Stock futures pointed lower Thursday with tech shares declining the most following quarterly earnings from Nvidia.
These stocks were poised to make moves Thursday:
Nvidia, the leading maker of artificial-intelligence chips, reported third-quarter adjusted earnings of 81 cents a share, topping Wall Street estimates of 75 cents, as revenue soared 94% to $35.1 billion from $18.1 billion a year earlier. But the stock was down 3.4% after Nvidia said it expects fourth-quarter revenue of $37.5 billion at the midpoint, higher than consensus of $37.1 billion but not enough to excite investors. The company also said demand for its next-generation AI chips, known as Blackwell, has been " staggering."
Tesla, a customer of Nvidia that uses AI computing to train its self-driving products and humanoid robots, was down 1.1% in premarket trading. Shares of Tesla, the electric-vehicle maker, rose 1.2% on Wednesday.
Alphabet was down 0.6% after the Justice Department asked a federal judge on Wednesday to force Google to sell off its Chrome browser and be prevented from giving preferential access to its search engine on devices that use its Android mobile operating system. The department's request follows U.S. District Judge Amit Mehta's ruling in August that found Google had illegally monopolized internet search.
Snowflake soared 20% after the data-software company posted third-quarter adjusted earnings of 20 cents a share, topping estimates of 15 cents, on revenue of $942 billion, higher than forecasts of $899 million and better-than-year earlier revenue of $734 million. Product revenue -- derived from the consumption of compute, storage, and data transfer resources by Snowflake customers -- in the period jumped 29% to $900 million, and Snowflake said it expects fiscal fourth-quarter product revenue of $906 million to $911 million, above estimates of $882 million.
Palo Alto Networks reported fiscal first-quarter earnings, when removing one-time items, of $1.56 a share, better than Wall Street estimates of $1.48, on a 14% revenue jump to $2.14 billion. Subscription and support revenue of $1.79 billion rose from $1.54 billion a year earlier. The stock was down 5.6% even after the cybersecurity company raised its fiscal-year guidance, saying its expects revenue of between $9.12 billion to $9.17 billion, up from a previous forecast of $9.1 billion to $9.15 billion. Analysts had been expecting revenue of $9.13 billion. The company's board also approved a 2-for-1 stock split.
Target rose 0.5% after the stock fell 21% to close at $121.72 following third-quarter earnings that widely missed estimates and the retailer said it expects fourth-quarter earnings of between $1.85 and $2.45 a share, compared with analysts' forecasts for $2.65. During the trading session Wednesday, Target shares set a 52-week low of $120.21.
U.S.-listed shares of Baidu, the Chinese search-engine company, were down 2.8% in premarket trading after third-quarter revenue fell 3% from a year earlier on continued weak advertising demand. Net profit in the quarter rose 14%.
Earnings reports are expected Thursday from Intuit, PDD Holdings, Deere, Copart, Ross Stores, NetApp, and Gap.
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