Premarket movers: Nvidia in focus, Intuit slides and Semtech surges

Investing.com - U.S. stock futures hovered around the flatline on Wednesday, as investors remained cautious ahead of the latest U.S. inflation data and Nvidia’s quarterly results, with both events likely to offer fresh clues on the outlook for interest rates and the durability of the artificial intelligence trade.

By 06:19 ET (10:19 GMT), the Dow futures contract was mostly unchanged, S&P 500 futures had slipped 7 points, or 0.1%, while Nasdaq 100 futures had fallen 66 points, or 0.2%.

Here are some of the biggest premarket U.S. stock movers today:

Spyre Therapeutics stock fell 11.7% in pre-open trading after the biotechnology company released topline results from the rheumatoid arthritis sub-study of its Phase 2 SKYWAY basket trial evaluating SPY072.

Although both doses of the anti-TL1A antibody produced statistically significant improvements over placebo on at least one efficacy measure, including a 63% ACR20 response rate for the high dose versus 43% for placebo, the overall efficacy fell short of Spyre’s internal threshold for advancing the drug as a standalone treatment.

The company said it would therefore not develop SPY072 as a monotherapy for rheumatoid arthritis, weighing on shares despite the positive statistical results.

Boston Scientific stock fell 3.2% in premarket trading after the medical device maker disclosed a cybersecurity incident that disrupted its information technology systems on Tuesday.

The company said the incident had affected global operations and limited its ability to process and fulfill customer orders. Boston Scientific activated its incident-response protocols and brought in third-party cybersecurity specialists, but warned that disruptions could continue.

The disclosure raises concerns over a potential near-term revenue impact and adds to an already challenging operating backdrop. TD Cowen maintained a Buy rating and $56 price target but noted that recent guidance reductions and cautious management commentary had prompted significant cuts to revenue estimates through 2027.

SolarEdge Technologies shares rose 5.6% in premarket trading after UBS upgraded the solar equipment maker to Buy from Neutral and raised its price target to $42 from $36.

UBS said the U.S. Federal Communications Commission’s decision to add foreign-produced power inverters to its national-security Covered List could tighten supply and strengthen the competitive position of domestic-aligned suppliers such as SolarEdge.

The ruling, which took effect July 28, prevents new models of foreign-manufactured networked inverters from receiving the authorization required to be imported, marketed or sold in the U.S. UBS estimates the restrictions could affect more than half of the U.S. inverter market, potentially giving SolarEdge greater pricing power and an opportunity to gain market share.

Semtech stock jumped 4.7% in pre-open trading after the semiconductor company reported record fiscal second-quarter results and delivered a stronger-than-expected outlook.

Revenue rose to $341.9 million, topping consensus expectations by roughly 4%, while adjusted earnings per share of $0.71 exceeded estimates by about 16%.

Data-center revenue was a key highlight, reaching a record $100 million, up 91% from a year earlier. LoRa-enabled revenue also hit a record $58 million.

For the third quarter of fiscal 2027, Semtech forecast revenue of $405 million to $415 million, putting the midpoint about 14% above Wall Street expectations. Adjusted EPS guidance of $1.02 to $1.08 also came in well above consensus of roughly $0.73.

GoDaddy shares fell 3.5% in premarket trading after Wells Fargo downgraded the web-services company to Underweight from Equal Weight and set a $76 price target.

The move marked the first outright sell-equivalent rating among analysts covering GoDaddy, shifting a previously bullish consensus that included eight Buy ratings and nine Holds.

GoDaddy has faced pressure since its second-quarter results, when the company narrowed its full-year revenue guidance to $5.215 billion-$5.255 billion, with the midpoint coming in below Wall Street expectations.

Ncino stock declined 4.9% before the open after the cloud-based banking software company reported fiscal second-quarter earnings that significantly missed expectations.

Adjusted earnings per share came in at $0.05 for the quarter ended July 31, compared with analyst expectations of roughly $0.27. The more than 80% earnings miss triggered a selloff in after-hours trading that continued into Wednesday’s premarket session.

Sadot Group shares climbed 10.3% in pre-open trading after the company filed to register a secondary offering of up to 4.25 million shares by selling stockholders.

The filing comes as the stock remains caught up in a period of speculative momentum following the completion of its February debenture restructuring and the company’s ongoing transition toward an AI-focused commodity trading technology platform.

Intuit stock tumbled 11.8% in premarket trading to $315.30 after the financial software company issued fiscal 2027 guidance that fell well short of analyst expectations, overshadowing a strong fourth-quarter earnings beat.

The sharp decline highlights the market’s continued focus on forward guidance rather than headline earnings, particularly as investors weigh whether companies can sustain growth in a higher-for-longer interest-rate environment.

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