Biggest stock movers Friday: HPQ, SOUN, and more. (00:27) Edison (EIX) says confident in California wildfire fund that may shield it from claims. (01:05) TikTok (BDNCE) to park $8.8B for data centers in Thailand - report. (01:51)Episode transcripts seekingalpha.com/wsb.Show links: Bitcoin falls below $80,000, at risk of erasing all post-election gainsRed Robin's surprise rally shows investor confidence in turnaround planAlphabet falls into oversold territory for the first time in 5 monthsSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Chapter 1: What are the biggest stock movers today?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Friday, February 28th. I'm Julie Morgan. Rocket Lab and SoundHound are on the biggest movers list ahead of the opening bell. Edison leans in on California's wildfire fund. And ByteDance is planning a multi-billion dollar investment in Thailand.
Chapter 2: Why did Rocket Lab's stock drop?
Rocket Lab USA is down 11% in pre-market action. Shares plunged on a soft outlook despite a record-setting year, with annual revenue reaching $436.2 million, up 78% year-over-year, and a record Q4 revenue of $132.4 million, up 121% year-over-year. The company expects Q1 2025 revenue between $117 and $123 million,
Chapter 3: What caused SoundHound's stock to climb?
below the $135.67 million consensus and an adjusted EBITDA loss between $33 and $35 million. SoundHound is up 7% pre-market. Shares surged after Q4 results beat estimates, with revenue rising 101% year-over-year. Strong year-end performance propelled the company to the top end of its revenue guidance range, driven by momentum and voice-enabled agentic AI.
SoundHound ended the year with nearly $200 million in cash and no debt. The company raised its full-year 2025 revenue outlook to a range of $157 to $177 million, up from the prior range of $155 to $175 million. You can check out the full list of the biggest stock movers on this final day of February. The link is in show notes.
Chapter 4: How is Edison International handling wildfire-related claims?
Edison International is counting on California's wildfire fund if the company's equipment is found to have caused last month's deadly Eaton fire near Los Angeles. The Southern California Edison utility faces a rising number of lawsuits claiming its power lines caused last month's fire.
But according to Reuters, the CEO said on Thursday on the company's earnings call that they have confidence in the California Wildfire Fund. The fund allows the state's utilities to recover some wildfire-related claims payments. It has $21 billion and has been largely untapped by investor-owned utilities.
Edison International shares have fallen by more than a third since the start of the wildfires as investors worry the company could face massive liability claims. No official cause for any of last month's fires, including Eaton, has been determined. The Eaton fire burned 14,000 acres, destroyed more than 9,400 structures, and killed 17 people.
And one Jeffries analyst estimates the fire's damage would cost $22 billion dollars before any settlement discounts. ByteDance's TikTok plans to invest $8.8 billion in data centers across Thailand over the next five years. TikTok's vice president of public policy confirmed this during an event in Bangkok.
However, it remains unclear whether this investment includes a previously announced $3.8 billion agreement for data hosting services in Thailand, which was approved by Thailand's Board of Investment last month.
According to a Reuters report, the move aligns with Thailand's goal of becoming a digital innovation hub in the region, as it attracts significant investments for major tech companies like Google and Amazon Web Services. Now for a quick look at what's trending on Seeking Alpha. Bitcoin falls below $80,000 and is at risk of erasing all post-election gains.
Red Robin's surprise rally shows investor confidence in its turnaround plan. And Alphabet falls into oversold territory for the first time in five months. Now for a look at the markets today ahead of the opening bell. Dow S&P and Nasdaq futures are in the green. Crude oil is down nearly 1.2% at $69 a barrel. Bitcoin is down 8.2% at $79,000.
In the world markets, the FTSE 100 is up 0.2% and the DAX is down 0.4%. On today's economic calendar, at 8.30 a.m., personal income and outlays, and at 9.45 a.m., Chicago PMI. That's it for today's Wall Street Breakfast. Thanks for listening. To take full advantage of Seeking Alpha with coverage on significant stocks and ETFs, become a premium subscriber.
Check out seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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