In premarket trading, quantum computing stocks experienced significant gains after a Wall Street Journal report indicated that the government would allocate $2 billion in grants to nine companies, which included equity stakes. Rigetti Computing saw a 15% increase, D-Wave Quantum surged 17%, and Quantum Computing rose nearly 14%.
Other notable gains included IonQ at 8%, IBM at 6.5%, and GlobalFoundries at 13%. Conversely, Walmart's shares dropped 2% after the retailer provided a weaker-than-expected earnings forecast, projecting adjusted earnings per share between $2.75 and $2.85, below the anticipated $2.91. Despite meeting expectations for first-quarter adjusted EPS, Walmart's revenue did exceed estimates.
Rocket Lab's stock fell 6% following SpaceX's announcement of plans to go public, while Nvidia reported an 85% year-over-year revenue increase to $81.62 billion, surpassing analyst predictions, though its shares remained stable. Intuit's shares plummeted 14% after announcing a 17% workforce reduction and missing revenue expectations for the third fiscal quarter. E.l.f.
Beauty's stock rose 7% after beating earnings expectations and announcing plans to reverse some tariff-related price hikes. Star Bulk Carriers gained 3% after reporting earnings and revenue that exceeded analyst forecasts. Kroger's shares fell 4% amid reports of planned price cuts to compete with Walmart and Costco.
Applied Digital's stock jumped 10% following a long-term lease agreement with a major hyperscaler. Nio's shares rose nearly 5% after reporting strong first-quarter results and optimistic second-quarter delivery guidance.
Deere reported better-than-expected second-quarter results with earnings of $6.55 per share, exceeding the $5.70 consensus estimate, but its shares fell nearly 4% despite reaffirming its full-year net income guidance