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Stock futures were largely unchanged in the early trading hours of Thursday, with the S&P 500 index approaching the significant milestone of 5,000.
Here are some of Thursday’s biggest stock movers:
Positive Surges
- Walt Disney (NYSE:DIS) shares skyrocketed by more than 6% after delivering strong profit guidance. The company projects a minimum 20% surge in FY2024 adjusted EPS compared to 2023, reaching around $4.60 and generating approximately $8B in free cash flow. Additionally, Disney foresees 5.5M to 6M Core subscriber net additions for Disney+ in the second quarter, along with a continued upswing in ARPU.
- Arm Holdings (NASDAQ:ARM) experienced a massive 24% surge after surpassing expectations in FQ3 results and lifting the FY2024 earnings outlook. The company now anticipates adjusted earnings in the range of $1.20 to $1.24 per share for the year, up from the previous $1.00 to $1.10 per share, surpassing the estimated $1.05 per share. Arm also raised its sales forecast to $3.16B to $3.21B, up from $2.96B to $3.08B, exceeding analysts’ expectations of $3.02B. Furthermore, it provided a positive Q4 outlook, expecting adjusted earnings between $0.28 and $0.32 per share, above the consensus of $0.21, and sales between $850M and $900M compared to the consensus of $778.5M.
Negative Dips
- Despite surpassing expectations in Q4, Paypal (NASDAQ:PYPL) shares declined by more than 9% due to a weak FY2024 outlook. PayPal (PYPL) projected a 2024 adjusted EPS of approximately $5.10, in line with 2023 and below the average analyst estimate of $5.53. For Q1, it expects adjusted EPS growth in the mid-single digits from $1.17 in the year-ago period, suggesting around $1.23, which is lower than the $1.26 consensus.
- Digital Turbine (NASDAQ:APPS) shares dropped by 14% due to lower-than-expected FQ3 results and outlook. Looking ahead to 2024, the company forecasts revenue between $547M and $553M, falling short of the consensus estimate of $572.47M. Additionally, non-GAAP adjusted EPS is expected to range between $0.50 and $0.54, below the consensus of $0.61, while non-GAAP adjusted EBITDA is forecasted to be between $90M and $94M, significantly lower than the 2023 adjusted EBITDA of $163.2M.
