Morning movers: GitLab jumps 21% as bookings accelerate

The September 2 Morning Read covers oil, rates and the broad market. The delayed pre-market quotes below were captured at 05:35-05:36 ET on September 2, 2026; thin early trading can change quickly before the 09:30 ET open.

GitLab: +21.35% as bookings and retention accelerate

GitLab reported $286.3 million of fiscal Q2 2027 revenue, up 21% year over year, a 15% non-GAAP operating margin and $9.8 million of adjusted free cash flow. Gross bookings set a record, net annual recurring revenue growth exceeded 40%, and dollar-based net retention improved to 117%. Remaining performance obligations reached $1.2 billion, up 16%, including $744.7 million expected to be recognized within 12 months, up 20%.

• Why it matters: growth topped 20% while retention and contracted backlog improved, supporting platform demand.
• Objective range: Nasdaq showed $52.40-$55.97 through 05:36 ET, versus a $45.09 prior close.
• Guidance: fiscal Q3 revenue is expected at $281-$283 million and fiscal-year revenue at $1.129-$1.133 billion.
• Main risk: the company still posted a -20% GAAP operating margin; full GAAP profitability remains absent.

Dell: +9.26% as AI-server orders reach $60.9 billion

Dell posted a record $47.0 billion of fiscal Q2 2027 revenue, up 58%, and diluted EPS of $6.34, up 273%. AI-optimized server revenue doubled to $16.4 billion, AI-server orders reached $60.9 billion, and backlog ended at $95 billion. Traditional servers and networking grew 122%, storage 26%, and client revenue 20%.

• Why it matters: orders, revenue and backlog point to continued AI-infrastructure demand.
• Objective range: Nasdaq showed $462.15-$469.77 through 05:35 ET, against a $425.00 prior close.
• Guidance: full-year revenue was raised by $25 billion to $192 billion, with diluted EPS guided to $24.37.
• Main risk: the $95 billion backlog still must convert into shipments, cash flow and durable margins.

Moderna: -2.83% after a $3.0 billion convertible financing

Moderna completed $3.0 billion of 0.00% convertible senior notes due 2032, including a fully exercised $400 million option. The initial conversion price is $210.58 per share, a 47.5% premium to the $142.77 August 27 reference. Net proceeds were $2.957 billion; $328.8 million funded capped calls designed to reduce dilution, with a $392.62 initial cap.

• Why it matters: the zero-coupon financing raises capital but leaves future conversion risk.
• Objective range: Nasdaq showed $149.66-$153.30 through 05:36 ET, versus a $154.27 prior close.
• Peer read-through: other biotechs may use convertibles when their shares support a premium conversion price.
• Main risk: capped calls do not eliminate dilution; pipeline outcomes remain the larger driver.

Also on the radar

• HPE +6.05% at $53.95: the official investor calendar scheduled its Q3 event for September 2, after this quote cut. The move is therefore treated as a pre-event signal, not a post-results reaction.
• CRDO -7.76% at $190.60: revenue grew 114.7% to $479.0 million and the next-quarter outlook was $525-$535 million; the Morning Read has the full post-results analysis.

What to watch today

• 09:30 ET - opening auction: check whether GitLab and Dell hold their delayed gaps when regular liquidity arrives.
• After 09:35 ET - option chains: rebuild live spreads and implied volatility; aggregate Cboe totals are not contract-level prices.
• First trading hour - breadth: compare GitLab with Dell and HPE to see whether buying broadens.
• Throughout the session - Moderna: separate immediate cash proceeds from longer-term dilution risk.