Stocks making the biggest moves premarket: NVDA, BABA, RKLB
Check out the companies making headlines before the bell. Nvidia – Shares of the artificial intelligence chip darling fell around 2%, extending its 8.5% loss from the previous session. This comes on the heels of the company seeing a decline in its gross profit margin for the fourth quarter, and its revenue beat for the period being the smallest in two years . China stocks – U.S. shares of Chinese companies declined after China vowed to retaliate , if necessary, against U.S. President Donald Trump’s latest threat to impose an additional 10% tariff on Chinese goods on March 4. E-commerce giant Alibaba dropped more than 4%, while fellow e-commerce giant PDD Holdings and automaker Nio each fell almost 4%. Li Auto , another automaker, slid around 5%. Dell Technologies — The tech stock dropped nearly 7% after the company’s fourth-quarter revenue of $23.93 billion missed the $24.56 billion consensus estimate, per LSEG. However, its adjusted earnings of $2.68 per share topped the $2.53 per share expected by analysts. Autodesk – Shares rose around 1% after the company’s fourth-quarter results topped Wall Street’s estimates. For the period, Autodesk posted adjusted earnings of $2.29 per share on revenue of $1.64 billion, while analysts surveyed by LSEG were expecting $2.14 per share and $1.63 billion in revenue. However, the company also announced that it’s planning to lay off 1,350 employees , or 9% of its workforce. Rocket Lab – The stock plummeted more than 16% after the company offered weaker-than-expected guidance for the current quarter. Rocket Lab is forecasting an EBITDA loss of between $33 million and $35 million, while analysts surveyed by LSEG were expecting a loss of $28 million. For revenue, the company is expecting between $117 million and $123 million, lower than the consensus estimate of $136 million. Duolingo – Shares of the online language learning platform plunged roughly 9% after Duolingo gave guidance for adjusted EBITDA in the current quarter that fell short of what analysts had predicted, according to FactSet. The company gave revenue for the fourth quarter that surpassed analysts’ consensus expectation, however. HP – Shares fell 3% after HP issued softer-than-expected second quarter guidance reflecting the cost of diversifying its supply chain outside of China because of tariff increases. HP expects adjusted earnings in the range of 75 cents to 85 cents per share in the second quarter, lower than the 86 cents per-share earnings estimate, according to FactSet. Otherwise, HP’s first-quarter earnings slightly missed estimates, while revenue beat. NetApp – The tech stock sank 15% after the fiscal third-quarter report showed softer-than-expected revenue. NetApp reported $1.64 billion of revenue, below the $1.69 billion expected by analysts, according to LSEG. Adjusted earnings of $1.91 per share was in-line with estimates, but fourth-quarter guidance of $1.84 per share was below analyst projections of $1.94 to $1.99 per share. SoundHound AI – The voice artificial intelligence stock rose 1% after SoundHound AI posted a fourth-quarter revenue of $34.5 million, beating the $33.7 million that analysts polled by FactSet had predicted. The company also raised its full-year revenue guidance to between $157 million to $177 million, up from previous estimates of $155 million to $175 million. Crypto stocks – Stocks linked to the price of bitcoin fell after the cryptocurrency retreated around 3% to hover around the $80,000 level. Shares of Coinbase and miner Mara Holdings were each down nearly 3%, while MicroStrategy fell more than 2%. Logitech International – The computer products stock fell more than 3% following a downgrade to underperform from neutral at Bank of America. The investment firm said in a note that Logitech’s growth could struggle to meet expectations in some of its product segments, in part due to proposed tariffs from the United States. Walgreens – Shares of the drugstore chain fell about 3% after Deutsche Bank downgraded the stock to sell. The Wall Street firm said it sees “an unusually high degree of uncertainty” around the take-private deal from Sycamore Partners. — CNBC’s Jesse Pound, Yun Li, Sarah Min, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.
