Stocks Making the Biggest Premarket Moves: Nvidia, Boeing, Splunk and More

Check out the companies making headlines in the premarket.

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Nvidia: The chipmaker experienced a 7% surge following an impressive quarterly report that exceeded Wall Street's projections. Nvidia also provided an upbeat outlook, forecasting a 170% sales increase in the current period due to surging demand for AI chips. Adjusted earnings reached $2.70 per share, surpassing analysts' consensus estimate of $2.09 from Refinitiv. Nvidia's revenue stood at $13.51 billion, outperforming Wall Street's anticipated $11.22 billion.

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Taiwan Semiconductor, AMD, Marvell Technology: Semiconductor stocks with connections to artificial intelligence and Nvidia gained ground in premarket trading, influenced by Nvidia's strong earnings report. Shares of Advanced Micro Devices, Marvell Technology, and U.S.-listed Taiwan Semiconductor rose by 2.3%, 4.2%, and 3.1% respectively. Broadcom and Super Micro Computer also witnessed gains of 3.4% and 8.5%.

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Boeing: Shares declined by approximately 2% before the opening bell as the company disclosed a new manufacturing flaw involving supplier Spirit AeroSystems, leading to delays in 737 Max deliveries. Boeing attributed the issue to improperly drilled fastener holes in certain aft pressure bulkheads of the model. Spirit AeroSystems experienced a decline of more than 6%.

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Splunk: The stock marked a 13.6% increase after Splunk reported better-than-expected earnings. The cloud services provider achieved earnings of 71 cents per share, adjusted for the second quarter, alongside $910.6 million in revenue. Analysts surveyed by FactSet had projected earnings of 46 cents per share and $889.3 million in revenue. The company also raised its guidance.

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Snowflake: Cloud company Snowflake's shares surged by 3.5% following its earnings report. The firm reported adjusted earnings per share of 22 cents on $674 million in revenue. This surpassed estimates by analysts polled by Refinitiv, who had projected earnings of 10 cents per share on $662 million in revenue.

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Dollar Tree: The discount retailer's stock experienced a decline exceeding 6% during premarket trading due to its third-quarter earnings guidance falling significantly short of expectations. The company's projection for earnings per share ranged from 94 cents to $1.04 for the current quarter, while analysts had anticipated $1.27 per share based on Refinitiv's data. However, Dollar Tree's second-quarter results did exceed estimates both on the top and bottom lines.

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Guess: Shares of the apparel company surged by over 16% following the announcement of adjusted earnings of 72 cents per share and $664.5 million in revenue for the second quarter. CEO Carlos Alberini attributed this performance to robust revenue growth in international markets, along with strong gross margin and effective cost management during the quarter.

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AutoDesk: The software company witnessed a rise of more than 6% after revealing better-than-expected quarterly results and an encouraging third-quarter outlook. AutoDesk reported adjusted earnings of $1.91 per share on $1.35 billion in revenue. These figures exceeded analysts' consensus estimate of $1.73 in EPS and $1.32 billion in revenue, as polled by Refinitiv.

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Petco Health and Wellness: The pet care retailer saw a decline of over 10% after reporting second-quarter earnings before the opening bell. While the adjusted earnings per share of 6 cents aligned with expectations and revenue slightly exceeded forecasts, Petco's full-year guidance for adjusted EPS and adjusted earnings before interest, taxes, depreciation, and amortization fell short of consensus estimates.

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