Stock futures were falling modestly Wednesday ahead of the release of the personal consumption expenditures price index, the Federal Reserve's preferred measure of U.S. inflation. The S&P 500 and Dow Jones Industrial Average set record closing highs on Tuesday.
These stocks were poised to make moves Wednesday:
Fiscal third-quarter revenue at Dell Technologies rose 10% from a year earlier to $24.4 billion but missed analysts' expectations of $24.7 billion, and the company, a leading provider of computers and servers for artificial intelligence, issued a fourth-quarter revenue forecast that also missed estimates. The stock was down 13% in premarket trading after Dell said it expects revenue for the current quarter ending in January of $24 billion to $25 billion, below consensus estimates of $25.6 billion. The company said it was seeing some caution from customers for non-AI categories like its PC and storage businesses.
Third-quarter adjusted earnings of 93 cents a share at CrowdStrike Holdings beat Wall Street estimates of 81 cents as revenue jumped 29% to $1.01 billion and also beat forecasts. The cybersecurity company reported a bottom-line loss of 7 cents a share, a swing from year-earlier profit of 11 cents. "Our third-quarter results reflect our focused execution and financial discipline, which drove a strong finish and quarter-over-quarter increase in pipeline, despite expected headwinds from the July 19th incident," said Chief Financial Officer Burt Podbere, who was referring to an update to the company's software that triggered a global tech outage. The stock was down 5.1% after CrowdStrike said it expects fourth-quarter earnings of 84 cents to 86 cents per share compared with estimates of 86 cents.
Workday, the provider of corporate human-resources and financial software, posted third-quarter earnings and revenue that beat analysts' estimates. Subscription revenue in the period rose to $1.96 billion from $1.69 billion a year earlier. The stock fell 10%, however, after Workday forecast fourth-quarter subscription revenue to rise 15% to $2.03 billion, below estimates of $2.2 billion.
Autodesk reported third-quarter adjusted earnings and revenue that beat analysts' estimates and the design-software company said total billings in the period jumped 28% from a year earlier to $1.54 billion. Autodesk bumped up the low end of its previous guidance for fiscal-year billings growth, saying it now expects growth of between 14% and 15%. For the fourth quarter, the company said it expected adjusted earnings of $2.10 to $2.16 a share while analysts were forecasting $2.12. The stock was down 7.9%.
HP Inc. declined 8.3% in premarket trading after the maker of personal computers and printers, reported fiscal fourth-quarter earnings that matched Wall Street estimates but revenue of $13.2 billion that fell 4% from a year earlier and missed expectations of $14 billion. The company said it expects first-quarter earnings of 73 cents a share, below consensus of 85 cents.
Nutanix rose 8.5% after first-quarter adjusted earnings and revenue beat Wall Street forecasts and the cloud computing company said it expects revenue in the second quarter of $635 million to $645 million, higher than Wall Street estimates.
Ambarella jumped 25% after the semiconductor design company reported third-quarter adjusted earnings of 11 cents a share, higher than analysts' expectations of 3 cents, as revenue soared 63% to $82.7 million and topped forecasts. Ambarella anticipates fourth-quarter revenue of $76 million to $80 million, above estimates of $69.1 million.
Nordstrom's third-quarter earnings were better than Wall Street expectations and the retailer raised fiscal-year sales guidance. Nordstrom said it expects fiscal-year revenue growth ranging from flat to up 1% from a year earlier, in line with analysts' expectations for an increase of 0.7%. The company's previous outlook called for revenue to range from a 1% decline to a 1% increase from the same period in 2023.
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