U.S. Stocks to Watch: Tesla, GM, Nvidia, Walgreens, Super Micro, Okta, Target, and More

Dow Jones
03-04

Stock futures were rising slightly Tuesday after President Donald Trump's 25% tariffs on goods from Canada and Mexico and an extra 10% levy on Chinese imports went into effect. Wall Street fell sharply Monday after Trump confirmed the tariffs would be enacted.

These stocks were poised to make moves Tuesday:

Electric-vehicle maker Tesla was down 1.4% in premarket trading after falling 2.8% on Monday as Trump's tariffs announcement sent Wall Street reeling. Tesla assembles all its vehicles for the domestic market in the U.S., but about 15% of the parts in a Model Y sold in the U.S. come from Mexico. Some parts come from Canada as well, though an exact amount is harder to pin down.

General Motors was down 0.3% in premarket trading, Ford Motor rose 0.2%, and Jeep maker Stellantis declined 0.7% as the Trump administration's 25% tariffs on Mexico and Canada were enacted. The auto makers slumped Monday after Trump said he'd be moving forward with the tariffs. Ford CEO Jim Farley has said the tariffs threaten to wipe out billions in auto-industry profits as the levies have the potential to raise prices for car buyers.

Shares of Nvidia were little changed after the leading maker of artificial-intelligence chips dropped 8.7% on Monday to $114.06, the stock's lowest close since mid-September 2024, on tariff worries. Nvidia has closed lower for five of the past trading sessions and has declined 15% this year. Its market cap has dropped below $3 trillion. Analysts at Mizuho said Nvidia has slumped for a number of reasons, including continued concerns about potential restrictions on exports of its AI hardware amid reports that advanced chips have been reaching China despite U.S. sanctions.

Walgreens Boots Alliance rose 5.8% to $10.87 after The Wall Street Journal reported the drugstore chain was nearing a deal with private-equity firm Sycamore Partners to be acquired for around $10 billion. The Journal report, which cited people familiar with the matter, said a share price of between $11.30 and $11.40 has been discussed and the aim was to complete the deal as soon as Thursday. The agreement would take Walgreens off the public market.

Super Micro Computer fell 1.3% after the maker of AI servers dropped 13% on Monday. The stock has declined 29% over the last three trading sessions. Super Micro has suffered from a hangover after an initial celebration last week when it avoided delisting and met its compliance deadline for submitting financial filings.

Okta jumped 15% after the provider of cloud-based software and identity-access solutions reported better-than-expected fourth-quarter earnings and revenue, and said it anticipates fiscal first-quarter revenue of $678 million to $680 million, higher than Wall Street predictions of $670 million. "We're optimistic about FY 26, but also it's pretty early in the year," Chief Executive Todd McKinnon told Barron's in an interview.

GitLab swung to a profit in the fourth quarter and adjusted earnings during the period of 33 cents a share beat analysts' expectations of 23 cents. Revenue rose 29% to $211.4 million and also topped estimates. For fiscal 2026, GitLab said it expects adjusted earnings of 68 cents to 72 cents a share, below Wall Street forecasts of 80 cents, and revenue of $936 million to $942 million, compared with analysts' expectations of $938.9 million. Shares of Gitlab, a DevSecOps platform that helps companies develop, secure, and operate software, rose 1.4%.

AST SpaceMobile gained 1.5% after the company, which is developing a space-based cellular network, reported a fourth-quarter loss that was narrower than expected. Revenue of $1.92 million missed analysts' estimates of $2.4 million.

Earnings reports are expected Tuesday from Target, CrowdStrike Holdings, AutoZone, Ross Stores, On Holding, Best Buy, Box Inc., Plug Power, and Nordstrom.

Target was little changed in premarket trading. Analysts expect the retailer on Tuesday to post fourth-quarter earnings of $2.26 a share on revenue of $30.8 billion.

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