U.S. equity futures were largely unchanged on Wednesday morning, with the Dow futures steady, the S&P 500 futures down 7 points (0.1%) and the Nasdaq 100 futures off 66 points (0.2%) as of 06:19 ET. Traders remained cautious ahead of the upcoming U.S. inflation release and Nvidia's quarterly earnings.
Spyre Therapeutics dropped 11.7% after releasing topline results from the rheumatoid arthritis sub‑study of its Phase 2 SKYWAY basket trial. Both doses of the anti‑TL1A antibody showed statistically significant improvement over placebo, with a 63% ACR20 response for the high dose versus 43% for placebo, but the company said overall efficacy fell short of internal thresholds and will not pursue SPY072 as a monotherapy for rheumatoid arthritis.
Boston Scientific fell 3.2% following a cybersecurity incident that disrupted its IT systems worldwide, limiting order processing. TD Cowen kept a "Buy" rating with a $56 price target, noting recent guidance cuts and cautious management commentary that prompted revenue estimate reductions through 2027.
SolarEdge Technologies rose 5.6% after UBS upgraded the stock from "Neutral" to "Buy" and lifted its price target to $42 from $36. The upgrade was triggered by the FCC's decision to place foreign‑produced power inverters on its Covered List, a move UBS expects to affect more than half of the U.S. inverter market.
Semtech surged 4.7% on record fiscal Q2 results. Revenue reached $341.9 million, about 4% above consensus, while adjusted EPS was $0.71, roughly 16% higher than estimates. Data‑center revenue hit a record $100 million, up 91% year‑over‑year, and LoRa‑enabled revenue rose to $58 million. For Q3 FY27, the company forecast revenue of $405‑$415 million (about 14% above Wall Street expectations) and adjusted EPS of $1.02‑$1.08, well ahead of the consensus of $0.73.
GoDaddy slipped 3.5% after Wells Fargo downgraded the company to "Underweight" with a $76 price target, marking the first outright sell‑equivalent rating among covering analysts. The downgrade followed a narrowed full‑year revenue outlook of $5.215‑$5.255 billion, below expectations.
nCino fell 4.9% after reporting fiscal Q2 adjusted EPS of $0.05 versus the $0.27 consensus, an earnings miss of more than 80%.
Sadot Group climbed 10.3% after filing a secondary offering of up to 4.25 million shares, spurred by speculative interest following a February debenture restructuring and a shift toward an AI‑focused commodity‑trading technology platform.
Intuit tumbled 11.8% to $315.30 after issuing FY27 guidance that fell short of analyst forecasts, despite a strong fourth‑quarter earnings beat.
