Biggest stock movers today: TSLA, NIO, SOFI, TGT, GTLB, and more (NASDAQ:AVAV) (2024)

Stock futures edged lower on Tuesday as market participants awaited key economic data scheduled for release later in the week.

Here are some of Tuesday's biggest stock movers:

Biggest stock gainers

Biggest stock losers

• Despite exceeding expectations in Q4 results, GitLab (NASDAQ:GTLB) shares plunged 22% following the release of weaker-than-expected guidance for FY2025. The DevOps software company anticipates adjusted EPS between $0.19 and $0.23, with revenue ranging from $725M to $731M for the fiscal year, both of which are lower than analysts' forecasts of $0.37 per share in adjusted earnings and $732.2M in sales. Additionally, for 1Q25, GitLab expects an adjusted loss per share between $0.04 and $0.05, with revenue projected to be between $165M and $166M, missing market expectations of an adjusted loss of $0.06 per share on revenue of $163.1M.
• Stitch Fix (NASDAQ:SFIX) shares dropped 15% following the FQ2 earnings miss and disappointing outlook. The company also experienced a 6% Q/Q and 17% Y/Y decrease in active clients, with net revenue per active client down 3% Y/Y. Despite a 250 basis point increase in gross margin to 43.4%, free cash flow was negative $26.1M due to the timing of inventory purchases in Q1. Adjusted EBITDA also declined by 29%. The company expects FQ3 net revenue to be between $300M and $310M, lower than the estimated $323.3M, representing a 22% to 19% decline Y/y. The company also revised its 2024 net revenue forecast to be within the range of $1.29B to $1.32B, down from the earlier guidance of $1.3B to $1.37B and the estimated $1.35B, reflecting a 19% to 17% Y/Y decrease.
• Albemarle (NYSE:ALB) shares fell over 8% following the announcement of a public offering of $1.75B in depositary shares. The company also stated that it expects to grant the underwriters an option to purchase up to an additional $262.5M of depositary shares. Albemarle plans to utilize the proceeds for general corporate purposes, including funding growth capital expenditures as well as repaying outstanding debt.
• SoFi Technologies (NASDAQ:SOFI) shares declined by 8% after announcing plans to privately offer $750M in unsecured convertible senior notes due March 15, 2029. The initial purchasers will have the option to purchase up to $112.5M of notes within 13 days of the note's first issue. SoFi plans to use a portion of the net proceeds for capped call transactions and the remainder for fees, costs, expenses, redeeming its 12.5% Series 1 Preferred Stock, and general corporate purposes. The company plans to enter into privately negotiated capped call transactions to reduce potential dilution to its common stock.
• Tesla's (NASDAQ:TSLA) shares fell 3% following a fire and power outage at its plant in Germany, leading to a full evacuation. Production was temporarily halted at the Gigafactory near Berlin, affecting around 12,500 employees. This incident coincided with Elon Musk being surpassed as the world's richest person by Jeff Bezos, following a 7.2% drop in Tesla's shares on Monday due to low shipments from its Shanghai factory, which fell 19% Y/Y to 60,365 vehicles in February.
• NIO's (NYSE:NIO) shares dropped 4% following mixed Q4 earnings and lower-than-expected Q1 sales guidance. The guidance landed at the lower end of analysts' estimates, reflecting intensifying competition in the Chinese EV market. Nio forecasts Q1 deliveries to be between 31,000 and 33,000 vehicles, representing a minimal growth of 0.1% to 6.3% year-over-year. Revenue is anticipated to range from RMB 10.5B ($1.48B) to RMB 11.09B ($1.56B), translating to a potential decrease of 1.7% or an increase of 3.8% Y/Y, compared to the consensus estimate of RMB 11.05B ($2.28B).