Check out the companies that make headlines in front of the bell. NVIDIA – Stocks fell another 3%, with nearly 9% dropping on Monday after President Donald Trump imposed tariffs on Canada and Mexico starting Tuesday. Investors remain concerned about how tariffs and larger export restrictions will affect NVIDIA’s operations in China. Nvidia is worth $2.79 trillion after Monday’s sell-off, and its stock is trading at the same price as last September. Tesla – EV shares fell 3% in sales in February, according to data from China Passenger Car Association. Overall, Tesla sold more than 30,000 of these vehicles, the fewest in two years. OKTA – Cloud software inventory soared 14% after strong results in the fourth quarter. Okta’s revenue was $682 million, with revenue per share excluding single-use commodities, while analysts conducted by LSEG predicted earnings per share of $670 million. Illumina – The biotech company’s stock fell 4.4% as China said it would make retaliatory moves shortly after the Trump administration’s latest tariffs, banning Illumina’s genetic sequencing engineers from importing. Scotts Miracle-Gro – Stock rose more than 1% as Stifel upgraded lawn care products manufacturers to buy from Hold. The bank believes the market underestimates “strong” near-term earnings recovery and long-term growth. Best Buy – Best Buy fell about 1% due to concerns over tariff pressure. Still, the company surpassed its fourth-quarter estimates. Best Buy reported adjusted revenue of $2.58, with revenue of $13.95 billion, compared with analysts surveyed on fact-set expectations for revenues of $13.68 billion. Target – Big Box retailers grew nearly 1% after reporting fourth-quarter revenue and revenue exceeding estimates. Minneapolis-based Target won an adjusted $2.41 per share, surpassing analyst estimates of $2.26 by FACTSET. The revenue of $30.92 billion also exceeded the consensus estimate of $30.78 billion. However, management warned that in the first quarter of 2025, given tariffs and ongoing consumer uncertainty, “meaningful profit pressures over the year”. Stelantis, Ford Motor, General Motors – Automakers on the U.S. Automotive Policy Committee (a lobbyist representing the three) issued a statement Monday saying the Trump administration should exempt companies that comply with the 2020 U.S. Mexico-Canada Agreement signed during Trump’s first term. General Motors and Ford fell 1% and 0.6%, respectively, while Stellantis fell 3.4%. GitLab – The software platform company’s stock fell more than 4% in full-year earnings guidance, lower than expected. Gitlab said it expects adjusted earnings per share for the fiscal year to be between 68 cents and 72 cents, compared with 80 cents per share for analysts surveyed by FACTSET. Gitlab’s adjusted revenue and revenue for the fourth quarter are Wall Street’s forecasts. – Sean Conlon, Jesse Pound and Sarah Min of CNBC contributed the report.
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