US PRE-MARKET MOVERS: INTU, ZM, KSS, ANF, SJM, SEDG, NVDA
ES -0.1% NQ -0.2% RTY -0.1%
- INTU -10.5%: Dismal next Q & FY guidance
- ZM -6.5%: Next Q outlook light, disappointing investors hoping its expanded product suite would drive stronger growth
- KSS -4.5%: Rev. light; profit topped & raised guidance, but tariff refunds have done a lot of heavy lifting
- ANF +12%: Strong Q metrics w/ strong guidance
- SJM +4%: Top & bottom line beat alongside raising FY outlook
- SEDG +7%: Upgraded at UBS
- NVDA -0.2%: Ahead of earnings after-hours
A mixed premarket tape dominated by single-name earnings reactions, with index futures essentially flat and the dispersion concentrated in software and consumer names. The pattern in this kind of session is that guidance, not the reported quarter, drives the gap: INTU and ZM fit the recurring software mold where a conservative forward outlook triggers outsized de-ratings regardless of the backward print, a dynamic that has repeatedly punished high-multiple names where the bar is set by the guide rather than the quarter. KSS illustrates the other familiar split, where a headline beat and raised guidance get discounted when the market identifies a non-operating contributor, here tariff refunds, behind the quality of the raise; the tell in such cases is whether sell-side notes treat the uplift as recurring or one-off. SEDG's move is a pure ratings event, mechanically shallower and more prone to fade than earnings-driven gaps. NVDA's small move ahead of an after-hours report is the standard pre-print stasis: the name has carried outsized index weight, so its result is the session's real event, and the flat futures belie the actual gamma sitting in the close. The follow-ons are the opening prints confirming or fading the gaps, the tone of the INTU and ZM calls on demand versus prudence, and positioning into NVDA after the bell.