Premarket Movers | Dell Jumps 5%; Urban Outfitters Soars 17%; HP Inc Falls 5%; Workday Drops 6%; Zscaler down 7%

Dell Technologies Inc. forecast fourth-quarter revenue and profit above Wall Street estimates on Tuesday, as increasing investments in data centers to support artificial intelligence boost demand for its servers, sending its shares up 5% in premarket trading on Wednesday.

The company also announced the permanent appointment of David Kennedy as its finance chief. Dell, which raised its annual revenue and profit expectations, offers AI-optimized severs equipped with Nvidia's powerful chips.

Design software maker Autodesk forecast fourth-quarter revenue and profit above Wall Street estimates on Tuesday, supported by steady subscription renewals and growing demand for its cloud-based design tools.

Shares of the San Francisco-based company rose 7% in premarket trading on Wednesday after it also topped market expectations for third-quarter results.

Urban Outfitters stock rose 17% in premarket trading on Wednesday after it recorded higher earnings and revenue in the third quarter, as its namesake brand led same-store sales growth.

The apparel and home goods retailer on Tuesday posted a profit of $116.4 million, or $1.28 a share, in the quarter ended Oct. 31, compared with $102.9 million, or $1.10 a share, a year earlier. Analysts polled by FactSet expected $1.19 a share.

HP Inc said on Tuesday it expects to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a plan to streamline operations and adopt artificial intelligence to speed up product development, improve customer satisfaction and boost productivity.

Shares of the Palo Alto, California-based company fell 5% in premarket trading on Wednesday.

Workday reported third-quarter subscription revenue in line with Wall Street estimates on Tuesday, signaling softer demand and sending its shares down nearly 6% in premarket trading on Wednesday.

The human resources software provider's fourth-quarter subscription revenue forecast was also barely above estimates, hit by sluggish demand from certain higher education customers that depend heavily on federal funding.

Zscaler Inc. fell 7% in premarket trading on Wednesday after it beat Wall Street estimates for quarterly revenue and profit, driven by strong demand for its cloud and artificial intelligence security solutions.

Enterprise spending on cyber protection solutions has increased as digital threats have gotten more sophisticated. Zscaler's flexible purchasing program has helped it sign larger, multi-year platform deals with enterprise clients.