Earnings Beat Sends Salesforce ༺Shares Soaring in Extend🤪ed Trading

Shares of Salesforce (CRM) jumped in extended trading after the enterprise software company's 澳洲幸运5官方开奖结果体彩网:qu🅘arterly earnings to𒈔pped Wall Street estimates.

The cloud software firm posted net income of $1.22 billion, for diluted earnings per share of $1.25, up significantly year-over-year. Revenue was boosted by subscription and support services and increased by 11.2% to $8.72 billion.

Shares gained 7% after 💎the bell to trade around $247, their highest price in nearly two years.

Equities Wrap: Health Care Lags on Cigna/Humana Tie-Up; Cybersecurity and Softwa꧟re Stocks Boosted by Earnings Beats

The major stock indexes surged early Wednesday after data showed the U.🐲S. economy grew even faster than previously thought in the third quarter. But the indexes, which have each surged at least 8% this month, struggled to maintain that momentum and fell to close in or near the red. 

The Dow

Salesforce (CRM) led the Dow today, gaining more than 2% ahead of its earnings report after the bell. The company is expected to say earnings have dꦚoubled on a per-share basis in the last year amid cost cuts and the roll-out of artificial intelligence offerings. 

Goldman Sachs (GS) also gained amid reports Apple (AAPL) is seeking to end their credit card and savings account partnership. Apple shares fell 0.5%. Nike (NKE) shares rose after Foot Locker’s (FL) third-quarter earnings topped Wall Street estimates, raising hopes of a better-than-expected holiday season for app𒁃arel brands and retailers. 

Microsoft (MSFT) shares fell after reports suggested OpenAI, in which Microsoft has invested more than $10 billion, would not offer the tech giant a seat on its new board of directors. 

The S&P 500

Financials outperformed Wednesday, led by Charles Schwab (SCHW)—up 7%—and KeyCorp (KEY)—up 4%. Both stocks have yet to recover from this March’s regional banking crisis and are down more than 25% year-to-date. Bank of America (BAC) rose more than 2% after dipping yesterday on news it would 澳洲幸运5官方开奖结果体彩网:pay a $12 million fine for faili🎀ng to collect mortgage lending data that the government uses to ꦅfight lending discrimination. 

General Motors (GM) gained 9% after reinstating its 2023 guidance and announcing a $10 billion share buyback. Competitors Ford (F) and Stellantis (STLA) rose 2% and 5%, respectively. 

Cigna Group (CI) and Humana (HUM) led the index lower, falling 8% and 5.5%, respectively, after reports suggested the two insurers were in talks to merge. Competitor CVS Health (CVS) fell 3.5%. Managed care company Centene (CNC) lost 3.4% and insurance giant UnitedHealth Group () lost 1%. 

The Nasdaq 100

Shares of Workday (WDAY) surged 11% after its earnings topped Wall Street estimates. Enterprise software peer Atlassian (TEAM) gained nearly 4%.

CrowdStrike Holdings (CRWD) rose 10% on 澳洲幸运5官方开奖结果体彩网:its own earnings beat and boosted guidance. Shares of competitors Palo Alto Networks (PANW) and Zscaler (ZS) rose 4% and 3%, respectively. 

Shares of Google-parent Alphabet (GOOGL) lost nearly 2% after it agreed to pay Canadian news outlets CAD $100 million a year under a new law that requires digital platforms to pay for news. Google's deal puts pressure on Instagram and Facebook owner Meta Platforms (META) to strike a similar deal to have news content reintroduced to its platforms in Canada.ಌ 🍸Meta shares fell 2% Wednesday. 

Birkenstock Trades Above October IPO Price for tꦫhe First Time

Shares of Birkenstock (BIRK) rose more than 1% Wednesday to trade ✅above its IPO price of $46 for the first time since the footwea♏r brand debuted on Oct. 11. 

Birkenstock was one of several companies whose high-profile IPOs in September and October were hailed as the return of the IPO market after a long, sleepy 2022. British chip designer Arm Holdings (ARM) gave markets a jolt in mid-September when it raised $4.9 billion in the largest U.S. IPO since electric truck maker Rivian debuted in 2021. Arm shares 澳洲幸运5官方开奖结果体彩网:surged 25% in their first day of trading ꦦt꧋o close with a market capitalization of about $65 billion.

Boston-based marketing softwa𒁏re firm Klaviyo followed on Sept. 20 when its shares closed about 10% above their $30 IPO.

Birkenstock, which went public several weeks later, didn’t fare quite as well. The German sandal maker, which priced its shares at $46, 澳洲幸运5官方开奖结果体彩网:closed just above $40 on their first trading day. They traded mostly sideways unti♔l jumping 9% yesterday.

Cigna, Humana Shares Sink on Report of Possible Merge📖r

Shares of Cigna Group (CI) and Humana Inc. (HUM) bo🐠th sank Wednesday afternoon following reports the♍ health insurance giants were in talks to merge, possibly creating a new health care giant valued at over $100 billion.

The two companies are negotiating a combined stock-and-cash deal that could be closed by the end of the year, according to a Wall Street Journal report citing people familiar with the🀅 negotiations.

Shares of Cigna fell 8% Wednesday, with the majority of its losses coming after the Journal's report. Humana initially jumped before slipping throughout the day to trade nearly 6% lower an hour before markets closed.

Foot 𓄧Locker Shares Surge on Earnings Beat, Raised Outlook

Shares of Foot Locker (FL) jumped 15% after the footwear retailer r🐟eported better-than-expected third-quarter sales and earnings, and narrowed its full-year o♛utlook. 

Foot Locker reported third-quarter sales of just under $2 billion, 🔜a nearly 9% decrease from the same quarter last year. Net income declined to $28 million (or 30 cents a share) from $96 million (or $1.01 per share) a year ago. 

Both figures were higher than analysts expected and leꦗd the company to narrow its full-year guidance. Foot Locker now expects full-year sales to decline 8% to 8.5% compared with a prior estimate of an 8% to 9% decline. Comparable store sales are forecast to fall between 8.5% and 9%, an improvement from its prior range of between 9% and 10%. 

The updated guidance, "reflect[s] the momentum we have in our strategic initiatives into the fourth quarter, which includes strong results over the Thanksgiving week period," according to CEO Mary Dillon.

The company also announced it would begin operating in India through licensing agreements with two local partners. The expansion, slated for 2024, will mark Foot Locker's entry into one of the world's fastest-growing economies.

Workday Beats Estimates and Raises Its Guidance a🦩s Subscription Sales Soar, Lifti🔯ng Shares

Workday (WDAY) 澳洲幸运5官方开奖结果体彩网:shares soared over 11% Wednesday as the finance and human resources software provider posted better-than-expected results and boosted its guidance as subscription sales jumped on demand for its 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) products.

Workday reported third-quarter fiscal 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.53, with revenue advancing 16.7% from a year ago to $1.87 billion. Both exceeded forecasts. Subscription revenue rose 18% to $1.69 billion, more than the company anticipated. Subscription backlog skyrocketed 30.9% to $18.5 billion.

Workday now predicts full-year subscription revenue will be $6.598 billion, up from its previous estimate of $6.57 billion to $6.59 billion. It also boosted its 澳洲幸运5官方开奖结果体彩网:operating margin outlook from 23.5% to 23.8%. 

Shares of Workday jumped to 💛their highest level in almost two years following the news.

-Bill McColl

Midday Movers

NetApp Inc. (NTAP): Shares of the cloud software company jumped 15% after reporting record adjusted earni☂ngs per share of $1.58 in the second quarter of its 2024 fiscal year.

Intuit Inc. (INTU): Shares of the business and financial management software provider rose more than 3% after its fiscal first-qu💫arter sales and earnings beat Wall Street estimates, driven by revenue growth at its small business and self-employment unit. 

Hormel Foods Corp. (HRL): Shares of the packaged food company fell nearly 5% after reporting net income and sales fell more than expected in the most recent quarter amid slowing demand an🔯d inflationary pressure. 

Jail Inc. (JBL): Shares of the manufacturing services pro🎃vider fell more than 13% after it lowered its current-quarter sales outlook amid slowing demand as clients address inventory imbalances. 

Okta Inc. (OKTA): Shares fell more than 3% after the clo✃ud software provider notified clients that a hack disclosed months ago was more far-reaching than previously thought. The hackers, according to the company, accessed the information of all users of its customer support system. 

Gold Approaches Record High a𝔉s Treasury Yields Dip

Gold futures jumped in early trading Wednesd𝔉ay to trade above $2,060 for the first time since May as investors ramped up bets on lower interest rates next year. 

Treasury yields retreated Wednesday after Atlanta Fed President Raphael Bostic—a non-voting member of the Fed’s policymaking body—wrote in an essay that he was increasingly confident in his prediction that the U.S. was coming in for a soft landing.

Yields have steadily fallen after re💜aching their highest level in ove🎉r a decade last month. The yield on the 10-year Treasury was 4.93% on the last day of October; it stood at 4.28%—a two-month low—on Wednesday. 

澳洲幸运5官方开奖结果体彩网:Gold prices are inte🌱restꦕ rate sensitive because the pre💞cious metal competes with interest-paying bonds for investor dollars. Rising Treasury yields reduce gold’s appeal as a safe-haven asset and falling rates increase its appeal—though there are plenty of other factors at play that can caus🐠e the price of gold and interest rates to move in tandem.

GM Shares Surgeꦍ After Reinstating 2023 Guidance and Announcing💜 $10B Buyback

General Motors (GM) shares 澳洲幸运5官方开奖结果体彩网:jumped over♈ 9% in early trading Wednesday after reinstating its 2023 guidance and announcing a $10 billion share buyback program, as well as a 33% dividend boost.

The company had withdrawn its 2023 full-year guidance when reporting its 澳洲幸运5官方开奖结果体彩网:third-quarter earnings, citing uncertainty ami✃d the United Auto Workers (UAW) ꦇstrike.

GM indicated that the reinstated guidance includes an estimated $1.1 billion EBIT-adjusted impact from the UAW strike, primarily from lost producti🗹on.

The company also reported it would 🌜be aggregating $10 billion to retire $6.8 billion worth of GM common st𓂃ock. It is also set to increase its common stock dividend by $0.03 per quarter to $0.12 starting in 2024.

Despite Wednesday's gains, shares of GM were down over 5% year-to-date.

-Naomi Buchanan

Stocks Making the Biggest Moves Premarket

Gains: 

• General Motors Co. (GM): Shares of the automaker jumped 9% after it reinstated its 2023 earnings guidance, which it pulled amid the United Auto Workers strike, initiated a $10 billion share buyback, and said it plans to raise its quarterly dividend by 33% next year. 
• Workday Inc. (WDAY): Shares of the enterprise software provider gained 10% after its third-quarter earnings of $113 million topped Wall Street estimates. The company, which reported a loss of $74 million in the same quarter last year, also raised its full-year revenue and operating margin guidance. 
• Crowdstrike Holdings Inc. (CRWD): Shares of the cybersecurity firm rose 3% after its third-quarter revenue and earnings came in ahead of analysts’ estimates. Annual recurring revenue rose 35% to a record $3.15 billion.
  

Losses: 

• Las Vegas Sands Corp. (LVS): Shares of the casino operator fell about 4% after majority shareholder Miriam Adelson filed to sell $2 billion of stock to finance her purchase of a majority stake in the Dallas Mavericks basketball team from entrepreneur Mark Cuban. 
• Pacific Gas & Electric Co. (PCG): Shares of the gas utility fell more than 2% after it announced the offering of $1.5 billion in convertible senior secured notes. It intends to use the proceeds to repay some of the $2.66 billion it has borrowed under a term loan 澳洲幸运5官方开奖结果体彩网:credit agreement. 
• Dollar Tree Inc. (DLTR): Shares of the dollar store chain lost about 1% after its third-quarter earnings and sales missed Wall Street’s estimates as low-income families felt the pinch of sustained inflation and reduced government support. 

Stock Futures Gain Ahead of GDP Print

Futures contracts connected to the Dow Jones Industrial Average were 0.3% higher in pre𝐆market tra⭕ding Wednesday.

S&P 500 futures were up 0.5%.

Nasdaq 100 futures gained 0.6%.