Stocks making the biggest moves premarket: Dell, New York Community Bancorp, HP and more
New York Community Bancorp’s stocks experienced a 20% decline following the revelation of internal control problems. A change in CEO has also been announced with immediate effect.
Goodrx saw an increase in shares of 5.4% after JPMorgan upgraded its digital healthcare platform from neutral to overweight, dismissing concerns about a changing pharmacy reimbursement model. GoodRx’s 2024 guidance comes as a positive turn and a testament to their credibility, according to the firm.
Dell’s shares shot up 26% in premarket trading after the company revealed fourth-quarter earnings that exceeded analysts’ expectations, securing $2.20 per share and $22.32 billion in revenue.
Hewlett Packard Enterprise, the IT stock, lost 4.4% after a mixed earnings report for the fiscal first quarter. Although the company beat expectations in terms of earnings per share, their $6.76 billion revenue fell short compared to Wall Street’s projection. The company also presented a weaker guidance for the current quarter.
After a disappointing report, Plug Power saw a stock drop of over 5%. However, the hydrogen fuel cell company has affirmed that it has ample cash to continue operations despite a higher loss than expected.
Daimler Truck shares soared by over 17.5% to an all-time high following a record full-year profit announcement and a $2.16 billion share buyback program.
Autodesk’s shares increased 8% after the company surpassed expectations in its latest quarterly results with $2.09 per share earnings and revenue of $1.47 billion.
Advanced Micro Devices experienced a share hike of 3.3% as investor enthusiasm about artificial intelligence continues to rise, leading the chipmaker’s valuation to exceed $300 billion.
Lastly, Root saw a more than 10% jump in shares after Jeffries upgraded the insurance company to buy from neutral, foreseeing significant growth potential. Jeffries also raised its price target, indicating a nearly 25% upside.
