📊 StockInsight™ Earnings Report — September 3, 2026

Premarket & After Close | Full U.S. Earnings Review

September 3 was a high-impact earnings day with major moves across technology, AI infrastructure, cybersecurity, consumer discretionary and consumer staples.

The session produced an especially important contrast: strong earnings did not always produce strong stock performance. Investors heavily rewarded companies that combined beats with raised guidance, while punishing companies where forward expectations or margins disappointed.

The broader market ultimately finished strongly higher, helped by softer Treasury yields and comments from Fed Governor Christopher Waller that reduced fears of an imminent rate hike.

🌅 Premarket — September 3

📈 Market Setup

• S&P 500 Futures: +0.07%
• Dow Futures: +0.20%
• Nasdaq Futures: approximately -0.1%
• 10-Year Treasury: approximately 4.78%
• Brent Crude: above $94
• Gold: +1.5%
• Bitcoin: approximately $77,857

The initial setup was cautious, with futures near flat and oil prices elevated. Earnings were expected to determine the direction of individual stocks, while Fed commentary and the upcoming employment report remained the major macro catalysts.

🚀 Major Premarket Movers

🟢 SNOW — Snowflake

Premarket: +23% to +24%

Snowflake was the clear earnings star.

• Revenue: $1.55 billion
• Product revenue: $1.49 billion
• Product revenue growth: +37%
• Adjusted EPS: $0.62
• FY2027 product revenue outlook: $6.07 billion
• Cortex Code accounts: approximately 9,100

AI adoption was a major driver, with Snowflake indicating that AI contributed approximately half of its recent growth acceleration.

The stock ultimately closed at $356.56, up 16.6%.

Price Action: 🔥 Very Bullish
StockInsight™ View: VERY BULLISH

🟢 NTSK — Netskope

Premarket: +10.5%

Netskope was another major software winner as investors continued favoring cybersecurity and cloud-security companies with strong enterprise demand.

Price Action: 🟢 Bullish
StockInsight™ View: BULLISH

🟢 FIVE — Five Below

Premarket: +4.2%

Five Below showed positive momentum following its earnings release and remained one of the stronger consumer names in the premarket.

Price Action: 🟢 Bullish
StockInsight™ View: MODERATELY BULLISH

🔴 AVGO — Broadcom

Premarket: approximately -3%

Broadcom produced extraordinary numbers but still traded lower.

• Revenue: $29.6 billion
• Revenue growth: +86%
• Adjusted EPS: $3.32
• AI semiconductor revenue: $16.7 billion
• AI chip revenue growth: +221%
• Current-quarter AI chip revenue forecast: $21.7 billion
• FY2027 AI revenue target: $115 billion
• FY2028 AI revenue target: $230 billion

The problem was not the business.

The problem was expectations.

Investors were concerned about valuation, future AI infrastructure spending, competition and the financial commitments associated with massive data-center expansion. Broadcom ultimately closed down approximately 2.7%.

Fundamentals: 🟢 Excellent
Price Action: 🔴 Bearish
StockInsight™ View: BULLISH LONG TERM / BEARISH SHORT TERM

🔴 HPE — Hewlett Packard Enterprise

Premarket: approximately -4%

HPE also experienced a negative reaction despite strong results and raised targets.

The reaction reinforced the market’s increasingly demanding standards for AI infrastructure stocks.

Price Action: 🔴 Bearish
StockInsight™ View: NEUTRAL/BULLISH FUNDAMENTALLY

🔴 NTAP — NetApp

Premarket: approximately -8%

NetApp sold off sharply despite beating expectations.

Investors focused more heavily on cash-flow trends and future growth than on the headline earnings beat.

Price Action: 🔴 Strongly Bearish
StockInsight™ View: BEARISH

🔴 VSXY — Victoria’s Secret

Premarket: approximately -15% to -19%

Victoria’s Secret delivered a strong earnings beat:

• Net sales: $1.611 billion
• Sales growth: +10.4%
• Comparable sales: +9%
• Adjusted EPS: $0.95
• Consensus: approximately $0.77

Yet the shares collapsed because expectations were extremely high following the stock’s enormous prior rally.

Shares ultimately finished down approximately 13%.

Price Action: 🔴 Very Bearish
StockInsight™ View: BEARISH SHORT TERM

🔴 RARE — Ultragenyx

Premarket: approximately -45%

Ultragenyx suffered a major collapse following the failure of a key late-stage clinical trial.

Price Action: 🔴 Extremely Bearish
StockInsight™ View: VERY BEARISH

🌅 Before-Open Earnings

The principal September 3 premarket earnings names included:

• CIEN — Ciena
• VSXY — Victoria’s Secret
• CPB — Campbell’s
• BRC — Brady
• TTC — Toro
• WLY — John Wiley & Sons
• LE — Lands’ End
• GCO — Genesco
• DLTH — Duluth Holdings
• VFS — VinFast

The September 3 earnings calendar contained a particularly large group of reports, with Ciena, Victoria’s Secret and Campbell’s among the most closely watched before the opening bell.

🔥 CIEN — Ciena

Ciena deserves special attention because it delivered one of the strongest fundamental reports but one of the weakest stock reactions.

• Revenue: $1.67 billion
• Revenue growth: +37%
• Adjusted EPS: $2.11
• GAAP operating margin: 18.0%
• Backlog: $8.5 billion
• FY2027 preliminary revenue growth expectation: at least 30%
• FY2027 baseline revenue: $8.3-$8.4 billion

Despite the exceptional results, CIEN fell more than 10%, closing around $317.46.

Investors focused on valuation, supply constraints and the near-term margin outlook.

Fundamentals: 🟢 Excellent
Price Action: 🔴 Very Bearish
StockInsight™ View: BULLISH BUSINESS / BEARISH TRADE

🔴 CPB — Campbell’s

Campbell’s was another major premarket disappointment.

• Q4 sales: approximately $2.14 billion
• Adjusted EPS: $0.39
• Sales declined approximately 8%
• FY2027 sales outlook: -2% to -4%
• Dividend cut: approximately 36%
• Cost-saving target: $500 million by FY2030

The company also announced plant closures, job reductions and additional pricing actions.

Shares fell approximately 10%, their worst performance in years.

Price Action: 🔴 Very Bearish
StockInsight™ View: BEARISH

📈 The Market Turns Risk-On

The biggest change came after the opening bell.

Fed Governor Christopher Waller indicated that he could support keeping rates unchanged if upcoming inflation data continues to improve.

Treasury yields declined and rate-hike expectations eased.

Technology and software stocks responded strongly.

September 3 Closing Performance

• Dow Jones: +1.18%
• S&P 500: +1.06%
• Nasdaq Composite: +1.40%
• 10-Year Treasury: approximately 4.76%
• 2-Year Treasury: approximately 4.32%

The Nasdaq benefited particularly from strength in AI and software.

🌙 After Close — September 3

The after-close session was dominated by Zscaler, Samsara, UiPath, DocuSign, Lululemon, Guidewire and Planet Labs.

🚀 IOT — Samsara

After Hours: +11% to +13%

Samsara delivered an excellent beat-and-raise quarter.

• Revenue: $508.4 million
• Revenue growth: +30%
• Adjusted EPS: $0.20
• ARR: $2.125 billion
• ARR growth: +30%
• Added 242 customers with more than $100,000 ARR
• FY revenue guidance: $2.043-$2.047 billion
• FY adjusted EPS guidance: $0.76-$0.78

This was exactly the type of earnings report the market is rewarding: strong growth, enterprise expansion and higher guidance.

Price Action: 🟢 Very Bullish
StockInsight™ View: VERY BULLISH

🟢 DOCU — DocuSign

After Hours: +7%

• Revenue: $875.7 million
• Revenue growth: +9%
• Adjusted EPS: $1.16
• FY revenue guidance: $3.50-$3.51 billion
• Q3 revenue guidance: $886-$890 million

DocuSign raised its full-year outlook for the second time this year, helped by growing adoption of AI-powered agreement tools.

Price Action: 🟢 Bullish
StockInsight™ View: BULLISH

🟢 ZS — Zscaler

After Hours: approximately +1% to +4%

• Adjusted EPS: $1.19
• Revenue: $898.2 million
• Revenue growth: +25%
• ARR: $3.771 billion
• Q1 FY2027 revenue guidance: $935-$939 million
• FY2027 adjusted EPS guidance: $4.86-$4.90

The stock initially jumped more strongly before giving back some of the move.

Zscaler also announced a workforce reduction of approximately 3% as part of a restructuring effort.

Price Action: 🟢 Bullish
StockInsight™ View: BULLISH

🔴 LULU — Lululemon

After Hours: approximately -15% to -17%

Lululemon was the biggest major disappointment.

• Q2 revenue: $2.42 billion
• Consensus: approximately $2.46 billion
• Revenue decline: approximately 4%
• Comparable sales: -9%
• Adjusted EPS: $2.92
• FY revenue guidance: $10.35-$10.50 billion
• FY EPS guidance: $9.48-$9.73

The EPS beat was misleading because approximately $0.86 per share came from a one-time tariff refund.

The underlying business was much weaker.

Americas revenue fell 8%, while comparable-store sales dropped 9%.

Price Action: 🔴 Extremely Bearish
StockInsight™ View: VERY BEARISH

🟢/🔴 PATH — UiPath

After Hours: initially +10%, later volatile

• Revenue: $410.3 million
• Revenue growth: +13%
• Adjusted EPS: $0.15
• ARR: $1.938 billion
• ARR growth: +12%
• FY revenue guidance: $1.789-$1.794 billion

UiPath beat revenue expectations and raised its full-year revenue outlook.

However, the stock subsequently reversed and traded lower after hours.

This is another example of the market demanding more than simply a revenue beat.

Price Action: 🟡 Volatile
StockInsight™ View: NEUTRAL / WATCH

🔴 ASAN — Asana

After Hours: approximately -12%

• Revenue: $216.4 million
• Adjusted EPS: $0.10
• Consensus EPS: $0.09

Despite the earnings beat, investors focused on weaker near-term profitability expectations.

Price Action: 🔴 Bearish
StockInsight™ View: BEARISH

🔴 GWRE — Guidewire

After Hours: approximately -19%

• Adjusted EPS: $0.99
• Revenue: $411.1 million
• Q1 revenue guidance: $372-$378 million

Guidewire delivered a strong quarter, but the near-term guidance disappointed investors.

This was a textbook beat-but-sell reaction.

Price Action: 🔴 Very Bearish
StockInsight™ View: BEARISH SHORT TERM

🟢 PL — Planet Labs

After Hours: approximately +5%

• Revenue: $116.1 million
• Expected revenue: approximately $104.5 million
• Adjusted EBITDA: $13.9 million
• Defense & intelligence revenue: $81 million
• Backlog: $815 million

Planet Labs delivered a significant revenue beat and stronger-than-expected profitability.

However, next-quarter guidance was conservative, with revenue expected at $101-$105 million.

Price Action: 🟢 Bullish
StockInsight™ View: BULLISH WITH HIGH VOLATILITY

🟢 SWBI — Smith & Wesson

After Hours: +8.6%

• Net sales: $112.6 million
• Consensus: approximately $98.7 million
• Adjusted EPS: $0.06

The company benefited from healthier distributor inventories and solid demand.

Price Action: 🟢 Bullish
StockInsight™ View: BULLISH

🔴 OXM — Oxford Industries

After Hours: approximately -15%

• EPS: $1.34
• Revenue: $394.4 million
• Q3 EPS guidance: -$1.40 to -$1.20
• FY sales guidance: $1.43-$1.47 billion

The earnings beat was overwhelmed by a very weak forward outlook.

Price Action: 🔴 Very Bearish
StockInsight™ View: BEARISH

🟢 MAMA — Mama’s Creations

• Revenue: $54.6 million
• Revenue growth: +55%
• Net income: $2.6 million
• Net income growth: +101%
• Adjusted EBITDA: $5.5 million
• EBITDA growth: +69%

A standout small-cap growth report.

StockInsight™ View: BULLISH

🟢 BBCP — Concrete Pumping Holdings

• Revenue: $116.8 million
• Revenue growth: +13%
• Adjusted EBITDA: $30.4 million
• EBITDA growth: +13%
• FY revenue guidance: $425-$435 million
• New quarterly dividend initiated

A solid combination of growth, improving profitability and shareholder returns.

StockInsight™ View: BULLISH

🏆 Biggest Earnings Winners

🥇 SNOW — Snowflake
AI demand + accelerating growth + raised outlook

🥈 IOT — Samsara
Beat + raise + strong enterprise growth

🥉 DOCU — DocuSign
Beat + raised guidance + AI adoption

ZS — Zscaler
25% revenue growth + strong ARR

PL — Planet Labs
Revenue beat + profitability

MAMA — Mama’s Creations
55% revenue growth + 101% net-income growth

SWBI — Smith & Wesson
Major revenue beat

⚠️ Biggest Earnings Losers

🔻 LULU — Lululemon
Sales weakness + major guidance reduction

🔻 GWRE — Guidewire
Strong quarter but weak near-term guidance

🔻 ASAN — Asana
Profitability concerns

🔻 OXM — Oxford Industries
Weak forward outlook

🔻 CIEN — Ciena
Exceptional earnings but heavy valuation/expectation pressure

🔻 CPB — Campbell’s
Sales decline + dividend reduction

🔻 VSXY — Victoria’s Secret
Strong EPS but expectations too high

🔻 AVGO — Broadcom
Exceptional AI growth but disappointing market reaction

🤖 AI Earnings Signal

The AI investment cycle remains extremely strong.

AVGO: AI semiconductor revenue +221%

SNOW: AI accelerating data consumption

CIEN: AI/data-center networking demand

HPE: AI infrastructure demand

AMBA: AI edge processing

IOT: AI-enabled operational intelligence

PL: AI-supported satellite and defense intelligence

The important distinction is that investors are becoming increasingly selective.

AI exposure alone is no longer enough.

The market wants AI growth + accelerating revenue + strong margins + credible future guidance.

🛒 Consumer Earnings Signal

The consumer picture remains considerably weaker.

LULU: -9% comparable sales

CPB: significant sales decline

VSXY: strong earnings but heavy valuation/expectation pressure

OXM: weak traffic and forward outlook

This creates a clear divergence between technology/AI spending and parts of the consumer economy.

📊 StockInsight™ Earnings Gauge

Earnings Momentum: 8.8/10 🟢

Earnings Selectivity: 9.4/10 ⚠️

AI Theme: 9.4/10 🚀

Technology: 9.1/10 🟢

Cybersecurity: 8.9/10 🟢

Enterprise Software: 8.8/10 🟢

Consumer: 4.5/10 🔴

Rate Environment: 8.0/10 🟢

Overall Earnings Signal: 8.7/10

Market Bias: 🟢 BULLISH

🔎 The Big Takeaway

September 3 delivered one of the clearest examples this earnings season of the difference between fundamental performance and stock performance.

Broadcom delivered extraordinary AI growth — and fell.

Ciena delivered 37% revenue growth — and fell more than 10%.

Victoria’s Secret beat EPS expectations — and collapsed.

Meanwhile:

Snowflake surged.

Samsara surged.

DocuSign rallied.

Zscaler held higher.

The difference is expectations.

The market is no longer asking:

“Did the company beat earnings?”

It is asking:

“Was the beat large enough to justify the valuation, and did management raise expectations for the future?”

🧭 StockInsight™ Final View

September 3 was ultimately a bullish market session with extremely high earnings selectivity.

The strongest setups remain concentrated in companies showing:

🚀 Accelerating growth
🤖 AI monetization
📈 Raised guidance
💰 Strong cash generation
🏢 Enterprise demand
📊 Expanding margins

The biggest risks remain:

⚠️ Elevated valuations
⚠️ High expectations
⚠️ Weak consumer demand
⚠️ Rising energy prices
⚠️ Treasury yields
⚠️ Friday’s employment report

The most important message from September 3:

A beat is no longer enough.

Beat + accelerate + raise = BUYING POWER

Beat + weak guidance = SELLING PRESSURE

Great numbers + extreme valuation = HIGH RISK

StockInsight™ Market Bias

🟢 BULLISH

StockInsight™ Earnings Score

8.7/10

Market Character

Bullish — but highly selective

The next major catalyst is the August U.S. employment report on September 4, which could determine whether the improving rate outlook extends the technology-led rally.

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