Shares of TJX (TJX, Financial) fluctuated in pre-market trading after the company reported a 5% year-over-year increase in FQ4 2024 comparable sales, surpassing consensus estimates. TJX's CEO highlighted the success of their holiday season offerings and announced the company's milestone of exceeding $50 billion in annual sales for the first time. Additionally, TJX plans to increase its quarterly dividend.
Apple (AAPL, Financial) is poised for a "strong" iPhone refresh cycle, according to Bank of America, partly due to the integration of generative artificial intelligence. A recent survey suggests that a significant portion of iPhone users are due for an upgrade, which could drive a robust refresh cycle over the next two years.
Novavax (NVAX, Financial) shares plummeted by approximately 23% in pre-market trading after the company reported lower-than-expected Q4 2023 results and provided a 2024 outlook in line with consensus. The decline in demand for its Nuvaxovid COVID-19 vaccine led to a year-over-year revenue drop, although the company's net loss for Q4 and the full year decreased due to reduced operating expenses.
ASML (ASML, Financial) achieved a significant milestone with its new High NA EUV lithography system, which is expected to facilitate the development of smaller, faster computer chips. The first High NA tool has reached the "first light" stage at ASML's facility in the Netherlands, and a second is under assembly at an Intel (INTC, Financial) facility in Oregon.
Kratos Defense & Security Solutions (KTOS, Financial) is speculated to be collaborating with GE Aerospace (GE, Financial) to develop a jet engine for military drones. This partnership aligns with the U.S. Air Force's interest in a new drone jet engine, and both companies have a history of collaboration, including on Boom Supersonic's Symphony jet engine.
Beyond Meat (BYND, Financial) experienced a 61% surge in pre-market trading as investors responded positively to the company's strategic shift towards a leaner operation. Beyond Meat plans to discontinue its jerky product line to focus on products with higher growth potential, such as the Beyond IV platform.
Bitcoin (BTC-USD, Financial) continued its rally, crossing the $60,000 mark and boosting the market capitalization to $1.19 trillion. Ethereum (ETH-USD) and other altcoins also saw gains, with cryptocurrency-linked stocks like Bit Digital (BTBT), Cleanspark (CLSK), and Coinbase (COIN) reflecting the positive momentum in the cryptocurrency market.
UWM Holdings (UWMC, Financial) reported a Q4 Non-GAAP EPS miss and provided a first-quarter production outlook with a gain margin range that disappointed investors, leading to a pre-market decline in shares.
Baidu (BIDU, Financial) saw its stock dip in pre-market trading despite reporting revenue growth and contributions from its AI service. Other Chinese stocks like Alibaba (BABA) and JD.Com (JD) also traded lower.
FMC (FMC, Financial) maintained its quarterly dividend, while Viatris (VTRS) announced a $1 billion addition to its share repurchase program and set a 2024 revenue outlook that exceeded consensus, despite a slight miss in Q4 revenue.
Payoneer Global (PAYO, Financial) stock dropped after the company's 2024 guidance for revenue and adjusted EBITDA fell short of expectations, despite better-than-expected Q4 earnings and revenue.
Stock futures indicated a lower open as investors awaited key economic data, with cryptocurrency-linked stocks gaining on Bitcoin's rally. Agilent Technologies (A) and Editas Medicine (EDIT) were among the pre-market movers, with Agilent's shares rising on FQ1 earnings and Editas trading higher after a strong Q4 report.
