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Stock futures remained broadly unchanged in pre-market trading on Tuesday as market participants were cautious ahead of inflation data.
Here are some of Tuesday’s biggest stock moves:
Biggest Gains in Stocks
- Shares of the stock of Chinese video game company NetEase (NTES). increased by more than 4% amid reports that the company was moving closer to renewing its partnership with Blizzard, allowing beloved games like World of Warcraft to return to China. This partnership is likely to boost Netease’s revenue considerably, particularly given its recent collaboration with Marvel Games on a new game, Marvel Rivals.
Biggest stock losers
- Maxeon Solar Technologies (MAXN) shares fell 8% after it reported preliminary fourth-quarter results, which showed revenue of $229 million, below analysts’ consensus estimate of $236.8 million. dollars. The company also reported an adjusted EBITDA loss of $35 million and total deliveries of 653 MW. In the prior-year quarter, revenue was $324 million, adjusted EBITDA was $4 million, and shipments were 734 MW. Maxeon announced it was executing a transformation of its IBC capacity in conjunction with the current DG market slowdown, resulting in higher-than-initially-planned restructuring costs in the fourth quarter. The company also forecast first-quarter revenue of $186 million, well below the consensus estimate of $241.5 million.
- Harmonic actions (HLIT). fell by around 9% after Nimrod Ben-Natan was announced as the new president and CEO, taking over from Patrick Harshman on June 11, 2024. The company expects first-quarter revenue to be between $121 million and $123 million, which is on track with the consensus estimate of $121.63 million. The Harmonic Board recently completed a strategic review of its video business and determined that current market conditions do not support its value creation objectives. The company’s future plan for the video business will prioritize profitable growth through scalable market opportunities, improving operations and reducing costs.