A sign is posted at Nvidia’s headquarters in Santa Clara, California on May 25, 2022.
Justin Sullivan | Getty Images
Check out the companies making headlines in early morning trading.
Lucid Motors – The electric-vehicle maker fell 14% premarket after reporting fourth-quarter sales fell short of expectations. Lucid said it built just 7,000 of its Air luxury sedans last year amid manufacturing challenges. Bank of America downgraded shares on Thursday citing near-term demand concerns.
Nvidia — Shares of the chip giant are up more than 9% in early trade after Nvidia posted both top- and bottom-quarter gains on Wednesday. Wall Street on Thursday praised Nvidia’s results, calling AI opportunities the next big growth vector for the chipmaker.
Dollar General — Shares fell about 5% after Dollar General reported preliminary results for the fourth quarter and fiscal 2022 that were lower than previous guidance and weaker than FactSet’s consensus expectations.
eBay — The online auction platform fell 5% despite reporting fourth-quarter earnings and revenue that beat analyst estimates, as measured by Refinitiv. Earnings came in at $1.07 per share, but the company issued earnings guidance for the current quarter of between $1.05 and $1.09 per share. Wall Street expects $1.06.
Etsy — Shares of the e-commerce company rose 5% following the company’s quarterly results. Etsy posted sales of $807 million, beating Refinitiv’s consensus estimate of $752 million. The company also forecasts current-quarter revenue of $600 million and $640 million, respectively, compared to estimates of $622 million.
Bath & Body Works – Shares fell more than 4% after the company reported its fourth-quarter earnings. The swimwear retail chain issued weaker-than-expected forecasts for the first quarter and full year, according to FactSet. Otherwise, it reported a hit to the pay and win line, according to consensus estimates from Refinitiv.
Bumble — The online dating site rose more than 3% after reporting better-than-expected fourth-quarter earnings and revenue. Bumble posted revenue of $191 million, beating the estimate of $186 million from analysts polled by FactSet. Revenue also beat analysts’ expectations at $242 million versus estimates of $236 million.
Mosaic — Shares of the fertilizer maker rose 2% after it reported fourth-quarter revenue of $4.48 billion, beating analysts’ estimates of $4.17 billion, according to FactSet. Earnings for the quarter fell short of estimates.
Alibaba — The Chinese e-commerce giant surged nearly 6% after its third-quarter results beat analysts’ estimates. Revenue was 247.76 billion Chinese yuan (US$35.92 billion) versus an expected 245.18 billion Chinese yuan. Earnings per American Depository Share were 46.82 billion yuan, compared to 34.02 billion yuan expected by analysts.
Sunrun — The solar company rose 1.5% after its fourth-quarter earnings beat Wall Street expectations. Earnings per share were 29 cents, compared to 1 cent expected according to StreetAccount estimates. Adjusted net income was $63 million, ahead of the expected $37.3 million.
Moderna – The drugmaker along with Merck announced that the Food and Drug Administration has granted them breakthrough designation for a personalized cancer vaccine for patients with high-risk melanoma. Moderna is up more than 1% and Merck is up less than 1%.
Intel — Shares of the chipmaker rose more than 1% after Morgan Stanley upgraded the stock from underweight to equal weight after the company cut its dividend by about 60%. Speculation about the possibility of a dividend cut has weighed on the stock, but Morgan Stanley said it’s “the right thing to do for the longer term” and that Intel has “limited downside” due to its underperformance.
– CNBC’s Sarah Min and Michelle Fox contributed coverage