Stock futures were trading mixed on Tuesday, with investors cautious ahead of key inflation data scheduled for later in the week.
Here are some of Tuesday's biggest stock movers:
Biggest stock gainers
- Shares of Zoom Video Communications (NASDAQ:ZM) surged by over 12% after reporting better-than-expected results for Q4 and providing a strong outlook. For Q1, the company expects to earn an adjusted earnings of $1.18 to $1.20 per share, surpassing the estimated $1.15 per share. Sales are projected to be approximately $1.13B, in line with expectations. For FY2025, Zoom forecasts revenue of about $4.6B, slightly below the estimated $4.66B, while adjusted earnings are expected to be between $4.85 and $4.88 per share, exceeding analysts' expectations of $4.72 per share. The company also announced a new $1.5B buyback program, highlighting its confidence in its financial performance and future prospects.
- Hims & Hers Health (NYSE:HIMS) shares jumped more than 17% after issuing 1Q24 and FY2024 guidance above estimates. The telehealth platform expects Q1 revenue to be between $267M and $272M, surpassing the consensus estimate of $252.84M. For the full year, revenue is projected to be between $1.17B and $1.2B, above the consensus of $1.11B. The company's strong performance is likely supported by a bottom-line beat in its 4Q23 results. Hims & Hers Health significantly narrowed its annual loss year over year to -$23.5M for 2023, compared to -$65.7M for 2022.
- Viking Therapeutics (NASDAQ:VKTX) shares skyrocketed above 84% following the release of robust Phase 2 results for its GLP-1/GIP dual agonist VK2735. The VENTURE trial successfully met its primary endpoint, with participants on VK2735 demonstrating statistically significant reductions in body weight compared to the placebo group. Additionally, the drug was well tolerated, with most adverse events reported as mild or moderate.
- PubMatic (NASDAQ:PUBM) shares surged more than 25% following the release of its upbeat Q4 results. Looking ahead, for 1Q24, the company anticipates revenue to be between $61M and $63M, compared to a consensus estimate of $60.9M. Adjusted EBITDA is expected to range from $10M to $12M. For FY2024, PubMatic expects Y/Y revenue growth of over 10%, or over 12% excluding Yahoo, exceeding the consensus growth estimate of 9%. The adjusted EBITDA margin is projected to be approximately 30%. Free cash flow is anticipated to be in line with 2023, with capital expenditures expected to range from $16M to $18M.
- Shares of Janux Therapeutics (NASDAQ:JANX) surged 180% after the company released promising updated data for its oncology drug candidates JANX007 and JANX008. JANX007 showed promising efficacy in treating metastatic castration-resistant prostate cancer, with dose expansion updates expected in the second half of 2024. JANX008 demonstrated positive interim Phase 1 results in treating solid tumors expressing high levels of the EGFR target.
Biggest stock losers
- Unity Software (NYSE:U) plunged over 17% following mixed Q4 results and disappointing guidance. The company expects Q1 revenue between $415M and $420M, well below the consensus of $536M. Full-year sales are forecast to be between $1.76B and $1.8B, below the consensus of $2.32 billion. Unity was downgraded to Underperform from Neutral by Macquarie, citing concerns over the scope of Unity's reorganization efforts and layoffs. "We are right sizing our cost structure to grow from a healthy financial position," Unity said in a shareholder letter. "This includes the previously announced reduction of approximately 25% of our workforce, in addition to cloud hosting cost savings, office footprint consolidation, and software license optimization. We expect most of this work to be completed by the end of the first quarter."
- Despite strong Q4 results, Workday (NASDAQ:WDAY) shares declined by 8% after the back-office software company reported weaker-than-expected guidance for FY2025. Workday expects fiscal 2025 subscription revenue to be between $7.73B and $7.78B, with the midpoint below the $7.77B estimate. The adjusted operating margin is forecast to be 24.5%, in line with estimates. The company also announced its plans to acquire startup Hiredscore.
- Shares of The Aaron’s Company (AAN) dropped 15% as the company’s swung to a loss in Q4 and projected a loss for 2024 that is significantly worse than Street expectations. The company reported a loss of $0.26 per share on a 10.2% drop in revenue to $529.5 million. For FY2024, Aaron’s expects revenue to be between $2.055B and $2.155B, compared to $2.14B in 2023 and below the consensus estimate of $2.20B. The company also set a range for adjusted EPS to be between a loss of $0.10 per share and a profit of $0.25 per share, much below the consensus estimate for a profit of $1.09 per share.
More on related stocks:
- Zoom Video Communications, Inc. 2024 Q4 - Results - Earnings Call Presentation
- Zoom Video Communications, Inc. (ZM) Q4 2024 Earnings Call Transcript
- Workday, Inc. (WDAY) Q4 2024 Earnings Call Transcript
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