Biggest stock movers Tuesday: CLF, PLTR, and more
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Contributor since / Followers
Contributor since / Followers
3 weeks ago
Hill Street Studios
Stock futures ticked up slightly in premarket trading on Tuesday as investors turned their attention to the crucial U.S. presidential election.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Palantir Technologies (PLTR) shares surged 13% following a strong Q3 report that beat estimates across all metrics, driven by high demand for its AI software. For Q4, the company anticipates revenue of $767M to $771M, well above the $746M estimate. Additionally, Palantir raised its FY2024 guidance, now expecting revenue between $2.805B and $2.809B, up from prior estimates of $2.742B to $2.750B and higher than the consensus of $2.76B. U.S. commercial revenue is expected to exceed $687M, a 50% growth from the previous $672M target. Adjusted income from operations guidance was lifted to $1.054B to $1.058B from $966M to $974M, and adjusted free cash flow guidance was increased to over $1B from the prior $800M to $1B range.
- Hims & Hers (HIMS) rose nearly 9% after exceeding Q3 expectations and raising its FY2024 revenue guidance, boosted by a 77% Y/Y revenue jump to approximately $401.6M. The telehealth company also reported a swing to profitability, posting net income of around $76M ($0.32 per diluted share), compared to a $7.4M loss (-$0.04 per share) in Q3 2023. Hims & Hers now anticipates full-year revenue between $1.46B and $1.465B, up from its previous outlook of $1.37B to $1.4B, surpassing the consensus estimate of $1.4B.
Biggest stock losers
- Cleveland-Cliffs (CLF) shares dropped over 7% after disappointing Q3 results, missing expectations on both revenue and profit as revenue fell nearly 19% Y/Y, and the company reported a negative gross margin. Steel product sales volume declined 6.5% year-over-year, while the average net selling price was down more than 13%. In response, Cliffs lowered its FY2024 capital expenditure forecast by $50M, now projecting a range of $600M to $650M, down from $650M to $700M. Looking ahead, the company anticipates standalone capital expenditures of around $600M for FY2025, focused on strategic growth initiatives at its Middletown, Butler, and Weirton sites.