Zoom Communications Inc (ZM) News & EventsZMNews & EventsZoom Communications Inc

Investors Await Nvidia Earnings as Futures Show Little Change

Stock futures are little changed as investors largely sit on the sidelines ahead of Nvidia's earnings after the close.Investors are looking for evidence that the enormous AI infrastructure spending cycle remains intact, with Wall Street expecting quarterly revenue of roughly $92B for Nvidia. Given Nvidia's weighting in the major indexes and its importance to the semiconductor sector, a meaningful earnings beat or miss could have an outsized effect on the broader market.The bond market is getting some relief as oil prices fall below $90 a barrel on signs of progress toward managing shipping through the Strait of Hormuz. Brent crude has fallen for a third consecutive session, helping push Treasury yields lower and easing some of the inflation concerns that had pressured stocks over the past several weeks.In pre-market trading, S&P 500 futures fell 0.13%, Nasdaq futures fell 0.35% and Dow futures rose 0.03%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Cre8 Enterpriseup 157% after announcing that the number of customers it served and its project backlog each reached record levels as of June 30Target Hospitalityup 9% after reporting a new multi-year lease and services agreement to provide facility and hospitality services for a hyperscaler's data center development in the Pecos region of West TexasUP AFTER EARNINGS -Photronicsup 18%Abercrombie & Fitchup 12%Movadoup 5%J.M. Smuckerup 4%Donaldsonup 4%DOWN AFTER EARNINGS -Intuitdown 10%Kohl'sdown 8%Zoom Communicationsdown 6%Dycomdown 4%Bath & Body Worksdown 3%Li Autodown 2%Williams Sonomadown 1%Semtechdown 1%LOWER -Boston Scientificdown 6% after disclosing a cybersecurity incident affecting its information technology systems that has resulted in a global disruption to the company's operations

Nasdaq Composite Rebounds, Micron Up 2.5%

Major indices rebounded from Monday's sell-off, led by tech-heavy Nasdaq Composite, as AI CapEx-themed trade showed some clear resurgence.  Semiconductors, Computer Hardware, Communication Equipment, and Memory stocks traded notably firmer.  Micronbounced 2.5%, Seagateand Western Digitalwere up over 3%, while Nvidia- heading into tomorrow's earnings - was up 2.2% on the day.  Meanwhile, investors rotated out of Energy names - the worst performing sector in the S&P 500 today - as WTI Crude Oil pulled back by over $6 to $81 a barrel as the White House moves to exert greater economic pressure on Tehran to resolve the standoff over the Strait of Hormuz.  In the opening hour of the evening session, index futures are flat heading into Wednesday's PCE inflation report as well as a tech earnings-rich afterhours session.In fixed income, although commentary regarding the efficacy of the "Bessent put" announced last Wednesday remains mixed, Treasuries are notably higher this week.  On Tuesday, the yield on the 10-year note fell another 7 basis points to 4.64%.  The perceived "dollar debasement" from the U.S. Treasury action is also keeping the greenback under pressure while supporting precious metals - gold briefly broke above $4,750 overnight, though silver remains capped below $70 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Semtechup 3.4%HEICO Corporationup 2.4%DOWN AFTER EARNINGS -Qfin Holdingsdown 12.8%Intuitdown 9.3%nCinodown 5.6%Zoom Communicationsdown 4.0%Electromeddown 2.0%Boxdown 0.6%ALSO LOWER -Spyre Therapeuticsdown 10.1% after results from RA sub-study of SKYWAY basket trial

Zoom Enterprise Business Revenue Grows 7.8% Year Over Year

Says licensed monthly active users of AI features in workplace grew 125% year over year. Says a major U.S. wealth manager upgraded to Zoom Workplace Enterprise Premier, including a wall-to-wall rollout of Zoom Phone, replacing multiple vendors. Says enterprise business drove the outperformance with revenue growing 7.8% year over year, representing 62% of our total revenue, up two points year over year. Says free cash flow guidance raise reflects the strength in free cash flow in the first half, as well as a downward revision in capital expenditures spend for the year. Comments and guidance taken from Q2 earnings conference call.