U.S. Stocks to Watch: Marvell, Tesla, JD.com, Broadcom, Nvidia, Rigetti Computing, Zscaler, MongoDB and More

Dow Jones
03-06

Stock futures were falling Thursday after Wall Street rallied broadly following the White House’s move to provide auto makers a one-month exemption from tariffs on imports from Canada and Mexico.

These stocks were poised to make moves Thursday:

General Motors was down 1.3%, Ford fell 1%, and Jeep maker Stellantis NV declined 2% after shares of the Big Three auto companies surged Wednesday. They were given areprieve from the tariffs“so they are not at an economic disadvantage,” White House press secretary, Karoline Leavitt, told reporters. The delay came after President Donald Trump spoke with representatives from the auto makers. “We are going to give a one-month exemption on any autos coming through USMCA,” Leavitt said. USMCA is the acronym for the U.S.-Mexico-Canada Agreement, a trade deal Trump negotiated during his first term.

Electric-vehicle maker Tesla Motors, meanwhile, was falling 2% in premarket trading after closing with a gain of 2.6% in the previous session. Tesla sales have been declining across the globe with anger growing over the political activities of CEO Elon Musk. Data released Wednesday showed that vehicle registrations fell 76% in February in Germany, Europe’s largest economy.

Chinese e-commerce giant JD.com exceeded market expectations for quarterly revenue on Thursday, as deep discounts and price cuts encouraged robust spending from consumers, driving up strong year-end sales. Shares of the company rose 5% in premarket trading.

Shares of Marvell Technology, which sells a portfolio of chips and hardware products for the data center, 5G infrastructure, networking, and storage markets, were tumbling 16% after the company narrowly topped earnings and revenue estimates in the fourth quarter but issued fiscal first-quarter guidance that mostly was in line with expectations, disappointing investors.

Zscaler Inc.‘s fiscal second-quarter adjusted earnings and revenue beat analysts’ expectations and the cybersecurity company’s fiscal-year outlook also topped estimates. The stock rose 4.6% in premarket trading. Zscaler expects fiscal-year adjusted earnings of $3.04 to $3.09 a share on revenue of $2.64 billion to $2.65 billion. Analysts see adjusted profit of $2.90 a share on revenue of $2.64 billion.

Veeva was up 6% after the cloud-based software company posted fourth-quarter earnings that beat Wall Street estimates as revenue rose 14% to $720.9 million. Veeva also guided for fiscal first-quarter adjusted earnings of $1.74 to $1.75 a share that topped forecasts.

MongoDB Inc. dropped 18% after fourth-quarter adjusted earnings smashed analysts’ estimates but the software company’s outlook for the current fiscal year was below expectations. MongoDB said it anticipates fiscal-year adjusted earnings of $2.44 to $2.62 a share, well off Wall Street estimates of $3.38.

Rigetti Computing, the quantum-computing company, fell 9% after reporting fourth-quarter revenue of $2.27 million that missed analysts’ estimates and a wider loss in the period.

Victoria's Secret & Co declined 3% saying it expects fiscal first-quarter revenue to decline from a year earlier. The lingerie retailer said it was ”mindful that macro-environment challenges and uncertainty are putting pressure on the consumer.” Fourth-quarter sales rose 1.1% to $2.11 billion and topped analysts’ forecasts.

Broadcom was down 3.6% in premarket trading ahead of the semiconductor maker’sfiscal first-quarter earnings report. Investors will be focused on what Broadcom says about the market for artificial-intelligence chips.

NVIDIA, the leading maker of AI chips, fell 1.8% in premarket trading. Nvidia closed with a gain of 1.1% on Wednesday.

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