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Stock futures were lower on Friday, a day after the S&P 500 pulled back after hitting fresh all-time highs.
Here are some of Friday's biggest stock movers:
Biggest stock gainers
- Asana (NYSE:ASAN) shares rose over 4% after the company reiterated its outlook for Q2 and FY2024 and announced a new $150M share buyback program, which will run through June 30, 2025. The company reaffirmed revenue between $177M and $178M for the quarter, vs. the consensus of $177.7M, and between $719M and $724M for the fiscal year, vs. the consensus of $722M.
- Sun Country Airlines (NASDAQ:SNCY) shares climbed 5% after the carrier signed an amended and restated air transport services agreement with Amazon, extending the contract through 2030 with options to extend terms through 2037. The revised agreement will allow Sun Country to operate up to eight additional Boeing 737-800 cargo aircraft, increasing its cargo operation from 12 to 20 freighters. The first aircraft is expected to begin service in Q1 2025, with all eight operational by Q3 2025.
- Sarepta Therapeutics (NASDAQ:SRPT) shares surged 34% after the FDA granted accelerated approval for its Elevidys treatment for Duchenne muscular dystrophy to include non-ambulatory patients. The agency also granted traditional approval for ambulatory patients, requiring patients to be at least four years old. Sarepta has already begun the ENVISION study as a phase 3 post-marketing trial in non-ambulatory and older ambulatory individuals with Duchenne.
- Gilead Sciences (NASDAQ:GILD) shares rose 4%, adding to the previous day's 8.5% gain, after announcing that its experimental HIV therapy lenacapavir succeeded in a Phase 3 trial as a twice-yearly preventive measure. The injectable outperformed the daily oral PrEP therapy Truvada, achieving 100% efficacy with zero infections among cisgender women. The trial's data monitoring committee recommended ending the blinded phase early and offering lenacapavir to all participants. This twice-yearly dosing regimen could provide a new option for HIV prevention, according to Linda-Gail Bekker of the Desmond Tutu HIV Center.
Biggest stock losers
- Despite exceeding expectations in its FQ4 results, Smith & Wesson Brands (NASDAQ:SWBI) shares fell about 4% as the company anticipates softer near-term demand than originally expected. The company expects FQ1 sales to decline approximately 10% Y/Y in both units and dollars, with growth in long guns partially offsetting a decline in handguns. Sales are expected to be more weighted toward the second half of the fiscal year. Additionally, operating expenses are likely to increase by 3% to 5% for the year due to compensation-related inflation, a more competitive market, and increased investment in R&D.
- Palantir Technologies' (NYSE:PLTR) shares fell more than 3% after Monness, Crespi, Hardt downgraded the enterprise software maker to Sell from Neutral and set a $20 price target. Analyst Brian White said recent results from enterprise software companies were "largely downbeat," and the supposed benefit from generative artificial intelligence for enterprise software has been a "revenue illusion" this year.