Snowflake (SNOW) stock jumped 24 percent after reporting second-quarter results that beat expectations and raising its full-year product revenue forecast. The company posted another quarter of product revenue acceleration driven by artificial intelligence adoption.
Meta Platforms (META) shares rose 0.7 percent in premarket trading after releasing its most powerful AI model. Meta trades at $592.85, up 2.5 percent on the day. Broadcom (AVGO) fell three percent despite predicting strong AI chip demand over the next two years, signaling investors expected more bullish guidance. Nvidia (NVDA) rebounded sharply to $224.41, up 3.2 percent, after a 0.4 percent premarket decline.
Ultragenyx Pharmaceutical (RARE) plunged 44 percent after its experimental drug failed to meet its primary endpoint in a late-stage study for a rare genetic disorder. Several brokerages downgraded the stock. Victoria's Secret (VSXY) fell 18 percent despite raising guidance, as the company signaled a slower growth pace. Advasa (ADBT) dropped 11 percent after its CFO resigned.
Argan (AGX) rose six percent after reporting second-quarter revenue that beat analyst estimates. Campbell's (CPB) fell five percent after cutting its dividend and lowering guidance. Hewlett Packard Enterprise (HPE) declined four percent after posting sales growth that missed investor expectations. NetApp (NTAP) fell eight percent despite raising its full-year forecast; the data storage stock had gained nearly 70 percent year-to-date.
Envista (NVST) climbed two percent after JPMorgan upgraded the dental company to overweight, citing improved execution ahead of its investor day later this month. Ciena (CIEN) rose one percent after posting third-quarter results.
