Have an insight into the movements in stocks witnessed in the market:
New York Community Bancorp—Shares plummeted by over 20% after the revelation by the regional bank on Thursday evening regarding issues detected with its “internal controls.” Additionally, NYCB declared a change in its CEO, effective immediately.
Goodrx—Shares witnessed a 5.4% increase following JPMorgan’s decision to upgrade the digital healthcare platform to overweight from neutral. JPMorgan expressed that concerns surrounding a transitioning pharmacy reimbursement model are exaggerated. Furthermore, the firm highlighted GoodRx’s 2024 guidance as a pivotal turning point and evidence of its credibility.
Dell—Shares soared by 26% during premarket trading after the computer maker announced fourth-quarter earnings amounting to $2.20 per share, excluding items, with a revenue of $22.32 billion. These figures surpassed analysts’ earnings expectations of $1.73 per share on revenue of $22.16 billion, as reported by LSEG.
Hewlett Packard Enterprise—The information technology stock experienced a decline of 4.4% following a mixed earnings report for the fiscal first quarter. Although the company outperformed analysts’ expectations for earnings per share by 3 cents, as per LSEG, it fell short of the Wall Street forecast with a revenue of $6.76 billion, contrary to the anticipated $7.11 billion. Additionally, the firm issued weaker guidance for the current quarter.
Plug Power—The stock witnessed a decline of over 5% after the release of disappointing results. Nonetheless, the hydrogen fuel cell company reassured investors about its operational viability, despite incurring a wider-than-anticipated loss of $2.30 per share for 2023. The company had previously disclosed doubts regarding its ability to sustain operations in its third-quarter regulatory filing.
Daimler Truck—Shares of Daimler Truck, one of the world’s leading commercial vehicle manufacturers, surged by over 17.5% to achieve an all-time high after the company announced a record full-year profit and introduced a 2 billion euro ($2.16 billion) share buyback program.
Autodesk—Shares surged by 8% following the software company’s outperformance in its latest quarterly results. Autodesk reported fourth-quarter adjusted earnings of $2.09 per share on revenue of $1.47 billion, surpassing analysts’ expectations of per-share earnings of $1.95 on revenue of $1.43 billion, according to LSEG.
Advanced Micro Devices—Shares continued their ascent driven by investor enthusiasm surrounding artificial intelligence, marking a 3.3% gain after the chipmaker’s valuation exceeded $300 billion on Thursday.
Root—Shares surged by over 10% after Jeffries upgraded the insurance company to buy from neutral. The firm cited a significant growth opportunity for Root and raised its price target to $40 from $30, implying a nearly 25% upside.
