Stock futures were rising Wednesday and Treasuries rallied as dovish comments from Federal Reserve Gov. Christopher Waller added to investor hopes that the Federal Reserve is done boosting interest rates.
These stocks were poised to make moves Wednesday:
Workday,
the human-resources technology provider, reported third-quarter adjusted earnings that beat Wall Street expectations and said subscription revenue in the period rose 18.1%. Workday also raised its fiscal-year forecast for subscription revenue, saying it anticipates $6.598 billion, up from previous estimates of $6.57 billion to $6.59 billion. The stock rose 7.6%.
Las Vegas Sands
declined 5.6% after disclosing that Miriam Adelson, the casino company’s largest shareholder, sold $2 billion of stock and plans to use the proceeds to “fund the purchase of a majority interest in a professional sports franchise.” The Athletic reported that Mark Cuban would be selling a majority stake of the Dallas Mavericks franchise to Adelson and her family for a valuation in the range of $3.5 billion.
Fluence Energy
was rising 19% after the energy-storage products company reported a surprise profit in its fiscal fourth quarter. The company earned 2 cents a share in the period, swinging from a year-earlier loss of 32 cents a share and beating analysts’ esitmates that called for a loss of 8 cents.
NetApp,
the data and storage software company, said it expected fiscal 2024 revenue down “approximately 2%,” narrower than analysts’ estimates that called for a decline of 3.5%.
NetApp
said it expected adjusted fiscal-year profit of $6.05 to $6.25, higher than Wall Street estimates of $5.73 and a prior company forecast of $5.65 to $5.85 a share. The stock jumped 11%.
Jabil,
the contract electronics manufacturer, reduced its revenue outlook for fiscal 2024 as it “experienced softening in demand, as a result of short-term inventory corrections across certain end-markets” in which it participates. Shares declined 5.1%.
Third-quarter earnings and revenue at
CrowdStrike Holdings
beat analysts’ expectations and the cybersecurity company boosted its fiscal-year forecast. CrowdStrike said it expects adjusted profit of $2.95 to $2.96 a share in the fiscal year on revenue of about $3.05 billion. The stock was up 1.1%.
Intuit
posted better-than-expected fiscal first-quarter profit and revenue but the maker of financial, tax, and accounting software issued an earnings forecast for the second quarter below expectations.
Intuit
sees revenue growth of 11% to 12%, with adjusted profit of $2.25 to $2.31 a share, while Wall Street analysts had called for revenue growth of 12% and profit of $2.57 a share. The stock was up 0.3%.
Berkshire Hathaway
‘s class B shares were up slightly after Charlie Munger, Warren Buffett’s right-hand man and vice chairman of the investment conglomerate, died at 99 years old. “
Berkshire Hathaway
could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement.
Hewlett Packard Enterprise
posted fiscal fourth-quarter adjusted profit that beat estimates, driven by growing strength in its high-performance-computing and artificial-intelligence segment. Revenue in the segment, which includes
HP’s
supercomputing business, reported revenue of $1.18 billion in the quarter, up 37% from a year earlier, and well above Wall Street consensus of $951 million.
Earnings reports are expected Wednesday from
Salesforce,
Snowflake,
Synopsys,
Dollar Tree,
Okta,
Hormel Foods,
Foot Locker,
Nutanix,
and
Five Below.
Write to Joe Woelfel at [email protected]
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