Coinbase Faces Downgrade from JPMorgan
Cryptocurrency exchange Coinbase saw its stock price drop nearly 4% after JPMorgan downgraded the company to underweight. The bank expressed concerns that enthusiasm for spot Bitcoin ETFs may fade in 2024, making it a challenging year for Coinbase.
General Electric Shares Plummet
Industrial giant General Electric experienced a nearly 7% decline in premarket trading due to weaker-than-expected guidance for the first quarter. The company’s projected earnings per share range of 60 to 65 cents fell short of an LSEG estimate of 72 cents per share.
Sunnova and Enphase Energy Receive Upgrade
Solar companies Sunnova and Enphase Energy received an upgrade to buy from hold by Truist, causing their stock prices to rise in premarket trading. Truist predicts that both stocks will benefit from Federal Reserve rate cuts later in the year.
Disappointing Guidance from 3M
3M reported disappointing full-year and first-quarter guidance, leading to a more than 5% decrease in its stock price before the market opened. The company’s projected earnings per share between $9.35 and $9.75 fell below an LSEG estimate of $9.81 per share.
Zuora Receives Upgrade from Goldman Sachs
Software company Zuora experienced a 2.5% increase in its stock price following an upgrade to buy from Goldman Sachs. The bank believes Zuora is currently trading at attractive levels.
Teva Pharmaceutical Industries Gets Buy Rating
Teva Pharmaceutical Industries saw a 1.7% increase in its stock price after receiving an upgrade to buy from hold at Jefferies. Analyst Glen Santangelo cited strong guidance, robust fundamentals, and product updates as factors contributing to the buy rating.
D.R. Horton Misses Earnings Estimates
Home construction company D.R. Horton experienced a more than 5% decline in its stock price after reporting first-quarter earnings per share that fell below Wall Street estimates. The company earned $2.82 per share, while analysts expected $2.88 per share.
Halliburton Exceeds Earnings Expectations
Oil company Halliburton saw its stock price increase by over 2% after reporting fourth-quarter earnings that surpassed analysts’ estimates. The company earned 86 cents per share, excluding certain items, compared to an expected 80 cents per share.
Logitech Reports Decline in Sales
Computer accessories company Logitech experienced a 7% decrease in its stock price after reporting a year-over-year decline in sales for its third quarter. While the company raised its full-year revenue guidance within the range expected by analysts, the decline in sales concerned investors.
United Airlines Posts Strong Quarterly Results
Airline stock United Airlines rose more than 6% after reporting quarterly earnings that exceeded expectations. The company earned $2 per share on $13.63 billion in revenue, surpassing analysts’ EPS estimate of $1.69 and revenue estimate of $13.54 billion.
Rumble’s Stock Jumps on Partnership Announcement
Video platform Rumble experienced a nearly 4% increase in its stock price following an announcement of a partnership with digital media company Barstool Sports.
TKO Group Surges on Netflix Partnership News
Sports entertainment conglomerate TKO Group saw its stock price soar over 18% after news broke that Netflix would be streaming WWE’s Monday Night Raw starting next year. This move marks Netflix’s first foray into live entertainment.
Johnson & Johnson Beats Expectations
Pharmaceutical giant Johnson & Johnson reported fourth-quarter earnings and revenue that exceeded analysts’ expectations. The company posted adjusted earnings of $2.29 per share on revenue of $21.4 billion, surpassing estimates.
Verizon Reports Strong Fourth-Quarter Earnings
Telecommunications giant Verizon experienced a nearly 5% increase in its stock price after reporting an earnings beat for the fourth quarter. The company earned $1.08 per share on $35.13 billion in revenue, exceeding analysts’ expectations.
Procter & Gamble’s Mixed Results
Consumer goods company Procter & Gamble saw a 1.1% increase in its stock price following quarterly results that beat earnings estimates but fell short on revenue. The company also lowered its full-year earnings per share forecast.
RTX Corporation Exceeds Expectations
Aerospace and defense company RTX Corporation experienced a 4% increase in premarket trading after reporting quarterly results that beat Wall Street estimates. The company posted earnings per share of $1.29, excluding items, on revenue of $19.93 billion.
Hot Take: Mixed Bag for Pre-Market Trading
In premarket trading, several companies faced challenges while others performed well. Coinbase received a downgrade from JPMorgan due to concerns about the future of spot Bitcoin ETFs. General Electric and 3M reported weaker-than-expected guidance for the first quarter, causing their stock prices to decline. However, solar companies Sunnova and Enphase Energy received upgrades and experienced stock price increases. Teva Pharmaceutical Industries and Halliburton also received positive ratings, leading to stock price gains. Overall, it was a mixed bag for premarket trading with both disappointments and successes.
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