Snowflake, Five Below Lead Premarket Gainers on Earnings

Key Moments

U.S. equity index futures traded mixed, with modest gains across S&P 500, Dow, and Nasdaq 100 contracts.
Snowflake surged more than 23% premarket after beating second-quarter estimates and lifting its full-year and long-term product revenue outlook.
Ultragenyx Pharmaceutical tumbled over 44% following a late-stage trial failure for its Angelman syndrome drug candidate.

Index Futures Edge Higher After Prior Session Rebound

U.S. stock futures were mixed early Thursday, following a session in which major benchmarks ended a three-day losing run that had been pressured by rising Treasury yields and renewed U.S.-Iran tensions. S&P 500 futures were up 0.1%, Dow futures gained 0.2%, and Nasdaq 100 futures added 0.1%.

Snowflake Soars on Accelerating Growth and Higher Guidance

Snowflake shares jumped more than 23% in premarket trading after the company released second-quarter results that exceeded expectations and raised its full-year outlook.

Adjusted earnings were 62 cents per share, surpassing estimates of 45 cents. Revenue increased 35% year-over-year to $1.55 billion. Product revenue rose 37% to $1.49 billion, representing a third consecutive quarter of accelerating expansion.

The company also lifted its fiscal 2027 product revenue forecast to $6.07 billion, compared with its previous projection of $5.84 billion.

Snowflake Metrics	Reported	Estimate / Prior
Adjusted EPS	$0.62	$0.45
Total Revenue	$1.55 billion	–
Product Revenue	$1.49 billion	–
Fiscal 2027 Product Revenue Guidance	$6.07 billion	$5.84 billion (prior)

Five Below Advances on Strong Quarter and New Buyback

Five Below shares rose about 4% after the discount retailer reported fiscal second-quarter results that topped forecasts across key metrics.

Adjusted earnings per share were $1.68, compared with estimates of $1.33. Net sales increased 22.9% to $1.26 billion. Comparable sales grew 14.1%, marking a fifth consecutive quarter of double-digit same-store sales growth.

The company raised its full-year sales outlook to a range of $5.63-$5.71 billion and approved a new $600 million share repurchase program.

Five Below Metrics	Reported	Estimate / Prior
Adjusted EPS	$1.68	$1.33
Net Sales	$1.26 billion	–
Comparable Sales Growth	14.1%	–
Full-Year Sales Guidance	$5.63-$5.71 billion	–
New Share Buyback Authorization	$600 million	–

HPE Slips Despite Beat and Longer-Term Outlook Upgrade

Hewlett Packard Enterprise shares were down nearly 3% even after the company posted a better-than-expected quarter and increased its guidance for fiscal 2026 and 2027, as investors focused on continued supply constraints.

HPE reported adjusted earnings of $1.11 per share on revenue of $12.21 billion, above estimates of 92 cents and $11.93 billion, respectively.

The company also broadened its relationship with Oracle, granting Oracle an option to purchase HPE common stock and extending Juniper networking services across Oracle’s data centers. CEO Antonio Neri said AI is “becoming a multi-year growth driver” for the company.

HPE Metrics	Reported	Estimate
Adjusted EPS	$1.11	$0.92
Revenue	$12.21 billion	$11.93 billion

Broadcom Eases on Revenue Outlook, Long-Term Targets Support Shares

Broadcom shares were down around 3% after the company issued a fourth-quarter revenue forecast of $34.8 billion, below expectations of $35.05 billion.

The decline was partially offset after CEO Hock Tan projected revenue would reach $115 billion in fiscal 2027 and then double to $230 billion in fiscal 2028. Broadcom also guided for fourth-quarter AI chip sales of $21.7 billion, slightly above forecasts.

Broadcom Outlook	Figure	Estimate / Comparison
Q4 Revenue Guidance	$34.8 billion	$35.05 billion (estimate)
Q4 AI Chip Sales Guidance	$21.7 billion	–
Fiscal 2027 Revenue Projection	$115 billion	–
Fiscal 2028 Revenue Projection	$230 billion	–

Ultragenyx Plunges After Angelman Syndrome Trial Disappointment

Ultragenyx Pharmaceutical shares plunged more than 44% after its drug apazunersen failed to achieve its primary endpoint in a late-stage study for Angelman syndrome, a neurodevelopmental condition.

The treatment showed no meaningful improvement in cognitive function or overall development versus placebo. Ultragenyx said it is evaluating the future of the program.