Today's Major Stock Movers: Workday, Las Vegas Sands, and Beyond

As optimism grows that the Federal Reserve may pause its interest rate hikes, Wednesday's premarket trading saw stock futures pointing upwards. Market participants are eagerly watching the latest financial disclosures and corporate events, which are significantly impacting the stock movements today.

Top Stock Performers

Shares of Workday (NASDAQ:WDAY), a renowned provider of back office software solutions, soared by over 7% following the announcement of third-quarter results that beat analyst estimates. The company also uplifted its full-year sales forecast, with subscription revenue for the fiscal year 2024 now anticipated to reach $6.6 billion, an increase from the previously projected range of $6.57 billion to $6.59 billion.

NetApp (NASDAQ:NTAP), another technology firm, saw its stock climb by 11%. The company's second fiscal quarter results exceeded expectations, and they provided a positive outlook moving forward. NetApp forecasts third-quarter adjusted earnings per share (EPS) between $1.64 and $1.64, comfortably topping the consensus of $1.53. Revenue estimates for the quarter are set at $1.51 billion to $1.67 billion, compared to the expected $1.56 billion. Furthermore, for fiscal year 2024, NetApp forecasts a modest 2% year-over-year decline in sales, still achieving around $6.23 billion and outpacing consensus estimates of $6.14 billion. The projected adjusted EPS for the fiscal year lies between $6.05 and $6.25, surpassing analysts' anticipated $5.73 per share.

Prominent Stock Declines

The day wasn't favorable for all, with Okta (NASDAQ:OKTA) facing a 7% drop in share value. The identity management company disclosed a hacks two months prior that compromised user information. The cyberattack was more extensive than initially reported, with hackers accessing the names and email addresses of users, except those in certain highly secure environments. Okta has notified customers and stressed the importance of enhanced security measures like multi-factor authentication.

In the manufacturing sector, Jabil (NYSE:JBL) experienced a 5% dip in shares due to a reduced outlook for 2024, blaming weaker demand forecasts. While the first-quarter revenue projection was slightly adjusted, the full fiscal year 2024 revenue is now expected to be around $31 billion, a 7% decrease from earlier expectations. Nevertheless, the core earnings per share for the fiscal year are expected to exceed $9.00.

Las Vegas Sands (NYSE:LVS) wasn't immune to the downtrend either, with shares decreasing by 5% amidst news of Miriam Adelson selling $2 billion worth of company shares. The move is part of her plan to acquire a majority stake in the Dallas Mavericks, with current owner Mark Cuban retaining both a stake and control of basketball operations. This sale appraises the NBA franchise at an impressive $3.5 billion valuation.

Lastly, Leslie's (NASDAQ:LESL) shared dipped a significant 17% post reporting their fourth-quarter results, which were mixed, and a forecast for fiscal year 2024 below analyst projections. The swimming pool supplies company estimates its sales to range between $1.41 billion to $1.47 billion compared to the consensus expectation of $1.5 billion and EPS between $0.25 and $0.33, which is under the anticipated $0.46.

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