Salesforce (ticker: CRM), the cloud-based business software provider, reported second-quarter earnings that beat analysts’ estimates and issued third-quarter and fiscal year guidance that also beat forecasts. Salesforce expects adjusted earnings of $8.04 to $8.06 per share for the fiscal year on revenue of $34.7 billion to $34.8 billion. Analysts had forecast earnings of $7.42 per share on revenue of $34.7 billion. The stock rose 3%.
Ciena (CIEN) rose 16% after the optical networking company reported better-than-expected adjusted earnings and revenue in its fiscal third quarter, driven by growing demand from cloud computing providers for the company’s hardware.
Shares of Okta (OKTA) rose 14% after the identity management software company reported better-than-expected adjusted earnings and revenue in the second quarter and saw signs of stabilization in information technology spending. Okta raised its forecast for the fiscal year, saying it expects adjusted earnings of $1.17 to $1.20 per share on revenue of $2.21 billion to $2.22 billion. Analysts had expected profit of 91 cents per share on revenue of $2.18 billion.
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Dollar General (DG) fell 12% after second-quarter earnings fell short of analysts’ expectations and the discount retailer lowered its forecast for the fiscal year. The stock was the worst performer in the S&P 500 on Thursday.
Chewy (CHWY), the online seller of pet food and supplies, reported a surprise second-quarter profit and higher-than-expected sales. The company ended the quarter with 20.4 million active customers, which was in line with expectations but down from a year ago. Chewy expects third-quarter net sales to be between $2.74 billion and $2.76 billion, below expectations of $2.79 billion. Chewy shares fell 12%.
Palantir Technologies (PLTR) fell 8.3% to $14.98 after Morgan Stanley downgraded shares of the data analytics software company from Equal Weight to Underweight. Analysts increased the price target to $9 from $8.
Shopify (SHOP) rose 11% after Amazon.com
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(AMZN) has released the Buy with Prime app for Shopify, enabling U.S.-based merchants to more easily offer shoppers the ability to purchase items with their Prime benefits.
Tilray (TLRY) rose 11% and Canopy Growth (CGC) rose 26% after the Drug Enforcement Administration said it would review cannabis classification. The U.S. Department of Health and Human Services has requested that the DEA classify cannabis as a Schedule III drug rather than the current Schedule I drug.
UBS Group (UBS) rose 5.6% after the Swiss bank reported a second-quarter net profit of $29 billion after integrating Credit Suisse, the former rival it acquired in June.
CrowdStrike (CRWD) earned 74 cents per share on an adjusted basis in the second quarter, above analysts’ expectations of 56 cents. Revenue rose to $731.6 million from $535.2 million, beating estimates. Annual recurring revenue was $2.93 billion, up 37%. The cybersecurity company raised its outlook for the fiscal year and shares rose 9.3%.
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Arista Networks (ANET) rose 4.4% to $195.23 after analysts at Citi upgraded the data center networking hardware provider to “Buy” from “Neutral” and raised its price target to $220 from $177 -Dollar had raised.
Signet Jewelers (SIG) rose 5% after the company beat estimates and raised its profit forecast for the fiscal year.
Victoria’s Secret (VSCO) reported a surprise second-quarter loss and forecast fiscal year sales would decline in the low single digits compared to a year ago. However, the stock rose 6.9% after trading lower in the premarket session.
Write to Joe Woelfel at [email protected]