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GitLab, AeroVironment, Tesla, MicroStrategy, Paymentus, Target, and More Stock Market Movers
Stock futures for the S&P 500 and Nasdaq Composite declined Tuesday, pointing to an extension of losses after both indexes pulled back from record highs in the previous session.
These stocks were set to make moves Tuesday:
GitLab reported fourth-quarter adjusted earnings of 15 cents a share, topping analysts’ estimates of 8 cents, but the stock was falling 25% after the software company issued weaker-than-expected fiscal-year guidance. GitLab said it expects adjusted earnings for fiscal 2025 of 19 cents to 23 cents a share, below analysts’ expectations of 35 cents a share.
Fiscal third-quarter adjusted earnings at AeroVironment topped Wall Street forecasts and the defense supplier and drone maker raised its forecasts for fiscal 2024 profit and revenue. AeroVironment said it expects revenue of between $700 million and $710 million in the fiscal year, higher than its previous guidance for revenue of between $685 million and $705 million. The stock jumped 19% in premarket trading.
Shares of Paymentus surged 18% after cloud-based payment technology company posted fourth-quarter profit and revenue that topped Wall Street estimates. Earnings in the quarter rose to $9.4 million, or 7 cents a share, from $957,000, or 1 cent a share, a year earlier, and revenue jumped 25% to $164.8 million.
Tesla was down 2.3% in premarket trading after shares of the electric-vehicle maker tumbled 7.2% on Monday. Pushing the stock lower were profit-taking in EV peers and weaker production data from China. Tesla shares have declined 24% this year.
MicroStrategy dropped 7.6% after the company, a business intelligence group with vast holdings of Bitcoin, closed with a gain of 24% on Monday. The stock has risen more than 90% during a six-day winning streak, getting a lift from surging Bitcoin prices. After the close of trading Monday, MicroStrategy disclosed a proposed offering of $600 million of convertible debt, with plans to use the money to buy more Bitcoin and for general corporate purposes.
U.S.-listed shares of NIO were up 1.3% after the Chinese EV maker’s fourth-quarter revenue rose 6.5% from a year earlier. Gross margin in the quarter was 7.5% versus 3.9% a year earlier.
Stitch Fix fell 13% after the online personal styling services company reduced its fiscal-year revenue outlook.
Earnings reports are expected Tuesday from Target, CrowdStrike Holdings, Ross Stores, Nordstrom, Box, and ChargePoint Holdings.