{"id":71358,"date":"2026-09-03T07:38:18","date_gmt":"2026-09-03T11:38:18","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-and-consumer-staples-diverge-as-snowflake-surges-and-campbells-slashes-dividend\/71358\/"},"modified":"2026-09-03T07:38:18","modified_gmt":"2026-09-03T11:38:18","slug":"tech-and-consumer-staples-diverge-as-snowflake-surges-and-campbells-slashes-dividend","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-and-consumer-staples-diverge-as-snowflake-surges-and-campbells-slashes-dividend\/71358\/","title":{"rendered":"Tech and Consumer Staples Diverge as Snowflake Surges and Campbell\u2019s Slashes Dividend"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Snowflake (<a href=\"\/stock\/SNOW\">SNOW<\/a>) shares skyrocketed 24%<\/strong> in <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">pre-market trading<\/a> after the data cloud provider delivered its third consecutive quarter of accelerating product revenue growth and significantly raised its full-year outlook.<\/li>\n<li><strong>Campbell\u2019s (<a href=\"\/stock\/CPB\">CPB<\/a>) plummeted 12%<\/strong> following a revenue miss and a major strategic pivot that includes a <strong>36% dividend cut<\/strong> to accelerate debt reduction and plant closures to manage costs.<\/li>\n<li><strong>Broadcom (<a href=\"\/stock\/AVGO\">AVGO<\/a>) fell 3%<\/strong> despite record results, as a lighter-than-expected margin outlook for the next quarter overshadowed a massive lift in long-term AI revenue forecasts.<\/li>\n<li><strong>Moonshot AI reached a $50 billion valuation<\/strong> in its latest private funding round, signaling intense investor appetite for high-end AI models ahead of a potential Hong Kong IPO.<\/li>\n<li><strong>Estonian Defense Minister Hanno Pevkur resigned<\/strong> late Wednesday, taking political responsibility for a \u20ac70 million scandal involving faulty or undelivered ammunition intended for Ukraine.<\/li>\n<\/ul>\n<h2>Enterprise Software and Semiconductors Lead Market Volatility<\/h2>\n<p>Snowflake (<a href=\"\/stock\/SNOW\">SNOW<\/a>) emerged as the morning&#39;s top performer, jumping <strong>24%<\/strong> after reporting fiscal second-quarter revenue of <strong>$1.55 billion<\/strong>, beating the <strong>$1.48 billion<\/strong> consensus. The company\u2019s product revenue growth accelerated to <strong>37% year-over-year<\/strong>, driven by what CEO Sridhar Ramaswamy described as &quot;compounding AI adoption.&quot; Management subsequently raised its fiscal 2027 product revenue guidance to <strong>$6.07 billion<\/strong>, up from the previous <strong>$5.84 billion<\/strong> estimate.<\/p>\n<p>In contrast, Broadcom (<a href=\"\/stock\/AVGO\">AVGO<\/a>) saw its stock slip <strong>3%<\/strong> despite reporting a <strong>221% surge in AI semiconductor revenue<\/strong> to <strong>$16.7 billion<\/strong>. While the company raised its long-term AI revenue outlook to <strong>$115 billion for 2027<\/strong>, investors reacted negatively to a Q4 margin outlook that appeared light due to a shifting product mix. Meanwhile, <a href=\"https:\/\/stockmarketwatch.com\/stock\/MSFT\" data-internallinksmanager029f6b8e52c=\"18\" title=\"Stock: MSFT\">Microsoft<\/a> (<a href=\"\/stock\/MSFT\">MSFT<\/a>) edged up <strong>0.3%<\/strong> following news that it will begin disclosing quarterly Azure sales figures to provide greater transparency into its cloud growth.<\/p>\n<h2>Consumer Staples and Retail Face Margin Pressure<\/h2>\n<p>The Campbell\u2019s Company (<a href=\"\/stock\/CPB\">CPB<\/a>) faced heavy selling pressure, dropping <strong>12%<\/strong> after reporting fourth-quarter net sales of <strong>$2.14 billion<\/strong>, missing the <strong>$2.15 billion<\/strong> estimate. The soup maker announced it is <strong>resetting its quarterly dividend to $0.25<\/strong> (down from $0.39) to prioritize debt reduction and is initiating plant closures and workforce reductions. The company cited a &quot;volatile environment&quot; and weak demand for premium snacks as lower-income consumers pivot to value brands.<\/p>\n<p>In the retail sector, PVH Corp. (<a href=\"\/stock\/PVH\">PVH<\/a>) rose <strong>3%<\/strong> after surpassing Wall Street expectations on both the top and bottom lines. Conversely, Victoria&#39;s Secret (<a href=\"\/stock\/VSXY\">VSXY<\/a>) tumbled <strong>22%<\/strong> after a slight revenue miss triggered concerns over its turnaround progress. Hewlett Packard Enterprise (<a href=\"\/stock\/HPE\">HPE<\/a>) also fell <strong>3.7%<\/strong>; despite lifting its outlook, the company warned that persistent supply chain constraints continue to weigh on its ability to fulfill high-demand AI server orders.<\/p>\n<h2>Global Geopolitics and Macroeconomic Outlook<\/h2>\n<p>Geopolitical tensions rose in Northern Europe as Estonian Defense Minister <strong>Hanno Pevkur<\/strong> stepped down following a National Audit Office report. The scandal involves <strong>\u20ac70 million in advance payments<\/strong> made to an Italian-registered firm for artillery shells that were either late or failed to meet quality standards for Ukraine. Pevkur stated he was taking &quot;political responsibility&quot; for the procurement irregularities, even as he defended the country&#39;s overall defense strengthening.<\/p>\n<p>On the macroeconomic front, Wall Street is bracing for the <strong>August Non-Farm Payrolls<\/strong> report due Friday. Bank economists are currently split, with estimates ranging from a modest rebound of <strong>80,000 jobs<\/strong> to a potential contraction of <strong>25,000 jobs<\/strong> due to recent immigration policy shifts. In labor news, Lufthansa and the <strong>UFO union<\/strong> have resumed negotiations in an attempt to avoid further strikes following significant disruptions earlier this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Snowflake (SNOW) shares skyrocketed 24% in pre-market trading after the data cloud provider delivered its third consecutive quarter [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[5012],"tags":[11076,33,20528,1361,22260,1601,2087,2919,3899,3929,7418,10080],"class_list":["post-71358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","tag-estonia","tag-msft","tag-moonshot-ai","tag-cpb","tag-vsxy","tag-cien","tag-pvh","tag-avgo","tag-snow","tag-hpe","tag-lufthansa","tag-us-jobs-report"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/71358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=71358"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/71358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50383"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=71358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=71358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=71358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}