The 10-Year had a nice pullback from 4.5% to 4.2%. It is set up for yields to move higher over the short-term which could cause stocks to get a tiny bit cranky.
Stay informed about the performance of the S&P500 index in the middle of the day on Wednesday. Uncover the top gainers and losers in today's session for valuable insights.
Shares of identity management software maker Okta (OKTA)
jumped 16.8% in the pre-market session after the company reported a "beat and raise" quarter. Revenue and EPS came in much higher than Wall Street's estimates during the quarter. It also raised full-year EPS guidance and beat analysts' full-year revenue guidance expectations. However, despite the promising outlook, there were cautious comments on the macro picture as the business continued to observe a challenging operating environment, with organizations scrutinizing budgets. Zooming out, we think this was still a decent quarter, given the challenging macro backdrop.
Shares of automation software company UiPath (NYSE:PATH)
jumped 7.9% in the morning session after market optimism around innovators in the software as a service (SaaS) space continued to improve following strong earnings from Salesforce. The enterprise software giant showcased clear progress in capturing demand for AI solutions, signing 200 deals within a week of launching Agentforce, its new AI platform for enterprise customers. In addition, Salesforce reported thousands more deals in the pipeline, hinting at robust future growth.
Shares of streaming TV platform Roku (NASDAQ: ROKU)
jumped 13.1% in the afternoon session after Needham analyst Laura Martin suggests Roku could command a significant buyout premium, positioning it as an attractive candidate for a merger with a competitor. Martin outlined six compelling reasons for an acquisition, emphasizing Roku's extensive installed base, unique data sets, pricing power, shelf space dominance, the advantages of buying over building, and its status as the only scaled connected TV (CTV) platform currently available for purchase.
Shares of cloud content storage and management platform Box (NYSE:BOX)
fell 7.6% in the morning session after the company reported underwhelming third-quarter financial results. Its revenue was in line, and its billings slightly missed.
Shares of discount treasure-hunt retailer Dollar Tree (NASDAQ:DLTR)
jumped 7.6% in the pre-market session after the company reported impressive third-quarter results, which blew past analysts' sales, profit, and earnings expectations. Sales were driven by a 1.6% increase in traffic and a 0.2% increase in average tickets. The company added that it is making progress on plans to sell the Family Dollar business.
The company also noted the plan to close 24 more underperforming stores as a part of its portfolio optimization drive. While these closures are expected to improve operational efficiency and contribute to margin expansion over time, they may create a temporary headwind for earnings growth, which likely contributed to the underwhelming EPS guidance for the next quarter.
Overall, this was a strong quarter, with several promising aspects.
Shares of women’s plus-size apparel retailer Torrid Holdings (NYSE:CURV)
fell 33.9% in the morning session after the company reported weak third-quarter results, which missed analysts' revenue and EBITDA expectations. Its full-year revenue and EBITDA guidance also fell short of Wall Street's estimates. The company observed soft sales trends in late September, which continued through October. Macroeconomic pressures, such as constrained consumer spending and adverse weather events, also created a difficult operating environment. Looking ahead, management emphasizes the need for more innovative and diversified product strategies to adapt to shifting consumer preferences. Overall, this was a weaker quarter.
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Shares of footwear and apparel retailer Foot Locker (NYSE:FL)
fell 17.3% in the pre-market session after the company reported disappointing third-quarter results: Revenue and EPS in the quarter fell below Wall Street's expectations. The company observed softer consumer spending trends following the peak Back-to-School period in August. Compounding the issue, a more aggressive promotional environment likely weakened its pricing power, adding pressure to margins. Its full-year EPS guidance also missed significantly. Overall, this was a weaker quarter.
Shares of artificial intelligence (AI) software company C3.ai (NYSE:AI)
jumped 6.1% in the morning session after market optimism around innovators in the software as a service (SaaS) space continued to improve following strong earnings from Salesforce. The enterprise software giant showcased clear progress in capturing demand for AI solutions, signing 200 deals within a week of launching Agentforce, its new AI platform for enterprise customers. In addition, Salesforce reported thousands more deals in the pipeline, hinting at robust future growth.
Shares of enterprise workflow software maker ServiceNow (NYSE:NOW)
jumped 6% in the morning session after market optimism around innovators in the software as a service (SaaS) space continued to improve following strong earnings from Salesforce. The enterprise software giant showcased clear progress in capturing demand for AI solutions, signing 200 deals within a week of launching Agentforce, its new AI platform for enterprise customers. In addition, Salesforce reported thousands more deals in the pipeline, hinting at robust future growth.
Shares of networking chips designer Marvell Technology (NASDAQ: MRVL)
jumped 22.6% in the afternoon session after the company reported strong third-quarter results that exceeded Wall Street's sales and earnings expectations. Sales grew by 19% sequentially amid unwavering AI demand, particularly in data center end markets.
In addition, Marvell expects to significantly exceed the guide of $1.5B for AI revenue this year and is optimistic about achieving its $2.5 billion target for FY26.
Looking ahead, its full-year revenue and EPS guidance also exceeded consensus estimates.
Shares of database as a service company Couchbase (NASDAQ: BASE)
fell 23% in the morning session after the company reported weak third-quarter results and provided revenue guidance for the next quarter, which missed significantly - this matters much more as markets are forward-looking. The company provided conservative guidance due to macroeconomic challenges, limiting insights into upsell, migration timelines, and consumption trends.
On the other hand, revenue and earnings came in ahead of expectations during the quarter. Overall, this was a challenging quarter.
