Palo Alto, Meta, Napco Security, Nvidia, XPeng, Zoom Video and more market drivers

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Stock futures on Monday signaled a higher start for Wall Street yet

Standard & Poor’s 500
Third losing week in a row.

nvidia

This week’s earnings report will be a highlight, as will Federal Reserve Chairman Jerome Powell’s remarks at the annual central bank conference in Jackson Hole, Wid.

These stocks were poised to make moves on Monday:

Palo Alto Networks

(PANW), a cyber security company, topped its fiscal fourth-quarter earnings forecast, and its first-quarter earnings forecast also beat estimates. Palo Alto said Friday that it expects first-quarter billings of $2.05 billion to $2.08 billion, up 17% to 19%. The company’s 2024 financial outlook for adjusted earnings and billings was also better than expected. The stock was up 13% in pre-market trading.

Meta platforms

The Wall Street Journal reports that this week (META) is expected to launch a desktop version of the micro-blogging app Threads, which is a competitor to X, the former Twitter. When Themes launched in July, it became the fastest app to reach 100 million downloads, but its usage has plummeted in recent weeks. shares

meta
And

The parent company of Facebook and Instagram, up 0.5%.

Napco Security Technologies

(NSSC), which makes electronic security equipment and walkie-talkies for intrusion and fire alarm systems, fell 34% in pre-market trading after it said it identified errors related to calculating cost of goods sold and inventory for each of the first three quarters of fiscal 2023. It said it said. NAPCO said inventories were overstated and cost of goods sold was understated, “leading to an overstatement of gross profit, operating income and net income for each period.”

Stocks listed in the United States

XPeng

(XPEV) rose 5.8% to $15.85 after analysts at Bank of America raised their Buy recommendation for the Chinese electric car maker from Neutral and raised its price target to $22 from $16.30. The stock fell 4.3% on Friday after reporting second-quarter earnings and issuing strong guidance for the third quarter. Giant EV

Tesla

(TSLA) was up 3.4%.

from Broadcom

(AVGO) shares rose 0.9% and

VMware

(VMW) rose 1.8% after approval from the UK’s Competition and Markets Authority

from Broadcom

Its acquisition of the cloud infrastructure company for $69 billion.

Zoom for visual communications

(ZM) is scheduled to report second-quarter earnings after the stock market closes. Shares of the video conferencing company rose 0.7%.

In addition to

nvidia

In Wednesday’s report, it includes corporate reports later this week

Louie

(a little),

snowflake

(snow) ,

Messi

(M) ,

Toll Brothers

(TOL),

Advance auto parts

(AP),

Confirms

(AFRM),

analog devices

(ADI),

Baidu

(Begins),

dollar tree

(DLTR),

gut instinct

(INTU) and

Nordstrom

(JWN).

Write to Joe Woelfel at [email protected]