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Stock futures inched higher during the premarket hours of Thursday following positive remarks from Federal Reserve Chair Jerome Powell, who still expects interest rate cuts to begin this year.
Here are some of Thursday’s biggest stock movers:
Biggest stock gainers
- Shares of BlackBerry (BB) increased by 5% after the cybersecurity firm exceeded expectations in Q4 results. The company also provided an outlook that fell short of market expectations. BlackBerry said it expects 1Q25 sales to be between $130M and $138M, below the consensus of $151.85M. Adjusted EPS for the quarter to be between -$0.04 and -$0.06 per share vs. below the consensus of -$0.03. For FY2025, it expects revenue between $586M and $616M, much below the consensus of $651.18M, and adjusted EPS between -$0.03 and -$0.07 vs. the consensus of -$0.01.
- Levi Strauss (LEVI) shares climbed 9% after the apparel seller topped expectations in Q1 and raised its profit outlook. The company reaffirmed its prior revenue growth outlook for the year of +1% to +3%, in line with the consensus growth of 2.4%. It increased the FY2024 EPS guidance range to $1.17 to $1.27 vs. the prior range of $1.15 to $1.25 and $1.22 consensus. CFO Harmit Singh stated, “Our global productivity initiative, Project Fuel, is progressing well and improving the profitability of the company. Looking forward, we are encouraged by trends in our business around the world, including in Europe. As a result, we are confident in our ability to return the topline to mid-single-digit growth in the second half of this year and are increasing our full-year EPS expectations.”
- Intuitive Machines (LUNR) rose more than 6% after NASA awarded it a $30M contract to conduct a Lunar Terrain Vehicle Services Feasibility Assessment. The contract requires the company’s global team to provide a feasibility roadmap for developing and deploying a Lunar Terrain Vehicle (“LTV”) on the Moon utilizing Intuitive Machines’ Nova-D cargo lunar lander. The first phase grant marks the company’s entry into human spaceflight operations under NASA’s $4.6B LTV Services project.
- Organigram Holdings (OGI) shares surged 7% after its SHRED brand exceeded $200M in yearly retail sales. SHRED, which revolutionized the cannabis industry in September 2020, introduced high-quality, convenient, milled flowers in three bold flavors. The brand quickly captured consumers’ attention for convenience, quality, flavor, and value. SHRED expanded to include pre-rolls, infused pre-rolls, gummies, and hash, including the patent-pending Rip-Strip hash.
Biggest stock losers
- Riley Exploration Permian (REPX) shares plunged 13% following a public offering of 2.1M common shares. The offering includes 700K shares offered by the company and 1.4M shares offered by certain stockholders. The company plans to use the proceeds for general corporate purposes, including financing acquisitions, debt repayment, capital spending, and working capital. The company will not receive proceeds from any sale of shares by the selling stockholders.