Premarket Roundup: Snowflake Surges, Moderna and Broadcom Slide, and More Stock Shifts

In premarket trading, several stocks experienced significant movements following key earnings reports and company updates.

Snowflake shares surged 24% after the company reported second-quarter results that topped analyst expectations. The cloud data platform posted adjusted earnings of 62 cents per share on revenue of $1.55 billion, compared to estimates of 45 cents and $1.48 billion. Snowflake also raised its full-year product revenue guidance, fueling the rally.

The strength in Snowflake lifted other software stocks, with Datadog jumping over 5%, ServiceNow rising 3%, and Salesforce increasing by 1.5%.

Hewlett Packard Enterprise declined 3% despite projecting earnings growth of 16% to 20% for the fiscal year ending October 2027, which was below the 18.7% consensus. The company forecasted cash flow of at least $5 billion, exceeding the $4.79 billion estimate.

Broadcom fell 2.5% as its fourth-quarter revenue forecast of $34.8 billion missed the $35.03 billion estimate. Non-GAAP operating margin projections were 66%, slightly under the 66.5% expectation. For the third quarter, Broadcom reported revenue of $29.59 billion and adjusted earnings of $3.32 per share.

Campbell’s Company shares dropped almost 7% after providing fiscal 2027 earnings guidance between $1.65 and $1.80 per share, below the $1.83 consensus. The company also anticipated wider revenue contraction than expected.

Ultragenyx Pharmaceutical plunged over 46% following the announcement that its Phase 3 trial for a drug to treat Angelman syndrome did not achieve its primary endpoint. The company expressed disappointment and plans to evaluate the program and implement cost reductions.

Petco rose nearly 9% after reporting an adjusted EBITDA margin of 8.2% for the second quarter, beating the 7.4% estimate. Even excluding a tariff benefit, the margin was 7.7%, still above expectations.

Moderna declined more than 2% after being downgraded to sell by Rothschild & Co Redburn. Analysts noted that the stock, which had surged on positive results from an experimental cancer vaccine trial, is now overvalued.

Argan popped nearly 7.5% following better-than-expected second-quarter earnings of $3.76 per share versus the $2.64 estimate, and revenue of $384 million against $300.5 million expected.

Five Below gained 4.5% after second-quarter earnings of $1.68 per share and revenue of $1.26 billion beat estimates of $1.40 and $1.22 billion. Same-store sales also surpassed expectations.

Victoria’s Secret fell over 18% as second-quarter revenue slightly missed estimates, and operating income guidance for the current quarter was below expectations. However, full-year revenue was in-line, and adjusted earnings beat estimates.

Netskope rose 12% with full-year revenue guidance of $888 million to $892 million, above the $881 million estimate. The company also anticipated a narrower adjusted loss of 15 cents per share compared to the 18-cent estimate.

NetApp declined 8% as first-quarter deferred revenue of $4.85 billion fell short of the $4.86 billion estimate. Non-GAAP gross margin for the period was 70.6%, beating the 69.7% expectation.

Reporting by CNBC’s Sean Conlon and Tobias Burns.

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