Jonathan Kitchen
Stock futures edged higher in the early trading hours of Tuesday, with Nasdaq Futures adding 0.5% to a session high after Apple’s China iPhone shipments rebounded.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Shares of meme stock GameStop (GME) surged around 17% after the company announced the completion of a previously disclosed, roughly $933.4M equity offering through the sale of 45M shares. It intends to use the proceeds for general corporate purposes, which may include acquisitions and investments. The offering follows a recent spike in meme shares following the return of influential trader and analyst Keith Gill to social media. Gill, also known as “Roaring Kitty,” was an important figure in the 2021 meme-stock frenzy.
- CAVA Group’s (CAVA) shares rose over 5% ahead of the company’s Q results, scheduled after the market close, with analysts estimating EPS of $0.05 and the consensus revenue of $245.46M. Over the last 3 months, EPS estimates have seen 5 upward revisions and 0 downward revisions, while revenue estimates have seen 9 upward revisions and 1 downward revision.
Biggest stock losers
- Hello Group’s (MOMO) shares fell nearly 6% after the company reported mixed Q1 results, with revenue dropping 9% Y/Y on the back of a decline in live video service revenues, Value-added service revenues, and Mobile games revenues. Monthly active users on the Tantan app fell to 13.7M, compared to 19.5M a year earlier, while Momo’s total paying users were 7.1M in Q1, compared to 7.8M a year ago. The company also sees Q2 total net revenues between RMB2.65B and RMB2.75B, a decrease of 15.5% to 12.4% Y/Y.
