Dow Jones Futures Fall Amid New Trump Tariffs; Palantir In Buy Zone As Tesla, Nvidia Fall Back
The major indexes rose to key levels last week amid Trump tariff news. Palantir, Broadcom and CrowdStrike are in buy areas. Tesla and Nvidia fell back.
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CNBC
25 minutes ago
- CNBC
CrowdStrike shares drop on weak revenue guidance
CrowdStrike shares fell 7% in extended trading on Tuesday after the security software maker issued a weaker-than-expected revenue forecast. Here's how the company did against LSEG consensus: Revenue increased by nearly 20% in the fiscal first quarter, which ended on April 30, according to a statement. The company registered a net loss of $110.2 million, or 44 cents per share, compared with net income of $42.8 million, or 17 cents per share, in the same quarter last year. Costs rose in sales and marketing as well as in research and development and administration, partly because of a broad software outage last summer. For the current quarter, CrowdStrike called for 82 cents to 84 cents in adjusted earnings per share on $1.14 billion to $1.15 million in revenue. Analysts polled by LSEG were expecting 81 cents per share and $1.16 billion in revenue. CrowdStrike bumped up its guidance for full-year earnings but maintained its expectation for revenue. The company now sees $3.44 to $3.56 in adjusted earnings per share, with $4.74 billion to $4.81 billion in revenue. The LSEG consensus was $3.43 per share and $4.77 billion in revenue. The earnings guidance provided in March was $3.33 to $3.45 in adjusted earnings per share. Also on Tuesday, CrowdStrike said it had earmarked $1 billion for share buybacks. "Today's announced share repurchase reflects our confidence in CrowdStrike's future and unwavering mission of stopping breaches," CEO George Kurtz said in the statement. As of Tuesday's close, the stock was up 43% so far in 2025, while the S&P 500 index had gained less than 2%. Executives will discuss the results on a conference call with analysts starting at 5 p.m. ET.
Associated Press
26 minutes ago
- Associated Press
Justice Department drops lawsuit against Trump adviser Peter Navarro
WASHINGTON (AP) — The Justice Department is dropping a lawsuit that it filed against White House trade adviser Peter Navarro, a case in which he was accused of using an unofficial email account for government work and wrongfully retaining presidential records during the first Trump administration, according to a Tuesday court filing. The joint filing by the Justice Department and an attorney for Navarro doesn't explain why they are abandoning a case that was filed in 2022, during President Joe Biden's term in office. The one-page filing says each side will bear their own fees and costs. The lawsuit accused Navarro of using at least one 'non-official' email account — a ProtonMail account — to send and receive emails. The legal action comes just weeks after Navarro was indicted on criminal charges after refusing to cooperate with a congressional investigation into the Jan. 6, 2021, attack on the Capitol. Navarro served a four-month prison sentence after being found guilty of misdemeanor charges. The civil cases alleges that by using the unofficial email account, Navarro failed to turn over presidential records to the National Archives and Records Administration. The government notified the court of the lawsuit's dismissal a day before U.S. Magistrate G. Michael Harvey was scheduled to preside over a status conference for the case. A Justice Department spokesperson and a lawyer for Navarro didn't immediately respond to emails seeking comment. Navarro served as a trade adviser during President Donald Trump's first term. A longtime critic of trade arrangements with China, he has been named senior counselor for trade and manufacturing for Trump's second administration.
Associated Press
27 minutes ago
- Associated Press
Fed lifts restrictions placed on Wells Fargo in 2018 because of its fake-accounts scandal
NEW YORK (AP) — The Federal Reserve said Tuesday that Wells Fargo is no longer subject to the restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture. It's a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways. 'We are a different and far stronger company today because of the work we've done,' said Wells Fargo CEO Charlie Scharf in a statement. Scharf also announced that each of the 215,000 employees at Wells Fargo would receive a $2,000 award for turning the bank around. Wells Fargo used to have a corporate culture where it placed unreasonable sales goals on its branch employees, which resulted in employees opening up millions of fake accounts in order to meet those goals. Wells' top executives called its branches 'stores' and employees were expected to cross-sell customers into as many banking products as possible, even if the customer did not want or need them. After an investigation by The Los Angeles Times, Wells Fargo shut down its sales culture and fired much of its leadership and board of directors. The fake accounts scandal cost Wells Fargo billions of dollars in fines and lost business, and permanently tarnished its reputation, particularly because the scandal broke only a few years after the Great Recession and financial crisis. It was later revealed that Wells Fargo opened up roughly 3.5 million accounts that were not wanted or needed by customers. In order to push Wells to fix itself, the Federal Reserve took the unusual step of placing Wells Fargo in a program where the bank could grow no larger than it was in 2018. No bank had previously been placed into such a program, known as an asset cap. Since taking over in 2019, Scharf's goal has been to convince the Federal Reserve that Wells Fargo had fixed its toxic banking practices.
