Microsoft shares fell slightly on Thursday, but not as much as Nvidia’s stock, which fell 3.5%.
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This once again made software giant Microsoft the world’s most valuable company, with a market capitalization of $3.31 trillion as of Thursday, surpassing Nvidia’s $3.22 trillion. Nvidia’s decline on Thursday mirrored declines in other semiconductor stocks as investors took profits in high-flying tech shares.
In premarket trading, Microsoft fell 0.2% to $444.96, Nvidia was down 1.1%, and Apple
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Microsoft, the third-largest company by market capitalization, fell 0.3%. Citi analysts raised their price target on Microsoft to $520 from $495 and maintained a buy recommendation.
Trump Media & Technology Group Inc. rose 1.8% in premarket trading. The parent company of former President Donald Trump’s Truth social platform fell 15% on Thursday, its fifth straight trading day of declines and a 34% drop in the period. The Securities and Exchange Commission this week approved the company’s registration statement and the resale of its shares and warrants.
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Shares of Sarepta Therapeutics Inc. soared 34% after the company said the Food and Drug Administration had approved an expanded indication for its Duchenne muscular dystrophy treatment, Erevidis. Sarepta said the drug was approved for ambulatory and nonambulatory people ages 4 and older who have a confirmed mutation in the DMD gene.
Shares of biopharmaceutical company Gilead Sciences rose 6.3% in premarket trading, following an 8.5% gain on Thursday, after the company said a Phase 3 trial of its twice-yearly HIV prevention treatment had been found to be 100% effective.
Smith & Wesson Brands reported that its fourth-quarter sales were up 9.9% year over year, and CEO Mark Smith said the company continues to “expect strong demand for firearms overall in fiscal year 2025.” But shares fell 4% in premarket trading after CFO Deanna McPherson said on a conference call with analysts that the company expects first-quarter sales to “be down approximately 10% year over year in both volume and value as growth in long guns partially offsets declines in handguns.”
Earnings reports from CarMax and FactSet Research Systems are due Friday.
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CarMax
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It was down 0.5% ahead of the earnings release, while FactSet was down 0.2%.
Contact Joe Woelfel at joseph.woelfel@barrons.com.
