Several companies were making headlines in premarket trading, with Nvidia jumping 7.4% after reporting strong fiscal first-quarter results, announcing better-than-expected guidance, and revealing a 10-for-1 stock split. Super Micro Computer and Advanced Micro Devices also saw increases in their stock prices, rising more than 5% and 3%, respectively. Similarly, Taiwan Semiconductor saw a 2.4% increase after forecasting annual revenue growth of 10% for the global semiconductor industry. However, Live Nation saw a 6% drop premarket following reports that the Department of Justice and a group of states were expected to file a lawsuit against the company for antitrust violations related to Ticketmaster’s domination of concert ticket sales.
Cloud-computing company Snowflake rose 3.8% after exceeding Wall Street’s first-quarter revenue estimates. Although Snowflake posted $829 million in revenue, missing the consensus estimate for adjusted earnings by 4 cents per share. News Corp’s shares jumped more than 5% after announcing a “multi-year global partnership” with OpenAI to display content from NewsCorp’s outlets within its ChatGPT chatbot. On the other hand, VF Corp, the parent company of The North Face and Vans, tumbled 13.6% after reporting an unexpected loss per share and soft revenue in the fiscal fourth quarter. Similarly, NetEase’s U.S. shares dropped 3.4% due to weaker-than-expected first-quarter revenue and a smaller quarterly dividend.
E.l.f. Beauty saw a 3.4% increase in its stock price after easily surpassing consensus forecasts for the fiscal fourth quarter. LiveRamp Holding rallied 14.5% following stronger-than-predicted earnings for the fiscal fourth quarter and firm revenue guidance for the current quarter and full year. However, Cytokinetics retreated 14.7% after announcing a $500 million common stock offering, with JPMorgan, Goldman Sachs, and Morgan Stanley as sole joint book-running managers. DuPont de Nemours’ shares climbed 5.3% after announcing plans to divide into three separate businesses, with CEO Ed Bred stepping down on June 1 to become executive chair of the board.
Alibaba’s shares slipped 1.5% after reports that the Chinese tech giant is considering selling convertible bonds to raise $5 billion. Take-Two Interactive Software rose 2.3% following an upgrade to buy from neutral at Bank of America, based on the strength of the company’s game pipeline. GoodRX, a digital health care platform focused on medicine, saw a 5.8% increase after an RBC upgrade to outperform from sector perform, citing notable growth opportunities. Hasbro’s shares traded higher by 3% after JPMorgan upgraded the toymaker to overweight from neutral, noting that investors are underestimating cost efficiencies and digital gaming forecasts for the company.
