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Stock futures were mixed in the early trading hours of Tuesday, with fears that the Federal Reserve may not lower rates as much as Wall Street expected, continuing to affect market sentiment.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Palantir Technologies (NYSE:PLTR) shares soared over 19% post-release of its Q4 earnings. The company reported robust growth in U.S. commercial revenue, up 70% Y/Y with a 55% surge in customer count to 221. Total commercial contract value surged 107% Y/Y to $343M. Government sales also saw a solid 11% Y/Y increase accompanied by a 35% rise in customer count. Despite mixed guidance, with Q1 revenue expected below consensus but full-year revenue poised to exceed estimates, PLTR’s stock gained momentum. Q1 sales forecasted between $612M and $616M, shy of analysts’ $617.44M estimate, while full-year revenue is anticipated to range from $2.652B to $2.66B, surpassing the $2.64B consensus.
- NXP Semiconductors (NASDAQ:NXPI) shares rose more than 3% after surpassing analysts’ expectations in Q4 results. Additionally, the company anticipates Q1 sales to range between $3.02B and $3.22B, aligning closely with the analyst consensus of $3.17B and adjusted EPS to fall between $2.97 and $3.38 per share, with the mid-point aligning closely with the estimated $3.17 per share.
- BP (NYSE:BP) shares soared 6% after the company ramped up its buyback program and declared a dividend, despite a decline in annual profit. The energy giant accelerated its share repurchases, planning a $1.75B buyback before reporting Q1 results and committing to a $3.5B buyback for the first half of the year, and announced a dividend per ordinary share of 7.27 cents for Q4 2023, reflecting a 10% increase from the previous year’s corresponding period. Additionally, the company expects Q1 upstream production to be higher sequentially.
- Biggest stock losers
- Chegg (NYSE:CHGG) shares plunged as much as 8% following its Q4 earnings report, primarily due to the company’s guidance for Q1 revenue falling below expectations. Chegg anticipates a decrease in revenue to $173M-$175M, compared to the consensus estimate of $180.1M. Additionally, the company expects gross margin to shrink to 73%-74% from the current 76%, while adjusted EBITA is projected to be between $43M-$45M, down from the current $66.2M.