Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Thursday, August the 29th, 2024-
Stock futures rise as Wall Street looks to rebound from Wednesday’s pullback: Live updates
Stock futures rose Thursday, as investors looked to recover from declines seen in the previous session. Wall Street also appeared to shake off a post-earnings decline in Nvidia.
Dow Jones Industrial Average futures were up 247 points, or 0.6%. S&P 500 and Nasdaq-100 futures climbed 0.2% and 0.1%, respectively.
Nvidia shares were down 4% after posting its latest earnings Wednesday afternoon. In its fiscal second quarter, the AI chipmaker exceeded expectations on the top and bottom lines, and issued a rosy current-quarter sales outlook.
“Death, taxes, and NVDA beats on earnings are three things you can bank on. Here’s the issue, the size of the beat this time was much smaller than we’ve been seeing. Even future guidance was raised, but again not by the tune from previous quarters,” wrote Ryan Detrick, chief market strategist at Carson Group.
“This is a great company that is still growing revenue at 122%, but it appears the bar was just set a tad too high this earnings season,” Detrick added.
That decline was offset by a pop in Salesforce. Shares traded 5% higher after the business software giant beat fiscal second-quarter estimates and raised its full-year profit outlook.
Wall Street is coming off a losing session after a slump in Nvidia shares ahead of the company’s earnings results weighed on the major averages. The tech-heavy Nasdaq Composite dropped 1.12%, while the S&P 500 fell 0.6%. The 30-stock Dow slid about 159 points, or 0.39%.
Those moves highlight the growing significance of Nvidia to the broader market. The semiconductor company, which passed the $3 trillion market cap this year to briefly become the world’s most valuable public company, now accounts for roughly 7% of the S&P 500.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
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YESTERDAY'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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YESTERDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Nvidia — The chip designer and artificial intelligence bellwether slipped more than 4% despite surpassing Wall Street estimates on the top and bottom line in its fiscal second quarter. Nvidia earned 68 cents per share on revenue of $30.04 billion, while analysts polled by LSEG forecast 64 cents and $28.7 billion. The company’s third-quarter revenue outlook, which would represent 80% growth compared to the same period a year ago, failed to meet the higher end of investor’s expectations and would mark a slowdown vs the July quarter.
STOCK SYMBOL: NVDA
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Salesforce — Shares jumped 5% on the back of second-quarter earnings and revenue that beat analyst expectations. The customer relationship management software maker also raised its full-year outlook and announced CFO Amy Weaver will step down from her post.
STOCK SYMBOL: CRM
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CrowdStrike — The cloud security company fell about 2% after its third-quarter outlook missed analyst expectations. CrowdStrike sees earnings in the current quarter of 80-81 cents per share, while analysts surveyed by FactSet had estimated 96 cents. CrowdStrike also cut its full-year guidance to a range of $3.61 to $3.65 per share, compared to a previous $3.93 to $4.03 and a consensus estimate of $3.90 from analysts.
STOCK SYMBOL: CRWD
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HP Inc. — Shares slipped more than 3% on the heels of a fiscal third-quarter earnings miss. HP reported an adjusted 83 cents per share while analysts polled by LSEG were looking for 86 cents.
STOCK SYMBOL: HPQ
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Nutanix — The cloud infrastructure stock jumped more than 16% thanks to strong fiscal fourth-quarter results. Nuatanix earned an adjusted 27 cents per share on revenue of $548 million, while analysts polled by LSEG had estimated 20 cents in earnings on $537 million in revenue.
STOCK SYMBOL: NTNX
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Affirm — Shares of the buy-now-pay-later company surged more 20% on better-than-expected fiscal first-quarter revenue guidance. Affirm forecast revenue in the range of $640 million to $670 million, compared to an estimated $625 million from analysts surveyed by LSEG.
STOCK SYMBOL: AFRM
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Dollar General — Shares of the discount retailer tumbled more than 23% after missing analysts’ second-quarter estimates on the top and bottom line and lowering its full-year sales outlook, noting a “financially constrained” customer base.
STOCK SYMBOL: DG
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Five Below — The low-priced retailer climbed nearly 6% after the top end of its full-year outlook surpassed Wall Street estimates. Five Below now expects adjusted earnings of $4.35 to $4.71 per share on revenue of $3.73 billion to $3.80 billion. Analysts polled by LSEG had esitmated $4.69 per share and $3.78 billion, respectively.
STOCK SYMBOL: FIVE
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Kohl’s Corp. — The department store retailer fell more than 2% after a downgrade to underweight from neutral at JPMorgan. The investment bank cited negative sales trends in most parts of Kohl’s business.
STOCK SYMBOL: KSS
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Victoria’s Secret — The lingerie company added nearly 5% after raising its full-year outlook. Victoria’s Secret now expects net sales to decline by 1% from a year earlier, compared to an earlier forecast that predicted a “low single-digit” decline, and an estimate from analysts surveyed by LSEG that estimated a 2.8% pullback.
STOCK SYMBOL: VSCO
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Okta — Shares retreated more than 12% despite surpassing analyst estimates in the second-quarter on the top and bottom line. Okta notched adjusted earnings of 72 cents per share on revenue of $646 million, while analysts polled by LSEG forecast 37 cents and $633 million. The secure identity cloud platform was double downgraded to underperform from buy at Bank of America.
STOCK SYMBOL: OKTA
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Pure Storage — The data storage company slumped nearly 14%. Second-quarter results came in ahead of analyst estimates, with Pure Storage notching adjusted earnings per share of 44 cents on revenue of $763.8 million, while analysts surveyed by LSEG expected 37 cents and $755 million. Operating income guidance for the third quarter was 5.5% below analysts’ consensus, according to FactSet.
STOCK SYMBOL: PSTG
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Veeva Systems — Shares of the cloud computing firm rose 5% thanks to second-quarter earnings and revenue that beat Wall Street estimates. Veeva posted adjusted earnings of $1.62 per share on revenue of $676.8 million, while analysts polled by FactSet were looking for $1.53 per share and $667.8 million.
STOCK SYMBOL: VEEV
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FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
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