Check out the companies making headlines in pre-market trading. NVIDIA – The closely watched chip giant’s earnings report Wednesday afternoon beat expectations amid the artificial intelligence craze, sending its shares soaring 13% in premarket trading. Nvidia’s fourth-quarter adjusted earnings per share were $5.16 on revenue of $22.1 billion, while analysts polled by LSEG expected earnings of $4.64 per share on revenue of $20.62 billion. The company also said revenue for the quarter would be stronger than Wall Street forecasts. Moderna — Shares of Moderna rose more than 5% after the vaccine maker reported higher-than-expected fourth-quarter revenue. The company’s revenue was $2.81 billion, while analysts polled by LSEG had forecast $2.5 billion. Moderna also reported an unexpected profit, in part due to growth in deferred revenue despite a sharp decline in COVID-19 vaccine sales. Lucid — Shares of Lucid fell more than 7% after the luxury electric car company missed fourth-quarter revenue estimates. Specifically, Lucid reported revenue of $157 million, compared with analysts’ expectations of $180 million, according to LSEG. Cantor Fitzgerald downgraded Lucid to “underweight” from “neutral” earlier Thursday, Street Account reported. Etsy — Shares fell 8.6% in premarket Thursday after the online marketplace reported mixed fourth-quarter results. While revenue topped Wall Street expectations, the company’s earnings per share of 62 cents fell short of the 78 cents expected by analysts polled by LSEG. Rivian – The electric car maker said it was losing more than expected and cutting 10% of its workforce, sending its shares down 17% in one day. Although revenue topped analysts’ expectations, Rivian said it lost $1.36 per share, 4 cents higher than the consensus estimate of analysts polled by LSEG. The company also said it expected vehicle production to be lower than expected. Synopsys — Shares of Synopsys rose 4.5% a day after the software company reported better-than-expected fiscal first-quarter earnings and strong current-quarter earnings. Synopsys reported earnings of $3.56 per share (excluding items), beating the LSEG consensus forecast of $3.43 per share. DoorDash — The food delivery stock rose nearly 5% after Morgan Stanley upgraded the food delivery stock to overweight from equal weight. The company said the stock is at an attractive entry point and has a long runway for growth. Root — The auto insurance stock rose 28% after reporting a fourth-quarter loss of $1.64 per share, missing the $2.84 expected by analysts polled by FactSet. The company’s fourth-quarter revenue was $194.8 million, also above expectations of $132.5 million. Following the earnings release, Cantor Fitzgerald upgraded the stock to overweight from neutral. Remitly Global — Shares of Remitly Global surged 22.4% after the financial services provider reported earnings. Although Remitly posted a loss per share and analysts expected modest growth, the company beat revenue estimates and provided better-than-expected full-year guidance. BMO Capital Markets upgraded the stock to outperform from market. Novavax — Shares of Novavax rose 9.6% after the biotech company said it would resolve an arbitration dispute with nongovernmental global vaccine group Gavi. The disagreement centers on the cancellation of the COVID-19 vaccine purchase agreement. Coty — Shares of Coty rose 3% after TD Cowen upgraded the beauty company to outperform from market perform, citing momentum in the fragrance category. Analyst Oliver Chen raised his price target to $16 from $13, which would represent an upside of more than 26% from Wednesday’s closing price of $12.64. ASML Holding — The stock rose 3.9% after HSBC started buying the semiconductor stock. The company said the 2025 forecast and share price could rise if the industry experiences an upcycle. Gates Industrial — Shares of Gates Industrial rose 4.8% as KeyBanc upgraded its industrial weight to overweight from industrial weight. KeyBanc said the stock was excessively discounted as private equity firms exited their holdings. —CNBC’s Brian Evans, Lisa Kailai Han, Fred Imbert and Sarah Min contributed reporting
