Stock futures edged higher on Thursday as investors awaited the release of the core personal-consumption expenditures price index for October, a key inflation measure used by the Federal Reserve. Here’s a look at the expected movements of some prominent stocks today:
Salesforce Exceeds Earnings Expectations
Cloud-based customer relationship management software provider, Salesforce, reported better-than-expected fiscal third-quarter adjusted earnings of $2.11 per share, with revenue amounting to $8.72 billion. While earnings topped analysts’ estimates, revenue was slightly higher. Salesforce has projected fourth-quarter adjusted profit in the range of $2.25 to $2.26 per share, with revenue between $9.18 billion and $9.23 billion. This forecast surpasses the Street’s expectations of a non-GAAP profit of $2.18 per share on revenue of $9.2 billion. As a result, the company’s stock rose by 9%.
Snowflake Outperforms Projections
Software firm, Snowflake, reported better-than-expected adjusted earnings for the third quarter and provided an optimistic guidance for the fiscal fourth-quarter product revenue. The company anticipates revenue between $716 million and $721 million for the upcoming quarter, surpassing estimates of $696 million. Consequently, shares of Snowflake surged by 9.6%.
Pure Storage Faces Revenue Disappointment
Provider of flash-memory based enterprise storage products, Pure Storage, witnessed a 15% decline in its stock price after issuing disappointing revenue guidance for both the fiscal fourth quarter and fiscal year. The company attributed the underperformance to a combination of business model transition and the delayed fulfillment of a significant customer order.
These are the notable developments in the stock market today. Stay tuned for further updates and analysis.
Tesla Cybertruck Delivery Event
Tesla is set to host its highly-anticipated Cybertruck delivery event on Thursday in Austin, Texas. Starting at 3 p.m. Eastern time, the event will be livestreamed on Tesla’s official website. During the event, Tesla will hand over the first batch of Cybertrucks to eager buyers.
This event holds great significance for investors as it aims to answer two important questions: Will the Cybertruck become a major seller? Will it boost sales of other Tesla models? With these answers, investors will gain valuable insights into the future of Tesla’s truck market.
Ahead of the event, Tesla shares have already seen a 1% increase in premarket trading, reflecting the excitement surrounding the Cybertruck.
Nutanix Reports Strong First Quarter Performance
Cloud-computing company Nutanix experienced a surge in its stock price, rising by 8.3%. This comes after the company’s adjusted earnings and revenue for its fiscal first quarter surpassed expectations. Nutanix continues to establish its position in the market.
Synopsys Outperforms Analysts’ Expectations
Synopsys, the chip design software maker, exceeded analysts’ estimates for both adjusted profit and sales in its fiscal fourth quarter. Moreover, the company’s guidance for its first quarter has surpassed expectations. New CEO, Sassine Ghazi, shared his vision of leveraging artificial intelligence in Synopsys’ business, demonstrating their commitment to innovation. As a result, Synopsys saw a rise of 1.7% in premarket trading.
Occidental Petroleum’s Potential Acquisition
According to a report from The Wall Street Journal, Occidental Petroleum is currently in talks to acquire CrownRock, a major energy producer in the Permian basin located in west Texas. The acquisition value, including debt, is anticipated to exceed $10 billion. This potential deal presents an exciting opportunity for Occidental Petroleum to expand its energy portfolio.
However, the news of the acquisition has caused Occidental Petroleum shares to decline by 0.7%.
Earnings Reports from Prominent Companies
Several prominent companies are set to release their earnings reports on Thursday. They include:
- Dell Technologies
- Marvell Technology
- Ulta Beauty
- Cracker Barrel Old Country Store
These reports will provide valuable insights into the financial performance and market position of each of these companies.