Welcome to Extreme Investor Network, where we bring you the latest news on the companies making headlines in the world of finance. Today, we will be diving into the recent performance of several major companies and how their stocks have been affected.
Let’s start with Salesforce, a cloud software vendor whose shares plunged 16% after reporting weaker-than-expected revenue. This marks the first time since 2006 that Salesforce fell short on revenue, citing budget scrutiny and longer deal cycles during the quarter.
On the flip side, PayPal saw a 2% increase after an upgrade to buy from Mizuho, thanks to its new one-click checkout tool, Fastlane. Similarly, Okta experienced a nearly 5% jump in shares after Evercore ISI upgraded the access management company to outperform, noting strong quarterly results.
Meanwhile, Foot Locker rallied more than 12% after reporting first-quarter earnings that beat expectations. CEO Mary Dillon attributed this success to the company’s ‘Lace Up Plan’. Best Buy also saw a 1% increase in stock value after reporting higher-than-expected earnings in the first quarter.
In contrast, Kohl’s experienced a 20% drop in shares after posting a first-quarter loss, while American Eagle Outfitters slipped 7% despite beating earnings expectations. HP, on the other hand, popped 4% following a strong fiscal second-quarter report with higher revenue than expected.
These are just a few examples of the ongoing fluctuations in the stock market. Stay tuned to Extreme Investor Network for more updates on the latest financial news and market trends.
Source: CNBC’s Michelle Fox, Fred Imbert, Yun Li, Sarah Min, Jesse Pound, and Pia Singh contributed reporting.