Salesforce, Snowflake, Zscaler, Box: What to Watch in the Stock Market Today

Wall Street indexes are clawing back some of the recent losses that were sparked by worries over the Omicron variant and the unwinding of Federal Reserve stimulus. Here’s what we’re watching in Wednesday’s trading:

  • Salesforce elevated Bret Taylor to the role of co-chief executive officer and vice chairman, as it issued third-quarter results, including a muted sales outlook.
  • Apple shares were up in early trading, pointing to another strong day after it managed to close up more than 3% on Tuesday, shrugging off the broader market’s decline.
  • Information security firm Zscaler raised its revenue outlook for the year.
  • As they mostly have in recent days, Covid-19 vaccine makers Moderna , Novavax and Pfizer were moving in the opposite direction of market sentiment.
  • An outside panel of scientific advisers to the FDA narrowly recommended the agency authorize the experimental Covid-19 oral antiviral from Merck and partner Ridgeback Biotherapeutics.
  • Vertex Pharmaceuticals said it had positive results in a phase 2 study of a treatment for kidney disease.
  • Contract chip maker  GlobalFoundries swung to a third-quarter profit and its revenue rose 56%, driven by strong demand amid a chip shortage.
  • Hewlett Packard Enterprise reported better-than-expected quarterly earnings and sales in line with Wall Street estimates.
  • Cloud-computing company Box ’s third-quarter results beat expectations and it raised full-year revenue guidance.
  • Crude prices are up, and producers’ stocks including Occidental Petroleum , Diamondback Energy and Devon Energy were up along with them.
  • Travel stocks were also benefiting from the risk-on mood, including cruise operator Carnival , hotel chain Hilton Worldwide and Delta Air Lines . Casino operators Las Vegas Sands and Wynn Resorts were up too.
  • Snowflake ,   Splunk ,   Okta  and  Five Below  are among the companies reporting earnings on Wednesday.
Chart of the Day
  • Close to 27% of U.S. consumers said in October that they had applied for a credit card in the past 12 months, the highest level since 2019.

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