines in premarket trading, with Nvidia jumping 7.4% after announcing strong fiscal first-quarter results, better-than-expected guidance, and a 10-for-1 stock split. Super Micro Computer and Advanced Micro Devices also saw gains of more than 5% and 3%, respectively. Taiwan Semiconductor rose 2.4% after forecasting annual revenue growth of 10% for the global semiconductor industry. However, Live Nation saw a 6% drop premarket following news of a potential lawsuit for antitrust violations related to Ticketmaster’s dominance in concert ticket sales. Snowflake rose 3.8% after exceeding revenue estimates, while News Corp shares increased over 5% after striking a partnership with OpenAI. VF Corp tumbled 13.6% after reporting an unexpected loss per share, and NetEase saw a 3.4% drop following weaker-than-expected revenue.
E.l.f. Beauty added 3.4% after surpassing analyst forecasts for the fiscal fourth quarter, while LiveRamp Holding rallied 14.5% on strong earnings. Cytokinetics retreated 14.7% due to a $500 million common stock offering. DuPont de Nemours shares climbed 5.3% after announcing plans to divide into three separate businesses, and Alibaba slipped 1.5% amid reports of a potential $5 billion convertible bond offering. Take-Two Interactive Software rose 2.3% after an upgrade to buy from Bank of America, and GoodRX popped 5.8% following an RBC upgrade to outperform. Hasbro also traded higher by 3% post-JPMorgan upgrade to overweight.
Nvidia’s stock split and positive financial results drove a significant increase in premarket trading, with the chipmaker seeing a 7.4% jump. Taiwan Semiconductor’s forecast of annual revenue growth at 10% for the semiconductor industry also contributed to market gains. However, Live Nation experienced a 6% drop premarket following news of a potential lawsuit for antitrust violations related to Ticketmaster. Snowflake exceeded Wall Street’s first-quarter revenue estimates, while News Corp struck a partnership with OpenAI, resulting in a 5% increase in share price. VF Corp, on the other hand, tumbled 13.6% after reporting an unexpected loss per share.
E.l.f. Beauty’s strong performance in the fiscal fourth quarter led to a 3.4% increase in share price, while LiveRamp Holding rallied 14.5% on stronger-than-expected earnings. Cytokinetics, however, saw a 14.7% decrease due to a $500 million common stock offering. DuPont de Nemours shares climbed 5.3% after announcing plans to divide into three separate businesses and a change in leadership. Alibaba’s potential $5 billion convertible bond offering caused a 1.5% slip in share price. Take-Two Interactive Software rose 2.3% following an upgrade to buy, and GoodRX popped 5.8% after an RBC upgrade to outperform. Hasbro’s shares also traded higher by 3% post-JPMorgan upgrade to overweight.
Overall, the premarket trading activity was mixed, with some companies experiencing significant gains while others faced losses. Investors closely monitored the performance of these companies and reacted accordingly to news of stock splits, financial results, and potential legal issues. Market analysts provided insights and upgrades, influencing investor sentiment and contributing to the market movement for these companies. The various factors at play in the premarket trading session highlighted the dynamic nature of the stock market and the importance of staying informed and making strategic decisions based on available information.
