In a dynamic start to the trading session, several major companies experienced significant stock movements pre-market due to a variety of factors. Apple's shares declined by 2% following reports that Chinese regulators are considering a formal probe into its application store fees and policies. Workday, on the other hand, saw a 5.5% rise after announcing a restructuring plan that would lead to a reduction of approximately 8.5% of its workforce.
PDD faced a 7.1% drop in its stock price after the U.S. Postal Service decided to suspend inbound packages from China and Hong Kong "until further notice." Meanwhile, Johnson Controls International's shares surged almost 8% as the company reported quarterly results that exceeded market expectations.
Disney cautioned investors about a potential "modest decline" in subscribers for the second quarter. Despite this warning, PDD's revenue of $5.42 billion surpassed analysts' expectations of $5.29 billion, according to FactSet.
Chipotle Mexican Grill's shares fell by about 4.9% following disappointing fourth-quarter same-store sales growth, which failed to meet Wall Street's projections. Advanced Micro Devices (AMD) experienced a sharp decline of 9.1% due to underperformance in its key data center business.
Alphabet's stock tumbled 7% after reporting fourth-quarter revenue of $96.47 billion, slightly below the $96.56 billion anticipated by analysts polled by LSEG. Despite this setback, Alphabet remains committed to its future plans, announcing an investment of $75 billion in 2025 to expand its artificial intelligence strategy.
Toyota Motor saw an increase of 2.9% in its share price after revealing plans to establish a new company in China focused on electric vehicle production. Novo Nordisk's shares rose by 3%, buoyed by fourth-quarter results that exceeded expectations.
On the downside, FMC Corp experienced a sharp decline of 23% after issuing weak guidance for the current quarter. Conversely, Mattel saw a significant surge of approximately 13.5%, as its fourth-quarter results surpassed Wall Street estimates.
Lastly, Uber experienced a 5% drop in its share price after cautioning investors that the strong dollar could negatively impact first-quarter gross bookings.
Apple's recent challenges stem from reports that Chinese regulators might initiate a formal investigation into its application store fees and policies. This potential scrutiny could have wide-ranging implications for the tech giant's operations in one of its largest markets.
Workday's restructuring plan aims to streamline operations and improve efficiency, leading to a rise in its stock price. The decision to reduce its workforce by approximately 8.5% is part of a broader strategy to adapt to changing market conditions.
PDD's stock suffered due to the U.S. Postal Service's suspension of inbound packages from China and Hong Kong. This move could disrupt supply chains and affect PDD's ability to serve its customers effectively.
Johnson Controls International reported better-than-expected quarterly results, driving an increase in its share price. The company's strong performance was attributed to robust demand across its product lines.
Disney's warning about a potential decline in subscribers reflects ongoing challenges in the competitive streaming market. Despite this, PDD managed to exceed revenue expectations, showcasing resilience in a challenging environment.
Chipotle's disappointing same-store sales growth highlights the company's struggle to maintain momentum in a competitive landscape. Similarly, AMD's underperformance in its data center business contributed to its stock decline.
Alphabet's slight revenue miss did not deter the company's long-term strategic focus on artificial intelligence. The planned $75 billion investment underscores Alphabet's commitment to advancing this technology frontier.
Toyota's announcement of a new electric vehicle company in China positions it well for growth in the rapidly expanding EV market. Novo Nordisk's strong quarterly results further demonstrate the company's robust performance in the pharmaceutical sector.
FMC Corp's weak guidance led to a significant drop in its share price, reflecting investor concerns about future performance. In contrast, Mattel's impressive fourth-quarter results provided a boost to its stock value.
Uber's caution regarding the impact of currency fluctuations on gross bookings highlights the challenges faced by multinational companies operating in volatile economic environments.