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Stock futures were mixed early on Wednesday after Fed Chair Jerome Powell emphasized in his testimony that more positive inflation data is needed before considering rate cuts. Market participants eagerly awaited his second round of testimony.
Here are some of Wednesday’s biggest stock movers:
Biggest stock gainers
- Baidu’s (NASDAQ:BIDU) stock rose around 3% on Nasdaq and about 10% in Hong Kong after Beijing authorities announced support for the introduction of robotaxis in ride hailing and car rental fleets in the city. The Chinese internet search giant operates the sixth-generation robotaxi Apollo Go, which was launched in Wuhan in May. The Beijing Municipal Bureau of Economy and Information Technology has posted draft guidelines requiring autonomous vehicles to have drivers or safety officers on board or be able to intercept remotely. The draft is open to public opinion until July 29. Baidu plans to roll out about 1,000 robotaxis in Wuhan this year, with Apollo Go nearing break-even and expected to become profitable by 2025.
- Aehr Test Systems (NASDAQ:AEHR) shares surged over 15% after announcing better-than-expected preliminary FQ4 results, with GAAP net income of approximately $23.8M (including a $20.8M tax benefit) on revenues of $16.6M, surpassing the consensus of $15.45M and the company’s $11M outlook. The CEO highlighted the anticipated continued contribution of silicon carbide to revenue in FY2025, while also expecting increased bookings and revenue from a broader range of customers and markets.
Biggest stock losers
- Shares of LegalZoom.com (NASDAQ:LZ) plunged over 17% after the company reduced its FY2024 revenue and cash flow outlook while reaffirming its Q2 expectations and adjusted EBITDA outlook for the year. The company now anticipates FY2024 revenue between $675M and $685M, down from the previous $700M to $720M range, and expects free cash flow of $75M to $85M, compared to the prior $85M to $95M outlook. Additionally, the company appointed the current Chairman of the Board, Jeffrey Stibel, as its CEO, effective immediately.
- IDEAYA Biosciences (NASDAQ:IDYA) shares slipped nearly 6% after announcing the pricing of a public offering of 7.3M shares of common stock at $35 per share and pre-funded warrants to purchase 285,715 shares of common stock at $34.9999 each, aiming to raise about $263M. The offering is expected to close on or about July 11, 2024.