Biggest stock movers today: SPOT, GM, DHR, IBRX, NVS, and more

Stock futures continued to trend upward on Tuesday as the earnings season took center stage.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• Novartis (NYSE:NVS) rose as much as 5% after topping expectations in Q1 results and raising the FY2024 outlook. The company now expects net sales to grow high-single to low double-digit from mid-single-digit, and core operating income is expected to grow low double-digit to mid-teens from a prior view of high single-digit growth.
• ImmunityBio’s (NASDAQ:IBRX) stock surged 31% following the announcement that the U.S. Food and Drug Administration (FDA) approved ANKTIVA (N-803, or nogapendekin alfa inbakicept-pmln) in combination with Bacillus Calmette-Guérin (BCG) for treating patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) featuring carcinoma in situ (CIS), with or without papillary tumors. ANKTIVA is anticipated to be accessible in the U.S. around mid-May 2024.
• Danaher’s (NYSE:DHR) stock jumped 7% after exceeding market expectations in Q1 results. Despite an ongoing decline in their biotech business (down 18% Y/Y), the company’s overall revenue fell only 3% Y/Y. This is an improvement from a 10% Y/Y decline in 4Q23. The positive performance came from growth in the Life Sciences (2% Y/Y) and Diagnostics (7% Y/Y) divisions. CEO Rainer Blair expressed optimism about the year, though the company expects non-GAAP core revenue for Q2 and FY2024 to drop by mid-single digits and low-single digits from a year ago, respectively.
• General Motors (NYSE:GM) stock rose as much as 5% after reporting better than expected Q1 results and raising the FY2024 outlook. The automaker now anticipates EPS between $9 and $10 per share for the year, exceeding consensus of $9.02. This marks an increase from their initial guidance of $8.50 to $9.50 per share. Similarly, adjusted pre-tax profit is expected to range from $12.5B to $14.5B, adjusted upwards from the prior range of $12B to $14B.
• Spotify’s (NYSE:SPOT) shares climbed 13% after reporting strong Q1 results. Premium subscribers grew 14% Y/Y, driven by strong performance across regions and Family and Duo plans. This translated to a 20% increase in premium revenue, reaching $3.25B. Looking ahead, Spotify anticipates adding 16M net new monthly active users and 6M net new premium subscribers in Q2, bringing the respective totals to 631M and 245M, respectively. The company projects total revenue of €3.8B for Q2, with a possible headwind of 140 basis points due to foreign exchange rates.

Biggest stock losers

• Nucor’s (NYSE:NUE) stock plummeted by approximately 7% following its Q1 financial results, which fell short of consensus expectations. Moreover, Nucor predicts a sequential decline in profits for Q2 due to lower average selling prices across both their steel mills and product segments.
• Shares of Abeona Therapeutics (NASDAQ:ABEO) lost about 50% in value after the FDA declined to approve its therapy pz-cel, citing the need for additional Chemistry Manufacturing and Controls information. The biotech company intends to submit the requested information in Q3.
• Despite reporting upbeat Q1 results, JetBlue Airways (NASDAQ:JBLU) stock slid 14% on a disappointing outlook for the rest of the year. JetBlue lowered its expectations for both revenue and available seat miles, which are now anticipated to fall slightly compared to earlier projections of remaining flat. Adding to the concerns, the cost per available seat mile (CASM) is expected to rise significantly due to an excess supply of flights in Latin American markets. For Q2, the airlines now expects revenue to decline by 10.5% to 6.5% and available seat miles to be down 5% to 2%. Cost per available seat mile excluding fuel is forecasted to increase by 5.5% to 7.5%.

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