Companies Making Headlines in Premarket Trading
Technology Stocks
The technology sector, which faced pressure in the previous session, showed signs of a bounce back before the opening bell. Notable mentions include Nvidia and Palantir, which saw gains of over 1% in premarket trading, along with a 0.7% increase for AppLovin. These companies were among the top performers in 2024.
KB Home
Shares of homebuilder KB Home surged by more than 9% after surpassing fourth-quarter earnings estimates. The company reported earnings per share of $2.52 on $2 billion in revenue, exceeding analyst expectations.
Signet Jewelers
The parent company of Kay Jewelers and Zales experienced a 16% drop in stock price after revising its fourth-quarter guidance downwards. Weak holiday sales, attributed to consumers gravitating towards lower price points, impacted Signet Jewelers.
Teladoc Health
Teladoc Health’s stock rose by 4% in premarket trading following an announcement of a partnership with Amazon. The virtual health care company disclosed that its diabetes, hypertension, and weight-management programs will now be available on Amazon’s platform.
H & E Equipment Services
Shares of H & E Equipment Services surged by over 100% after United Rentals revealed its acquisition of the rental equipment company. United Rentals will pay $92 per H & E share in cash, valuing the company at approximately $4.8 billion.
Applied Digital
Applied Digital, a digital infrastructure stock, rallied by 19.3% following news of a significant investment by Macquarie in its artificial intelligence data centers. Macquarie will acquire a 15% stake in Applied Digital’s high-performance computing business through the deal.
Maplebear
The stock of the Instacart parent company, Maplebear, rose by nearly 2% after receiving a buy upgrade from BTIG. The firm highlighted accelerating order growth as a growth catalyst and Mizuho initiated coverage with an outperform rating, emphasizing the company’s position in the grocery delivery sector.
Hesai
U.S.-listed shares of Chinese automaker supplier Hesai saw a 6.4% increase following an upgrade to buy from neutral at Goldman Sachs. Analyst Tina Hou noted the market’s underestimation of the operating leverage from Hesai’s new product cycle and highlighted the stock’s attractive valuation.
Celanese
Chemical manufacturer and supplier Celanese saw a 2.7% increase in stock price after receiving a rare double upgrade from Bank of America to buy from underperform. The bank emphasized Celanese’s appealing valuation and projected a demand recovery for most products.
Contributors: Yun Li, Jesse Pound, Lisa Han, Sean Conlon, Michelle Fox, Sarah Min.