October 30, 2020

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Salesforce profits on Wall Street and makes a price jump

Salesforce profits on Wall Street and makes a price jump

Software group Salesforce had an excellent trading day on Wall Street on Wednesday with price tags turning green. The company has been rewarded by investors for better than expected results. The markets are also awaiting a speech by Federal Reserve Chairman Jerome Powell at the annual Jackson Hole Symposium.

The leading Dow Jones index closed with an increase of 0.3 percent at 28,331.92 points. The broad S&P 500 gained 1 percent to 3478.73 points, and the technology indicator Nasdaq rose 1.7 percent to 11,665.06 points.

Salesforce closed with a profit of 26 percent. The manufacturer of cloud software, with which companies can maintain customer relationships, among other things, achieved record sales of more than $ 5 billion in the last quarter. The day before, the share also gained on news that the company will be included in the prestigious Dow Jones index at the end of this month. The company also wants to cut 1,000 jobs.

Hewlett Packard Enterprise (HPE) again grew by almost 4 percent. The tech company released better than expected results. The department store chain Nordstrom, on the other hand, posted 5.5 percent red numbers after disappointing quarterly figures. The Corona crisis forced many shops to close and led to a sharp drop in sales.

Other companies that opened the books were the building contractor Toll Brothers (down 2.1 percent), the clothing retailer Urban Outfitters (up 21 percent) and the sporting goods retailer Dick’s Sporting Goods (up 16 percent).

Facebook announced it was upset with the new operating system for Apple’s iPhones, iOS 14. The social media company warned of lower revenues as Apple will better protect user privacy. The Facebook share, however, gained 8.2 percent. Apple closed 1.4 percent higher.

In addition, Google parent Alphabet (plus 2.4 percent) was among the winners. According to CEO Sundar Pichai, Google is not interested in the American subsidiary of the film app TikTok.

The annual Fed meeting will be practically this year due to the corona virus. Powell will speak about the long-awaited policy framework of the US governing body of central banks. Particular attention is paid to the Fed’s inflation strategy.

The euro was at $ 1.1830 versus $ 1.1820 the day before. A barrel of American oil was $ 43.38, 0.1 percent more. The price of Brent oil fell 0.5 percent to $ 45.64 a barrel.