Check out the companies making headlines before the bell. Nvidia — Shares fell another 3%, extending the chipmaker’s nearly 9% decline Monday after President Donald Trump enacted tariffs on Canada and Mexico starting Tuesday. Investors remain concerned about how tariffs and greater export restrictions will affect Nvidia’s business in China. After Monday’s sell-off, Nvidia was worth $2.79 trillion and its shares were trading at the same price they were last September. Tesla — Shares were down 3% in premarket trading after data from the China Passenger Car Association showed the electric vehicle company’s sales of vehicles made in China dropped nearly 50% in February from the same period a year ago. Overall, Tesla sold more than 30,000 of these vehicles, the fewest in more than two years. Okta — The cloud software stock surged 14% after strong fourth-quarter results. Okta earned 78 cents per share, excluding one-time items, on revenue of $682 million, while analysts polled by LSEG had forecast earnings of 74 cents per share on $670 million in revenue. Illumina — Shares of the biotech company fell 4.4% after China said it would ban imports of Illumina’s gene sequencers in a retaliatory move shortly after the Trump administration’s latest tariffs. Scotts Miracle-Gro — Shares rose more than 1% after Stifel upgraded the lawn care product maker to buy from hold. The bank believes the market is undervaluing a “robust” near-term earnings recovery and long-term growth. Best Buy — Best Buy edged down about 1% as concerns about tariffs pressured sentiment. Still, the company exceeded estimates in its fourth quarter. Best Buy reported adjusted earnings of $2.58 on revenue of $13.95 billion for the period, while analysts surveyed by FactSet expected earnings of $2.40 on revenue of $13.68 billion. Target — The big-box retailer rose almost 1% after reporting fourth-quarter earnings and revenue that exceeded estimates. Minneapolis-based Target earned an adjusted $2.41 per share, more than the $2.26 estimated by analysts polled by FactSet. Revenue of $30.92 billion also topped the $30.78 billion consensus estimate. However, management warned that the first quarter of 2025 will see “meaningful year-over-year profit pressure,” given tariff and ongoing consumer uncertainty. Stellantis , Ford Motor , General Motors — Automakers dropped after the American Automotive Policy Council, a lobbying group that represents all three companies, issued a statement Monday saying the Trump administration should exempt from the tariff increase companies that comply with the 2020 United States-Mexico-Canada Agreement signed during Trump’s first term. GM and Ford slipped 1% and 0.6%, respectively, while Stellantis slumped 3.4%. GitLab — Shares of the software platform company fell more than 4% after full-year earnings guidance came in below expectations. GitLab said it expected between 68 cents and 72 cents in adjusted earnings per share in the current fiscal year, while analysts surveyed by FactSet had penciled in 80 cents per share. GitLab’s adjusted earnings and revenue for its fourth quarter topped Wall Street forecasts. — CNBC’s Sean Conlon, Jesse Pound and Sarah Min contributed reporting.
Nvidia, Tesla, Illumina and more
