A Clear AI Frontrunner

By George Banko

October 25, 2023

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures fell on Wednesday after mixed earnings from two major tech companies (more on that below). Tech stocks are dealing with the pain of increased yields, which rose again on Wednesday. Several more groups are on deck to report today, including Meta, IBM, and Boeing.

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

Microsoft Corporation (Nasdaq: MSFT)

Microsoft is up 3.98% premarket. The tech giant flexed its AI muscle, adding about $100 billion to its stock market value. Most of its fortunes came largely in the competing cloud market, with an unexpected rebound in growth in its cloud computing platform, Azure.

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Alphabet Inc. (Nasdaq: GOOG)

Google is down 6.15% premarket after a poor showing by the company’s cloud business sent the stock down. Google’s cloud business fell short of Wall Street’s estimates, topping out a $8.41 billion in the quarter versus expectations of $8.6 billion.

Snap Inc. (NYSE: SNAP)

Snap, Inc. is up 1.44% premarket after beating earnings estimates for the third quarter. It posted a quarterly earnings surprise of 150%, coming in with earnings of $0.02 per share that beat the Zacks Estimate of a loss of $0.04 per share.

Vertiv Holdings Co. (NYSE: VRT)

Vertiv is up 10.81% premarket after posting strong third quarter numbers. Its net sales of $1,743 million was 18% higher than the third quarter of 2022. It also raised its full year 2023 operating profit guidance from $842 million to $852 million and adjusted operating profit to $1,020 million to $1,030 million.