Hot Stocks: TWTR jumps on news from Musk, BABA rises on earnings, NVDA & MDT fall on weak guidance
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In early morning trading Elon Musk has Twitter (NYSE:TWTR) on the move after a new amended ownership filing was put into place. Alibaba, is another stock that has pushed into the green on Thursday after a strong earnings report.
On the flipside, weaker guidance and supply chain issues have shares of Nvidia (NASDAQ:NVDA) and Medtronic (NYSE:MDT) down in the red.
Gainers
Twitter (TWTR) took off in premarket trading +4.7% as Elon Musk stated that he's raised his aggregate equity commitment for a proposed $44B takeover. Musk formerly established a commitment letter for up to $12.5B in margin loans, which has now been raised to $33.5B.
Alibaba (NYSE:BABA) jumped 4.8% after the Chinese ecommerce giant reported a beat on its Q4 Non-GAAP EPADS of RMB7.95. BABA also surpassed its revenue forecasts by RMB4.62B.
Decliners
Shares of Nvidia (NVDA) have fallen lower in premarket trading -4.3%, after the California based chipmaker reported strong first-quarter results but issued weak guidance for the upcoming quarter on issues with both the Russian invasion of Ukraine and lockdowns in China.
Medtronic (MDT) drifted lower on Thursday morning by 4.3% after the firm reported lower than expected financials for 4Q fiscal 2022 and set its FY23 guidance below forecasts as global supply chain issues and lockdowns in China weigh on revenue growth outlooks.
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