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Stock futures climbed higher on Thursday following the release of the latest minutes from the Fed's July meeting.
Here are some of Thursday's biggest stock movers:
Biggest stock gainers
- Avnet's (NASDAQ:AVT) stock gained 10% after the company surpassed market expectations in Q4 with an upbeat outlook. The company anticipates Q1 sales in the range of $6.15B - $6.45B, compared to the consensus of $6.02B, and Non-GAAP EPS in the range of $1.45 - $1.55, compared to the consensus of $1.39. "We are well-positioned to capitalize on the industry growth expected over the next several years," said the CEO of the company.
- Chesapeake Energy (NASDAQ:CHK) shares rose more than 5% after the stock secured a place in the S&P MidCap 400, replacing Mercury Systems (MRCY). The changes will be effective before the start of trading on August 21.
- BiliBili (NASDAQ:BILI) surged around 7% after the company topped expectations in Q2 with a 15% Y/Y increase in average daily active users. For FY2023, the company currently expects total net revenues to be between RMB22.5B and RMB23.5B. CFO Sam Fan highlighted, "Total operating expenses and sales and marketing expenses declined by 14% and 22%, respectively, both year-over-year. These approaches effectively led to a 51% year-over-year reduction in our adjusted net loss. Going forward, we will continue to concentrate on these approaches to grow our gross profit and advance towards profitability.”
Biggest stock losers
- Hawaiian Electric Industries (NYSE:HE) shares fell more than 19% after it was reported that the business was in talks with financial restructuring professionals, looking into possibilities for the financial and legal issues posed by the Maui wildfires. The stock has dropped 60% in the last seven sessions, and its closing price of $14.57 on Wednesday is the lowest since March 2009.
- Shares of Wolfspeed (NYSE:WOLF) slid more than 15% due to a weaker-than-expected Q1 outlook. The business anticipates sales between $220M and $240M, compared to analyst projections of $234.3M, and an adjusted EPS loss between -$0.60 and -$0.75, behind the consensus estimate of -$0.28.
- Tremor International (NASDAQ:TRMR) plunged 28% following disappointing Q2 results. The company also cut its FY2023 forecast, citing difficult macroeconomic conditions. It now estimates Contribution ex-TAC of ~$320M–$330M vs. prior estimates of approximately $400M and Adjusted EBITDA of approximately $85M–$90M vs. previous forecasts of approximately $140M–$145M.
Related to this story:
- Wolfspeed, Inc. (WOLF) Q4 2023 Earnings Call Transcript
- Avnet, Inc. (AVT) Q4 2023 Earnings Call Transcript
- Avnet, Inc. 2023 Q4 - Results - Earnings Call Presentation
- Chesapeake Energy Corporation (CHK) Q2 2023 Earnings Call Transcript
- New Supply Agreement Boosts Investor Confidence In Wolfspeed, But Execution Is Crucial
- Chesapeake Energy: Natural Gas Pricing Presents An Opportunity
- Avnet Non-GAAP EPS of $2.06 beats by $0.41, revenue of $6.6B beats by $330M
- Wolfspeed Non-GAAP EPS of -$0.42 misses by $0.22, revenue of $235.8M beats by $13.11M
- Wolfspeed crumbles as guidance disappoints
- Chesapeake sells remaining Eagle Ford assets to SilverBow in $700M deal
- Compare metrics for AVT to CHK, WOLF