US Stock Movers | NetApp surged nearly 16% in pre-market trading, with strong Q4 results benefiting from the "AI storage supercycle"

格隆汇2026/05/29 08:26

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Glonghui, May 29 – Enterprise storage service provider NetApp (NTAP.US) surged nearly 16% in pre-market trading to $165. According to reports, NetApp’s revenue for the fourth fiscal quarter reached approximately $1.948 billion, up 12% year-over-year, surpassing the analyst consensus estimate of $1.85 billion. Adjusted earnings per share hit a record high of $2.43, up 11% year-over-year, also beating the expected $2.27. This strong performance was mainly driven by accelerated growth in its all-flash array business and public cloud high-performance storage business, benefiting from the “AI storage super cycle.” During the period, all-flash array business revenue increased 18% year-over-year to a record $1.22 billion, while public cloud business revenue rose 11% year-over-year to $182 million. Looking ahead to the first quarter of fiscal year 2027, the company expects revenue to be between $1.75 billion and $1.9 billion, and adjusted earnings per share to be between $2.05 and $2.15, both above expectations.

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On October 9, shares of Australian QBE Insurance Group (QBE.AX) continued their upward trend, rising 1.8% to AUD 24.805, reaching the highest level since August 5. The stock has gained approximately 4.2% this week and is on track for its best weekly performance since early June. Earlier this week, Citi noted in a report that the insurer stands out from its domestic peers due to its ability to achieve at least mid-single-digit, volume-driven gross written premium (GWP) growth while maintaining underwriting margins. The broker upgraded the stock's rating to "Buy" and raised its target price by 10.3% to AUD 26.70. The report also stated that QBE has currently reached a total premium income of USD 1.5 billions and is expected to increase to USD 2.5 billions in the medium term. Citi added that it remains optimistic about the stock thanks to enhanced earnings stability brought by prudent reserving. So far this year, QBE shares have risen about 25%.

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Deutsche Bank estimates the impact of rising interest rates: US major banks face capital pressure, and stock buybacks may collectively hit the brakes.

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