Top Headlines Before the Bell: New York Community Bancorp, GoodRx, Dell, and More

Before the market opens today, there are several companies that are grabbing attention with their latest news. One of these companies is New York Community Bancorp, whose shares dropped by over 20% after revealing issues with its “internal controls.” In addition to this, the regional bank also announced a sudden change in its CEO.

Goodrx, a digital health-care platform, saw its shares rise by 5.4% following an upgrade from JPMorgan. The investment bank upgraded GoodRx to overweight from neutral, citing that concerns about a shifting pharmacy reimbursement model are exaggerated. JPMorgan believes that GoodRx’s 2024 guidance is a positive turning point and a demonstration of credibility.

In a surprising turn of events, Dell saw its shares surge by 26% in premarket trading. The computer maker reported fourth-quarter earnings that exceeded analysts’ expectations. With earnings of $2.20 per share, excluding items, and a revenue of $22.32 billion, Dell outperformed the predicted earnings of $1.73 per share on revenue of $22.16 billion.

Meanwhile, Hewlett Packard Enterprise experienced a decline in its stock by 4.4% following a mixed earnings report for the fiscal first quarter. Although the company surpassed analysts’ expectations for earnings per share, it fell short of the predicted revenue. Hewlett Packard posted $6.76 billion in revenue, while Wall Street had anticipated $7.11 billion. Additionally, the firm provided weaker guidance for the current quarter.

Plug Power, a hydrogen fuel cell company, saw its stock drop by over 5% after delivering disappointing results. However, the company reassured investors that it has enough cash to continue operating despite a wider-than-expected loss. In its third-quarter regulatory filing, Plug Power had expressed doubts about its ability to continue as a going concern.

On a more positive note, Daimler Truck, one of the world’s largest commercial vehicle manufacturers, witnessed its shares surge by more than 17.5% to an all-time high. This jump in stock value followed the company’s announcement of a record full-year profit and a 2 billion euro ($2.16 billion) share buyback program.

Autodesk, a software company, experienced an 8% jump in its shares after posting impressive quarterly results. The company reported adjusted earnings per share of $2.09 on revenue of $1.47 billion, surpassing analysts’ expectations.

The excitement around artificial intelligence continues to drive investor interest in Advanced Micro Devices, as its shares climbed by 3.3%. The chipmaker’s valuation exceeded $300 billion on Thursday.

In the insurance sector, Root saw its shares soar by more than 10% after being upgraded to buy from neutral by Jeffries. The firm identified a significant growth opportunity for Root and increased its price target, indicating a potential 25% upside.

These are just a few of the notable companies making headlines before the market opens today. Stay tuned for further updates throughout the trading day.

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