Pre-Market Trading: Twilio, Cisco, Coinbase, Tripadvisor, JFrog
Several companies are making headlines in premarket trading today. Here’s a roundup of the key news:
Twilio: Lower-Than-Expected Revenue Guidance
Twilio, the consumer engagement company, saw its shares drop nearly 11% after issuing lower-than-expected revenue guidance for the current quarter. Additionally, the company reported total active consumers for the fourth quarter that fell below Wall Street estimates.
Cisco: Decline in Revenue and Downsizing Plan
Cisco, the tech company, experienced a 4.4% drop in shares after posting a yearly decline in revenue during the fiscal second quarter. Cisco also provided lighter-than-expected guidance for the fiscal third quarter and announced a downsizing plan that would lead to a 5% reduction in jobs.
Coinbase: Upgrade from JPMorgan
Coinbase, the cryptocurrency exchange platform, witnessed an 8% jump in shares after JPMorgan upgraded it to neutral from underweight. The upgrade was based on rising cryptocurrency prices. On Wednesday, Bitcoin reached a more than two-year high and regained a $1 trillion market cap.
Tripadvisor: Beat Wall Street Estimates
Tripadvisor, the online booking company, saw its shares climb nearly 5% after beating Wall Street estimates on both the top and bottom line in the fourth quarter. The company reported an adjusted 38 cents per share on $390 million in revenue, surpassing analysts’ expectations.
JFrog: Strong Fourth-Quarter Results
JFrog, the software development company, experienced a stock increase of more than 19% after its fourth-quarter results exceeded Wall Street estimates. The company reported an adjusted 19 cents per share on $97 million in revenue, surpassing analysts’ expectations.
Deere: Lowered Full-Year Net Income Guidance
Shares of Deere, the manufacturer of agricultural machinery, dropped 4% in premarket trading after lowering its full-year net income guidance. Deere now expects net income of $7.50 billion to $7.75 billion for the full year, down from the previous guidance of $7.75 billion to $8.25 billion.
Super Micro Computer: Initiated Coverage with a Buy Rating
Super Micro Computer saw its shares gain more than 4% after Bank of America initiated coverage of the information technology stock with a buy rating. The firm believes that Super Micro will benefit from artificial intelligence opportunities and could become a future partner for peers like Nvidia, AMD, and Intel.
Marathon Digital Holdings: Bitcoin’s Market Cap Increase
The cryptocurrency mining company Marathon Digital Holdings experienced a more than 4% jump in stock price after Bitcoin regained a $1 trillion market capitalization and reached a two-year high.
Arm Holdings: Nvidia’s Investment
In premarket trading, shares of Arm Holdings were higher following news that Nvidia had listed an investment in the chipmaker in a regulatory filing. This development positions Arm Holdings favorably as an AI darling.
Conclusion
In premarket trading today, several companies have seen notable movements in their stock prices. Twilio and Cisco experienced drops due to lower revenue guidance and downsizing plans, respectively. Coinbase received an upgrade from JPMorgan and witnessed a surge in shares. Tripadvisor and JFrog beat Wall Street estimates, leading to stock increases. Deere, on the other hand, lowered its full-year net income guidance. Super Micro Computer gained momentum as Bank of America initiated coverage with a buy rating. Marathon Digital Holdings benefitted from Bitcoin’s market cap increase, and Arm Holdings saw an uptick in shares following Nvidia’s investment.
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