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Stock futures were trading mixed on Tuesday, following a big tech sell-off the day before. Market participants look ahead to key US inflation data and the first US presidential debate between Joe Biden and Donald Trump this week.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
Enovix (NASDAQ:ENVX) stock climbed 29.7% after it partnered with a California-based technology company to supply silicon batteries and packs for a mixed reality headset, causing a 14% increase in shares.
Trump Media & Technology Group (NASDAQ:DJT) stock, up 8% after a 21% rise on Monday, is gaining ground after a series of sell-offs, thanks to the exercise of stock warrants, indicating a significant new funding source. The company is expected to receive more than $69.4 million in cash proceeds from stock warrants exercised on June 20 and June 21. The company said that it would gain up to $247 million if all warrants were exercised for cash.
Biggest stock losers
TD SYNNEX (NYSE:SNX) shares fell 7.7% as the Q2 result disappointed, missing analyst expectations for both earnings per share (EPS) and revenue. TD SYNNEX (SNX) also provided guidance for the third quarter of fiscal 2024, projecting adjusted EPS in the range of $2.55 to $3.05, vs. analyst consensus of $2.93. Revenue forecasts for the next quarter are set between $13.3 billion and $14.9 billion, vs. analyst consensus of $14.52 billion.
SolarEdge Technologies (NASDAQ:SEDG) shares fell more than 15.3% after the company proposed a $300 million private offering via the issuance of convertible senior notes due in 2029 and disclosed that one of its customers filed for Chapter 7 bankruptcy. SolarEdge (SEDG) also said it may not receive $11.4 million owed by PM&M Electric under a secured promissory note after filing for Chapter 7 bankruptcy, with collection potentially delayed.
Shares of Pool (NASDAQ:POOL) dropped 8.41% after the company guided for significantly lower-than-expected earnings per share this year amid weak demand for new pool construction. The company guided for 2024 earnings per share of $11.04 to $11.44, down from a prior outlook of $13.19 to $14.19. The company says it expects full-year sales to drop 6.5%, with pool units expected to go down 15% to 20% this year.