Stock futures on Monday indicated a modestly higher start for Wall Street following the S&P 500’s third-consecutive losing week. An earnings report from technology giant Nvidia and remarks from Federal Reserve Chairman Jerome Powell at the central bank’s annual conference in Jackson Hole, Wyoming, are expected to be the focal points of this week.
Palo Alto Networks Tops Earnings Expectations
Cybersecurity company Palo Alto Networks (PANW) surpassed fiscal fourth-quarter earnings expectations, with its profit forecast for the first quarter also beating estimates. The company anticipates first-quarter billings of $2.05 billion to $2.08 billion, signifying a 17% to 19% increase. Palo Alto’s projections for adjusted earnings and billings for fiscal year 2024 also exceeded expectations. As a result, the stock was up 12% in premarket trading.
Meta Platforms Launches Desktop Version of Threads App
Meta Platforms (META), the parent company of Facebook and Instagram, is set to launch a desktop version of Threads, its microblogging app that competes with X, formerly known as Twitter. While Threads initially gained popularity with 100 million downloads after its July launch, its usage has declined in recent weeks. Meta’s shares experienced a minor increase of 0.4%.
Napco Security Technologies Faces Premarket Decline
Napco Security Technologies (NSSC), a manufacturer of electronic security equipment and wireless communication devices, saw a 30% decline in premarket trading. The company announced that it had identified errors in the calculation of cost of goods sold and inventory for each quarter of fiscal 2023. Napco acknowledged overstatement of inventories and understatement of cost of goods sold, resulting in inflated gross profit, operating income, and net income for each period.
Zoom Video Communications Reports Second-Quarter Earnings
Video conferencing platform Zoom Video Communications (ZM) is scheduled to release its second-quarter earnings after the close of the stock market. As anticipation builds, the company’s shares rose by 0.9%.
Upcoming Earnings Reports
Aside from Nvidia’s report on Wednesday, several companies are set to release their earnings later in the week. These include Lowe’s (LOW), Snowflake (SNOW), Macy’s (M), Toll Brothers (TOL), Advance Auto Parts (AAP), Affirm (AFRM), Analog Devices (ADI), Baidu (BIDU), Dollar Tree (DLTR), Intuit (INTU), and Nordstrom (JWN).