Get an insight into the stocks that are making an impact in the market.
Nvidia: As dawn broke, the chip giant Nvidia saw an astounding 13% surge in its stock following the release of earnings on Wednesday afternoon. The results were a pleasant surprise amidst the flourishing artificial intelligence boom.
Nvidia reported adjusted earnings of $5.16 per share and $22.1 billion in revenue for the fourth quarter, surpassing analysts’ predictions of $4.64 per share and $20.62 billion. Additionally, the company forecasted stronger revenue for the current quarter, exceeding Wall Street expectations.
Moderna: The shares of vaccine manufacturer Moderna rose by over 5% as it made a revenue for the fourth quarter that surpassed expectations. Moderna’s revenue reached $2.81 billion, surpassing analysts’ forecast of $2.50 billion. Moreover, Moderna reported an unexpected profit, supported in part by deferred revenue, despite a decline in sales of its COVID-19 vaccine.
Lucid: Following a revenue that fell short of estimates in the fourth quarter, shares of luxury electric vehicle company Lucid retreated by over 7%. Lucid reported $157 million, while analysts had expected $180 million. Consequently, Cantor Fitzgerald downgraded Lucid from neutral to underweight.
Etsy: In the premarket on Thursday, Etsy’s shares declined by 8.6% after the online marketplace reported a mixed performance in the fourth quarter. Although revenue exceeded Wall Street expectations, the company’s earnings per share came in at 62 cents, below the anticipated 78 cents from analysts.
Rivian: Rivian’s shares saw a significant drop of 17% as the electric vehicle maker revealed steeper losses than expected and announced a 10% reduction in staff. Despite revenue surpassing analysts’ forecasts, Rivian reported a loss of $1.36 per share, 4 cents wider than the consensus estimates. The company also projected lower-than-anticipated car production.
Synopsys: Shares of software company Synopsys increased by 4.5% after delivering earnings for the fiscal first quarter that exceeded expectations. Synopsys posted $3.56 per share, excluding items, surpassing the consensus prediction of $3.43 per share.4
DoorDash: The food delivery stock advanced nearly 5% following an upgrade to overweight from equal weight by Morgan Stanley. The firm cited an attractive entry point for the stock and noted a long growth runway.
Root: Shares of car insurance company Root rose by an impressive 28% after reporting a fourth-quarter loss of $1.64 per share, lower than the expected $2.84. The company’s fourth-quarter revenue of $194.8 million also exceeded the expected $132.5 million. Cantor Fitzgerald upgraded the stock to overweight from neutral post-earnings release.
Remitly Global: Shares surged by 22.4% after the financial services provider reported earnings. Despite a loss per share, which analysts had anticipated to be a small gain, Remitly exceeded revenue expectations and provided better-than-forecasted guidance for the full year. BMO Capital Markets upgraded the stock to outperform from market performance.
Novavax: Shares of biotech company Novavax climbed by 9.6% after announcing a resolution to its arbitration dispute with Gavi, a global vaccine organization. The disagreement centered on a canceled purchase agreement for COVID-19 vaccines.
Coty: Shares of beauty company Coty rose by 3% following an upgrade to outperform from market performance by TD Cowen. The upgrade was attributed to momentum in the fragrance category. Analyst Oliver Chen raised the price target to $16 from $13.
ASML Holding: Semiconductor stock ASML Holding jumped 3.9% after HSBC initiated coverage with a buy rating. The firm suggested that 2025 estimates and share prices could experience upside potential if the industry witnesses an upcycle.
Gates Industrial: The manufacturer gained 4.8% following a KeyBanc upgrade to overweight from sector weight. KeyBanc noted that the stock had become overly discounted as private equity exited its stake.
