Stocks making the biggest moves in the premarket: Nvidia, Boeing, Splunk and more
Check out the companies making headlines in the premarket.
Nvidia — The chipmaker popped 7% after reporting another blowout quarter that topped Wall Street's estimates. Nvidia also offered optimistic guidance, saying that sales will jump 170% during the current period as demand for AI chips continues to gain steam. Adjusted earnings came in at $2.70 per share, ahead of the $2.09 estimate expected from analysts polled by Refinitiv. Nvidia reported revenues of $13.51 billion, topping the $11.22 billion expected by Wall Street.
Taiwan Semiconductor, AMD, Marvell Technology — Semiconductor stocks tied to artificial intelligence and Nvidia rose in the premarket on the back of another strong earnings report from the AI chip giant. Advanced Micro Devices, Marvell Technology and U.S.-listed shares of Taiwan Semiconductor rose 2.3%, 4.2% and 3.1%, respectively. Broadcom and Super Micro Computer added 3.4% and 8.5%, respectively.
Boeing — Shares lost about 2% before the bell after revealing a new manufacturing defect involving supplier Spirit AeroSystems that will delay 737 Max deliveries. The company said that fastener holes were improperly drilled on some of the model's aft pressure bulkheads. Spirit AeroSystems shed more than 6%.
Splunk — The stock gained 13.6% after Splunk reported an earnings beat. The cloud services provider earned 71 cents per share, after adjustments, on $910.6 million in revenue for the second quarter. Analysts surveyed by FactSet had expected Splunk would earn 46 cents per share and $889.3 million in revenue. The company also raised its guidance.
Snowflake — Shares of the cloud company jumped 3.5% on the back of its earnings report. Snowflake posted 22 cents adjusted earnings per share on $674 million
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