Lucid, Nvidia, Dollar General, Sunrun and more

A sign is displayed at Nvidia headquarters on May 25, 2022 in Santa Clara, California.

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Find out which companies are making the headlines early in the morning.

Lucid Motors – The electric vehicle maker saw its shares fall 14% premarket after reporting fourth-quarter revenue fell short of expectations. Lucid said it only built 7,000 of its Air luxury sedans last year amid manufacturing challenges. Bank of America downgraded shares on Thursday, citing short-term demand concerns.

Nvidia – Shares of the chip giant jumped more than 9% in early trading after Nvidia on Wednesday posted beats on top and bottom results for its latest quarter. Wall Street praised Nvidia’s results on Thursday, calling AI opportunities the next big growth driver for the chipmaker.

Dollar General – Shares fell about 5% after Dollar General reported preliminary results for its fourth quarter and fiscal 2022 that were lower than previous guidance and lower than consensus expectations from FactSet.

eBay – The online auction platform fell 5% despite posting fourth-quarter earnings and revenue that beat analysts’ estimates as measured by Refinitiv. Earnings came in at $1.07 per share, but the company issued current quarter earnings guidance of between $1.05 and $1.09 per share. Wall Street expects $1.06.

Etsy — Shares of the e-commerce company jumped 5% following the company’s quarterly results. Etsy reported revenue of $807 million, beating Refinitiv consensus estimates of $752 million. The company also forecast current quarter revenue of $600 million and $640 million, versus estimates of $622 million.

Bath & Body Works – Shares fell more than 4% after the company reported fourth quarter results. The bath chain released weaker-than-expected guidance for the first quarter and full year, as measured by FactSet. Otherwise, it reported a beat on the top and bottom lines, according to Refinitiv consensus estimates.

Bumble – The online dating site rose more than 3% after reporting better-than-expected fourth-quarter earnings and revenue. Bumble posted revenue of $191 million, higher than analysts’ estimate of $186 million polled by FactSet. Revenue also beat analysts’ expectations, coming in at $242 million versus estimates of $236 million.

Mosaic – Shares of the fertilizer maker rose 2% after reporting fourth-quarter revenue of $4.48 billion, beating analysts’ estimates of $4.17 billion, according to FactSet. Earnings for the quarter were below estimates.

Alibaba — The Chinese e-commerce giant rebounded nearly 6% after its fiscal third-quarter results beat analysts’ estimates. Revenue was 247.76 billion Chinese yuan ($35.92 billion), against an expected 245.18 billion Chinese yuan. Earnings per US filing share were 46.82 billion yuan versus 34.02 billion yuan expected by analysts.

Sunrun – The solar company rose 1.5% after its fourth-quarter earnings beat Wall Street expectations. Earnings per share were 29 cents, versus 1 cent expected, according to StreetAccount estimates. Its adjusted net profit came in at $63 million, higher than the $37.3 million expected.

Moderna – The drugmaker announced with Merck that the Food and Drug Administration had granted them Breakthrough Status for a personalized cancer vaccine for high-risk melanoma patients. Moderna was up more than 1% and Merck less than 1%.

Intel – Shares of the chipmaker rose more than 1% after Morgan Stanley upgraded the stock to equal weight from underweight, after the company cut its dividend by about 60% . Speculation around the possibility of a dividend cut weighed negatively on the stock, but Morgan Stanley said it was “the right thing to do in the longer term” and Intel had “limited downside” given its underperformance.

– CNBC’s Sarah Min and Michelle Fox contributed reporting

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