Semiconductor and analog chipmaker Semtech led premarket gains on Wednesday, rising 4.7% after posting record quarterly revenue and outlining strong third-quarter guidance. The company reported fiscal second-quarter revenue of $341.9 million, beating consensus by about 4%, with adjusted earnings per share of $0.71, roughly 16% above estimates. Data center revenue reached a record $100 million, up 91% year-over-year, while LoRa-enabled revenue hit a record $58 million. For the fiscal third quarter, Semtech guided revenue between $405 million and $415 million, implying growth of about 14% above Wall Street expectations, and adjusted EPS between $1.02 and $1.08, well above the consensus of roughly $0.73.
Shares of Spyre Therapeutics fell 11.7% after the biotech company released preliminary results from a rheumatoid arthritis sub-study of its Phase 2 SKYWAY trial for SPY072, an anti-TL1A antibody. While both doses showed statistically significant improvements over placebo in at least one efficacy measure, the high dose achieved an ACR20 response rate of 63% compared to 43% for placebo. However, the overall efficacy did not meet Spyre’s internal threshold to advance the drug as a monotherapy. The company announced it would not develop SPY072 as a single-agent treatment for rheumatoid arthritis.
Intuit shares dropped 11.8% to $315.30 in premarket trading after the financial software group posted a strong fourth-quarter earnings beat but issued fiscal 2027 guidance that fell short of analyst expectations. Boston Scientific fell 3.2% after disclosing a cybersecurity incident that disrupted global operations and limited its ability to process customer orders. TD Cowen maintained a buy rating and $56 price target but noted recent estimate cuts and cautious management commentary had led to meaningful reductions in revenue forecasts through 2027.
SolarEdge Technologies rose 5.6% after UBS upgraded the solar equipment maker to buy from neutral and raised its price target to $42 from $36. The upgrade followed the U.S. Federal Communications Commission’s move to add foreign-made power inverters to its national security list, effective July 28, which UBS estimates could affect over half of the U.S. inverter market. GoDaddy declined 3.5% after Wells Fargo downgraded the web services company to sell from neutral, marking the first sell-equivalent rating among covering analysts. The downgrade follows pressure since the company narrowed its full-year revenue guidance to a range between $5.215 billion and $5.255 billion, with the midpoint below expectations.
nCino shares fell 4.9% after its adjusted earnings per share for the quarter ended July 31 came in at $0.05, compared with analyst expectations of roughly $0.27, a negative surprise of over 80%. Sadot Group advanced 10.3% after filing for a secondary offering of up to 4.25 million shares by selling shareholders, following momentum tied to its February debenture restructuring and transition toward an AI-focused commodity trading technology platform.
