Stock futures were rising Wednesday following the S&P 500's 55th record closing high of the year. Political tumult in South Korea appeared to be largely contained, while Wall Street looked ahead to publicly scheduled comments on the state of the economy from Federal Reserve Chairman Jerome Powell later in the session.
These stocks were poised to make moves Wednesday:
Salesforce.com rose 13% after reporting third-quarter earnings that missed analysts' estimates but revenue that topped forecasts and lifting its fiscal-year revenue guidance. Salesforce, the enterprise software company, said it expects fiscal-year revenue of $37.8 billion to $38 billion, raising the low-end of previous guidance. Salesforce CEO Marc Benioff said Agentforce, which enables Salesforce customers to use so-called artificial-intelligence agents to handle tasks in areas such as sales, marketing, and commerce, was "at the heart of a groundbreaking transformation."
Marvell Technology reported third-quarter adjusted earnings of 43 cents a share that beat Wall Street forecasts and better-than-expected revenue of $1.52 billion, up 7% from a year earlier. Revenue rose 19% on a sequential basis, which the company said was "well above the midpoint" of its guidance, adding the growth was "driven by strong demand from AI." For the fourth quarter, Marvell said it expects "another 19% sequential revenue growth at the midpoint of guidance, while year over year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said CEO said Matt Murphy. Marvell shares jumped 13%.
NEBIUS shares rose 4% in premarket after jumping 14% on Tuesday following an agreement for a $700 million private placement financing from select investors that included chip maker Nvidia.
Pure Storage, a provider of systems based on flash memory technology to enterprise customers, soared 21% after raising its fiscal-year revenue outlook following third-quarter adjusted earnings and revenue that beat Wall Street expectations. Pure Storage said it expects fiscal-year revenue of $3.15 billion for the year, up from its previous estimate of $3.1 billion.
Security software company Okta Inc. posted third-quarter adjusted earnings of 67 cents a share, beating Wall Street estimates of 58 cents, as revenue rose 14% to a better-than-expected $665 million. Okta raised its fiscal-year guidance for both adjusted earnings and revenue. Okta CEO Todd McKinnon said investments the company has made in its "partner ecosystem, the public sector vertical, and large customers are materializing in our business with each of these areas contributing meaningfully to top-line growth." The stock was up 17%.
Third-quarter adjusted earnings and revenue at Box topped analysts' expectations but the cloud-storage company reduced its fiscal-year per-share outlook, saying it expects profit of 30 cents a share, down from previous guidance of 31 cents to 33 cents. The stock declined 2%.
First-quarter net profit at Campbell Soup's, the company formerly known as Campbell Soup, declined from a year earlier as it navigated a "dynamic consumer environment and uneven pace of category recovery." Adjusted earnings of 89 cents a share beat estimates of 87 cents while sales rose 10% to $2.77 billion but missed estimates of $2.8 billion. The company also named Mick Beekhuizen as its new CEO. Beekhuizen is currently the president of Campbell's meals and beverages segment. He will take over from Mark Clouse, who is joining the NFL's Washington Commanders as president. Shares declined 1.4%.
Earnings reports are expected Wednesday from Synopsys, Hormel, Chewy, Inc., Dollar Tree, SentinelOne, Inc, American Eagle Outfitters, and Foot Locker.
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