Grocery Outlet Holding Corp (GO) News & EventsGONews & EventsGrocery Outlet Holding Corp

Stock Futures Modestly Higher, Cerebras Systems Down 15%

Stock futures are modestly higher as investors digest softer-than-feared Producer Price Index data that follows yesterday's July CPI report.The Fed outlook has become somewhat more favorable for equities following the inflation data and the weak July employment report. Markets are now pricing roughly a 66% probability that the Fed holds rates steady at its next meeting, according to Reuters.Technology and AI infrastructure stocks remain an important source of strength. At the same time, Cerebras Systems is under pressure after its results missed expectations, highlighting how high expectations have become for companies tied to the AI buildout.Oil prices are providing some relief after six consecutive sessions of gains. Brent crude has fallen roughly 2% as concerns over global demand and rising U.S. crude inventories offset continued geopolitical risks surrounding Iran and the Strait of Hormuz.In pre-market trading, S&P 500 futures rose 0.17%, Nasdaq futures fell 0.02% and Dow futures rose 0.30%.Check out this morning's top movers from around Wall Street, compiled by The Fly.UP AFTER EARNINGS -Jack in the Boxup 15%EnerSysup 14%Birkenstockup 12%Grocery Outletup 9%McGraw Hillup 3%BK Technologiesup 2%Red Robinup 2%Belite Bioup 1%DOWN AFTER EARNINGS -Cerebras Systemsdown 15%Tapestrydown 10%Yetidown 9%Intuitive Machinesdown 9%Ciscodown 7%Coherentdown 6%JD,comdown 3%Bending Spoonsdown 2%

Nasdaq 100 Contract Down 0.2%, Cisco Down 4.1%

Index futures are mixed in the opening hours of the evening session, with S&P e-minis flat, Dow Industrials up marginally, and Nasdaq 100 contract down by 0.2%.  Softer than expected inflation data compressed yields and helped to propel the AI trade on Wednesday with many of this year's winners in Semiconductors, Semi Equipment, Memory, and Hardware leading the charge.  The momentum of that exuberance could be fleeting however after post-earnings selloffs in some of the larger AI-themed stocks - Cisco slid 4% while Cerebras Systems retreated 16% afterhours.In commodities, WTI Crude Oil has continued to consolidate this month's advance with a 1% decline below $82.70.  Precious metals are rangebound, though traders are positioning for renewed interest as expectations of Fed tightening recedes following the latest tamer inflation and softer labor economic reports.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Harmonicup 19.2%Omerosup 18.7%EnerSysup 11.4%Grocery Outletup 10.6%Jack in the Boxup 5.2%DOWN AFTER EARNINGS -Cerebras Systemsdown 16.1%StubHub Holdingsdown 13.7%Resideo Technologiesdown 7.6%Pan American Silverdown 5.5%Coherentdown 4.2%Cisco Systemsdown 4.1%

Grocery Outlet Q2 Revenue $1.19B Beats Expectations

Reports Q2 revenue $1.19B, consensus $1.17B. Q2 comparable store sales declined by 0.3%. "We delivered second-quarter results ahead of our outlook, as efforts to strengthen our opportunistic offering and value perception gained traction," said Jason Potter, CEO of Grocery Outlet. "Comparable-store sales trends improved over the first quarter, driven by sequential improvement in our basket with traffic remaining positive. This progress reinforces our confidence that restoring the core strengths of our business and better supporting our independent operators can build a stronger foundation for sustainable, profitable long-term growth."