Aleksandra Zhilenkova
Stock futures edged lower in the premarket hours of Tuesday as market participants awaited key economic data scheduled for release later in the week.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Target’s (NYSE:TGT) stock price surged over 8% after the company reported mixed Q4 results. The company showcased improved profitability, with GAAP and adjusted EPS reaching $2.98, a 57.6% increase Y/Y and well above the high end of the expected range of $1.90 to $2.60 and consensus estimates. Comparable sales and traffic trends also showed improvement for the second consecutive quarter. Same-day services, including the popular drive-up option, experienced a 13.6% increase.
- AeroVironment’s (NASDAQ:AVAV) stock surged 19% following the release of better-than-expected FQ3 earnings results. The maker of military drones and unmanned vehicles also raised its full fiscal year revenue guidance to $700M to $710M, vs. prior guidance of $685M to $705M, and adjusted earnings to $2.69 to $2.83 per share vs. a prior outlook of $2.46 to $2.70 per share.
Biggest stock losers
- Despite exceeding expectations in Q4 results, GitLab (NASDAQ:GTLB) shares plunged 22% following the release of weaker-than-expected guidance for FY2025. The DevOps software company anticipates adjusted EPS between $0.19 and $0.23, with revenue ranging from $725M to $731M for the fiscal year, both of which are lower than analysts’ forecasts of $0.37 per share in adjusted earnings and $732.2M in sales. Additionally, for 1Q25, GitLab expects an adjusted loss per share between $0.04 and $0.05, with revenue projected to be between $165M and $166M, missing market expectations of an adjusted loss of $0.06 per share on revenue of $163.1M.
- Stitch Fix (NASDAQ:SFIX) shares dropped 15% following the FQ2 earnings miss and disappointing outlook. The company also experienced a 6% Q/Q and 17% Y/Y decrease in active clients, with net revenue per active client down 3% Y/Y. Despite a 250 basis point increase in gross margin to 43.4%, free cash flow was negative $26.1M due to the timing of inventory purchases in Q1. Adjusted EBITDA also declined by 29%. The company expects FQ3 net revenue to be between $300M and $310M, lower than the estimated $323.3M, representing a 22% to 19% decline Y/y. The company also revised its 2024 net revenue forecast to be within the range of $1.29B to $1.32B, down from the earlier guidance of $1.3B to $1.37B and the estimated $1.35B, reflecting a 19% to 17% Y/Y decrease.
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Albemarle (NYSE:ALB) shares fell over 8% following the announcement of a public offering of $1.75B in depositary shares. The company also stated that it expects to grant the underwriters an option to purchase up to an additional $262.5M of depositary shares. Albemarle plans to utilize the proceeds for general corporate purposes, including funding growth capital expenditures as well as repaying outstanding debt.