A roundup of the stocks making headlines before the market opens, including J.B. Hunt, Qorvo, MoonLake Immunotherapeutics, Fastenal, Life360, Rivian Automotive, Apple, Lam Research, Applied Materials, Salesforce, and Cloudflare.
J.B. Hunt Transport Services shares saw a decline of over 7% following the release of fourth-quarter earnings that fell short of market expectations. The company reported earnings of $1.53 per share, lower than the LSEG consensus estimate of $1.61 per share. Despite this, revenue for the period remained in line with projections at $3.15 billion.
Meanwhile, Qorvo stock experienced a surge of over 7% after The Wall Street Journal, citing anonymous sources, revealed that activist investor Starboard Value has acquired a 7.7% stake in the company and is pursuing strategies to enhance its share price. MoonLake Immunotherapeutics shares jumped by over 4% after receiving an upgrade from Goldman Sachs, moving from a neutral rating to a buy recommendation. The firm cited anticipation for positive phase 3 trial data regarding the company's treatment for hidradenitis suppurativa, a chronic skin condition. On the other hand, Fastenal shares dropped over 4% as both the company's fourth-quarter earnings and revenue failed to meet Wall Street's expectations. Fastenal reported earnings of 46 cents per share on revenue of $1.82 billion, while analysts surveyed by FactSet had projected 48 cents per share on $1.84 billion in revenue.Life360 shares climbed over 3% following UBS's upgrade from neutral to buy, citing increased confidence in the company's midterm advertising revenue potential as a driving force. Rivian Automotive shares rose by 2.6% after the electric vehicle manufacturer finalized a loan agreement with the Department of Energy worth up to $6.6 billion. This loan will support the construction of a new manufacturing facility in Georgia, scheduled to begin in 2026 with customer vehicle production anticipated in 2028, as stated in a Thursday press release. Apple shares gained nearly 1%, partially recovering from losses incurred in the previous session. On Thursday, Apple shares plummeted around 4%, marking their worst performance since August, attributed to reports of sluggish iPhone sales in China.Lam Research and Applied Materials, both semiconductor equipment companies, saw their shares rise approximately 2% following KeyBanc Capital Markets' upgrade from sector weight to overweight. The investment firm highlighted the companies' exposure to artificial intelligence-related devices, which is projected to fuel their share growth. Salesforce stock advanced 2% after TD Cowen upgraded its rating from hold to buy, citing the recent decline as a 'compelling entry point' for investors. Cloudflare shares surged 3.5% following Citi's upgrade to buy. Citi expressed heightened confidence in the cloud stock's fundamentals and growth prospects
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