5 Things to Know Before Markets Open

News of the day for November 21, 2023

Microsoft CEO Satya Nadella

Justin Sullivan / Staff / Getty Images

Microsoft shares edged higher in pre-market trading after hitting a record high on Monday as OpenAI employees threatened to follow former OpenAI CEO Sam Altman to Microsoft, and Zoom reported better-than-expected earnings on improved growth from its larger customers. Here’s what investors need to know today.

1. Microsoft Shares Edge Higher After Reaching Record High Amid OpenAI Drama

Microsoft (MSFT) shares gained 0.2% in pre-market trading after reaching a record high Monday as employees of ChatGPT maker OpenAI warned they would join former OpenAI CEO Sam Altman at Microsoft if OpenAI's remaining board members do not resign and bring Altman back to OpenAI. In a televised interview, Microsoft CEO Satya Nadella said he believes the governance structure of OpenAI needs to change. Microsoft is OpenAI's biggest shareholder, with a stake of about 49%.

2. Zoom Reports Earnings, Revenue Beat on Improved Growth from Larger Customers

Zoom Video Communications (ZM) reported earnings of $1.29 a share, ahead of analyst estimates of $1.08, on revenue of $1.14 billion, better than the expectations of $1.12 billion.  The video conferencing company cited improved growth from its larger customers and limited losses from individual users. Zoom projected fourth quarter revenue of between $1.125 billion and $1.13 billion, where analysts were expecting $1.129 billion in revenue. Zoom’s shares declined 0.3% in pre-market trading.

3. Baidu Beats Expectations as Chinese Search Leader Leans Into AI

American depositary receipts of Baidu (BIDU) jumped 2.3% in pre-market trading after it reported sales grew 6% from a year ago to reach 34.4 billion Chinese yuan ($4.83 billion), ahead of the $4.81 billion analysts were anticipating. The Chinese internet search leader also reported a net income of $0.94 billion, better than the $0.62 billion expected, as the company accelerated its expansion into artificial intelligence.

4. Keysight Technologies Reports Earnings, Revenue Beat

Keysight Technologies (KEYS) reported adjusted earnings of $1.99 a share on revenue of $1.31 billion, compared with the $1.87 a share on revenue of $1.3 billion that analysts had anticipated. The maker of test and measurement equipment 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 engagement was high, despite a challenging macro environment. Shares of Keysight traded marginally higher in the pre-market.

5. Existing Home Sales Data, FOMC Minutes Due for Release

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

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  1. CNBC. “Microsoft CEO Nadella says OpenAI governance needs to change no matter where Altman ends up.”

  2. Barron’s. “Zoom Stock Rises After Earnings. What the Numbers Said.

  3. Bloomberg. “Baidu’s Revenue Beats as ChatGPT-Style AI Starts Monetization.”

  4. MarketWatch. “Keysight stock gains after company eyes ‘recovery’.”

  5. MarketWatch.? “U.S. Economic Calendar.”

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