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Wire

Top Midday Stories: Dell Fiscal Q2 Earnings, Guidance Beat Estimates; Uber to Cut About 10% of Workforce

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%.Price: $445.24, Change: $+20.24, Percent Change: +4.76%

$DELL$GTLB$NVDA$PANW$UBER
Wire

Macquarie Adjusts Price Target on Gitlab to $45 From $28, Maintains Neutral Rating

Gitlab (GTLB) has an average rating of hold and mean price target of $52.91, according to analysts polled by FactSet.Price: $52.86, Change: $+7.76, Percent Change: +17.22%

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Wire

GitLab's Solid Q2 Reflects New Logo Growth, Agentic Offerings, RBC Says

GitLab (GTLB) posted a strong fiscal Q2, with improving growth across new customers, small and medium-sized business stabilization, seat expansion and public-sector activity, while early traction from Flex and agentic offerings pointed to further acceleration, RBC Capital said in a note emailed Wednesday.RBC called the quarter's results as refreshingly optimistic and highlighted that fiscal 2027 guidance was moved higher across the board.Revenue rose 21.3% year over year to $286.3 million, beating consensus by 4.8%, as first orders grew more than 100% to about 1,700 and new-logo net annual recurring revenue increased about 39%, while sales capacity rose about 30% during the quarter, the firm noted.Flex saw early traction, with over 130 customers committing more than $20 million in the first six weeks, while agentic offerings gained momentum, according to the report.RBC maintained its sector perform rating on the stock and raised its price target to $60 from $46.GitLab shares were up 15% in Wednesday trading.Price: $52.16, Change: $+7.07, Percent Change: +15.67%

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Wire

GitLab's Platform Usage Driven Higher by AI, Morgan Stanley Says

GitLab's (GTLB) platform is witnessing a surge in usage, driven by artificial intelligence, Morgan Stanley analysts said in a Wednesday note.Analysts said that Q2 was GitLab's best quarter in some time, with revenue beating consensus estimates by 5% and several metrics pointing to sharper execution.Morgan Stanley said that while it is encouraged by the company's Q2 results, it seeks to improve its understanding of the customer reaction function to GitLab's consumption pricing plan.Analysts said that larger-than-expected migration to Flex contracts could push out revenue to future quarters, as Flex contracts do not recognize revenue upfront.Morgan Stanley retained an equal-weight rating on the stock, but increased its price target to $57 from $30.Price: $51.19, Change: $+6.10, Percent Change: +13.53%

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Wire

Gitlab Q2 Adjusted EPS Flat, Revenue Rises; Q3 Guidance Set

Gitlab (GTLB) reported Tuesday Q2 adjusted earnings of $0.24 per diluted share, unchanged from a year earlier.Analysts polled by FactSet expected $0.18.Revenue for the quarter ended July 31 was $286.3 million, up from $236.0 million a year ago.Analysts expected $273.1 million.GitLab expects Q3 adjusted EPS of $0.19 to $0.20 on revenue of $281 million to $283 million. Analysts expect $0.18 and $280.9 million, respectively.For fiscal 2027, the company currently expects adjusted EPS of $0.85 to $0.87 on revenue between $1.129 billion and $1.133 billion. Analysts expect $0.81 and $1.12 billion, respectively.

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Wire

Gitlab Facing Tough Setup Ahead of Q2 Results, UBS Says

Gitlab (GTLB) is likely seeing a slight improvement quarter on quarter but given the shares' recent run, the setup for the company looks tough as expectations are also moving higher, UBS Securities said in a note emailed Friday after GitLab partner checks.UBS said that overall the partner checks indicated a "stable demand outlook" for the company, with the partners "landing in-line/slightly ahead of their Q2 practice growth targets."The investment firm also said it "picked up stable seat growth" and "minimal disruption" from the recent layoffs.UBS said that after the partners' feedback it believes a "similar beat to Q1" is possible, which would mean about 20% total revenue growth in Q2.However, since the company's share price is more than double off its April lows, expectations may now be above this level to about 21% to about 22% revenue growth, the note said, adding these expectations are "aggressive and we therefore prefer to remain on the sidelines into the print."UBS has a neutral rating on Gitlab and raised the company's price target to $40 from $35.Price: $41.67, Change: $-0.41, Percent Change: -0.97%

$GTLB
Major Software Providers Poised for Quarterly Beats Amid 'Bullish' Reseller Feedback, RBC Says
US Markets

Major Software Providers Poised for Quarterly Beats Amid 'Bullish' Reseller Feedback, RBC Says

Several major software companies are likely to top expectations for their upcoming quarterly financial results amid an "incrementally more optimistic" feedback from resellers and other factors, RBC Capital Markets said in a note e-mailed Friday.The brokerage raised its price targets for 12 of the 14 software providers in its sector coverage, including CrowdStrike (CRWD) and Snowflake (SNOW), which it tagged as its "favorite growth idea." RBC expects both Autodesk (ADSK) and CrowdStrike, in particular, to raise their respectively financial outlooks."Our recent checks and on-quarter results from our (artificial intelligence), cyber, infra and data coverage leave us more optimistic as we head into the (second half of the year), with upside to consensus estimates now appearing more likely," Matthew Hedberg, RBC's head of global technology, internet, media and telecom research, said in a note to clients."Our off-(quarter) cyber checks were particularly bullish, as we found resellers incrementally more optimistic regarding recent results and the potential for a strong (second half)," Hedberg wrote.The brokerage raised its price target on the Snowflake stock to $372 from $313. "We continue to believe Snowflake is one of the few software companies benefiting directly from AI-readiness as we remain positively biased on shares," Hedberg said.RBC revised its price target for CrowdStrike's shares to $256 from $188.75. The brokerage tagged the company as a "top (long-term) idea and category leader.""Following another round of bullish reseller checks, we look for another strong beat/raise quarter (for CrowdStrike)," Hedberg said. "While we think demand trends remain very healthy and assume nice upside to (second-quarter) estimates, the (short-term) setup is trickier, as CrowdStrike has higher company-specific expectations and valuation (versus) peers."While RBC maintained its $305 price target on the Autodesk stock, Hedberg described the company's setup as "favorable coming off a strong beat-and-raise quarter.""We believe (fiscal 2027) guidance has an opportunity to move slightly higher this quarter and over (the second half)," Hedberg wrote. "We continue to like design and vertical software ideas like (Autodesk), as we believe they are less prone to AI headwinds and could start to see AI tailwinds due to proprietary data moats."Citing "peer-multiple expansion," RBC also raised its price targets for GitLab (GTLB), Okta (OKTA), Palo Alto Networks (PANW), SailPoint (SAIL), among other names. It maintained its price target on the Zscaler (ZS) stock at $200.Price: $217.71, Change: $-7.82, Percent Change: -3.47%

$ADSK$CRWD$GTLB$OKTA$PANW$SAIL$SNOW$ZS
Wire

UBS Adjusts Gitlab Price Target to $35 From $32, Maintains Neutral Rating

Gitlab (GTLB) has an average rating of hold and mean price target of $33.83, according to analysts polled by FactSet.Price: $34.50, Change: $+0.64, Percent Change: +1.89%

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Wire

BofA Securities Adjusts Gitlab Price Target to $34 From $32, Maintains Neutral Rating

Gitlab (GTLB) has an average rating of Hold and mean price target of $33.61, according to analysts polled by FactSet.Price: $31.82, Change: $+0.70, Percent Change: +2.25%

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Research

Research Alert: Gtlb: Q1 Results And Outlook Beat; Announces 14% Workforce Reduction

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:GTLB delivered strong Q1 results with revenue of $264.2M (+23% Y/Y) beating consensus by $9.6M and non-GAAP EPS of $0.23 exceeding expectations by $0.03. Non-GAAP operating margin expanded 200 bps to 14%, reflecting meaningful profitability improvement from 12% in the prior year. However, customer metrics showed deceleration with customers above $5K ARR growing 7% Y/Y and those above $100K ARR up 18%, both slower than prior quarter, while dollar-based net retention declined 100 bps sequentially to 117%. Management detailed its restructuring plan involving a 14% workforce reduction of 350 employees and exiting 22 countries, expecting $30-35M in pre-tax charges with $19M anticipated in Q2. The company guided FY 27 revenue of $1,112-1,118M above consensus and non-GAAP EPS of $0.79-0.82, also beating Street estimates. Strong cash generation continued with operating cash flow of $149.2M (+40% Y/Y) and the company repurchased 2.4M shares during the quarter.

$GTLB
Equities Mostly Rise Intraday as Traders Parse Labor Market Data
US Markets

Equities Mostly Rise Intraday as Traders Parse Labor Market Data

US benchmark equity indexes were mostly higher intraday as investors evaluated fresh labor market data and continued to monitor Middle East developments.The Dow Jones Industrial Average was up 0.3% at 51,225.9 after midday Tuesday, while the S&P 500 rose 0.1% to 7,606.1. The Nasdaq Composite was little changed at 27,093.8. The indexes notched fresh closing highs in the previous session.Among sectors, utilities paced the gainers intraday Tuesday, while communication services saw the biggest decline.In economic news, US job openings hit their highest level in almost two years in April, while hiring and layoffs fell, official data showed."Job openings jumped to their highest level in nearly two years, but this likely overstates the strength of the labor market, as the increase didn't translate into a higher hiring rate," Oxford Economics said in a note. "The result should be taken with a grain of salt and doesn't suggest a sudden tightening of labor market conditions is ahead."Official data are expected to show Friday that the US economy added 95,000 nonfarm jobs in May, compared with a 115,000 increase reported for the previous month, according to a Bloomberg poll.West Texas Intermediate crude oil was up 1.6% at $93.59 a barrel intraday Tuesday, while Brent rose 1.1% to $96.04.Israel and Lebanon kicked off high-stakes talks in the US as renewed hostilities between Israel and Iran-backed Hezbollah threaten to derail peace talks between Washington and Tehran, CNN reported.Negotiations with Iran have been "going on continuously," US President Donald Trump said Tuesday."Where they lead, one never knows, but as I told Iran, 'It's time, one way or another, for you to make a deal'," Trump said in a social media post.On Monday, Iranian state-affiliated outlet Tasnim reported that the country suspended talks with the US in retaliation to Israel's military action in Lebanon.US Treasury yields were mixed intraday Tuesday, with the 10-year rate down two basis points at 4.46%, and the two-year rate little changed at 4.05%.In company news, Hewlett Packard Enterprise (HPE) shares jumped nearly 16%, the second-top gainer on the S&P 500. Late Monday, the information technology company lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results.Marvell Technology (MRVL) shares surged 29% intraday Tuesday after Nvidia (NVDA) Chief Executive Jensen Huang reportedly said Marvell could be the next chip company to join the trillion-dollar club.Palo Alto Networks (PANW), Ulta Beauty (ULTA) and GitLab (GTLB) are expected to report their latest quarterly financial results after the closing bell Tuesday, along with others.Gold was up 0.3% at $4,517.60 per troy ounce, while silver rose 0.4% to $75.54 per ounce.

Dow JonesNasdaq CompositeS&P 500$GTLB$HPE$MRVL$NVDA$PANW$ULTA
Stocks Down Pre-Bell Amid Uncertainty Over US-Iran Peace Talks
US Markets

Stocks Down Pre-Bell Amid Uncertainty Over US-Iran Peace Talks

The benchmark US stock measures were tracking in the red before the opening bell Tuesday amid uncertainty over the status of peace talks between the US and Iran.The S&P 500 and the Nasdaq edged down 0.1% each in premarket activity, while the Dow Jones Industrial Average was off 0.2%. All three indexes logged new closing highs in the previous trading session.In a social media post on Monday, President Donald Trump said that talks with Iran were continuing "at a rapid pace." The post came after Trump told CNBC in an interview earlier on Monday that he "couldn't care less" if negotiations with Tehran failed.Iranian state-affiliated outlet Tasnim reportedly said Monday that the country suspended talks with Washington in retaliation to Israel's military action in Lebanon. In a separate social media post, Trump said he spoke to Israeli Prime Minister Benjamin Netanyahu and Iran-backed Hezbollah representatives, with both agreeing to stop the fighting."These shifting conditions alongside continued kinetic skirmishes between the parties are likely to further erode Iranian trust as officials have already cited the fluidity of priorities as a point of friction with Iran making clear that nuclear dialogue is contingent on successful negotiations to end the war and reopen the Strait of Hormuz," Tudor Pickering Holt said in a note on Monday.West Texas Intermediate crude oil declined 1.2% to $91.06 a barrel before the opening bell, while Brent decreased 1.1% to $93.90.Tuesday's thin economic calendar has the Job Openings and Labor Turnover Survey for April at 10 am ET. Federal Reserve Bank of Cleveland President Beth Hammack is scheduled to speak at 8:30 am.Treasury yields were down in premarket action, with the two-year rate retreating 3.9 basis points to 4.01% and the 10-year rate falling 4.7 basis points to 4.43%.Shares of Marvell Technology (MRVL) jumped 24% pre-bell after the company finished Monday trading with a 7% gain. Hewlett Packard Enterprise (HPE) rose 26% as the information technology firm lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results.Alphabet's (GOOG, GOOGL) class A and C shares declined more than 2% each as the Google parent disclosed plans to raise $80 billion in equity for artificial intelligence infrastructure expansion.Dollar General (DG), Donaldson (DCI), Victoria's Secret (VSCO) and Signet Jewelers (SIG) report their latest financial results before the bell, among others. Palo Alto Networks (PANW), Ulta Beauty (ULTA) and GitLab (GTLB) post earnings after the markets close.Gold gained 1.2% to $4,561 per troy ounce, while bitcoin dropped 2.7% to $69,539.

Dow JonesNasdaq CompositeS&P 500$DCI$DG$GOOG$GOOGL$GTLB$HPE$MRVL$PANW$SIG$ULTA$VSCO
Wire

GitLab Shares Rise After Version 19.0 Launch

GitLab (GTLB) shares were up about 4.1% in Friday trading after the company said late Thursday it released version 19.0 of its platform to expand secrets management, continuous integration visibility, and supply chain governance.The software company introduced the public beta of its secrets manager to store credentials and restrict access exclusively to authorized jobs, it added.The update expands developer flow capabilities across the merge request lifecycle and provides component analytics for shared infrastructure oversight, the company said.The self-hosted agent platform now incorporates four additional open-source models to assist teams operating in restricted or regulated environments, GitLab added.The latest release also features dependency scanning and security configuration profiles to help developers track third-party components and enforce safety policies, it said.Price: $26.59, Change: $+0.97, Percent Change: +3.77%

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Wire

Gitlab Executive Chair Converts Stock Holdings

Gitlab (GTLB) said in a Tuesday regulatory filing that the board's executive chair Sytse Sijbrandij converted all of his class B common stock holdings into class A shares on May 14.Each class B share entitles the holder to cast 10 votes per share compared with a single vote per share for the class A stock, according to the filing.The conversion was executed for Sijbrandij's personal tax planning matters, according to the company.Price: $25.19, Change: $+0.10, Percent Change: +0.40%

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Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Gitlab Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target price to $24 from $27, on a forward EV/S of 2.6x our FY 27 (Jan.) sales projection of $1.11 billion. We maintain our FY 27 EPS projection at $0.80 and our FY 28 EPS forecast at $1.04. Earlier this week, GTLB announced a global restructuring plan to optimize its operational footprint, flatten the organization, and reorganize its teams and processes for better efficiency. The company intends to shrink the number of R&D teams and the number of countries by up to 30% where it has small teams, while improving operational efficiency with greater use of AI and automation. Cost savings realized from this global restructuring initiative will be reinvested into accelerating its growth objectives. A transition of this scale adds execution risk to the business in the short term, in our view, although management reaffirmed its FY 27 outlook. The company will provide more details of the financial impact at its upcoming Q1 earnings call on June 2.

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Research

Raymond James Downgrades Gitlab to Market Perform From Outperform

Gitlab (GTLB) has an average rating of Hold and mean price target of $30.63, according to analysts polled by FactSet.

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Wire

Gitlab Deepens Anthropic Integration to Add Claude Models

Gitlab (GTLB) said Tuesday it has deepened its integration with Amazon (AMZN)-backed Anthropic's Claude models, enabling customers to access the latest capabilities within its existing governance, compliance and audit framework.The integration includes the newly released Claude 4.7 Opus via Alphabet's (GOOG, GOOGL) Google Cloud and Amazon Web Services' Bedrock. This setup allows organizations to route artificial intelligence workloads through their existing hyperscaler contracts and meet specific data residency requirements, Gitlab said.GitLab also said it has joined the Claude Marketplace, enabling customers to purchase GitLab credits using their existing Anthropic spending commitments.Price: $22.62, Change: $+1.17, Percent Change: +5.45%

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Research

BofA Securities Downgrades Gitlab to Neutral From Buy

Gitlab (GTLB) has an average rating of Hold and mean price target of $30.79, according to analysts polled by FactSet.

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Wire

Gitlab Shares Range-Bound in Near-Term, RBC Capital Markets Says

Gitlab (GTLB) shares will be range-bound with limited near-term upside to estimates due to multiple headwinds, RBC Capital Markets said in a Monday research report.Challenges include difficult premium-price increase compares, first-order sales transition risks, rising corporate layoffs, geopolitical volatility, and competitor concerns, the analysts said.While the long-term opportunity as a DeVSecOps platform is lucrative and the Duo Agent platform could serve as a medium-term catalyst, it does not contribute to short-term results, according to the report.RBC downgraded the stock to sector perform from outperform and cut its price target to $25 per share from $33.Price: $21.33, Change: $-0.09, Percent Change: -0.42%

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Research

RBC Downgrades Gitlab to Sector Perform From Outperform, Cuts Price Target to $25 From $33

Gitlab (GTLB) has an average rating of hold and mean price target of $32.08, according to analysts polled by FactSet.

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