Stock futures were on the rise on Wednesday, recovering from the worst day seen by the three major U.S. stock indexes since Feb. 13. Investor attention was focused on Federal Reserve Chairman Jerome Powell’s upcoming congressional testimony, where he is expected to announce a cautious approach to interest-rate cuts for the year ahead.
Stocks to Watch Today
CrowdStrike Holdings
- Earnings Success: CrowdStrike Holdings reported earnings of 22 cents per share in the fourth quarter, a significant turnaround from a loss of 20 cents in the previous year.
- Exceeding Expectations: Adjusted earnings reached 95 cents per share, surpassing forecasts of 82 cents, while revenue jumped by 33% to $845.3 million, beating Wall Street estimates.
- Positive Outlook: The company anticipates fiscal 2025 revenue to range from $3.93 billion to $3.99 billion, above initial forecasts. Additionally, adjusted profit is expected to be between $3.77 and $3.97 a share, higher than expectations.
- Market Reaction: Following this announcement, the stock surged by an impressive 25%.
Nordstrom
- Mixed Results: Nordstrom posted better-than-expected adjusted earnings for the fiscal fourth quarter, but the department-store chain saw its shares drop by 9.4% after issuing guidance that fell short of estimates.
- Guidance Disappointment: The company predicts current fiscal-year earnings to fall between $1.65 and $2.05 a share, with the midpoint at $1.85 – notably lower than analysts’ forecasts.
- Sales Forecast: Nordstrom expects fiscal-year same-store sales to range from down 1% to up 2%, with the midpoint missing analysts’ projections for a 1.4% increase.
Couchbase
- Strong Performance: Couchbase witnessed an 8.3% increase after reporting a 20% revenue growth in the fourth quarter.
- Forward Outlook: The software company anticipates first-quarter revenue to be between $48.1 million and $48.9 million, surpassing estimates of $47 million.
Stay tuned for more market updates and developments throughout the day.
Market Movements and Earnings Preview
SoFi Technologies Bounces Back After Record Decline
SoFi Technologies saw a 3.6% increase in premarket trading after a 15% drop, which marked its worst single-day decline, due to the announcement of plans to offer $750 million in convertible senior notes due in 2029.
Box Soars with Integration and Strong Earnings
Box shares rose by 2.8% following the announcement of an integration between its document storage system and Microsoft’s Azure OpenAI service. The company reported robust fourth-quarter earnings and revealed an expansion of its buyback program by $100 million.
CEO Aaron Levie highlighted Box’s pivotal role in technological advancements, stating, “Box is at the center of some of the most important trends in technology history.”
Oddity Tech Beats Expectations with AI Solutions
Oddity Tech, utilizing artificial intelligence to assist shoppers in finding ideal beauty and wellness products, reported impressive fourth-quarter earnings that exceeded expectations. The company also provided guidance for the upcoming fiscal year that surpassed estimates, despite experiencing an 11% dip in premarket trading.
Upcoming Earnings Reports
Stay tuned for earnings reports expected from JD.com, Brown-Forman, Campbell Soup, Thor Industries, Abercrombie & Fitch, Foot Locker, and EVgo on Wednesday.
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