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Stocks making the biggest moves premarket: Nvidia, Salesforce, CrowdStrike, HP Inc. and more

Garry Wills by Garry Wills
August 29, 2024
in Business Finance
Stocks making the biggest moves premarket: Nvidia, Salesforce, CrowdStrike, HP Inc. and more
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Check out the companies making headlines in premarket trading. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Billings, however, came in at $651 million against analysts’ consensus estimate of $679 million, according to FactSet. The secure identity cloud platform was double downgraded to underperform from buy at Bank of America. 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. 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. — CNBC’s Jesse Pound & Fred Imbert contributed reporting



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