Midday Trading: AST SpaceMobile, PG & E, Snowflake, Brown-Forman, GitLab, Eos Energy, Sirius, Dell, G-III, Palo Alto Networks, MongoDB and Credo Move

According to CNBC, AST SpaceMobile jumped almost 10% after Berenberg initiated coverage with a buy rating and a $92 price target, implying about 65% upside from Tuesday's close. PG & E Corp. fell another 7% after the California utility launched a strategic and financial review, deferred $2 billion in 2027 capital spending and said the move was aimed at reducing the need for higher-cost borrowing. Snowflake slipped 4% ahead of earnings, with analysts surveyed by FactSet expecting second-quarter earnings of 45 cents per share on revenue of $1.48 billion. Brown-Forman rose 4% after first-quarter earnings of 38 cents per share beat the FactSet estimate by 1 cent, while operating income of $252 million topped expectations of $239.4 million. GitLab rallied nearly 13% after reporting adjusted earnings of 24 cents per share on revenue of $286 million in the second quarter, ahead of LSEG estimates, and issuing upbeat full-year guidance. Eos Energy Enterprises climbed 15% after signing an agreement with MN8 Energy to supply Google data centers with 86 megawatts of solar-generated electricity, 10 MW of zinc-based energy storage and 70 MW of lithium-ion storage from a site in West Virginia. Sirius gained more than 7% after Deutsche Bank upgraded the stock to buy from hold and set a $45 price target. Dell Technologies jumped 7% after beating expectations on both revenue and profit and lifting its fiscal 2027 forecast, citing strength in its artificial intelligence services business. G-III Apparel fell 11% after fiscal second-quarter net sales dropped to $554.1 million from $613.3 million a year earlier and the company forecast full-year sales of $2.71 billion, down from $2.96 billion in fiscal 2026. Palo Alto Networks dropped 10% after reporting fiscal fourth-quarter adjusted earnings of $1.02 per share on revenue of $3.41 billion, above LSEG estimates. MongoDB fell around 12% despite posting adjusted earnings of $1.90 per share on revenue of $772 million in the second quarter and raising guidance. Credo Technology slid about 18% after its first-quarter non-GAAP gross margin came in at 68%, slightly below the 68.3% estimate from analysts surveyed by LSEG.