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Wire

Hewlett Packard Enterprise's Solid Order Growth Backs Upbeat Fiscal 2027 Outlook, Morgan Stanley Says

Hewlett Packard Enterprise's (HPE) solid order growth backs its strong fiscal 2027 guidance, following higher orders across the business in fiscal Q3, Morgan Stanley said in a Thursday note.The company reported fiscal Q3 non-GAAP earnings of $1.11 per diluted share, up from $0.44 a year earlier, as net revenue rose to $12.21 billion from $9.14 billion. The period saw a 36% increase in networking orders and a 75% rise in traditional server orders, while artificial intelligence systems backlog reached about $7 billion, the brokerage noted.Morgan Stanley said the order and backlog trends indicate demand durability into 2027, noting that a bulk of the company's outlook reflects this strong demand. The investment firms sees further upside to Hewlett Packard Enterprise's fiscal 2027 revenue growth outlook of 13% to 17%, according to the note.Supply, however, remains as a limiting factor in the company's servers and networking business, Morgan Stanley noted.Morgan Stanley cut its price target on Hewlett Packard Enterprise to $67 from $69, while maintaining its overweight rating.Price: $48.00, Change: $-3.83, Percent Change: -7.39%

$HPE
Wire

Hewlett Packard Enterprise 2027 Estimates Retain Upward Bias, BofA Says

Hewlett Packard Enterprise's (HPE) 2027 estimates retain an upward bias because multi-year supply commitments and orders are ahead of revenue, with restructuring efforts and synergies from the Juniper acquisition slated to drive free cash flow, BofA Securities said in a Thursday note.On Wednesday, the company provided its 2027 outlook and now expects revenue growth in the range of 13% to 17%, EPS of $4.40 to $4.60, along with at least $5 billion in free cash flow.BofA said the company will see a higher mix of AI revenue in 2027, which is expected to drive negative gross margin leverage. Hewlett Packard Enterprise is expected to control its operating expenses, which, in turn, will drive operating margin leverage.The investment firm increased its 2026 revenue and earnings per share estimates to $46.6 billion and $3.83 from $45.3 billion and $3.47.BofA raised its price target on the company's stock to $88 from $82 and maintained its buy rating.Shares of Hewlett Packard Enterprise were down nearly 7% in Thursday trading.Price: $48.26, Change: $-3.57, Percent Change: -6.89%

$HPE
Asia Markets

Update: US Equity Futures Higher Pre-Bell as Traders Monitor Bond Yields, Oil Prices

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging higher pre-bell Thursday as traders continued to monitor bond yields and oil prices.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.1% higher.The US 10-year Treasury note yield lingered around 4.78%. New York Federal Reserve President John Williams told CNBC Wednesday that the recent surge in Treasury yields is the product of a strong economy, not market dysfunction. He added that he is taking a "wait-and-see" approach on a potential interest rate hike.Traders digested the latest round of earnings, with Ciena (CIEN) posting higher fiscal Q3 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.4% at $97 per barrel and US West Texas Intermediate crude 2% higher at $92.79 per barrel.The US international trade deficit, released at 8:30 am ET, widened to $88.58 billion in July from the revised $71.18 billion gap in June, compared with a $90.2 billion gap expected in a survey compiled by Bloomberg. The weekly jobless claims bulletin showed 206,000 new unemployment claims for the week ended Aug. 29, compared with the upwardly revised figure of 204,000 in the prior week, and the 205,000 expected.Q2 nonfarm productivity increased at a 1.4% annual rate as expected, while unit labor costs increased 1.2%, compared with the 1.3% gain expected.The S&P Global purchasing managers' index composite final report for August is due at 9:45 am ET, followed by ISM's services data at 10:00 am ET.Federal Reserve Governor Christopher Waller and Cleveland President Beth Hammack are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.4% lower, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 was up 0.7%, and Germany's DAX index was 0.1% higher in Europe's early afternoon session.In equities, Tesla (TSLA) shares rose 1.7% after a Reuters report citing French Transport Minister Philippe Tabarot as saying that the company has begun on-road tests of its Full Self-Driving system in France. Snowflake (SNOW) stock was up more than 24% after the company posted late Wednesday better-than-expected fiscal Q2 results and raised its fiscal 2027 product revenue guidance. Ciena shares were 2.4% higher after the company reported a fiscal Q3 adjusted earnings and revenue beat.On the losing side, Broadcom (AVGO) stock was down 3% after the company reported its fiscal Q3 financial results on late Wednesday. Hewlett Packard Enterprise (HPE) shares dropped 4.7% despite the company posting higher fiscal Q3 non-GAAP earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$HPE$SNOW$TSLA
Stocks Mostly Down Pre-Bell as Investors Monitor Latest Middle East Developments
US Markets

Stocks Mostly Down Pre-Bell as Investors Monitor Latest Middle East Developments

US equity markets were mostly pointing lower before the opening bell Thursday as traders continue to monitor the latest developments in the Middle East.The S&P 500 edged down 0.1%, and the Nasdaq was off 0.2% in premarket activity, while the Dow Jones Industrial Average nudged 0.1% higher. The indexes finished the previous trading session in the green, snapping a three-day losing streak.President Donald Trump told reporters on Wednesday that renewed attacks against Iran aren't likely to last "too long," according to multiple media outlets. US forces struck Iranian military targets earlier in the week."We took out all of the new equipment that they tried to build along the Strait of Hormuz -- some defensive, some offensive," Trump reportedly said, according to Bloomberg News. "It was a very heavy attack last night, and we're prepared to do another one any time we want."Top officials in the Trump administration are seeking to prevent the war with Iran from escalating ahead of November's midterm elections, while considering ramping up military action after the vote, Reuters reported Wednesday, citing people familiar with the discussions.Kuwait's army said Thursday it was intercepting missile and drone attacks from Iran targeting US bases in the country, CNBC reported.West Texas Intermediate crude oil rose 1.7% to $92.52 a barrel before the open, while Brent increased 1.6% to $97.16.Treasury yields were trending lower in premarket action, with the two-year rate retreating 1.1 basis points to 4.38% and the 10-year rate decreasing 0.8 basis points to 4.79%.Federal Reserve Bank of New York President John Williams told CNBC in an interview on Wednesday that the recent spike in Treasury yields reflects a strong economy, not market dysfunction.Employers in the US announced 52,881 layoffs in August, up 58% from the month prior but down 38% year over year, according to Challenger, Gray & Christmas' latest report. US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed Wednesday.Thursday's economic calendar also has the weekly jobless claims bulletin and the international trade in goods and services report for July at 8:30 am ET. The purchasing managers' index composite final report from S&P Global (SPGI) for August is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.Federal Reserve Governor Christopher Waller is scheduled to speak at 8:30 am, while Cleveland Fed President Beth Hammack speaks at 3 pm.Shares of Broadcom (AVGO) and Hewlett Packard Enterprise (HPE) declined 3.3% and 3.7%, respectively, pre-bell after reporting their latest financial results. Snowflake (SNOW) jumped 24% as the firm lifted its full-year product revenue outlook.Ciena (CIEN), Toro (TTC), Campbell's (CPB) and Victoria's Secret (VSXY) are expected to release their quarterly earnings before the bell, among others. Zscaler (ZS), Guidewire Software (GWRE), Lululemon Athletica (LULU), DocuSign (DOCU) and UiPath (PATH) post their results after the markets close.Gold gained 1.2% to $4,469 per troy ounce, while bitcoin increased 0.5% to $77,597.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CPB$DOCU$GWRE$HPE$LULU$PATH$SNOW$TTC$VSXY$ZS
Dell Print Showed 'Broad-Based Strength' But Computer Maker Faces AI Growth Slowdown Concerns, UBS Says
Wire

Dell Print Showed 'Broad-Based Strength' But Computer Maker Faces AI Growth Slowdown Concerns, UBS Says

Dell Technologies' (DELL) latest results and guidance indicated "broad-based strength," though there are concerns that artificial intelligence-driven compute and storage growth may decelerate sharply in fiscal 2028 or 2029 amid rising prices, UBS Securities said in a note e-mailed Wednesday.Late Tuesday, the computer maker raised its full-year financial projections after delivering a second-quarter beat amid record AI server demand."We've had a strong first half of the year, and we expect the second half to be stronger," Dell Chief Financial Officer David Kennedy said on an earnings conference call, according to a FactSet transcript. "The momentum we've seen continues, and we are raising our expectations across every line of business."Dell's latest print showed "broad-based strength," UBS analysts David Vogt and Andrew Spinola said in a note to clients.The brokerage raised its price target on the company's stock to $500 from $455, but reiterated its neutral rating, citing limited visibility into sustained growth in 2028 following "exceptional" strength expected in 2027."While near-term momentum and enterprise AI demand remain strong, steep industrywide price increases raise durability concerns for server, storage, and (personal computer) demand," Vogt and Spinola said.There are concerns that AI-driven compute and storage growth could slow sharply in fiscal 2028 or 2029, according to the note. "The muted response after two quarters of sizable revisions suggests investors still view the cycle as potentially cyclical rather than secular."Dell shares were up 14% in Wednesday late-afternoon trade, bringing its gains to nearly 286% so far this year.UBS boosted its earnings forecast for the company to $26 a share from $19.41 for fiscal 2027 and to $29.86 from $21.90 for 2028. The brokerage also increased its 2027 and 2028 revenue estimates to about $193 billion and $232 billion, respectively, from $178 billion and $202 billion, according to the note."Despite rising near-term estimates, the key debate is whether server, storage, and PC demand can remain durable after steep industrywide price increases," Vogt and Spinola wrote. "Our framework balances solid near-term momentum and growing enterprise AI demand against the risk of a cyclical slowdown after the price-driven refresh cycle."AI server maker Hewlett Packard Enterprise (HPE) is scheduled to report its fiscal third-quarter results after the closing bell Wednesday.Price: $473.77, Change: $+48.77, Percent Change: +11.47%

$DELL$HPE
Update: Equities Rise Intraday as Yield Rally Fades
US Markets

Update: Equities Rise Intraday as Yield Rally Fades

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as a rally in Treasury yields lost steam, while commodity traders continued to track developments in the US-Iran conflict.The S&P 500 was up 0.4% at 7,661.4 after midday Wednesday. The Dow Jones Industrial Average and the Nasdaq Composite gained 0.3% each to 52,947.5 and 26,182.3, respectively. The indexes finished Tuesday trading in the red for the third consecutive session.Most sectors were in the green intraday, led by materials, while real estate saw the steepest decline.Treasury yields were little changed intraday, with the two-year yield at 4.39% and the 10-year yield at 4.79%. Earlier Wednesday, the 10-year rate hit 4.818%, its highest level since November 2023, CNBC reported."While easing slightly after hitting multi-year peaks, yields remain elevated," Stifel said in a note on Wednesday.Iran has expanded the number of vessels it says must not sail through the Strait of Hormuz, Reuters reported Wednesday.The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets. Iran reportedly launched retaliatory attacks on Kuwait, Jordan and Bahrain.West Texas Intermediate crude oil was up 1.1% at $91.17 a barrel intraday Wednesday, while Brent advanced 1.2% to $95.81.In company news, shares of Dell Technologies (DELL) were up 9.2% intraday, the best performer on the S&P 500, after the company's fiscal second-quarter results beat Wall Street's estimates.Palo Alto Networks (PANW) slumped nearly 11%, the steepest decline on the S&P 500, as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected first-quarter top-line. The company's class A and B shares were up 3.2% and 3.4%, respectively.Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE) and Five Below (FIVE) are scheduled to release their quarterly results after markets close Wednesday.In economic news, US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed, ahead of the official jobs report due on Friday.Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 55,000 nonfarm jobs last month, compared with a drop of 23,000 for July, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.1%.Spot gold rose 0.9% to $4,368.15 per troy ounce, while silver edged up 0.1% to $65.44 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AVGO$BF.A$BF.B$DELL$FIVE$HPE$PANW$SNOW
Sectors

Sector Update: Tech Stocks Lean Lower Premarket Wednesday

Technology stocks were leaning lower premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) declining by 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.1%.Dell Technologies (DELL) stock was up more than 9% after the company posted higher fiscal Q2 non-GAAP adjusted earnings and revenue, and raised its fiscal 2027 guidance.Hewlett Packard Enterprise (HPE) has expanded its partnership with Tottenham Hotspur Football Club to modernize the technology infrastructure for the club's stadium, including hybrid cloud, networking and artificial intelligence-driven operations, Tottenham said. Shares of Hewlett Packard Enterprise were up more than 3% pre-bell.Sprinklr (CXM) shares were down more than 5% after the company reported a decline in fiscal Q2 adjusted earnings and cut its fiscal 2027 adjusted EPS outlook.

$CXM$DELL$HPE$XLK$XSD
Asia Markets

Update: US Equity Futures Mostly Flat Pre-Bell as Global Bond Yields Continue Rising

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly flat pre-bell Wednesday as traders observed global bond yields continuing to increase amid inflation concerns.Dow Jones Industrial Average futures were 0.2% higher, but S&P 500 futures were up 0.1%, and Nasdaq futures were down 0.1%.The US 10-year Treasury note yield reached a high of 4.814%, while borrowing costs in the UK, Germany and France also increased.US Central Command said in a post on X that US forces completed a wave of strikes against Iranian military targets on Tuesday. Iran attacked US allies Kuwait and Bahrain in response.President Donald Trump said he was not trying to force Iran back into negotiations. "I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing," Trump said in a post on Truth Social.Broadcom (AVGO) is scheduled to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $3.22 per share on revenue of $29.24 billion.Oil prices are lower, with front-month global benchmark North Sea Brent crude down 0.4% at $94.29 per barrel and US West Texas Intermediate crude 0.7% lower at $89.55 per barrel.ADP's national employment report showed that private sector employment increased by 38,000 in August, below expectations for a 47,000 gain in a survey compiled by Bloomberg.July factory orders, due at 10 am ET, are expected to have gained 0.7%, compared with a decline of 0.3% previously. The Fed's Beige Book report will be released at 2:00 pm ET.In other world markets, Japan's Nikkei closed 2.9% lower, Hong Kong's Hang Seng ended 0.1% lower, and China's Shanghai Composite finished 1% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Dell Technologies (DELL) stock rose 8.8% after the company posted higher fiscal Q2 adjusted earnings and revenue in addition to lifting its full-year guidance. Uber Technologies (UBER) shares were up 1.9% after Chief Executive Dara Khosrowshahi said in an email to employees that the company is laying off roughly 10% of its workforce as part of a restructuring effort. Hewlett Packard Enterprise (HPE) stock was 4.4% higher after Tottenham Hotspur Football Club said it has expanded its partnership with the company to modernize the technology infrastructure for the club's stadium, including hybrid cloud, networking and artificial intelligence-driven operations.On the losing side, Palantir Technologies (PLTR) shares fell 1.7% after former Ukrainian Defense Minister Mykhailo Fedorov said Tuesday in a post on X that Chief Executive Alex Karp will become the first lead investor in his defense tech startup. Manulife Financial (MFC) stock was 3.7% lower after company said Tuesday it priced a $750 million public offering in the US of 6.146% subordinated notes due 2041.

Dow JonesNasdaq CompositeS&P 500$AVGO$DELL$HPE$MFC$PLTR$UBER
Stocks Fall Pre-Bell Amid Rising Middle East Tensions, Bond Yields
US Markets

Stocks Fall Pre-Bell Amid Rising Middle East Tensions, Bond Yields

The main US stock measures were trending lower in Wednesday's premarket activity amid escalating tensions in the Middle East and rising bond yields.The S&P 500 declined 0.2%, the Dow Jones Industrial Average edged down 0.1%, and the Nasdaq was off 0.5% before the opening bell. The indexes finished Tuesday trading in the red for the third consecutive session.The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets, following recent attempted attacks by the Islamic Revolutionary Guard Corps against commercial shipping in the Strait of Hormuz.Iran reportedly launched retaliatory drones and missiles on US bases in Kuwait, Jordan and Bahrain, according to multiple media outlets.West Texas Intermediate crude oil rose 0.3% to $90.50 a barrel in premarket action, while Brent increased 0.5% to $95.11.In a social media post on Tuesday, President Donald Trump said he's "not trying to force Iran" to resume negotiations with the US. "I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing," Trump wrote.Treasury yields were moving higher before the open, with the 10-year rate up 1.8 basis points to 4.81%, reportedly reaching its highest level since November 2023. The two-year rate inclined 0.8 basis points to 4.4%, while the 30-year yield gained 1.9 basis points to 5.29%."Higher yields are proving to be the stock market's undoing," Thierry Wizman, global foreign exchange and rates strategist at Macquarie Group, said in a note e-mailed toon Tuesday. "They force analysts to discount higher earnings more aggressively, thus forcing (price-to-earnings) multiples downward."The Federal Reserve should tighten monetary policy unless inflation cools down, Governor Michael Barr said Tuesday, adding to a growing chorus of hawkish views from policymakers. Fed Chair Kevin Warsh said last week that the central bank's primary focus should be on prices, given that the US is doing well on the employment front.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for August at 8:15 am. The Fed's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, is out at 2 pm.Shares of Dell Technologies (DELL) spiked 9.3% pre-bell after the computer maker's fiscal second-quarter results beat Wall Street's estimates. Palo Alto Networks (PANW) retreated nearly 2% as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.Credo Technology (CRDO) and MongoDB (MDB) fell 8.9% and 13%, respectively, following their latest financial results.Brown Forman (BF.A, BF.B), Ollie's Bargain Outlet (OLLI) and FuelCell Energy (FCEL) are expected to release their quarterly earnings before the bell, among others. Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE) and Five Below (FIVE) post their results after the markets close.Gold declined 0.9% to $4,365 per troy ounce, while bitcoin slipped 1% to $76,467.

Dow JonesNasdaq CompositeS&P 500$AVGO$BF.A$BF.B$CRDO$DELL$FCEL$FIVE$HPE$MDB$OLLI$PANW$SNOW
Dell Beats Quarterly Views on Record AI Server Demand, Boosts Full-Year Outlook
US Markets

Dell Beats Quarterly Views on Record AI Server Demand, Boosts Full-Year Outlook

Dell Technologies' (DELL) fiscal second-quarter results beat Wall Street's estimates, driven by record artificial intelligence server demand, while the company lifted the full-year outlook.Adjusted earnings rose to $7.04 a share for the quarter ended July 31 from $2.32 a year earlier, well above the FactSet-polled consensus of $4.91. Revenue soared 58% year-on-year to $46.97 billion, higher than the Street's view of $44.89 billion.Revenue in the infrastructure solutions group climbed 89% to $31.78 billion as AI-optimized server sales doubled to $16.4 billion, Dell said. Traditional server and networking revenue soared 122%.The company saw record AI server demand, generating $60.9 billion in orders, Chief Operating Officer Jeff Clarke said in a statement.Dell's shares were up 8.2% in after-hours trade. The stock surged 238% so far this year through Tuesday's close.Sales for the client solutions group, which includes personal computers, climbed 20% year-on-year to $15.03 billion in the fiscal second quarter.Morgan Stanley expected Dell to post "strong" fiscal second-quarter results and lift full-year guidance amid momentum in AI servers and traditional infrastructure, according to a note last week.Dell now expects full-year non-GAAP EPS of $25.50, plus or minus $0.25, compared with its previous guidance of $17.90. Revenue is now pegged at $192 billion, plus or minus $2 billion, up from the prior $165 billion to $169 billion range. The consensus is for full-year adjusted EPS of $18.99 and sales of $174.05 billion.For the current quarter, Dell forecasts adjusted EPS of $6.50, plus or minus $0.10, on revenue of $49 billion, plus or minus $500 million. Analysts are looking for $4.46 and $41.36 billion, respectively.BofA Securities had also projected Dell to raise its fiscal 2027 guidance, saying in a note on Monday that the upside is limited by component availability and customer data center readiness. "For AI servers, we see another constructive setup given the scale of backlog, continued order activity, and visibility into multi-quarter deployments," the brokerage wrote.In July, IBM (IBM) reported second-quarter results that fell short of analysts' estimates and reduced full-year constant-currency revenue growth expectations.AI server maker Hewlett Packard Enterprise (HPE) is scheduled to report its fiscal third-quarter earnings on Wednesday.

$DELL$HPE$IBM
Wire

Hewlett Packard Enterprise to Report 'Strong' Q3 With Upside in Demand, BofA Says

Hewlett Packard Enterprise (HPE) faces strong demand but is constrained by supply, with the company expected to deliver a fiscal Q3 beat and slightly raise its fiscal 2026 guidance, BofA Securities said in a Monday note.BofA expects strength in storage and industry-standard servers, while AI systems revenue, ex-Networking, is projected to rise to $2 billion in fiscal Q3 from $900 million in fiscal Q2, according to the note.The company is scheduled to report its quarterly results on Sept. 2.The firm said it expects the company to report fiscal Q3 revenue of $12.3 billion and earnings per share of $0.95, above Street estimates of $12 billion and $0.93, respectively, and raise the low end of its fiscal 2026 revenue growth guidance range while increasing EPS guidance by about $0.05 from the current $3.35 to $3.45 range.For fiscal Q4, BofA expects revenue of $13 billion and EPS of $1.08, with management likely to guide revenue to $12.7 billion to $13.3 billion and EPS to $1.05 to $1.10, according to the report.BofA maintained its buy rating on the stock and raised its price target to $82 from $80.Price: $52.39, Change: $+0.08, Percent Change: +0.15%

$HPE
Asia Markets

Update: US Equity Futures Slightly Lower Pre-Bell as US, Iran Resume Hostilities in Middle East

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging slightly lower pre-bell Monday as the US and Iran resumed hostilities for the first time since late July, raising oil prices and dampening hopes for an early resolution of the conflict between the two nations.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.2% lower.US forces on Sunday struck two rocket launchers on Iran's Larak Island, US Central Command told MS Now. Iran responded by attacking US bases in Jordan, Iranian state media reported.President Donald Trump posted on Truth Social an AI-generated video clip that he said showed Iran's oil hub Kharg Island being "blown to smithereens."Expected to report financial results this week are Dell Technologies (DELL), Palo Alto Networks (PANW), Medtronic (MDT), Broadcom (AVGO), Snowflake (SNOW), and Hewlett Packard Enterprise (HPE).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 5.5% at $90.85 per barrel and US West Texas Intermediate crude 3.4% higher at $86.26 per barrel.The Dallas Fed manufacturing survey for August will be released at 10:30 am ET.In other world markets, Japan's Nikkei closed 0.1% lower, Hong Kong's Hang Seng ended 0.1% lower, and China's Shanghai Composite finished 0.9% higher. Meanwhile, Germany's DAX index was 0.6% lower in Europe's early afternoon session. The UK's FTSE 100 was closed for a public holiday.In equities, stocks of Exxon Mobil (XOM), Chevron (CVX), and Shell (SHEL) were higher as oil prices increased. Exxon Mobil shares rose 2.1%, Chevron stock was up 2.4%, and Shell (SHEL) shares were 1.3% higher.On the losing side, PG&E (PCG) stock was more than 16% lower after an ABC7 report on Sunday that the company faces continued legal exposure after California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. Pinterest (PINS) shares were down 3.2% after the company disclosed late Friday that Chief Financial Officer Julia Brau Donnelly will leave the company on Oct. 30 after three years to pursue an opportunity at a private company.

Dow JonesNasdaq CompositeS&P 500$AVGO$CVX$DELL$HPE$MDT$PANW$PCG$PINS$SHEL$SNOW$XOM
Japan

US Equity Futures Slightly Lower Pre-Bell as US, Iran Resume Hostilities in Middle East

US equity futures were edging slightly lower pre-bell Monday as the US and Iran resumed hostilities for the first time since late July, raising oil prices and dampening hopes for an early resolution of the conflict between the two nations.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.2% lower.US forces on Sunday struck two rocket launchers on Iran's Larak Island, US Central Command told MS Now. Iran responded by attacking US bases in Jordan, Iranian state media reported.President Donald Trump posted on Truth Social an AI-generated video clip that he said showed Iran's oil hub Kharg Island being "blown to smithereens".Expected to report financial results this week are Dell Technologies (DELL), Palo Alto Networks (PANW), Medtronic (MDT), Broadcom (AVGO), Snowflake (SNOW), and Hewlett Packard Enterprise (HPE).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.4% at $91.10 per barrel and US West Texas Intermediate crude 3.7% higher at $86.53 per barrel.The Dallas Fed manufacturing survey for August will be released at 10:30 am ET.

Dow JonesNasdaq CompositeS&P 500$AVGO$DELL$HPE$MDT$PANW$SNOW
Asia Markets

US Equity Investors to Focus on Corporate Earnings, Labor Market Health, Renewed Hostilities Against Iran This Week

US equity investors are expected to watch Q2 earnings, with a particular focus on cybersecurity and tech mega-cap names, the state of the labor market, and a resumption of strikes between Washington and Iran this week.* Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE), NetApp (NTAP), Five Below (FIVE) and Zscaler (ZS) are expected to report quarterly earnings this week.* Macroeconomic data due this week include nonfarm payrolls, JOLTS job openings, ADP employment change, Challenger job cuts, jobless claims, ISM manufacturing and services, factory orders, and balance of trade.* Payrolls are estimated to rise by "just" 30,000 after falling by 23,000 in July, according to a Scotiabank note late Friday. Revisions may be smaller than the 103,000 contraction in May and June because the initial sampling rate for payrolls improved in July. The unemployment rate is forecast to tick up to 4.2%.* Federal Reserve Chair Warsh's Jackson Hole speech spooked bond markets on Friday, the Scotiabank note said. Part of his mission may have been to maintain downward pressure on yields as the 10-year Treasury has stalled out in the 4.6% to 4.7% range over recent weeks. "Part of his message, however, was that he wants much more evidence on disinflationary pressures and sees nothing wrong with the labour market."* Iran and the US traded attacks for the first time in over a month overnight into Monday, CNN reported. Iran said it has attacked US bases in Jordan and US military targets at the Al Minhad airbase in the United Arab Emirates after US forces bombed two rocket launchers on Iran's Larak Island, according to a report from Al Jazeera, a Middle Eastern broadcaster.* The US military struck the two launchers that a US official said were attempting to deploy mines into the Strait of Hormuz, Reuters reported. The United Arab Emirates condemned the Iranian drone attack on Monday as a "dangerous escalation" and a flagrant violation of its sovereignty, the news report said.

Dow JonesNasdaq CompositeS&P 500$AVGO$FIVE$HPE$NTAP$SNOW$ZS
Wire

Dell, NetApp, HP Face Toughest Near-Term Earnings Setups, Morgan Stanley Says

Dell Technologies (DELL), HP (HPQ) and NetApp (NTAP) face the toughest earnings setups due to higher buyside expectations and valuation going into earnings, while Hewlett Packard Enterprise (HPE) has the most attractive setup, Morgan Stanley said Monday in an earnings preview on enterprise original equipment manufacturers.The firm said it expects a revenue and earnings per share beat for the July quarter for Dell, HP, NetApp, Hewlett Packard Enterprise and Everpure (P).The brokerage said it would remain a buyer of overweight-rated Hewlett Packard Enterprise into earnings, given its undemanding valuation and anticipated Networking outperformance, while leaning slightly more positive on equal weight-rated Dell given the magnitude of the expected fiscal 2027 EPS raise, according to the note.Morgan Stanley said it wouldn't be buyers on overweight-rated Everpure into earnings but would tap any post-earnings weakness ahead of its analyst day on Sept. 23. It remains modestly cautious into equal weight-rated NetApp's earnings, as a beat and raise is unlikely to support peak valuation, and is most cautious heading into underweight-rated HP's earnings given all-time high valuation and deteriorating personal computer and print trends, the note added.For Dell, the brokerage expects a strong fiscal Q2 print and a meaningful fiscal Q3 and fiscal 2027 guidance raise, with upside across traditional infrastructure and AI servers driving its fiscal Q2 revenue and EPS estimates of $47 billion and $5.45, respectively, exceeding Street consensus, according to the note.The brokerage remains most constructive on Hewlett Packard Enterprise into fiscal Q3 and expects another beat and raise, with the most notable change from last quarter being broader upside across both servers and networking, according to the note.The setup into HP's earnings is likely the most difficult, with better-than-feared fiscal Q3 results already priced into the valuation and the debate likely shifting to a declining fiscal Q4 and fiscal 2027 outlook, the note added.Price: $435.89, Change: $-6.19, Percent Change: -1.40%

$DELL$HPE$HPQ$NTAP$P
Cisco Stock Falls After Hours as Services Revenue Miss Overshadows Record Fourth-Quarter Results
US Markets

Cisco Stock Falls After Hours as Services Revenue Miss Overshadows Record Fourth-Quarter Results

Cisco Systems' (CSCO) shares dropped after the closing bell Wednesday as the company's fiscal fourth-quarter services revenue missed Wall Street's estimates, overshadowing what the networking equipment maker described as record results.Services revenue was flat year-over-year at $3.79 billion, falling short of the FactSet-polled consensus view of $3.81 billion. Product sales climbed 24% to $13.46 billion, exceeding expectations of $13.04 billion.Cisco shares declined 3.9% in after-hours trading. The stock is up nearly 61% this year as of Wednesday close.For the quarter ended July 25, Cisco's adjusted earnings per share increased to $1.22 from $0.99 a year ago, topping the Street's $1.17 view. Overall revenue jumped 18% to $17.25 billion, ahead of the $16.84 billion modeled by analysts."In (the fourth quarter), we delivered record revenue, non-GAAP operating income and EPS, all exceeding the high end of our guidance ranges and demonstrating strong financial discipline and operating leverage," Chief Financial Officer Mark Patterson said in a statement.Cisco forecasts adjusted EPS between $1.32 and $1.34 for the fiscal first quarter, while revenue is pegged at $18 billion to $18.2 billion. The Street is looking for non-GAAP EPS of $1.16 and sales of $16.83 billion.For fiscal 2027, the company projects adjusted EPS of $5.05 to $5.11, compared with analysts' estimate of $4.83. The revenue guidance ranges from $72.2 billion to $73.4 billion versus the market's $69.12 billion view.The company acquired observability firm Galileo Technologies and non-human identity security provider Astrix Securities in the fiscal fourth quarter.Networking company Arista Networks (ANET) reported stronger-than-expected second-quarter results last week and laid out a strong third-quarter outlook.Hewlett Packard Enterprise (HPE), which offers servers and networking products to power artificial intelligence applications, is scheduled to report fiscal third-quarter results in September.

$ANET$CSCO$HPE
Wire

Rimini Street Names Keith Costello Chief Operating Officer, Alexander Guasch Chief Delivery Officer

Rimini Street (RMNI) said Wednesday that Keith Costello has been named chief operating officer and Alexander Guasch chief delivery officer.Costello previously served as president of enterprise applications, technology, consulting and engineering services at DXC Technology (DXC). Guasch has worked in in senior executive roles at Hewlett Packard Enterprise (HPE), IBM (IBM) and elsewhere, the company said.Rimini Street shares were 0.2% lower in early trading Wednesday.Price: $4.79, Change: $-0.02, Percent Change: -0.42%

$DXC$HPE$IBM$RMNI
Memory Price Surge Accelerating IT Hardware Spending, Morgan Stanley Says
US Markets

Memory Price Surge Accelerating IT Hardware Spending, Morgan Stanley Says

Information technology hardware companies in the US will likely benefit from accelerated enterprise spending amid a surge in memory prices that was previously expected to hurt the industry, Morgan Stanley said in a Monday note.Soaring memory chip prices driven by booming artificial intelligence demand is fueling what Morgan Stanley described as "chipflation."The brokerage had projected record component inflation to hit hardware spending, but is now seeing companies accelerate their purchases of personal computers, servers and storage arrays to avoid supply shortages and protect themselves from rising prices.Morgan Stanley upgraded the US IT hardware industry to "in line" from "cautious," saying "this cycle is driven by refresh, pull-forward (and) AI, making this a longer but still predominantly cyclical infrastructure upcycle."Morgan Stanley lifted Hewlett Packard Enterprise (HPE) and Everpure (P) to overweight from equal-weight and NetApp (NTAP) to equal-weight from underweight.The brokerage designated Hewlett Packard as its preferred enterprise hardware play in the US, citing factors including comparable exposure to enterprise infrastructure and an underappreciated networking business.Within peers, Everpure has "the most attractive combination" of storage spending exposure, share gains and attractive valuation, the investment firm said. For NetApp, it pointed to improving storage fundamentals supporting higher earnings estimates.While Dell Technologies (DELL) is set to see positive earnings revisions in the coming months due to its elevated server and storage exposure, its current valuation already reflects that underlying strength, Morgan Stanley said.Morgan Stanley is underweight on HP (HPQ) and Logitech (LOGI) given spending headwinds to PCs. The brokerage downgraded Teradata (TDC) to equal-weight from overweight."We also have to remain tactical, and signs of peaking estimate revisions will be our call to get more cautious again, and ride the other side of this upcycle," according to the research note.

$DELL$HPE$HPQ$LOGI$NTAP$P$TDC
Research

Morgan Stanley Upgrades Hewlett Packard Enterprise to Overweight From Equalweight, Adjusts PT to $69 From $71

Hewlett Packard Enterprise (HPE) has an average rating of overweight and mean price target of $68.71, according to analysts polled by FactSet.

$HPE
Wire

Rigetti Teaming Up With HPE, Pittsburgh Supercomputing Center to Build Supercomputer

Rigetti Computing (RGTI) said Monday it will team up with Hewlett Packard Enterprise (HPE) and Pittsburgh Supercomputing Center to build the TangleLab supercomputing testbed.The project is being funded by a $5 million grant from the National Science Foundation and will have a supercomputer with Rigetti's Novera quantum computing system combined with a classical high-performance computing system, the company said.Construction of TangleLab is expected to start on Sept. 1 and full operations are expected next year, Rigetti said.Rigetti shares were up 12% in morning trading.Price: $15.83, Change: $+1.68, Percent Change: +11.90%

$HPE$RGTI

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