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Five things to know before the markets open

by SuperiorInvest

Microsoft shares rose in premarket trading after hitting an all-time high on Monday, as OpenAI employees threatened to follow former OpenAI CEO Sam Altman to Microsoft, and Zoom reported better-than-expected earnings thanks to further growth from its largest clients. Here’s what investors need to know today.

1. Microsoft shares top lead after hitting record high amid OpenAI drama

Shares of Microsoft (MSFT) gained 0.2% in premarket trading after hitting an all-time high on Monday as employees of ChatGPT maker OpenAI warned they would join former OpenAI CEO Sam Altman, at Microsoft if the remaining OpenAI board members do not resign and bring Altman back to OpenAI. . In a televised interview, Microsoft CEO Satya Nadella said he believes OpenAI’s governance structure needs to change. Microsoft is the largest shareholder in OpenAI, with a stake of around 49%.

2. Zoom Reports Profits and Revenue Outpace Improved Growth from Largest Customers

Zoom Video Communications (ZM) reported earnings of $1.29 per share, above analyst estimates of $1.08, on revenue of $1.14 billion, better than expectations of $1.12 billion. The video conferencing company cited better growth from its largest customers and limited losses from individual users. Zoom projected fourth-quarter revenue of between $1.125 billion and $1.13 billion, while analysts were expecting $1.129 billion in revenue. Zoom shares fell 0.3% in premarket trading.

3. Baidu exceeds expectations as Chinese search leader leans into AI

Baidu American Depositary Receipts (BIDU) rose 2.3% in pre-market trading after it reported sales rose 6% from a year earlier to 34.4 billion Chinese yuan (4.83 billion dollars), ahead of the 4.81 billion dollars that analysts anticipated. The Chinese internet search leader also reported net income of $940 million, better than the $620 million expected, as the company accelerated its expansion into artificial intelligence.

4. Keysight Technologies reports earnings and revenue

Keysight Technologies (KEYS) reported adjusted earnings of $1.99 per share on revenue of $1.31 billion, compared with the $1.87 per share on revenue of $1.3 billion that analysts had expected. anticipated. The test and measurement equipment maker projected revenue for its upcoming fiscal first quarter of between $1.235 billion and $1.255 billion, where analysts had projected revenue of $1.245 billion, as the company said its strategic customer commitment was high, despite a challenging macro environment. Keysight shares traded slightly higher in pre-market trading.

5. Existing home sales data and FOMC minutes pending release

Existing home sales are expected to have declined to 3.9 million in October, down from the 3.96 million reported the previous month, when that data is released at 10 a.m. ET. Minutes from the Federal Reserve’s Oct. 31-Nov. 1 meeting will also be released at 2 p.m. ET and could offer insights into policymakers’ decision-making.

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