Friday’s Headlines: Wall Street Eats Up Labor Data

Friday’s Headlines: Wall Street Eats Up Labor Data

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Ford Motor Company (F) +7.0%

Sea Limited (SE) +5.8%

IMAX (IMAX) +4.6%

Cloudflare (NET) +3.7%

Tripadvisor (TRIP) +3.5%

Moving Down ⬇️

Boston Beer Co. (SAM) -6.8%

Workday (WDAY) -3.3%

Intuit (INTU) -2.4%

MercadoLibre (MELI) -2.2%

Trupanion (TRUP) -2.1%

1. Following strong labor market data, U.S. stock futures rose yesterday. Optimism over economic growth on Wall Street caused the Dow Jones Industrial Average (DIA) to gain 141 points yesterday, while the S&P 500 (VOO) edged slightly higher and the tech-dominated Nasdaq (QQQ) closed flat. According to Labor Department data, first-time jobless claims fell to a new pandemic low of 406,000. Senators discussing a comprehensive infrastructure package — where Republicans unveiled their $928 billion infrastructure counter offer to President Joe Biden — also has investors confident that further economic recovery is on its way. Catch up on the story here.

2. Salesforce (CRM) proved it’s a force to be reckoned with yesterday after its earnings results and guidance exceeded estimates. The latest addition to the MyWallSt shortlist jumped more than 5% in extended trading last night after posting adjusted earnings per share of $0.50 on revenue of $5.96 billion, up 23% year-over-year. For the full 2022 fiscal year, Salesforce expects EPS of $3.81 on revenue of $26.0 billion, representing 22% growth. The San Francisco-based firm’s guidance is assuming that travel, which is paramount for Salesforce’s sales team, will resume, but not close to pre-pandemic levels. Read the full press release here

3. Retail’s comeback may still be uncertain over at Costco (COST) after the wholesaler declined to provide guidance for the current quarter. Despite this, it was a strong fiscal Q3 for Costco, which reported net income of $1.2 billion or $2.75 per share, higher than the $838 million or $1.89 per share it reported in the year-ago quarter. Total revenue jumped 22% year-over-year (YoY) to $44.4 billion. Still, the lack of guidance appears to have disturbed investors who are in need of reassurances as the economy continues to reopen at a rapid pace in the U.S. Costco shares have risen just 2% year-to-date. Read the official press release here.  

Some more earnings from last night:

Autodesk (ADSK)
The construction software leader posted another earrings beat with $0.70 per share on revenue of $989 million — up 12% YoY. “Momentum in our end markets and customer adoption of cloud services is building,” said Debbie Clifford, Autodesk CFO. “We are raising our FY22 revenue guidance to reflect a partial year contribution from acquisitions and remain on track to achieve our FY23 financial goals.” Read more here.

Ulta Beauty (ULTA)
It was a record-breaking quarter for the cosmetics brand, which came out with record earnings of $4.10 per diluted share on revenue of $1.9 billion, thanks to a 66% comparable sales increase. The company cited consumer confidence, the relaxation of restrictions, and a desire for newness, as reasons for the growth, which management expects to see continue into the rest of 2021. Read more here.

Veeva Systems (VEEV)
The global life sciences solutions provider came out with an easy Q1 beat, topping expectations on EPS of $0.71, compared to $0.54 a year ago, with revenue rising 29% YoY to $433.6 million. The company added a record 59 new customers in the first quarter, bringing its total customer count to more than 1,000, as businesses around the world continue to adopt a digital-first business model. Read more here.

Yext (YEXT)
Rounding up a strong week of earnings for MyWallSt stocks, the brand management firm managed to pull off a loss of just $0.02 per share, compared to $0.10 per share a year ago, after its total customer count jumped 22% YoY to 2,500. Management highlighted its exciting developments in AI search, which will greatly enhance its search support going forward, creating a bigger pull for potential clients. Read more here.

Get this week’s full earnings calendar here