Stocks Making Major Premarket Moves: Snowflake Surges Amid Strong Earnings
Snowflake shares surged over 24% in premarket trading after the cloud data platform reported second-quarter results that exceeded expectations. The company posted adjusted earnings of $0.62 per share on revenue of $1.55 billion, outperforming analyst forecasts for both metrics and raising its full-year product revenue guidance. Other notable movers included Datadog (+5%), ServiceNow (+3%), and Petco (+9%) due to strong financial results or positive earnings surprises. In contrast, Broadcom fell 2.5% after issuing a weaker-than-expected fourth-quarter forecast for both revenue and operating margin. Campbell’s Company dropped nearly 7%, as its fiscal year guidance came in below expectations. Ultragenyx Pharmaceuticals saw shares plunge over 46% following disappointing Phase 3 trial results, while Moderna fell more than 2% after a downgrade to 'sell' by Rothschild & Co Redburn. Victoria's Secret dropped nearly 18%, despite beating adjusted earnings estimates and in-line full-year revenue guidance.
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Topics: Broadcom Campbell's Company Hewlett Packard Enterprise Snowflake Software Stocks Ultragenyx Pharmaceutical