Dell surged on May 29 after raising its fiscal year revenue forecast to about $167 billion, well above analyst estimates of $142.1 billion, driven by $60 billion in anticipated sales of AI servers [1, 2]. The strong outlook reflected robust demand for AI infrastructure. Snowflake announced a $6 billion multiyear agreement to use Amazon's cloud services and chips, along with a stronger-than-expected annual outlook, boosting investor confidence [3].
Best Buy reported sales that topped estimates, supported by sustained consumer electronics demand despite inflation and high gas prices, while Dollar Tree increased comparable sales by shifting from $1 items to higher price points despite a decline in customer traffic [3].
On May 29, Ocado Group struck a deal to help British grocer Asda expand online sales, sending Ocado shares up as much as 13% in early London trading [4, 5]. CTS Eventim beat expectations with a normalized EBITDA of €118.9 million versus estimates of €114.5 million, lifting shares 11% [4, 5].
Sivers Semiconductors reported a first-quarter operating loss of SEK 41.5 million and missed revenue targets, causing shares to drop 13% [4]. Meanwhile, Ford Motor shares rose about 21% over two days amid a strategic pivot toward energy storage to support AI infrastructure [2].
NetApp posted strong earnings with analysts signaling potential upgrades, and American Eagle reported first-quarter comparable sales below average analyst estimates but maintained its full-year outlook and issued second-quarter guidance [6, 7, 8]. Gap shares plunged after lowering its sales outlook due to product mix struggles [6, 7, 8].
Replimune shares soared after the FDA agreed to reconsider its skin cancer treatment application as an urgent matter following alignment on a regulatory path forward [1]. Conversely, AST Spacemobile shares fell as much as 19% due to a Deutsche Bank downgrade after the May 28 New Glenn rocket explosion [1].
Lufthansa shares rose as much as 2.95% amid news of a tentative US-Iran agreement to extend a ceasefire by 60 days [5]. Chevron CEO Mike Wirth discussed the impact of the war in Iran, attacks in the Strait of Hormuz, and potential oil and gasoline shortages [9].
Federal Reserve Bank of St. Louis President Alberto Musalem said the easing bias was no longer consistent with economic risks at the May FOMC meeting [10].
Autodesk agreed to acquire MaintainX in an all-cash deal to enhance its maintenance management offerings [2].
The coming weeks will focus on monitoring Dell’s AI-driven sales growth and Snowflake’s execution on its Amazon cloud partnership.
