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Stock futures edged up in premarket trading on Wednesday, lifted by bullish optimism spurred by Federal Reserve remarks, with investors cautiously optimistic that the Fed’s streak of benchmark interest rate rises has come to an end.
Here are some of Wednesday’s biggest stock movers:
Biggest stock gainers
- Workday (NASDAQ:WDAY) shares surged over 7% after the back office software provider’s Q3 results topped estimates and raised its full-year sales guidance. For FY2024, the company now expects subscription revenue to be $6.6B, up from a previous view of $6.57B to $6.59B.
- NetApp’s (NASDAQ:NTAP) stock rose 11% after the company outperformed expectations in FQ2 results and provided an upbeat outlook. For Q3, the company anticipates adjusted EPS in the range of $1.64 to $1.64, surpassing the consensus estimate of $1.53. Revenue for Q3 is projected to be between $1.51B and $1.67B, compared to the consensus of $1.56B. Additionally, NetApp expects FY2024 sales to decline by 2% Y/Y, reaching approximately $6.23B, exceeding the consensus of $6.14B. The forecasted adjusted EPS for FY2024 is between $6.05 and $6.25 per share, surpassing the estimated $5.73 per share.
Biggest stock losers
- Okta’s (NASDAQ:OKTA) stock fell 7% after the company revealed that hackers stole information on all users of its customer support system in a network breach two months ago. The hack appears to be wider than expected, with the threat actor downloading the names and email addresses of all users, except for those in FedRamp High and DoD IL4 environments. The Auth0/CIC support case management system was not affected. The company has notified customers of the increased security risk of phishing and social engineering, pushed new security features to its platforms, and provided recommendations to defend against targeted attacks. Multi-factor authentication is essential for protecting the customer support system and admin console access. The company is working with a digital forensics firm for the investigation.
- Jabil (NYSE:JBL) shares fell by 5% due to a cut in its 2024 outlook, citing a softening in demand. The Q1 revenue outlook was reduced from $8.4B to $8.3B, while the core earnings per share outlook is expected to be near the midpoint of its prior guidance. The second quarter revenue is expected to be between $7.0B and $7.6B, while fiscal 2024 revenue is expected to be around $31B, down 7% from the previous guidance. The core operating margin outlook is expected to be within the previously provided guidance range of 5.3%–5.5%, resulting in core earnings per share exceeding $9.00 for FY2024.
- Las Vegas Sands (NYSE:LVS) shares declined by 5% as Miriam Adelson, widow of Sheldon Adelson, is selling $2B worth of LVS shares to reportedly buy a majority stake in the Dallas Mavericks NBA team from billionaire Mark Cuban. Cuban, known for his role on ABC’s “Shark Tank” show, plans to retain a stake in the NBA franchise. The sale puts the Mavericks’ franchise total valuation at $3.5B. Cuban will retain a stake in the team and full control of basketball operations.
- Leslie’s (NASDAQ:LESL) shares slumped 17% after reporting mixed Q4 results and a FY2024 outlook that fell short of analysts expectations. For FY2024, the company expects sales in the range of $1.41B to $1.47B vs. $1.5B consensus and EPS of $0.25 to $0.33 vs. $0.46 consensus. CEO Mike Egeck said, “Looking forward, the fundamental advantages of the after-market pool-care industry remain intact, as do our competitive advantages. Leslie’s remains the largest specialty retailer in the industry with unmatched capabilities and clear long-term growth opportunities, which, along with our focus on executing against our strategic initiatives, position us to drive financial performance and create shareholder value as industry conditions normalize.”