Thursday’s Headlines: Salesforce Stock Leaps 26%

Thursday’s Headlines: Salesforce Stock Leaps 26%

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Trupanion (TRUP) +12.7%

Netflix (NFLX) +11.6%

Roku Inc. (ROKU) +11.2%

Workday (WDAY) +10.1%

Coupa Software (COUP) +10.0%

Moving Down ⬇️

Pure Storage (PSTG) -10.1%

TrueCar (TRUE) -7.9%

Nordstrom (JWN) -5.5%

Stitch Fix (SFIX) -4.7%

StoneCo (STNE) -3.7%

1. Salesforce (CRM) logged its best one-day performance ever after the cloud-based software company celebrated a record quarter and S&P 500 (VOO) inclusion, sending shares up 26%. Salesforce reported second-quarter net income of $2.63 billion, or $2.85 a share, on revenue of $5.15 billion on Tuesday, while its total gains YTD reached 66%. However, despite record highs and earnings figures, the company acknowledged the strain that this pandemic is having on its employees and revealed that it will be cutting roughly 1,000 jobs this year. Read the full report here

2. We’re not saying it’s because of our Opinion Update on Tuesday, but it may be no coincidence that shares in Roku (ROKU) soared 11% on Wednesday to near all-time highs. Netflix (NFLX) also jumped close to 12% following Wall Street optimism towards the streaming industry, with analysts setting a buy rating to both companies. Though Roku has been volatile in 2020 so far, rising 20% YTD, Netflix has crushed expectations at a time that many expected it to struggle amidst growing competition, rising 66% so far in 2020. Read more here.

3. It’s not often you see mega-cap stocks jump 8.2% in a single day, but Facebook’s (FB) growth potential in e-commerce helped it do just that to close at an all-time high of $303.91 per share. Analysts believe that the social media group will see significant growth in e-commerce following a recent partnership with Shopify (SHOP) and yesterday’s news that BigCommerce would launch an in-app shopping experience for Instagram. Jeff Bezos will surely be looking over his significantly valuable shoulder as Facebook encroaches on his seemingly unassailable e-commerce empire, while Facebook’s stock has risen 48% YTD. Read the complete report here.

Earnings today

There are three companies in the MyWallSt shortlist that will report earnings today:

Workday (WDAY)

Ulta Beauty (ULTA)

Veeva (VEEV)

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