Cerebras Technologies' shares fell 11% following its first earnings report since going public, revealing a first-quarter loss of 22 cents per share on revenues of $193.4 million. The company also projected a decline in core gross margin for the second quarter, which is expected to drop to between 36% and 38% from 46.5% in the first quarter.
FedEx's stock decreased by about 6.5% despite reporting better-than-expected fiscal fourth-quarter results, marking the last quarter before the spin-off of its freight business. In contrast, Micron Technology's shares rose over 2.5% as it rebounded from a previous 13% drop, ahead of its earnings announcement scheduled for Wednesday.
Other memory stocks, including Sandisk, Western Digital, and Seagate Technology, also saw gains following a sell-off in the tech sector. KB Home's shares increased by 2.5% after reporting fiscal second-quarter revenue of $1.11 billion, slightly above analyst expectations, although its earnings per share fell short of estimates.
Worthington Industries' stock dropped 10% after its fiscal fourth-quarter results missed expectations, reporting adjusted earnings of 97 cents per share on revenue of $371.5 million. Wendy's shares surged as it gained traction on the Reddit investing community, with a short interest of around 23% potentially setting the stage for a short squeeze.
Arm Holdings' stock rose 3% following price target increases from UBS and TD Cowen, citing an improved outlook for its CPU business amid the growing popularity of AI. Take-Two Interactive's shares climbed over 3% after announcing presales for Grand Theft Auto 6 will begin soon, supported by a buy rating from BTIG, which anticipates a multi-year boost in earnings power from the game