Check out the companies making headlines in midday trading. Salesforce — Shares of the cloud software vendor popped more than 7%, lifting the 30-stock Dow Jones Industrial Average after the company reported fiscal third-quarter earnings that topped analysts’ estimates. Revenue also increased 11% from $7.84 billion a year ago. Still, Salesforce’s growth rate has slipped in 2023 as businesses look for ways to cut costs. Snowflake — Snowflake shares rallied more than 4% after the cloud company posted stronger-than-expected quarterly results and an upbeat fourth-quarter product revenue forecast. The company posted adjusted earnings of 25 cents per share on $734 million in revenue. That topped the profit of 16 cents per share and revenue of $713 million expected by analysts polled by LSEG, formerly known as Refinitiv. Discover Financial — Shares jumped 4.7% after the digital banking company announced it was exploring the sale of its student loan portfolio. The company also said it would stop accepting new student loan applications in February. Victoria’s Secret — The women’s clothing retailer surged 15.9% after providing current-quarter guidance that was largely in line with analysts’ expectations. Victoria’s Secret posted a wider loss per share than analysts surveyed by LSEG had anticipated for the third quarter, while revenue came in line with the consensus forecast. Pure Storage — The data storage stock tumbled 14.5% after offering a weak revenue outlook. The company anticipates $782 million in revenue during the current quarter and $2.82 billion in the full year. Both estimates came in below Wall Street’s expectations, with analysts polled by FactSet forecasting revenue of $918.7 million in the quarter and $2.96 billion for the year. Phillips 66 — The oil refiner’s stock climbed 2.8% to a 52-week high after Phillips 66 confirmed it has had talks with activist investor Elliott Investment Management. On Wednesday, CNBC reported that Elliott took a $1…
Read the full article here
Leave a Reply