Biggest stock movers today: GES, ACN, MU, AVGO, LI, and more

Stock futures edged higher on Thursday following the Federal Reserve's decision to maintain interest rates and its indication of considering at least three rate cuts in 2024.

Here are some of Thursday's biggest stock movers:

Biggest stock gainers

• Micron Technology (MU) shares soared 18% following the release of its impressive FQ2 results and optimistic outlook. The company reported significant growth in DRAM revenue, up over 50%, and NAND revenue, which surged 77% in FQ2. For FQ3, Micron anticipates adjusted EPS between $0.38 and $0.52, well above the consensus estimate of $0.09 and sales projected to fall within the range of $6.4B to $6.8B, exceeding the consensus of $6B.
• Broadcom (AVGO) shares rose 3% following the company's announcement of its latest artificial intelligence infrastructure offerings at an investor meeting. President of Broadcom's semiconductor solutions group, Charlie Kawwas, emphasized the need for a network-centric platform based on open solutions to handle the increasing demand for generative AI clusters. Broadcom showcased a range of technologies aimed at enabling large-scale AI infrastructure, including products like the Bailly CPO Ethernet switch, Tomahawk 5, Trident 5-X12 chip with neural network, and Jericho3-AI fabric for AI networks. Barclays highlighted Broadcom as best positioned for the "second wave of AI," setting a price target of $1,405, while Jefferies named it one of the top 10 stocks to buy.
• Guess? (GES) shares soared by 22% after the apparel retailer delivered impressive Q4 results, surpassing quarterly profit and revenue estimates. The company also offered a positive outlook for 2025, anticipating revenue growth of 11.5% to 13.5%, aligning with the consensus growth of 12.95%. Adjusted EPS is expected to range between $2.56 and $3.00, compared to the consensus of $3.02. Showing confidence in its performance, Guess? announced a special dividend of $2.25 per share, in addition to a quarterly dividend of $0.30 per share.
• Lufax Holding's (LU) stock defied expectations, surging 37% despite missing analyst estimates in its Q4 earnings report. This jump came alongside the company's announcement of a special dividend of approximately RMB10B, translating to an estimated US$2.42 per American Depositary Share (ADS) or US$1.21 per ordinary share. However, shareholder approval is required at the annual general meeting scheduled for May 30, 2024. While total income for Q4 saw a significant 44% decline, Lufax projects optimism for FY2024. New loan sales are expected to fall within a range of RMB190B to RMB220B, and the year-end loan balance is projected to be between RMB200B and RMB230B.
• Astera Labs (ALAB), a semiconductor connectivity solutions provider, continued its upward momentum, rising 15% higher on Thursday after a remarkable debut on its first day of trading on Wednesday. The company's IPO experienced a significant 72% surge in its share price, highlighting the ongoing enthusiasm surrounding AI technologies. Shares of the AI company soared from the IPO price of $36 to close at $62.03 on its Nasdaq debut and are currently trading at $73.4.

Biggest stock losers

• Shares of Li Auto (LI) plunged over 7% after the company revised its 1Q24 delivery outlook due to lower-than-expected order intake. The updated outlook now expects vehicle deliveries to be between 76,000 and 78,000 vehicles, down from the previous estimate of between 100,000 and 103,000 vehicles. The company's chairman and CEO, Xiang Li, acknowledged operational issues with Li MEGA and emphasized the need to recalibrate the strategy to focus on core user groups and cities with stronger purchasing power. Li also emphasized the importance of enhancing user value and driving operating efficiency over sales volume and competition to restore sustainable growth.
• Shares of Accenture (ACN) fell by approximately 7% following the mixed FQ2 earnings results and a downward revision to its revenue forecast for FY2024. This adjustment comes as Accenture grapples with weak demand for its IT and consulting services. The revised full-year revenue growth is now expected to be in the range of 1% to 3% in local currency, down from the previous forecast of 2% to 5%. vs. consensus growth of 3.26%. Adjusted EPS is expected to range between $11.97 and $12.20, compared to the previous range of $11.97 to $12.32 (consensus estimate: $12.24). For FQ3, Accenture anticipates revenues in the range of $16.25B to $16.85B, falling below consensus of $17B.