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Stock futures were mixed on Friday morning following a positive Thursday that saw the tech-heavy Nasdaq Composite close at a record high for the first time in over two years.
Here are some of Friday’s biggest stock movers:
Biggest stock gainers
- Following a stronger-than-expected Q4 report, Dell Technologies’ (NYSE:DELL) stock soared over 20%, driven by robust demand for its artificial intelligence servers. Dell remains bullish, anticipating a return to growth in fiscal year 2025 and beyond, propelled by several favorable trends. The company forecasts an average annual revenue growth of 3% to 4% and a minimum 8% increase in diluted earnings per share for FY2025, compared to the current consensus of flat growth. Dell also expects to achieve a net income to adjusted free cash flow conversion rate of 100% or better over time. Additionally, Dell announced a 20% increase in its annual dividend to $1.78 per share.
- FuboTV’s (NYSE:FUBO) stock surged 11% ahead of its scheduled Q4 earnings results due later today. Analysts expect the company to report an EPS of -$0.24, reflecting a 38.5% Y/Y increase, and revenue of $397.81M, indicating a 24.6% Y/Y.
- Autodesk (NASDAQ:ADSK) shares increased by 8% following the software maker’s strong Q4 results and optimistic revenue guidance for FY2025. The company expects an EPS of $1.73 to $1.78 for FQ1 2025, in line with the $1.78 consensus. Revenue is forecast to be between $1.385B and $1.4B, slightly below analysts’ expectations of $1.389B. For FY2025, Autodesk anticipates an EPS between $7.89 and $8.11, compared to expectations of $8.11, with revenue projected between $5.99B and $6.09B, slightly above the consensus estimate of $5.978B.
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Shares of NetApp (NASDAQ:NTAP) surged by 17% following the announcement of strong FQ3 results and an increase in its annual profit guidance, driven by robust demand for its all-flash storage products. NetApp raised its FY2024 adjusted EPS guidance to $6.40–$6.50 from the previous forecast of $6.05–$6.25, surpassing the consensus estimate of $6.14. Full-year revenue is expected to be between $6.185B and $6.335B, compared to the consensus of $6.23B. For FQ4, NetApp anticipates adjusted EPS of $1.73 to $1.83, versus the consensus of $1.73, and revenue of $1.585B to $1.735B, versus the consensus of $1.65B.
Biggest stock losers
- New York Community Bancorp (NYSE:NYCB) shares plunged over 21% after the lender revealed material weaknesses in its internal accounting protocols and announced immediate leadership changes. The weaknesses stem from ineffective oversight, risk assessment, and monitoring activities. The bank completed its goodwill impairment assessment on February 23, causing a $2.4B hit to Q4 and annual earnings linked to the value of transactions prior to the 2008 financial crisis. The impairment charge did not result in any current cash expenditures or impact the company’s regulatory capital ratios. Alessandro DiNello has been named CEO and president, following his short-term executive chairmanship to improve business operations.
- Shares of SoundHound AI (NASDAQ:SOUN) dropped 18% after missing earnings expectations in Q4. Despite signing deals with companies like Jersey Mike’s, Krispy Kreme, White Castle, and Church’s Chicken last year to use its voice AI in their stores, SoundHound expects FY2024 sales to be between $63M and $77M, compared to the consensus estimate of $69.73M. For FY2025, the company anticipates revenue to exceed $100M, with positive adjusted EBITDA.
- Fisker’s (NYSE:FSR) shares slid 36% due to concerns about its future viability, stemming from challenges like high interest rates and delayed Ocean SUV delivery. The company also announced plans to reduce its workforce by 15% as part of its transition to a Dealer Partner model. Despite these challenges, the Dealer Partner model has garnered significant interest, with over 250 expressions of interest from dealers in North America and Europe.
