Shares of Tesla (TSLA, Financial) saw a notable increase after the electric vehicle giant disclosed its Q4 production and delivery numbers, which exceeded consensus estimates. Tesla produced nearly 495,000 vehicles and delivered over 484,500, with the Model 3 and Model Y making up 95% of the deliveries. The company's annual vehicle deliveries saw a 38% increase year-over-year, reaching 1.81 million, while production grew by 35% to 1.85 million vehicles. Tesla is set to announce its Q4 financial results soon, with a live webcast scheduled to discuss the outcomes and future outlook, including updates on Cybertruck demand and production rates.
Longboard Pharmaceuticals (LBPH, Financial) experienced a dramatic surge in its stock price, jumping 132% premarket, following the announcement of positive topline data from a study of its drug bexicaserin for the treatment of developmental and epileptic encephalopathies. The study showed a median seizure reduction significantly higher than the placebo group, with notable reductions across various DEE conditions. Longboard is now preparing for a global Phase 3 program for the drug.
Alibaba Group Holding (BABA, Financial) reported on its share repurchase activities, revealing the purchase of nearly 898 million shares totaling $9.5 billion, including $2.9 billion in Q4 alone. The company's outstanding shares saw a net reduction of 3% at the end of the year, with $11.7 billion remaining in its authorized share repurchase plan. Despite this, Alibaba's shares dipped slightly in premarket trading.
Apple (AAPL, Financial), Microsoft (MSFT, Financial), and other tech stocks are anticipated to drive the Nasdaq higher, with investment firm Wedbush Securities predicting a 25% increase in tech stocks for the year. The firm highlighted the underestimation of AI monetization among enterprises and listed several tech favorites, including Google (GOOG, GOOGL), Palo Alto Networks (PANW, Financial), and others.
Apple also faced a market share decline in the premium smartphone segment, according to Counterpoint Research. Despite maintaining leadership, Apple's share dropped to 71% from 75% in the previous year for devices priced above $600. The premium segment, however, reached a record high amid an overall market decline.
Rivian Automotive (RIVN, Financial) reported its Q4 production and delivery totals, with a slight miss on delivery expectations but surpassing its full-year production guidance. The electric vehicle company produced over 17,500 vehicles and delivered nearly 14,000 in Q4, leading to a slight drop in its premarket share price.
Anavex Life Sciences (AVXL, Financial) saw its shares plummet by approximately 38% premarket after its lead asset, ANAVEX 2-73, failed to meet primary goals in a Phase 2/3 clinical trial for Rett syndrome. The trial showed improvement but not statistical significance, and the company noted a high placebo response.
Apple received a downgrade from Barclays due to concerns over its hardware business, including the upcoming iPhone 15. The analyst cut the price target and expressed skepticism about the potential success of the iPhone 16 line, as well as a lack of recovery in other hardware segments like Macs, iPads, and wearables.
Elanco Animal Health (ELAN, Financial) announced upcoming leadership changes, with Lawrence Kurzius set to become the next chairman of the board. The company is also proposing amendments to its corporate governing documents and seeking shareholder approval for changes to the voting standard for director elections.
Oil prices increased after Iran sent a warship to the Red Sea, escalating tensions in the region. Nymex crude and Brent Crude both saw gains, with the move coming after the U.S. military sank three Houthi boats in response to attacks on shipping in the Red Sea.
Iron ore futures reached multi-month highs on improved factory activity in China and President Xi Jinping's commitment to bolster the economy. The most-traded iron ore contracts on China's Dalian Commodity Exchange and the Singapore Exchange both saw significant increases.
China has urged the Netherlands to adhere to market principles following the Dutch government's partial revocation of an export license for ASML (ASML, Financial) to ship certain lithography systems to China. ASML's stock experienced a premarket decline as a result.
Cryptocurrency-related stocks enjoyed gains as Bitcoin soared past $45,000. Companies like Coinbase (COIN, Financial), MicroStrategy (MSTR, Financial), and Riot Platforms (RIOT, Financial) saw their shares rise in response to the cryptocurrency's surge and the potential approval of a spot Bitcoin ETF.
Unity Software (U, Financial) shares dropped after a downgrade from Piper Sandler, which cited the stock's recent gains and limited margin for error. Despite the downgrade, the bank remains positive on the broader application software sector for the year.
Exxon Mobil (XOM, Financial) completed its exit from the West Qurna 1 oilfield in Iraq, handing over operations to PetroChina (PCCYF, Financial). PetroChina now holds the largest stake in the oilfield, which produces around 550,000 barrels per day.
