Cloud Company Tanks After Poor Earnings Report

Good morning Wake-Up Watchlisters! While you’re sipping that first cup of decaf coffee you’ll see stock futures were mixed Thursday as investors weighed on less-hawkish minutes from the Federal Reserve.

Investors were relieved as the Fed minutes didn’t show an even more aggressive path to tackle inflation, though central banks are still vowing to resolve higher prices.

Here’s a look at the top-moving stocks this morning.

Nutanix (Nasdaq: NTNX)

Nutanix is down 35.25% premarket after a poor fourth-quarter forecast. Nutanix executives reported fourth-quarter revenue of $340 million to $360 million, while analysts on average were expecting revenue of $439 million, according to FactSet. As a result, the company pulled its annual forecast from $1.63 billion to revenue of $1.54 billion. Nutanix is looking uncertain right now.

Williams-Sonoma, Inc. (NYSE: WSM)

Williams-Sonoma is up 8.71% premarket after its latest earnings beat. The company came out with earnings of $3.50 per share, beating the Zacks Consensus Estimate of $2.99 per share. The quarterly report represents an earnings surprise of 17.06%. A quarter ago, the company delivered an earnings surprise of 13.39%. Williams-Sonoma is looking strong.

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Twitter (NYSE: TWTR)

Twitter is up 5.62% premarket after Elon Musk poured another $6.25 billion in equity to the financing package in his $44 billion takeover bid. Musk’s financing move reaffirms his commitment to the deal following last week’s conflict over the scope of so-called ‘bot’ accounts on the platform. Twitter is a stock to keep an eye on going forward.

Splunk Inc. (Nasdaq: SPLK)

Splunk is up 5.24% premarket as the provider of data-security and IT posted better-than-expected results for its fiscal first quarter. Splunk brought in revenue of $674 million, up 34% from a year ago, and ahead of the guidance range of $615 million to $635 million. Splunk also mentioned its cloud revenue was up 66% as the company continues to make progress shifting its business model. Splunk is looking strong.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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