Welcome to our morning market update! Let’s dive into the latest news from the premarket trading sessions.
First up, we’ve got Twilio. It looks like their shares took a hit, dropping nearly 11% after the company issued lower-than-expected revenue guidance for the current quarter. Additionally, their total active consumers for the fourth-quarter fell below Wall Street estimates.
Next, Cisco reported a 4.4% drop in shares after posting a yearly decline in revenue during the fiscal second quarter. The tech giant also issued lighter-than-expected guidance for the fiscal third quarter and announced a downsizing plan that would lead to a 5% reduction in jobs.
On the flip side, Coinbase saw an 8% jump in shares after JPMorgan upgraded the cryptocurrency exchange platform to neutral from underweight, citing rising cryptocurrency prices. This comes as Bitcoin regained a $1 trillion market cap and reached a more than two-year high.
Tripadvisor also had a good day, with shares climbing nearly 5% after the online booking company beat Wall Street estimates on the top and bottom line in the fourth-quarter.
JFrog saw a whopping 19% increase in their stock after fourth-quarter results surpassed Wall Street estimates. Shake Shack also had a great fourth-quarter, leading its stock to climb nearly 17% after beating Wall Street estimates on the top and bottom line.
However, Deere didn’t fare as well, with shares dropping 4% in premarket trading after the manufacturer of agricultural machinery lowered its full-year net income guidance. Despite this, they did beat expectations on the top and bottom lines in their first-quarter results.
Super Micro Computer, on the other hand, saw shares gain more than 4% after Bank of America initiated coverage of the information technology stock with a buy rating. It seems they could be a key beneficiary of artificial intelligence opportunities moving forward.
Marathon Digital Holdings also experienced a positive day, with stock in the cryptocurrency mining company jumping more than 4% after bitcoin regained a $1 trillion market capitalization and climbed to a two-year high.
And finally, Arm Holdings saw an increase in shares in premarket trading after A.I. darling Nvidia listed an investment in the chipmaker. This is definitely a stock worth keeping an eye on.
It’s been quite the eventful morning in the markets, with plenty of highs and lows. We’ll be sure to keep you updated as the day progresses. Stay tuned for more news and analysis!
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