Morning movers: OKTA jumps 20.1% as identity demand accelerates

The August 27 Morning Read covers the broader market and NVIDIA results. The delayed pre-market quotes below were captured around 05:34-05:36 ET on August 27, 2026 and checked against separate Nasdaq and TradingView snapshots; thin early trading can change quickly.

OKTA: +20.12% as identity demand and backlog both accelerate

Okta reported $805 million of revenue, up 11%, while subscription revenue increased 12% to $793 million. Current remaining performance obligations, or cRPO, rose 14% to $2.585 billion, outpacing revenue. GAAP operating margin improved to 13% from 6%, free cash flow reached $227 million, and fiscal-2027 revenue guidance is $3.216-$3.226 billion. Investors rewarded faster backlog growth alongside cash generation.

• Why it matters: cRPO is adding future subscription revenue faster than the current income statement.
• Objective range: $159.34-$164.00 early, versus the $134.42 prior close.
• Peer read-through: CRWD's own rally supports a broader security-demand theme.
• Main risk: a 20% gap leaves little room for weaker renewals or slower conversion of AI interest.

CRM: +11.84% as AI metrics support a higher revenue outlook

Salesforce posted $11.3 billion of revenue, up 11%, while cRPO increased 14% to $33.5 billion. Agentforce and Data 360 annual recurring revenue approached $3.9 billion, up more than 210%, and Agentforce ARR exceeded $1.5 billion, up more than 240%. Fiscal-2027 revenue guidance rose to $46.1-$46.4 billion, including pending acquisitions and a currency headwind. AI products added to bookings rather than displacing the platform.

• Why it matters: 14% cRPO growth outpaced revenue and improves subscription visibility.
• Objective range: $228.25-$235.26 early, against the $205.62 prior close.
• Peer read-through: enterprise-software demand helps cloud peers, but acquisition growth is not organic.
• Main risk: pending acquisitions, currency, and integration can change the raised outlook.

HPQ: -10.03% as higher sales fail to settle the margin debate

HP reported $15.7 billion of revenue, up 12.5%, and raised its annual earnings and cash-flow outlook. Personal Systems revenue grew 18% to $11.8 billion, but total units fell 16% and segment margin was 4.6%. Printing revenue declined 2% to $3.9 billion. Non-GAAP earnings of $0.83 per share included an $0.11 tariff-refund benefit, while non-GAAP operating margin fell to 6.5% from 7.1%. The selloff focused on growth quality and margin mix.

• Why it matters: sales rose with fewer units, leaving mix and pricing to carry growth.
• Objective range: $27.38-$28.20 early, versus the $30.52 prior close.
• Cash marker: free cash flow was $1.57 billion; annual guidance rose to $3.0-$3.2 billion.
• Main risk: memory costs, tariffs, refund timing, and weaker printing can squeeze margins.

Also on the radar

• CRWD +8.68% at $205.60: record net-new ARR and a higher growth view reinforced security demand.
• WEN -12.83% at $7.88: the cause was unconfirmed at the quote cut, so no catalyst is attributed.
• NVDA +7.16% at $224.67: the reaction is material but already belongs to today's Morning Read.
• NBIS +7.04% at $229.00: the AI-cloud name moved with the infrastructure basket, without a separate issuer catalyst.

What to watch today

• 09:30 ET - opening auction: compare regular volume with the delayed gaps.
• After 09:35 ET - option chains: rebuild spreads and implied volatility; totals are not executable quotes.
• OKTA and CRM: watch whether prices hold above their early range lows.
• HPQ: watch whether buyers defend $27.38 or margins dominate the interpretation.