Prior to the opening bell, several firms experienced significant movements in their stocks. Dollar General slumped 15.3% upon reporting Q2 earnings per share (EPS) of $2.13, which failed to meet the StreetAccount consensus of $2.47. Revenue likewise underperformed the expected $9.93 billion, while guidance for the Q2 and full year disappointed as well. During premarket trading, Campbell Soup saw its components increase by 1% following its announcement of revenue of $2.07 billion, beating the projected $2.06 billion from Refinitiv analysts. Shares of UBS jumped nearly 5% due to the Swiss bank's Q2 profit of $28.88 billion, surpassing the anticipated $12.8 billion given in a Reuters poll. The e-commerce platform Shopify climbed 7% when it declared merchants could incorporate Amazon's "Buy with Prime" function. Conversely, Palantir lost 3.6% as Morgan Stanley downgraded the firm to underweight from equal weight, considering investors will expect tangible revenue from the organization's generative artificial intelligence projects and may be let down in the process. Despite this, Palantir's stock has still grown 154% this year. Salesforce increased 6.2% when it posted a Q2 earnings beat after the bell Wednesday, with an adjusted EPS of $2.12 versus the consensus estimate of $1.90 and revenue of $8.60 billion rather than the expected $8.53 billion. Goldman Sachs subsequently raised its price target to $340 a share, foreseeing 58% growth. The cannabis stocks of Canopy Growth, Cronos Group, and Tilray Brands all originated higher after the U.S. Department of Health and Human Services proposed reclassifying marijuana as a lower-risk drug, with the former two rising 2.6% and 2.3%, respectively, and Canopy Growth going up roughly 1%. Victoria's Secret's stock plummeted 6.5% because of its Q2 earnings and revenue miss, as well as its forecast for a Q3 loss of 70 cents to $1 per share that was worse than the 14 cent loss predicted by analysts. On the other hand, Arista Networks' stock rocketed 276% after Citi upgraded it to buy from neutral, considering it an early AI play. Okta's stock surged 10.6% off its earnings and revenue beat following the bell Wednesday, with second-quarter adjusted EPS of 31 cents compared to the 22 cents expected from Refinitiv analysts and revenue of $556 million instead of the expected $535 million. In addition, Okta provided a strong outlook for the full year. SkyWest's stock moved higher by 3.7% when Raymond James upgraded it to outperform from market perform, citing the firm's recent achievements of getting partners to absorb higher costs as well as the dwindling pilot attrition trends. Five Below's stock dropped close to 5% due to its guidance for Q3 coming in below expectations, although its Q2 results were roughly in line. Chewy had its stock decrease by 4.8%, even though it had an earnings and revenue beat postmarket Wednesday, because of its revenue guidance for Q3 of $2.74 billion to $2.76 billion being under the $2.79 billion projected by StreetAccount analysts.
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