Nvidia, AMD, Snowflake, Splunk, UiPath, Best Buy, and More Market Movers

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Stock futures traded mostly higher Thursday and tech shares rallied after chip maker

Nvidia

issued a bullish revenue forecast. Futures for the

Dow Jones Industrial Average
fell after Fitch Ratings placed the United States’ top-rated bonds on a negative rating watch because of the impasse in negotiations to raise the debt ceiling.

These stocks were poised to make moves Thursday: 

Nvidia

(ticker: NVDA), a leading maker of chips used for videogames, artificial intelligence, and cloud computing applications inside PC and server hardware, reported fiscal first-quarter earnings and sales that topped analysts’ expectations. The stock surged 27% in premarket trading after the chip maker said it expects fiscal second quarter revenue of $11 billion at the midpoint of its forecast range, well above consensus of $7.2 billion. Nvidia cited surging demand for its chips that enable artificial intelligence applications.

Chip company

Advanced Micro Devices

(AMD) rose 9.6% following Nvidia’s report, and software maker

C3.ai

(AI) jumped 12%.

Cloud specialist

Snowflake

(SNOW) was falling 13% after saying it expects fiscal second-quarter product revenue of $620 million to $625 million, below Wall Street estimates of $647 million. For the fiscal year, the company said it expects product revenue of $2.6 billion, an increase of 34%, but below the previous guidance target of $2.7 billion. The company now sees non-GAAP operating margin for the year of 5%, down from a previous forecast of 6%.

Shares of software company

Splunk

(SPLK) rose 9.2% after the company reported an adjusted profit in the fiscal first quarter of 18 cents a share, well ahead of the loss of 13 cents expected by Wall Street, and revenue that rose 11% from a year earlier. Annual recurring revenue was about $3.73 billion, up 16% from a year earlier, and ahead of the company’s target of $3.7 billion. The company also issued a strong forecast for the fiscal second quarter, saying it expects annual recurring revenue of about $3.83 billion, with total revenue of between $880 million and $895 million, ahead of Wall Street consensus of $868 million. 

UiPath

(PATH), the automation-software company, declined 8.3% in premarket trading after issuing fiscal second-quarter revenue guidance of between $279 million and $284 million vs. analysts expectations of $284 million.

American Eagle Outfitters

(AEO) was falling 20% after the retailer said it expects fiscal second-quarter revenue “down low-single digits to last year.” In the same quarter a year earlier, American Eagle reported revenue of $1.2 billion.

Nutanix

(NTNX), the cloud-platform company, said it expects fiscal fourth-quarter revenue of $470 million to $480 million in revenue, higher than analysts’ estimates of $452 million. Shares rose 16% in premarket trading.

e.l.f. Beauty

(ELF) posted fiscal fourth-quarter adjusted earnings and revenue that beat Wall Street expectations and provided strong guidance, showing no sign of slowing spending among its consumers. The stock jumped 12%.

Best Buy

(BBY) shares gained 4.5% after the electronics retailer posted better-than-expected adjusted earnings in its fiscal first quarter.

Write to Joe Woelfel at [email protected]