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Lucid, Nvidia, Dollar General, Sunrun and more

by Index Investing News
February 27, 2023
in Stocks
Reading Time: 4 mins read
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A sign is posted at the Nvidia headquarters on May 25, 2022 in Santa Clara, California.

Justin Sullivan | Getty Images

Check out the companies making headlines in early morning trading.

Lucid Motors — The electric vehicle maker saw shares slide 14% premarket after reporting that fourth-quarter revenue 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 the shares Thursday, citing near-term demand concern.

Nvidia – Shares of the chip giant leaped more than 9% in early trading after Nvidia posted beats Wednesday on the top and bottom lines for its latest quarter. Wall Street praised Nvidia’s results Thursday, calling AI opportunities the next big growth vector for the chipmaker.

Dollar General — Shares fell about 5% after Dollar General reported preliminary results for its fourth-quarter and fiscal year 2022 that were lower than prior guidance and weaker than consensus expectations from FactSet.

eBay — The online auction platform fell 5% despite posting fourth-quarter earnings and revenue that topped analysts’ estimates as gauged by Refinitiv. Earnings came in at $1.07 per share, but the company issued earnings guidance for the current quarter between $1.05 and $1.09 per share. Wall Street expects $1.06.

Etsy — Shares of the e-commerce company jumped 5% following the company’s quarterly results. Etsy posted revenue of $807 million, smashing Refinitiv consensus estimates of $752 million. The company also forecast current quarter revenue of $600 million and $640 million, compared to estimates of $622 million.

Bath & Body Works — Shares fell more than 4% after the company reported fourth-quarter earnings. The bath shop retail chain issued weaker-than-expected first-quarter and full-year guidance as measured by FactSet. Otherwise, it reported a beat on the top and bottom lines, according to consensus estimates from Refinitiv.

Bumble — The online dating site rose 3% after it reported better-than-expected fourth-quarter revenue. Bumble’s total revenue came in at $242 million, topping a Refinitiv forecast of $236 million. Revenue from its namesake dating app also beat expectations at $191 million. However, the company posted a quarterly loss of 85 cents per share, which included a hefty impairment charge due to shutting down operations in Russia and Belarus.

Mosaic — Shares of the fertilizer maker rose 2% after it reported fourth-quarter revenue of $4.48 billion that topped analysts’ estimates of $4.17 billion, according to FactSet. Earnings for the quarter fell short of estimates.

Alibaba — The Chinese e-commerce giant rallied nearly 6% after its fiscal third-quarter results beat analyst estimates. Revenue was 247.76 billion Chinese yuan ($35.92 billion), versus the 245.18 billion Chinese yuan expected. Earnings per American depository share was 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 topped Wall Street’s expectations. Earnings per share were 29 cents, compared to 1 cent expected, per StreetAccount estimates. Its adjusted net income came in at $63 million, above the $37.3 million expected.

Moderna — The drug maker announced with Merck that the Food and Drug Administration has granted them breakthrough status for a personalized cancer vaccine for patients with high-risk melanoma. Moderna rose more than 1%, and Merck rose less than 1%.

Intel — Shares of the chip maker rose more than 1% after Morgan Stanley upgraded the stock to equal weight from underweight, after the company cut its dividend by about 60%. Speculation around the possibility of a dividend cut has weighed negatively on the stock, but Morgan Stanley said it’s “the right thing to do longer term” and that Intel has “limited downside” given its underperformance.

 — CNBC’s Sarah Min, Michelle Fox, Darla Mercado, Hakyung Kim and Robert Hum contributed reporting

Correction: Bumble reported a better-than-expected revenue along with a quarterly loss. A previous version mischaracterized the company’s quarter.



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