Hiroshi Watanabe
Stock futures edged higher on Thursday as investors assess low jobless claims and strong Philly Fed manufacturing index data.
Here are some of Thursday's biggest stock movers:
Biggest stock gainers
- Duolingo (DUOL) shares soared as much as 7% after the announcement that the language learning app provider will be joining the S&P MidCap 400 index on April 22, 2024. Duolingo will be taking the spot previously held by Cable One (CABO), which is transitioning to the S&P SmallCap 600.
- Shares of Trump Media & Technology Group (DJT) extended their gains by up to 5% in premarket trading on Thursday, following a 15% increase in closing on Wednesday. However, on Tuesday, shares experienced a 14% decline after the company announced the launch of a live TV streaming platform, similar to its social media platform, Truth Social.
- Homebuilder D.R. Horton (DHI) shares rose more than 3% after the company boosted its outlook for FY2024, citing better-than-expected Q2 results. The homebuilder now expects FY2024 revenue to be between approximately $36.7B and $37.7B, up from its previous range of $36B to $37.3B. Additionally, DHI raised its guidance for home closings to a range of 89,000 to 91,000, compared to the prior outlook of 87,000 to 90,000. Cash flow from homebuilding operations is still expected to be around $3B. The company also raised its guidance for stock buybacks by about $100M.
- Snapchat (SNAP) shares surged 6% following reports that a proposed bill requiring TikTok to divest from ByteDance (BDNCE) or face a U.S. ban could be fast-tracked. House Speaker Mike Johnson (R-LA) intends to include the TikTok bill in a fast-track package that includes aid for Ukraine and Israel, as reported by Bloomberg on Wednesday.
Biggest stock losers
- Following mixed Q1 earnings results, shares of Equifax (EFX) declined more than 5%, providing an outlook that fell short of market consensus. The company forecasts Q2 revenue between $1.41B and $1.43B, lower than the consensus of $1.44B, and adjusted EPS to be between $1.65 and $1.75, much below the $1.87 consensus. For FY2024, Equifax anticipates revenue between $5.67B and $5.77B, below the consensus of $5.97B, and adjusted EPS to range from $7.20 to $7.50, compared to the $7.63 consensus.
- Despite upbeat Q1 results and outlook, Taiwan Semiconductor's (TSM) shares slipped as much as 5% due to a seasonal slump in smartphone chip sales, which dropped 16% Q/Q (in charts). CEO C. C. Wei announced a downward revision of the company's expectations for 2024 semiconductor market growth (excluding memory chips) to about 10%, lower than previously anticipated. Additionally, Wei reduced the growth forecast for the foundry sector, where TSM is a leader. Despite these adjustments, Wei maintained a forecast of spending between $28B and $32B on capacity expansion and upgrades this year.
More on related stocks:
- Netflix, Johnson & Johnson, Procter & Gamble And Baidu On Watch
- Don't Touch Trump Media & Technology Group Stock With A 10-Foot Pole
- Trump Media & Technology Group: Hype Is Over, Pain Is Not
- Duolingo set to join S&P MidCap 400; Cable One to join S&P SmallCap 600
- Equifax Non-GAAP EPS of $1.50 beats by $0.07, revenue of $1.39B misses by $10M