Stocks making the biggest moves premarket: Nvidia, Clorox, Autodesk, GoDaddy and more

Visitors visit the NVIDIA booth at the 2023 Hangzhou Apsara Conference in Hangzhou, Zhejiang province, China, October 31, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Costfoto | Nurphoto | Getty Images

Check out the companies making headlines in premarket trading.

Nvidia —The chipmaker rose slightly after surpassing Wall Street estimates for third-quarter earnings. Nvidia reported an adjusted profit of $4.02 per share on $18.12 billion in revenue. Analysts polled by LSEG expected earnings of $3.37 per share and $16.18 billion in revenue. The company noted that export restrictions to countries including China could hit sales in the fourth-quarter, however.

HP — Shares of the PC maker slipped nearly 2% after the company posted lackluster fiscal fourth-quarter results. HP earned 90 cents per share, excluding items, on revenue of $13.82 billion. Those earnings per share matched an LSEG consensus estimate, but revenue was slightly below consensus.

Autodesk — The software company fell roughly 7% in premarket trading after issuing disappointing fourth-quarter earnings guidance. Autodesk expects earnings per share to range between $1.91 and $1.97. That’s below a StreetAccount forecast of $2.01 per share. Piper Sandler downgraded Autodesk to neutral, noting that “it may take time to build investor confidence” in the company’s growth forecast.

GoDaddy — Shares of the web domain company rose 2.3% after RBC Capital Markets upgraded GoDaddy to outperform from sector perform. The investment firm described the company as a “durably growing cash machine with a dash of AI” and that expectations for GoDaddy in 2024 appear too low.

Virgin Galactic Holdings — The aerospace stock pulled back roughly 6% after downgrade to underweight from Morgan Stanley. Analyst Kristine Liwag said she sees “limited opportunities for share price accretion during this upcoming lull period” as the company pauses space flights to save cash.

Clorox — The consumer product company added 1.3% on the back of an upgrade to neutral from underweight by JPMorgan. The bank said there is upside potential to consensus expectations for the company going forward.

VinFast Auto — The automotive stock gained 4%. A day earlier, Wedbush Securities initiated coverage at outperform accompanied by a $12 price target, which would see shares double. Analyst Dan Ives noted the company is “well-positioned to generate a durable product portfolio for electric transportation globally while creating a strong ecosystem to generate profitable growth over the coming years.”

Deere — Shares fell 6.6% after the agricultural equipment maker issued net income guidance between $7.75 billion and $8.25 billion for fiscal 2024. That fell short of the $9.31 billion expected from analysts polled by StreetAccount.

— CNBC’s Alex Harring, Michelle Fox and Jesse Pound contributed reporting