Intuit’s stock slipped by 1% after the financial software company released its earnings guidance for the fiscal third quarter, which was weaker than anticipated. Live Nation Entertainment witnessed a nearly 5% increase in its shares after surpassing revenue expectations for the fourth quarter.
The revenue amounted to $5.84 billion, surpassing the $4.79 billion anticipated by analysts surveyed by LSEG. Booking Holdings experienced a decline of over 8% in its stock following the issuance of gross booking and EBITDA guidance for the first quarter, which fell below expectations. This overshadowed the better-than-expected quarterly results.
Insulet saw a 6% decline in its stock value after the medical device firm forecasted revenue growth for the first quarter below analyst expectations. The projected growth of 17% to 20% year over year falls short of the 24.3% expected by FactSet. However, the company reported fourth-quarter earnings and revenue that surpassed expectations.
Block witnessed a surge of more than 14% in its shares after reporting unexpected quarterly earnings and issuing strong full-year guidance for gross profits. Carvana’s stock soared by 33% in premarket trading after the company posted its first-ever annual profit. Although quarterly profit and revenue results were weaker than expected, Carvana reported stronger fourth-quarter earnings than analysts had anticipated.
The company also provided a stronger-than-expected earnings guidance for its current quarter, leading to upgrades in its rating by William Blair and Raymond James. MercadoLibre’s shares slid by 7% after the e-commerce platform reported flat year-over-year earnings for the fourth quarter, with operating income falling below estimates.
Rivian’s shares fell by 2.4% after sinking nearly 26% the previous day. The electric vehicle manufacturer reported a wider-than-expected fourth-quarter loss and missed estimates for its 2024 production forecast. UBS downgraded the stock to sell from buy and reduced its price target from $24 to $8.
Fox’s stock increased by 2% following an upgrade to buy from neutral at Citi. Analyst Jason Bazinet cited a recent sports joint venture between Fox, ESPN, and Warner Bros. Discovery as a catalyst for the upgrade, noting the lack of share price reaction to the venture and the potential upside to both estimates and the multiple.
Penumbra’s stock declined by over 7% due to mixed fourth-quarter results and lackluster full-year guidance. JPMorgan downgraded the stock to neutral from overweight, expressing the view that Penumbra will need to consistently surpass and raise its guidance to regain investor confidence.
DraftKings’ shares rose by over 3% after Barclays upgraded the sports betting company to overweight from equal weight. Barclays believes DraftKings can maintain its leadership position in the growing sports gambling industry.
NIO’s shares slipped by 1.5% after JPMorgan downgraded the Chinese electric vehicle manufacturer to an underweight rating. The downgrade was based on a potential downside to consensus volume and revenue estimates, as well as a perceived lack of new models compared to competitors.
Warner Bros. Discovery’s shares declined by 0.7% following disappointing fourth-quarter results, including a loss per share of 16 cents on revenue of $10.28 billion. Analysts had expected a per-share loss of 7 cents on revenue of $10.35 billion.
