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On Tuesday, the S-P 500 and the Nasdaq closed to an all-time high, driven by the resumption of U.S.-China industry negotiations, but U.S. equity futures faltered overnight.
While sales of newly built homes in July rose 36%, Conference Board’s customer confidence index fell to 84.8 in August from 91.7 in July. But the big driving force of the market will come with the Fed’s Jackson Hole virtual convention and a key speech on Jerome Powell’s inflation.
Meanwhile, European stocks are on the rise this morning, after Germany finalized its COVID-19 rescue programme until the end of 2021 (compared to its initial end date in March).
In terms of profit, Salesforce has now gone up 15% after an exceptional quarter of hits and ups. Even more impressive, the CRM raised its forecast for the year through $800 million, from an expansion of 17% to 22% in the high end. “Even at record levels, we put CRM horny’s valuation in a beloved space… CRM remains a first selection in giant capital letters. BUY” summarizes David Hynes’ post-print of Canaccord Genuity.
Other stocks that benefit from an improvement after this morning’s earnings come with Urban Outfitters (up to 17%); Hewlett Packard (up to 7%) Intuit (up to 6%). Intuit’s tight F4Q20 EPS of $1.81 (-$0.09 in F4T19) far exceeded the consensus of $1.11, leading Oppenheimer’s Scott Schneeberger to raise his target from $308 to $355.
However, analysts more commonly remain on the margins of URBN despite the large amount of profits: RBC analyst Kate Fitzsimons noted that URBN’s optimism about inflections would possibly not materialize (see 1S19).
Not so lucky: Pure Storage has recently fallen by 9% after disappointing investors with low gross margins and anticipation of lingering counterwinds for the third quarter. Similarly, Autodesk is negotiating a slight decrease this morning after decreasing the billing forecast for fiscal 2021 to about $70 million. Dycom Industries fell 3 percent first due to declining revenues, but is now rising.
Splunk publishes its profits after the market. For starters, Matthew Hedberg of RBC Capital expects counterfeit effects through security and Splunk Cloud. You just increased your Splunk value target from $190 to $210 (potential 3% increase).
Crown: Fluidigm increases by up to 22% after receiving the U.S. Food and Drug Administration Emergency Use Authorization (U.S. For its saliva-based ability to detect nucleic acid from the SARS-CoV-2 virus. Stocks have already risen by more than 150% since the beginning of the year.
CytoDyn biotechnology, which has now reached the required number of patients in its phase 3 trial with leronlimab for patients with COVID-19 with severe symptoms, is also attracting attention. October says CytoDyn.
Meanwhile, Cisco has announced its goal of obtaining personal BabbleLabs, to help users with unwanted noises in meetings. According to Cisco, 98% of staff are frustrated by distractions in video conferencing when running from home.
Goodbye, Princess: Princess Cruises of Carnival Corp cancels cruises of two ships in early 2021, raising government-imposed port and border restrictions and continued air uncertainty similar to the coronavirus pandemic. CCL inventories have fallen slightly in pre-market operations (see CCL inventory market research in TipRanks).
This article was originally published on TipRanks.
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