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Stock futures inched lower in the premarket hours of Thursday as investors awaited the release of the highly anticipated U.S. inflation report on Friday, which could heavily influence the Federal Reserve’s next move on interest rates.
Here are some of Thursday’s biggest stock movers:
Biggest stock gainers
- BlackBerry’s (NYSE:BB) stock soared more than 7% after exceeding Q1 revenue expectations, despite a 61% Y/Y decline. “The company is making significant progress towards operational independence for our IoT and cybersecurity businesses, as well as towards profitability. We exceeded our outlook range for both adjusted EBITDA and non-GAAP EPS this quarter and achieved a third consecutive sequential improvement in free cash usage. BlackBerry remains on track to be both profitable on a non-GAAP basis and generating positive cashflow in the fourth quarter,” said John J. Giamatteo, CEO, BlackBerry. The company also reiterated its FY2025 outlook and forecasts FQ2 revenue of $136M to $144M vs. consensus of $142.4M along with an adjusted loss per share of $0.02 to $0.04 vs. consensus of -$0.01.
- Vigil Neuroscience (NASDAQ:VIGL) shares surged 17% after securing a $40M strategic investment from Sanofi (SNY). Sanofi will receive convertible preferred shares, essentially acquiring a stake in VIGL at $7.44 per share. VIGL plans to use the funds for research and development, particularly its TREM2 agonist program targeting Alzheimer’s disease (VG-3927), currently in phase 1 trials. Sanofi also gains exclusive negotiation rights for potential licensing or commercialization of this program. With this investment, VIGL expects to extend its financial runway into 2026.
Biggest stock losers
- Shares of Micron Technology (NASDAQ:MU) plunged over 6% despite the company’s upbeat FQ3 results, overshadowed by the FQ4 outlook that was in line with estimates. The chipmaker sees Q4 revenue to be $7.6B plus or minus $200M vs. the consensus of $7.58B and adjusted EPS between $1 and $1.16 vs. the consensus of $1.02.
- International Paper’s (NYSE:IP) stock tumbled more than 14% after Brazilian pulp and paper company Suzano (SUZ) abandoned its $15B takeover bid. Suzano reportedly struggled to engage International Paper in serious negotiations and wasn’t willing to raise its offer of $42 per share, which International Paper had rejected last month. The failed bid also hinged on International Paper abandoning its $9.9 billion deal to acquire DS Smith (OTCPK:DITHF), which recently passed the waiting period under the Hart-Scott-Rodino Act but still awaits European Commission approval.