Relief that the House of Representatives passed the debt deal was quickly overshadowed by the fallout from a series of tech earnings as stocks mixed early Thursday.
Pre-market fallers were dominated by software names, as several companies failed to meet expectations for forward-looking direction.
These stocks move the most on Thursday:
(AI) fell 21% in premarket trading after the AI software provider’s earnings outlook failed to live up to the hype. The company said it expects revenue for the full year ending April 2024 to be between $295 million and $320 million, compared to the Wall Street consensus of $317 million.
(CRM) fell more than 5% after investors were disappointed the cloud-based software company did not raise its full-year guidance after better-than-expected first-quarter earnings.
(OKTA) were down 20% ahead of the open despite the software provider beating earnings estimates and raising its full-year guidance. A warning from CEO Todd McKinnon about mounting macroeconomic pressures seemed to spook investors.
(CRWD) fell 10% as revenue growth slowed and the cybersecurity company’s full-year forecast fell short of expectations. The company expects annual revenue of $3 billion to $3.04 billion, versus $3 billion for analysts, according to FactSet.
It wasn’t all bleak for software vendors, because
(VEEV) climbed more than 9% after the company beat first-quarter earnings and revenue estimates.
(PSTG) rose 5% after the data storage software company also beat profit and revenue expectations.
(JWN) The stock was up nearly 7% before opening after the department store beat first-quarter profit and sales estimates. The company also reiterated its outlook for the full year.
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