Check out the companies making headlines before the bell. Nvidia – The artificial intelligence chip darling fell more than 1% after it reportedly asked some of its component suppliers to halt production of its H20 graphics processing units. The company is also reportedly having conversations with the U.S. government about shipping a more advanced chip to China. Intuit – The stock pulled back more than 6%. While the financial technology company’s fourth-quarter results surpassed expectations – its adjusted earnings of $2.75 per share on revenue of $3.83 billion beat the $2.66 per share on revenue of $3.75 billion that analysts surveyed by LSEG had expected – its revenue growth for the first quarter came in weaker than expected. The company guided growth of between 14% and 15% year over year for that quarter, below the 15.9% that analysts polled by FactSet had penciled in. Workday – The human resources software company shed 4% after it issued third-quarter subscription revenue guidance of $2.24 billion, in line with analysts’ expectations, per StreetAccount. It expects third-quarter adjusted operating margin to be 28%, just slightly below the 28.1% StreetAccount consensus estimate. Workday warned of challenges in its government and education businesses. Zoom Communications – Shares of the communications technology company popped more than 4% after its second-quarter results beat Wall Street’s expectations. Zoom Communications posted adjusted earnings of $1.53 per share on revenue of $1.22 billion, while the LSEG analyst consensus had anticipated earnings of $1.37 per share on revenue of $1.2 billion. RLX Technology – Shares of the China-based e-vapor company jumped more than 8% after its second-quarter earnings and revenue topped analyst expectations per FactSet. Its revenue for the quarter also saw a 40.3% increase from the same period a year ago. Ross Stores – The discount retailer chain’s shares rose more than 3% after the company earned $1.56 per share, exceeding the forecast for $1.54 a share. On the other hand, it reported $5.23 billion for second-quarter revenue, under the $5.57 billion consensus estimate per LSEG. Cenovus Energy – Shares of the Canadian oil and gas producer rose 0.5% after it said it will acquire MEG Energy in a cash-and-stock deal valued at $7.9 billion, or $5.68 billion, including debt, as noted in Canadian currency. The deal is expected to close in the early fourth quarter this year. Lucid – The electric vehicle maker’s stock fell more than 1% after the company said that its 1-for-10 reverse stock split is expected to go into effect after the bell next Friday. It also said that the stock is expected to begin trading on a split-adjusted basis at market open on Sept. 2. — CNBC’s Alex Harring and Michelle Fox Theobald contributed reporting.
Stocks making the biggest moves premarket: NVDA, INTU, WDAY, ROST
