All three major US stock indexes were up in late-morning trading Wednesday, as the recent run-up in Treasury yields eased.
In company news, Dell Technologies (DELL) reported fiscal Q2 adjusted earnings late Tuesday of $7.04 per diluted share, up from $2.32 a year earlier and above the FactSet consensus analyst estimate of $4.91. Fiscal Q2 revenue was $46.97 billion, up from $29.8 billion a year ago and above the FactSet consensus of $44.89 billion. For fiscal Q3, the company expects adjusted EPS of $6.50 on revenue of $49 billion. Analysts polled by FactSet expect $4.46 and $41.36 billion, respectively. For the full year, Dell expects adjusted EPS of $25.50 on revenue of $192 billion, up from its previous guidance of adjusted EPS of $17.90 on revenue of $167 billion and above the FactSet consensus of $18.99 and $174 billion, respectively. Dell shares were up 4.9% around midday.
Uber Technologies (UBER) is laying off about 10% of its workforce as part of a restructuring plan, Chief Executive Dara Khosrowshahi said Wednesday in an email to employees that was shared on the company website. Uber had about 34,000 employees at the end of 2025, according to a regulatory filing. Uber shares were up 1.4%.
Nvidia (NVDA) is in late-stage talks to buy Hugging Face, an artificial intelligence startup, in a deal that may total about $14 billion, Bloomberg reported Wednesday, citing people familiar with the matter. The companies may strike a deal as early as this week that could include a $1 billion retention package for Hugging Face workers, the report said, citing one of the people. Nvidia shares were up 4.1%.
Palo Alto Networks (PANW) reported fiscal Q4 adjusted EPS late Tuesday of $1.02, up from $0.95 a year earlier and above the FactSet consensus of $0.98. Fiscal Q4 revenue was $3.41 billion, up from $2.54 billion a year ago and above the FactSet consensus of $3.35 billion. For fiscal Q1, the company expects adjusted EPS of $0.96 to $0.98 on revenue of $3.30 billion to $3.31 billion, above the FactSet consensus of $0.93 and $3.22 billion, respectively. For fiscal 2027, the company expects adjusted EPS of $4.16 to $4.19 on revenue of $14.10 billion to $14.20 billion, above the FactSet consensus of $4.10 and $13.84 billion, respectively. Additionally, Palo Alto Networks said late Tuesday it acquired Console, an AI-native platform that enables agentic capabilities. Financial terms were not disclosed. Palo Alto shares were down 8.1%.
Gitlab (GTLB) reported Q2 adjusted EPS late Tuesday of $0.24, unchanged from a year earlier and above the FactSet consensus of $0.18. Second-quarter revenue was $286.3 million, up from $236.0 million a year ago and above the FactSet consensus of $273.1 million. For Q3, Gitlab expects adjusted EPS of $0.19 to $0.20 on revenue of $281 million to $283 million, above the FactSet consensus of $0.18 and $280.9 million, respectively. For fiscal 2027, the company expects adjusted EPS of $0.85 to $0.87 on revenue of $1.129 billion to $1.133 billion, above the FactSet consensus of $0.81 and $1.12 billion, respectively. Gitlab shares were up 17.4%.
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