Midday trading saw sharp, company-specific moves across sectors, with satellite connectivity, software, and cybersecurity among the biggest swing areas. Several stocks rose after analyst upgrades or earnings beats, while others fell ahead of results or on weaker sales and margin signals.
Key takeaways
- AST SpaceMobile surged nearly 10% after Berenberg initiated coverage with a buy rating, pointing to multiple potential catalysts.
- PG&E shares fell another 7% following a strategic review and a plan to defer $2 billion in 2027 capital spending to limit higher-cost borrowing needs.
- GitLab jumped about 13% as earnings beat expectations and full-year guidance landed better than investors expected.
- Snowflake slipped around 4% with attention focused on upcoming second-quarter earnings estimates.
- Major software and security names diverged, with MongoDB down about 12% and Palo Alto Networks off roughly 10% despite reporting strong results in some cases, underscoring sensitivity to guidance and forward expectations.
What drove the biggest winners and losers
Satellite and connectivity: AST SpaceMobile climbed almost 10% after Berenberg began coverage, assigning a buy rating and a $92 price target, according to the brokerage. Berenberg cited what it described as a “winning space-based direct-to-device strategy,” along with an “asymmetric risk-reward” profile and multiple catalysts.
Utilities under pressure: PG&E fell about 7% after a sharp drop on Monday. The company launched a strategic and financial review to evaluate a possible reorganization and said it would defer $2 billion in 2027 capital spending, aiming to reduce the need for higher-cost borrowing, according to the company.
Software earnings reaction: GitLab rallied nearly 13% after an earnings beat and guidance that came in upbeat. LSEG data cited by the report showed GitLab earned 24 cents per share excluding items on $286 million of second-quarter revenue, ahead of estimates of 18 cents per share and $273 million, respectively.
AI data and expectations: Snowflake edged down around 4% ahead of its earnings report. Analysts surveyed by FactSet expected second-quarter earnings of 45 cents per share on revenue of $1.48 billion, according to the report.
Battery storage and power supply deals: Eos Energy Enterprises rose about 15% after signing an agreement with MN8 Energy to supply Google data centers. The deal includes 86 megawatts of solar-generated electricity and energy storage spanning 10 MW of zinc-based storage and 70 MW of lithium-ion storage from a site in West Virginia, according to the report.
Cybersecurity and mixed post-earnings trading: Palo Alto Networks fell about 10% despite better-than-expected fiscal fourth-quarter results reported Tuesday. Per LSEG data referenced in the report, the company earned $1.02 per share excluding items on $3.41 billion in revenue, versus expectations of 98 cents per share and $3.35 billion, respectively. The move suggests investors focused on forward expectations rather than the headline quarter.
Earnings beats, forecast sensitivity and analyst moves
Brown-Forman firms after results: Brown-Forman advanced about 4% after posting a narrow earnings beat. The company earned 38 cents per share in the first quarter, topping the FactSet consensus by 1 cent, and operating income of $252 million exceeded the consensus call for $239.4 million, according to the report. Revenue, however, missed expectations.
Dell lifts guidance on AI strength: Dell Technologies gained roughly 7% after beating expectations across two lines and raising its forecast for fiscal 2027. The company attributed the update to strength in its artificial intelligence services business, as cited in the report.
MongoDB drops despite upbeat fundamentals: MongoDB fell around 12% even though it reported better-than-expected earnings and guidance. LSEG figures cited in the report show second-quarter earnings of $1.90 per share excluding items on $772 million in revenue, compared with analyst estimates of $1.61 per share and $734 million. The selloff indicates that investors may have been weighing factors beyond the quarter, such as the magnitude of the guidance or the valuation implied by prior market gains.
Credo and gross margin fine points: Credo Technology slid about 18%. While it beat expectations on the first quarter across both lines, the report pointed to its non-GAAP gross margin of 68% versus analyst expectations of 68.3% based on LSEG polling, highlighting how small deviations can matter for investors in high-expectation technology segments.
G-III faces demand and brand mix headwinds: G-III Apparel dropped about 11% after reporting weaker fiscal second-quarter net sales. The report said net sales fell to $554.1 million from $613.3 million a year earlier. It also guided full-year sales of $2.71 billion, down from $2.96 billion in fiscal 2026, citing about $460 million of lost Calvin Klein and Tommy Hilfiger sales, according to the report.
Other notable moves and what to watch
Sirius gets upgrade tailwind: Sirius rose more than 7% after Deutsche Bank upgraded the stock to buy from hold and set a $45 price target, implying more than 50% upside from current levels, as described in the report. For investors, such upgrades can shift expectations quickly, especially when paired with a clear valuation anchor.
Snowflake’s catalyst is timing: With Snowflake down into its earnings window, attention is likely to center on whether results meet or beat the FactSet estimates for the quarter, and whether guidance supports the gains the stock has already posted in 2026, the report noted.
Looking ahead, traders are likely to focus on upcoming earnings releases—especially for companies already near the attention of estimate trackers—as well as any follow-through in guidance and capital expenditure plans. For PG&E, investors may monitor the progress of its strategic and financial review and how it translates into a potential reorganization path.
