stocks rose on Wednesday, with the S&P 500 and Nasdaq hitting records, boosted by a surge in technology stocks following strong results from Salesforce and Marvell technology.
The S&P 500 added 0.46%, while the tech-heavy Nasdaq Composite gained 1.09%. The Dow Jones Industrial Average gained 0.54%. The Russell 2000 index was virtually flat.
The biggest stocks in the S&P 500 today
Five S&P 500 stocks making big midday moves are:
- sales force (CRM) +8.7%
- Service now (NOW) +6%
- Edwards Life Sciences (E.W.) +5.8%
- chipotle (CMG) +4.5%
- TransDigm (TDG) +4.3%
The five S&P 500 stocks with the worst performance and the biggest drop at midday are:
- Texas Pacific Land (TPL) -13.2%
- Market exercise (MKTX) -7.1%
- Campbell's Co. (CPB) -6.2%
- Albermarle (DAWN) -5.9%
- microchip technology (MCHP) -5.3%
Actions also worth highlighting include:
- wonder (MRVL) +24.4%
- Pure storage (PSTG) +21.1%
- amazon (AMZN) +2%
- NVIDIA (NVDA) +3.4%
- Intel (INTC) -1.7%
Shutterstock
Salesforce leads S&P 500 higher
Salesforce gained 8.7% after the customer relationship management software provider posted fiscal third-quarter revenue that beat estimates.
The San Francisco company posted adjusted earnings per share of $2.41, below Wall Street's estimate of $2.44. Revenue reached $9.44 billion, up 8% year over year and beat the forecast of $9.34 billion.
For the fiscal fourth quarter, Salesforce projects revenue of between $9.9 billion and $10.1 billion, compared with analyst estimates of $10.05 billion. The company also raised the lower end of its fiscal 2025 revenue guidance, now expecting between $37.8 billion and $38 billion.
Related: Salesforce CEO Benioff locked in heated ai battle with rivals
CEO Marc Benioff highlighted Salesforce's push into artificial intelligence, particularly its ai-powered Agentforce platform.
“This is a bold leap into the future of work, where ai agents allow humans to join forces to transform all of our customer interactions,” Benioff said.
Salesforce software helps businesses find more leads and connect with customers.
Marvell Soared in Third Quarter Earnings
Marvell technology rose 24% after the chipmaker released its fiscal third-quarter results and fourth-quarter outlook.
The company earned 43 cents, beating Wall Street's estimate of 41 cents. Revenue rose 19% quarter-on-quarter to $1.52 billion, beating estimates of $1.46 billion.
Related: amazon isn't just a big Nvidia customer, it can also be a threat
Marvell expects fourth-quarter revenue of $1.8 billion and cash earnings of 59 cents per share, both above estimates.
The company's ai-related sales are expected to exceed $1.5 billion in the current fiscal year and $2.5 billion in 2025, CEO Matt Murphy said during the earnings call.
“We are seeing strong demand for personalized ai continue into the fourth quarter and have secured supply chain capacity,” Murphy said.
Pure Storage Rebounds After Hyperscaler Cloud Win
Pure Storage shares rose 21% after the data storage company beat third-quarter expectations and announced a major “design win” with one of the four largest hyperscale cloud providers for its DirectFlash storage technology .
The company did not name the hyperscaler, but the top four are Microsoft, amazon, Meta and Google.
“This is the first design win to provide flash for mainstream hyperscale storage and is the cutting edge for flash storage that will provide all online storage in major hyperscale environments in the future,” said CEO Charles Giancarlo during a conference call.
- Super Micro share price rises after key ruling
- Veteran trader takes a fresh look at Sofi Technologies
- Druckenmiller predicted Nvidia's rebound and now has a new ai goal
Pure Storage reported adjusted earnings of 50 cents per share on $831 million in revenue for the fiscal third quarter ended Nov. 3, beating analyst estimates of 41 cents per share on $815 million.
For the fourth quarter, Pure Storage projected $867 million in revenue, above the $856 million expected. It also raised the full-year forecast to $3.15 billion from $3 billion.
Related: Veteran Fund Manager Offers Alarming Forecast for the S&P 500
