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Sign InFriday Markets: CrowdStrike Gains on Upgrade, Intel Explores Options
Alex Vellor
Stock futures climbed on Friday morning as investors eyed the final trading day of August. Futures tied to the S&P 500 rose by 0.4%, while Nasdaq 100 futures advanced 0.7%. Dow Jones Industrial Average futures were also up by 0.2%. For the month, both the S&P 500 and Dow Jones Industrial Average have gained approximately 1.2%.
However, the tech-heavy Nasdaq Composite has dipped nearly 0.5%. If the Nasdaq ends August in the red, it would mark back-to-back monthly losses for the index, signaling a challenging period for tech stocks.
Premarket Movers:
| Company | Stock Symbol | Stock Movement | Reason |
|---|---|---|---|
| Emergent Biosolutions | NYSE:EBS | +15% | FDA granted expanded approval to smallpox vaccine for use by people at high risk of mpox infection. |
| Marvell Technology | NASDAQ:MRVL | +10% | Reported second-quarter revenue that surpassed expectations, with strong AI-led demand in its data center business. |
| Intuitive Machines | NASDAQ:LUNR | +22% | NASA awarded a $117 million contract to deliver six science and technology payloads to the Moon’s South Pole. |
| Dell | NYSE:DELL | +4.5% | Reported second-quarter results that topped estimates, with strong demand for AI-optimized servers boosting performance. |
| Ulta Beauty | NASDAQ:ULTA | -8.7% | Cut its annual sales and profit forecasts due to slowing demand for higher-priced cosmetics and fragrances. |
| Lululemon Athletica | NASDAQ:LULU | +4.2% | Reported better-than-expected earnings but cut its annual sales and profit forecasts due to slowed demand in North America. |
Intel Considers Strategic Options Amid Market Pressure
Intel (NASDAQ:INTC), once a leader in the computing industry, is currently assessing its strategic options as it faces increasing market pressure. The company has engaged advisors to explore a wide range of possibilities, including potentially splitting off and selling parts of its business. These findings will be presented at an upcoming Intel board meeting in September, according to a source familiar with the matter.
Intel has been struggling as AI powerhouse Nvidia continues to dominate the market. Earlier this month, Intel reported disappointing earnings and announced plans to lay off 15,000 workers. This move reflects the company's ongoing challenges in maintaining its position in a rapidly evolving tech landscape, where AI and other emerging technologies are reshaping the industry.
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Euro Zone Inflation Falls to Three-Year Low
In Europe, Eurozone inflation fell to a three-year low of 2.2% in August, according to flash figures from Eurostat.
This marks a significant decrease from previous months and indicates a cooling of inflationary pressures in the region. The core inflation rate, which excludes volatile components such as energy, food, alcohol, and tobacco, also dropped slightly to 2.8% in August from 2.9% in July, matching a Reuters poll.
Markets have fully priced in another interest rate cut of 25 basis points by the European Central Bank (ECB) in September. This comes after the ECB’s first rate reduction in June, with expectations for another 25 basis point cut before the year’s end. The decline in inflation provides the ECB with more room to maneuver as it seeks to stimulate economic growth in the Eurozone.
CrowdStrike Gains on Analyst Upgrade
Shares of CrowdStrike (NASDAQ:CRWD), a leading cloud security platform, saw a 2% uptick following an upgrade to a buy rating by HSBC. Analyst Stephen Bersey noted that the worst might be over for CrowdStrike after a mid-July outage caused by a software update. This positive outlook helped boost investor confidence in the company, which has been navigating challenges in the competitive cloud security market.
CrowdStrike's recovery signals resilience in the face of operational hiccups and points to a potentially brighter future for the company as it continues to innovate in cybersecurity. The upgrade from HSBC is a vote of confidence that could encourage further gains in CrowdStrike’s stock.
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Alex Vellor
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