Check out the businesses making headlines earlier than the bell. Snowflake — The cloud information firm sank after posting disappointing product income steerage for the primary quarter and asserting that CEO Frank Slootman is retiring. Snowflake stated it expects product income to vary between $745 million and $750 million within the present interval, under the $759 million analysts polled by StreetAccount anticipated. Morgan Stanley additionally downgraded the cloud inventory to equal weight. C3.ai — The synthetic intelligence software program inventory popped greater than 15% on strong earnings. C3.ai posted a narrower-than-expected adjusted loss per share of 13 cents. Revenue additionally topped expectations. Salesforce — Salesforce slipped lower than 1%. The software program large topped Wall Street’s fiscal fourth-quarter expectations however supplied a lighter-than-expected income forecast for the brand new fiscal 12 months. The firm stated it anticipates single-digit income development. Okta — The identity-management firm surged greater than 25% on the again of a stronger-than-expected quarter and outlook for the present interval. Okta stated its expects revenues to vary between $603 million and $605 million, surpassing a FactSet estimate of $583.8 million. Bank of America double-upgraded shares to a purchase. Duolingo — Shares popped 20% after the tutorial know-how agency reported fourth-quarter earnings and income that exceeded analysts’ expectations. Duolingo posted earnings of 26 cents per share on income of $151 million, greater than the 17 cents per share on income of $148 million analysts polled by LSEG had anticipated. The firm additionally reported robust first-quarter and full-year income forecasts. Birkenstock – Shares rose greater than 3% premarket after the footwear retailer posted income of €303 million for its first fiscal quarter , which was better than the €288.7 million anticipated by analysts, based on LSEG. Earnings for a similar interval got here in under expectations at 4 euro cents per share versus the estimated 9 euro cents per share. AMC Entertainment — Shares of AMC Entertainment shed greater than 10%. The movie show inventory topped Wall Street income estimates however posted a bigger-than-expected lack of 83 cents a share. Paramount Global — Shares moved 2% greater a day after the media firm reported a shock revenue for the fourth quarter . Paramount’s earnings per share got here in at 4 cents, versus the 1 cent loss anticipated from analysts polled by LSEG. On Tuesday, sources informed CNBC Warner Bros Discovery is now not pursuing a merger with Paramount. Figs — Shares of the attire firm slid 16% after fourth quarter gross sales got here in decrease than anticipated and an announcement that the chief monetary officer is leaving in April. Figs reported $145 million of income for the fourth quarter. Analysts surveyed by LSEG had penciled in $150 million. The firm stated revenues have been harm partially by an accounting change associated to clients in Canada. Celsius — The power drink maker shed 4.4% regardless of a stronger-than-expected earnings report. Celsius posted 17 cents in earnings per share on $347.4 million in income for the fourth quarter. Both figures topped the consensus estimates of analysts polled by LSEG, which positioned per-share earnings at 15 cents and income at $331.5 million. Best Buy — Shares jumped 2.6% after the patron electronics retailer reported quarterly outcomes that beat analyst expectations. In its fourth quarter, Best Buy posted adjusted earnings of $2.72 ex-items per share, better than the $2.52 estimated by analysts polled by FactSet. Revenue of $14.65 billion topped the FactSet consensus estimate of $14.56 billion. Nutanix — The cloud computing inventory rose 4% after topping Wall Street’s quarterly estimates. Nutanix posted earnings of 46 cents per share on revenues totaling $565 million. Pure Storage — Pure Storage rallied greater than 9% on stronger-than-expected fourth-quarter earnings and upbeat first-quarter steerage. The information storage firm posted earnings of fifty cents per share on $790 million in income. HP — Shares declined 2.2% after the tech firm missed first-quarter income estimates , with slower demand within the private computer systems, or PC, market impacting HP as clients delay system upgrades and decrease their spending. — CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox, Lisa Han, Jesse Pound, Sarah Min and Pia Singh contributed reporting.
https://www.cnbc.com/2024/02/29/stocks-making-the-biggest-moves-premarket-snow-crm-ai-okta.html
