Stocks making the biggest moves premarket: Spotify, Eli Lilly, Palantir, UBS and more
On the trading floor of the New York Stock Exchange (NYSE) in New York City, U.S., on December 4, 2023, the screen lights up with Spotify’s logo and trade data. Photo Credit: Brendan Mcdermid | Reuters. Take a sneak peek at the companies stealing the limelight before the opening bell.
— Spotify’s stock surged 7.4% as the streaming giant exceeded analysts’ projected increase in Premium subscribers, reaching 236 million in Q4, as per FactSet consensus.
— A promising surge of almost 16% was observed in shares of the data analytics firm, Palantir, after revealing Q4 revenue of $608.4 million, surpassing LSEG surveyed analysts’ estimate of $602.4 million. The 2024 earnings and guidance were generally in line with predictions.
— A notable 4% growth in shares was recorded for the pharmaceutical company, Eli Lilly, as the company outperformed Q4 estimates due to the successful launch of its weight-loss drug, Zepboud, and heightened prices for its diabetes drug, Mounjaro.
— Tesla’s shares slid by 2.3% following Daiwa’s classification downgrade to neutral from outperform, attributed to concerns about the automaker’s corporate governance and potential leadership restructures.
— UBS shares fell by around 4.1% due to a second sequential quarterly loss. Nevertheless, JPMorgan reiterated an overweight rating on UBS, predicting it will become a wealth management “powerhouse.”
BP
— BP’s stock appreciated by more than 5% after the oil tycoon amplified its buybacks and upped its dividend, despite a drop in annual profit.
NXP Semiconductors
— The chipmaker’s shares increased by 3% after a better-than-anticipated Q4 performance, surpassing LSEG polled analysts’ estimates.
— Deutsche Bank’s upgrade of Li Auto’s U.S.-listed shares from hold to buy resulted in an 8.6% jump in shares, hailing Li’s superior management team and the consistent beating of ambitious targets.
— Shares plummeted by 7.5% after the ed-tech company revealed a weaker Q1 guidance than expected.
— The chip manufacturer experienced a 9.9% decrease in shares following a year-over-year revenue drop in Q4.
— After posting Q2 results exceeding expectations, the materials company’s shares saw a 13% increase.
— UBS’s upgrade of UPS shares from neutral to buy led to an over 1% appreciation, forecasting UPS’s ability to boost margins and slash costs, despite potential weak revenue growth.
