Shares of Penguin Solutions, Inc. (PENG) are soaring 5.04% in intraday trading on Wednesday, as investors eagerly anticipate the company's second-quarter earnings report scheduled for release after market close. The significant uptick in stock price suggests that market participants are optimistic about the upcoming financial results.

Penguin Solutions is set to announce its Q2 earnings at 4:05 PM today. According to FactSet Research Systems Inc., the mean earnings estimate for the company stands at $0.38 per share. The strong pre-earnings rally indicates that investors may be expecting the company to meet or exceed this projection.

While the exact reasons for the investor optimism remain speculative until the earnings are released, the market's positive reaction could be attributed to various factors. These may include anticipation of strong revenue growth, potential market share gains, or positive industry trends that could benefit Penguin Solutions. Additionally, any rumors or analyst upgrades leading up to the earnings report could be contributing to the stock's upward momentum.