CRM, FL, PSTG, PSQH and more
Check out the companies making headlines before the bell rings: Salesforce – Shares surged more than 12% after the business software company posted a third-quarter earnings beat. Salesforce reported revenue of $9.44 billion, better than the $9.35 billion expected by analysts, according to LSEG. Subscription revenue also exceeded analyst expectations. Dollar Tree — The stock rose more than 4% following better-than-expected discount third-quarter results. Dollar Tree earned $1.12 per share on revenue of $7.56 billion. That’s better than LSEG’s consensus estimate of $1.07 per share on revenue of $7.44 billion. The company also announced that CFO Jeff Davis will step down from his position. Pure Storage – Shares rose 21% after Pure Storage beat third-quarter financial estimates and highlighted that it won a contract with a major technology company. CEO Charles Giancarlo told CNBC’s “Closing Bell: Overtime” that he expects the company to convert 90% of customer storage to the company’s direct flash technology. Following the results, Piper Sandler upgraded Clean Storage to super from neutral. Foot Locker – The stock is down nearly 15% after the sneaker giant posted earnings and revenue misses. Foot Locker also lowered its full-year sales and earnings guidance. The company identified additional advertising space and soft demand outside of key sales periods. Okta – Shares surged more than 13% after the ownership and access software company reported third-quarter earnings and revenue that topped expectations. Okta also released guidance for the fourth quarter. Adjusted earnings of 67 cents per share beat the consensus estimate of 58 cents per share, according to LSEG’s consensus estimate. Revenue of $665 million beat the forecast of $650 million. Marvell Technology – The integrated circuit maker jumped nearly 13% after Marvell beat third-quarter estimates and provided revenue guidance, leading several Wall Street firms to raise their target prices. JPMorgan, which has given a stock target showing about 36% upside, sees the continuation of AI and cyclical tailwinds until next year that should lead to a period of many quarters of positive EPS revisions. PSQ Holdings – The owner of online marketplace PublicSquare saw shares drop 15% in market trading, a day after a big rally. The stock surged 270% Tuesday on news that Donald Trump Jr. joins the board of PSQ Holdings. Chewy – The pet retailer fell 6% after posting a profit of 1 cent per share, while analysts polled by LSEG expected 8 cents per share. Chewy’s revenue of $2.88 billion was in line with estimates. General Motors – Shares fell 1% after the Detroit automaker disclosed that a restructuring of its joint venture with SAIC Motor Corp. in China it will cost more than five billion dollars. Campbell’s – The stock fell 3% after Campbell Soup’s quarterly net sales missed expectations. The food company has also appointed insider Mick Beekhuizen as its chief executive. Roku – Shares rose 4.4% after Needham analyst Laura Martin said the company could be bought at a “significant premium” over the next 12 months. — CNBC’s Sean Conlon, Michelle Fox, Lisa Han, Yun Li and Pia Singh contributed reporting Correction: An earlier version misspelled Campbell’s name.
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