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Stock futures were slightly lower in the early trading hours of Tuesday, ahead of the Fed’s interest rate decision and a slew of significant corporate earnings.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Sensata Technologies (NYSE:ST) jumped 16% following upbeat Q1 results and announcements that the company entered into a pact with activist investor Elliott Investment Management and announced its CEO, Jeff Cote, would be retiring immediately. For 2Q24, Sensata expects revenue of $1.025B to $1.055B, in line with the consensus of $1.04B, and adjusted EPS of $0.89 to $0.95, vs. the consensus of $0.92.
- NXP Semiconductors (NASDAQ:NXPI) shares rose around 5% after the company reported better than expected Q1 results and Q2 outlook. For Q2, it expects adjusted EPS between $3 and $3.41, vs. the consensus of $3.11, and sales expected to be between $3.025B and $3.225B, vs. the consensus of $3.11B. President and CEO Kurt Sievers stated, “Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industry-wide cyclical downturn. We continue to manage what is in our control, enabling NXP to drive solid profitability and earnings in a challenging demand environment.”
- Logitech International’s (NASDAQ:LOGI) stock soared 9% after the maker of computer peripherals reported strong FQ4 results and outlook. “We delivered a strong fourth quarter, with a return to growth and expanded gross margins,” said Hanneke Faber, Logitech chief executive officer. “Growth was broad-based across all regions and key categories. We start FY2025 with a focus on sustainable, profitable growth supported by several long-term trends that present opportunities for our business: new ways of working, gaming, and transformational AI.”
Biggest stock losers
- Despite topping the consensus in Q1 financial results, Chegg (NYSE:CHGG) shares plunged 11% after the student-learning platform reported a decline in subscriptions in the latest quarter and forecast a 5% drop in subscription revenue in Q2 even as the company continues to go all in on AI-enabled learning. In Q1, total revenue fell 7%, with subscription services revenue down 9% Y/Y. For Q2, Chegg (CHGG) expects total revenues to be within the range of $159M to $161M, below the consensus of $176.8M. Subscription services revenue is expected to be between $144M to $146M while gross margins will likely be between 70% and 71%, compared to 73% in Q1. Adjusted EBITDA is expected to be in the range of $38M to $40M, down from the current $46.7M.
- F5 (NASDAQ:FFIV) shares declined by almost 10% following mixed FQ2 results, along with a disappointing Q3 outlook provided by the company. The company sees Q3 EPS ranging from $2.89 to $3.01, below the consensus of $3.09, and revenue ranging from $675M to $695M, compared to the consensus of $694.8M.
- Shares of MicroStrategy (NASDAQ:MSTR) fell over 4% following a downbeat Q1 earnings print. Michael Saylor-led software company delivered adjusted EPS of -$8.26, significantly trailing the -$0.13 average analyst estimate, dropping from $5.62 in 4Q23 and $30.59 a year ago, driven by increased digital asset impairment losses of $191.6M in Q1, compared with $39.2M in 4Q23 and $18.9M in 1Q23.
