Before the market open, take a look at the companies that are making headlines. Target saw its stocks shoot up 8%, even though it downgraded its full-year estimates and posted quarterly revenue that was below Wall Street's expectations. The figures reported were $1.80 a share, rather than the $1.39 that Refinitiv had anticipated, while the revenue was $24.77 billion, less than the anticipated $25.16 billion. Tesla's stock, on the other hand, decreased 2% due to their decision to reduce the prices of the Model S and Model X in China. Cava's shares saw a 9% increase after it posted profits in its first quarterly report following its IPO. The revenue increased by 62%, totalling approximately $173 million, with the opening of new stores. Coinbase's value rose about 4% when the National Futures Association, as designated by the CFTC, permitted Coinbase to offer futures contracts in addition to its existing spot crypto trading services. TJX Companies stocks were up 3% with their superior-to-expectations quarterly results. Those figures included $12.76 billion in revenue and 85 cents per share in adjusted earnings, as opposed to what Refinitiv had estimated – $12.45 billion and 77 cents per share. On the contrary, Coherent took a 23% plunge before the bell, due to their outlook of “no meaningful improvement” in the macroeconomic environment, including that of China. Further, VinFast Auto’s share values dropped 12% one day after their debut on the Nasdaq via a SPAC merger, despite their shares doubling on day one. JD.com's U.S.-listed stocks decreased 5%, notwithstanding the fact that their quarterly revenue and earnings exceeded predictions. Keurig Dr Pepper was upgraded to Buy from Neutral by UBS, leading its stock to rise by 1.4%. H&R Block, on the other hand, surged 4%, after outdoing their earnings expectations, as well as increasing their dividend by 10%. Agilent Technologies cut their full-year guidance, causing their stocks to drop 2.5%, although their third-quarter revenue and EPS surpassed expectations. Jack Henry & Associates’ shares declined 6.3% because their outlook for June 2024 did not coincide with the predictions of FactSet’s StreetAccount. The financial tech company reported $1.34 in earnings per share and $534.6 million in revenue, with both surpassing the expected $1.19 and $512.8 million, respectively. Lastly, Mercury Systems’ stocks dropped 11%, due to poor fiscal fourth-quarter figures as well as guidance for the 2024 fiscal year which missed estimates on numerous metrics. CNBC's Sarah Min, Jesse Pound, and Tanaya Macheel contributed to this report.
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