Early Look

Thursday, August 28, 2025

It’s a tough go when another big quarter with a big guide isn’t enough to satisfy investors. While that is a very broad-strokes view of the NVDA quarter and results may not have been enough to keep NVDA out of the red overnight, the market overall heard the expectations for ongoing growth and generally shrugged off any disappointment in data center sales. Looking ahead, we continue to approach the end of quarterly earnings from market-moving companies and the market will once again be all about the Fed. 

In Asian markets, The Nikkei Index gained 0.73% to 42,828 and Shanghai Index climbed 1.14% to $3,843 while the Hang Seng Index dipped 0.81% to 24,998. In Europe, it’s also a mixed bag as the German DAX is slightly rising by 0.05% to 24,055 while the FTSE 100 dipped by 0.41% to 9,217 but the CAC 40 gains 0.38% to 7,773.

• The Dow Jones Industrial Average rose 147.16 points, or 0.32%, to 45,565.23
• The Nasdaq Composite gained 45.87 points, or 0.21%, to 21,590.14
• The Russell 2000 Index advanced 15.20 points, or 0.64% to 2,373.80

• 8:30 AM ET GDP Consumer Spending for Q2, preliminary…prior +1.4%
• 8:30 M ET GDP Price Deflator for Q2, preliminary…est. +2.0%
• 8:30 AM ET PCE Prices, Prelim for Q2…prior +2.1%
• 8:30 AM ET                  Core PCE Prices, Prelim for Q2…est. +2.6%
• 8:30 AM ET                  Weekly Jobless Claims…est. 230K (prior 235K)
• 8:30 AM ET                  Continuing Claims…est. 1.97M (prior 1.972M)
• 10:00 AM ET                Pending Home Sales M/M for July…est. (-0.1%)
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                Kansas City Fed Manufacturing for August…prior (-3)
• 1:00 PM ET U.S. Treasury to sell $44B in 7-year notes

• Earnings After the Close: ADSK AFRM AMBA BULL CARL DELL DOMO ESTC GAP IREN MRVL S ULTA WOOF

• Deutsche Bank 2025 Technology Conference, 8/27-8/28, in Dana Point, CA
• Jefferies Semiconductor, IT Hardware & Communications Technology Conference, 8/27-8/28, in Chicago

• Japan’s trade negotiator cancelled a visit to the US, delaying progress on tariffs.
• China regulator says it will prevent “irrational” competition.

• Urban Outfitters (URBN) Q2 EPS $1.58 tops consensus $1.46; Q2 revs $1.5B vs. est. $1.48B; Q2 comparable retail segment net sales increased 5.6%; Q2 Subscription segment sales surge 53.2%, boosting overall revenue growth; said 53.2% increase in net sales primarily due to a 48.1% rise in average active subscribers.

• Celcuity (CELC) to initiate NDA submission of gedatolisib in pik3ca wild-type cohort in HR+/her2- advanced breast cancer under FDA’s real-time Oncology review program.
• Cooper Companies (COO) Q3 EPS $1.10 vs. consensus $1.07 on in-line revs of $1.06B; said CooperSurgical’s gross and operating margins were impacted by a product line exit, reducing GAAP margins; CooperVision revenue grew 6% driven by strong performance in Toric and multifocal lenses; guides Q4 revs $1.05-$1.07B vs. est. $1.09B while EPS view in-line.
• Veeva Systems (VEEV) Q2 EPS $1.99 vs. est. $1.90 on better revs rising 17% y/y to $789.10M vs. est. $768.73M; Q2 subscription-services revenue came in at $659.2M, up 17% y/y; now expects FY adj EPS $7.78 on revenue between $3.13B-$3.14B above prior views of $7.63 and $3.09B-$3.1B.
• Susan Monarez, the director of the Centers for Disease Control and Prevention, is being ousted from the position less than a month after being sworn in, the Washington Post reported on Wednesday, citing multiple Trump administration officials familiar with the matter.

• CrowdStrike (CRWD) Q2 adj EPS $0.93 vs. est. $0.83; Q2 revs $1.17B vs. est. $1.15B; reported record Q2 net new ARR of $221 million, over 1,000 Flex customers; agrees to acquire Onum to supercharge Falcon next-gen SIEM; guides Q3 revs $1.21B-$1.22B vs. est. $1.23B and narrows year revenue outlook while raises FY26 EPS view to $3.60-$3.72 from $3.44-$3.56 (est. $3.51).
• Hewlett Packard (HPQ) Q3 EPS $0.75, in-line with consensus on revs rose 3% y/y to $13.93B vs. est. $13.71B, riven by growing demand for artificial intelligence-powered personal computers and Windows 11 upgrade cycle; Q3 revenue for the personal systems unit, which houses both consumer and commercial PCs, grew 6% to $9.93B; sees Q4 EPS $0.87-$0.97 vs. est. $0.92.
• Snowflake (SNOW) shares jumped on results; Q2 adj EPS $0.35 vs. est. $0.27; Q2 revs $1.1B vs. est. $1.09B; Q2 product revs rose 32% y/y to $1.09B and sees Q3 product revs $1.125B-$1.13B and raises its FY25 product revenue view to $4.395B from $4.325B.
• Bill Holdings (BILL) Q4 adj EPS $0.53 vs. est. $0.31 on revs rose 12% y/y to $383.3M vs. est. $376.26M; authorizes up to $300M share repurchase program; sees Q1 adj EPS $0.49-$0.52 vs. est. $0.53 and revs $385M-$395M, vs. consensus $393.93M.
• Domo (DOMO) shares fell; reports Q2 EPS $0.02 vs. est. loss (-$0.05); Q2 revs $79.7M vs. est. $78.1M; guided Q3 EPS loss (-$0.07-$0.03) vs. est. loss (-$0.05) on revs $78.5M-$79.5M vs. est. $79M; Q2 Subscription RPO increased 19% y/y; reported its first-ever positive non-GAAP EPS of $0.02, driven by accelerating ACV and strong subscription RPO.
• NetApp Inc. (NTAP) Q1 EPS $1.55 vs. est. $1.54 on slightly better revs $1.56B vs. consensus $1.54B; sees FY26 EPS $7.60-$7.90 vs. est. $7.75 and revs $6.625B-$6.875B vs. est. $6.77B; sees FY gross margin 71%-72%; All-flash array revenue grew 6% y/y to $893M in Q1; Q1 billings grew 4% y/y to $1.51B.
• Nutanix (NTNX) Q4 revs $653.3M vs. est. $641.5M; Q4 adj operating income $119.5M vs. est. $102.1M; authorizes $350M share buyback; announced that they have decided to enter into a strategic collaboration and have signed a long-term contract; guides FY revs $2.9B-$2.94B
• Pure Storage (PSTG) shares jumping on results; Q2 EPS $0.43 vs. est. $0.39; Q2 revs $861M vs. est. $846.5M; Q2 subscription services revenue $414.7M, up 15% y/y; sees Q3 revenue $950M-$960M, above consensus $913.46M and raises FY26 revenue view to $3.6B-$3.63B from $3.51B; boosts FY26 adjusted operating income view to $605M-$625M above its prior view $595M.
• Google (GOOGL) said on Wednesday it would invest an additional $9 billion in Virginia through 2026 in cloud and AI infrastructure.
• Penguin Solutions Inc (PENG) files for offering of up to 6.1M shares of common stock by the selling securityholder.