Stocks extended losses Tuesday after both the
S&P 500
and
Nasdaq Composite
pulled back from record highs in the previous session.
These stocks made moves Tuesday:
Target
rose 12% after the retailer reported fourth-quarter adjusted earnings of $2.98 a share, beating analysts’ estimates of $2.42. Revenue rose 1.7% from a year earlier to $31.9 billion. The company also announced plans to open 300 stores and launch a new paid membership program.
GitLab
reported fourth-quarter adjusted earnings of 15 cents a share, topping analysts’ estimates of 8 cents, but the stock fell 21% after the software company issued weaker-than-expected fiscal-year guidance.
GitLab
said it expects adjusted earnings for fiscal 2025 of 19 cents to 23 cents a share, below analysts’ expectations of 35 cents a share.
Fiscal third-quarter adjusted earnings at
AeroVironment
topped Wall Street forecasts and the defense supplier and drone maker raised its forecasts for fiscal 2024 profit and revenue.
AeroVironment
said it expects revenue of between $700 million and $710 million in the fiscal year, higher than its previous guidance for revenue of between $685 million and $705 million. The stock jumped 28%.
Shares of
Paymentus
surged 20% after cloud-based payment technology company posted fourth-quarter profit and revenue that topped Wall Street estimates. Earnings in the quarter rose to $9.4 million, or 7 cents a share, from $957,000, or 1 cent a share, a year earlier, and revenue jumped 25% to $164.8 million.
Tesla
was down 3.9% after shares of the electric-vehicle maker tumbled 7.2% on Monday. Production at its Berlin factory has been halted because of a power outage. There was a fire in an area close to the factory, which was thought to be arson, according to reports.
Tesla
shares have declined 27% this year.
Apple
fell 2.8% following research from Counterpoint Research that said the tech giant sold 24% fewer iPhones in China, the world’s second-largest economy, in the first six weeks of 2024 than a year earlier. Overall smartphone sales declined 7% in the period, though sales for rival company Huawei jumped 64%, the report said.
SoFi Technologies
declined 15% after the financial-technology company said it planned to offer $750 million of convertible senior notes due 2029 in a private offering.
Albemarle
was down 18% after the lithium miner said it was raising more capital. The company plans to sell up to $2 billion in depositary shares.
MicroStrategy
dropped 21% after the company, a business intelligence group with vast holdings of
Bitcoin,
closed with a gain of 24% on Monday. The stock has been getting a lift from surging Bitcoin prices. After the close of trading Monday,
MicroStrategy
disclosed a proposed offering of $600 million of convertible debt, with plans to use the money to buy more Bitcoin and for general corporate purposes.
Earnings reports were expected Tuesday after the closing bell from
CrowdStrike Holdings,
Ross Stores,
Nordstrom,
Box,
and
ChargePoint Holdings.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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