The indices are a mixed bag this morning, with Nasdaq futures slightly up by about 0.2% on Tuesday, offering a sliver of hope amidst a sea of red.
Maxeon Solar Technologies, Ltd. (NASDAQ:MAXN) took a beating in pre-market trading, with its shares plunging a steep 16.8% to $2.27. The company revealed a preliminary fourth-quarter revenue of $229 million, falling short of market expectations which were set at $235.959 million.
Building on Maxeon’s downturn, other notable stocks faced significant losses during the pre-market session:
- Neogen Corporation (NASDAQ: NEOG) witnessed a 17% drop to $11.93 in pre-market trading after reporting dismal third-quarter FY2024 earnings and slashing its guidance for 2024.
- Tilray Brands, Inc. (NASDAQ: TLRY) stumbled 12.7% to $2.26 in pre-market trading as it fell short of third-quarter estimates and dampened expectations by stating it no longer anticipates positive adjusted free cash flow for the full fiscal year 2024.
- DigiAsia Corp. (NASDAQ: FAAS) dipped 9.9% to $7.00 in pre-market trading after a soaring 20% surge the day prior.
- InMode Ltd. (NASDAQ: INMD) saw a 9.5% decrease to $17.91 in pre-market trading. Investors await the company’s financial results for the first quarter, scheduled for release ahead of the opening bell on Thursday, May 2, 2024.
- GCT Semiconductor Holding, Inc. (NASDAQ: GCTS) experienced a 4% decline to $6.72 in pre-market trading following a 14% slump the previous day. Last week, GCT Semiconductor and Aramco inked an agreement to accelerate the development of the 4G and 5G ecosystem in Saudi Arabia.
- Rocket Companies, Inc. (NYSE: RKT) faced a 4% decline to $13.29 in pre-market trading post a 7% increase on the preceding trading day.
- ChargePoint Holdings, Inc. (NYSE: CHPT) saw a 3.3% decline to $1.79 in pre-market trading. Goldman Sachs analyst Mark Delaney downgraded ChargePoint from Neutral to Sell, while also revising the price target down from $2 to $1.5.
It’s a tough morning for these companies, with investors keeping a close eye on unfolding developments to navigate the intricate world of stock trading.
Remember, markets are a rollercoaster – strap in tight, and here’s to hoping for a rebound as we ride out the storm!