U.S. Stocks To Watch: Rivian, Super Micro, Zoom, Semtech, Dell, CrowdStrike, Leslie's, and More

Dow Jones
26 Nov 2024

Stock futures declined Tuesday after President-elect Donald Trump said soon after he takes office he would enact a 25% tariff on products from Mexico and Canada and slap an additional 10% tariff on goods coming into the U.S. from China.

These stocks were poised to make moves Tuesday:

Zoom Communications posted better-than-expected third-quarter adjusted earnings and revenue but shares of the video communications platform were down 6.7% in premarket trading. The company, which Monday changed its corporate name to Zoom Communications from Zoom Video Communications, said it expects fiscal 2025 revenue of between $4.656 billion and $4.661 billion compared with expectations of $4.64 billion. Adjusted earnings were forecast at $5.41 to $5.43 a share, higher than estimates of $5.33.

Shares of Super Micro Computer declined 2.8% in premarket trading after the server maker jumped 16% on Monday for its third-straight double-digit percentage gain, the first time the stock has done that since going public in March 2007. The stock has rallied since Super Micro last week submitted a plan to remain listed on the Nasdaq and engaged BDO USA as its new auditor.

Rivian Automotive jumped 6.2% after saying it received conditional approval for a loan of up to $6.6 billion from the U.S. government "to accelerate its growth and leadership of electric vehicle design, development and manufacturing in the United States." Rivian said the loan will support the construction of the company's next EV plant in Georgia and provide funding for production of its midsize platform.

Chip maker Semtech jumped 20% after reporting a third-quarter loss that narrowed from a year earlier as revenue jumped 18% to $236.8 million. The company also issued a fourth-quarter revenue forecast that was better than expected. CEO Hong Hou said he sees artificial-intelligence-driven product demand to be a "long-term and transformational growth engine for Semtech."

Agilent Technologies reported fiscal fourth-quarter adjusted earnings that beat Wall Street estimates but the stock fell 3.9% after the maker of laboratory instruments forecast fiscal 2025 adjusted earnings of between $5.54 and $5.61 a share, below estimates of $5.65.

Leslie's was down 20% after the retailer of pool and spa supplies swung to a loss in its fiscal fourth quarter and said it expects a first-quarter loss of 20 cents to 21 cents a share, wider than analysts' estimates that called for a loss of 19 cents.

Earnings reports are expected Tuesday from Dell Technologies, CrowdStrike Holdings, Analog Devices, Workday, Autodesk, HP Inc., Nutanix, Best Buy, Burlington Stores, Dick's Sporting Goods, Abercrombie & Fitch, and Nordstrom.

Dell Technologies, a leading provider of computers and servers for artificial intelligence, is scheduled to report third-quarter earnings Tuesday after the stock market closes. Wall Street anticipates the company will post adjusted earnings in the period of $2.06 a share on revenue of $24.67 billion. The stock rose 0.2% in premarket trading.

CrowdStrike slipped 0.3% in premarket trading ahead of f iscal third-quarter earnings from the cybersecurity company. Analysts expect CrowdStrike to report earnings of 81 cents a share on revenue of $983 million. Investors will be examining closely how well CrowdStrike is bouncing back after an update to its software triggered a global tech outage over the summer.

Kohl's, which also is expected to report quarterly earnings on Tuesday, announced Monday that CEO Tom Kingsbury would be stepping down effective Jan. 15, and would be replaced by Ashley Buchanan, chief executive of Michaels, the crafts retailer. Buchanan will be the third Kohl's CEO since 2018. The stock fell 2.2%.

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