Shares of Intel are up about 6%, or $1.43, in premarket on news of a $2 billion investment from SoftBank. “It’s a vote of support for Intel, which hasn’t been able to take advantage of the artificial intelligence boom in advanced semiconductors and has spent heavily to stand up a manufacturing business that’s yet to secure a significant customer,” according to CNBC.
Palo Alto Networks is up 6%, or by $11.37, after beating earnings.
For its most recent quarter, the company’s EPS of 95 cents beat by six cents. Revenue of $2.54 billion, up 15.5% year over year, beat by $40 million. Guidance was also impressive, with the company calling for EPS of between 88 cents and 90 cents, which would be above estimates for 86 cents. Revenue is forecast to range from $2.45 billion to $2.47 billion.
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At the moment, Nasdaq futures are down about 37 points, as nervous markets wait to hear from Fed boss Jerome Powell at the Jackson Hole Symposium later this week.
In fact, markets are waiting for clues as to what could happen at the central bank’s remaining policy meetings for the year.
“We expect the Federal Reserve to use Jackson Hole as an opportunity to prepare the markets and signal towards a 25-basis point cut in September and a potentially accommodating stance through year-end,” said Richard Saperstein, chief investment officer at Treasury Partners, as quoted by CNBC. “Since this will be Powell’s last Jackson Hole conference as Fed Chair, he’ll likely reinforce the need for Fed independence from the Executive Branch.”
According to CME’s FedWatch, there’s an 83% chance of a quarter-point cut in September.
Shares of Palo Alto Networks are up 6%, or $11.26, after beating Wall Street earnings estimates.
For its most recent quarter, the company’s EPS of 95 cents beat by six cents. Revenue of $2.54 billion, up 15.5% year over year, beat by $40 million. Guidance was also impressive, with the company calling for EPS of between 88 cents and 90 cents, which would be above estimates for 86 cents. Revenue is forecast to range from $2.45 billion to $2.47 billion.
“For the full year, Palo Alto expects to earn between $3.75 and $3.85 per share on an adjusted basis, with the $3.80 midpoint above the $3.69 per share estimate. Sales are forecast to be between $10.48B and $10.53B, above the $10.44B estimate,” says Seeking Alpha.
Home Depot’s EPS of $4.68 missed estimates by a penny. Revenue of $45.28 billion was in-line. Comparable sales of 1% missed estimates of 1.4%.
“Our second quarter results were in line with our expectations. The momentum that began in the back half of last year continued throughout the first half as customers engaged more broadly in smaller home improvement projects,” stated CEO Ted Decker. “Our teams are executing at a high level, and we continue to grow market share.”
Home Depot also reiterated that it expects full-year total sales to grow by 2.8% and comparable sales to jump about 1%. With that, the HD stock is up about $4.60 a share in premarket.
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Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
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