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Markets Sink Again; CRM, JWN and SOFI Beat Estimates
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Markets dropped another rung down the ladder in regular trader Tuesday, starting a new month basically where the first two for 2022 left us. We were once again off session lows, however: the Dow, which had been -785 points at its low point finishes -598, or -1.77%. The S&P 500 dunked another -1.55% while the Nasdaq fell -218 points, -1.59%. Worst of the bunch was the small-cap Russell 2000, -1.93%.
Once again, Energy led the way of the 11 sectors on the S&P today, with WTI crude rising +10% on the day and closing above $100 per barrel for the first time in seven years. A new OPEC+ meeting tomorrow should get lots of attention, especially in light of Russia’s dilemma. Financials hit the skids today, -3.7%, while Tech dropped another -1.9%.
Russia has announced it is ratcheting up its offensive on neighboring Ukraine, including it capital city, Kyiv. This promises to be a bloody, drawn-out event which will keep strict sanctions on Russia in both its energy and financial spaces. With Russian investments now seen as toxic in most corner of the world — and President Biden with a chance to articulate U.S. policy toward sanctioning Russia tonight — the pressure is on the country to back off its aggression. Instead, it looks to be doubling-down.
salesforce.com (CRM - Free Report) shares are up +4% in late trading on beats for both top and bottom lines in the company’s Q4 report Tuesday afternoon. Earnings of 84 cents per share were 9 cents higher than the Zacks consensus, with $7.33 billion in sales bettering the $7.23 billion expected for the customer relationship management tech giant.
Guidance was up nicely for revenues both next quarter and full fiscal year for salesforce, even if earnings guidance for next quarter is lower than expected. The stock still has a long way to go to be whole again: shares are -18.2% year to date and -2.15% from this time a year ago. The company has averaged a +44% positive earnings surprise in the trailing four quarters.
Nordstrom (JWN - Free Report) shares are rocketing +32% in after-hours trading on beats on its Q4 earnings and sales report: $1.23 per share on $4.49 billion outpaced the $1.04 and $4.42 billion expected. Gross margins rose +38.4% year over year and are up sequentially. Guidance for the full fiscal year on the bottom line nearly double expected earnings per share to $3.15-3.50. Nordstrom has made up lots of lost ground; shares had been -48% from this time a year ago.
And San Francisco-based fintech firm SoFi (SOFI - Free Report) shares are +16.7% following its outperformance in Q4, with a loss of -15 cents per share beating expectations by a penny on $279.9 million, which topped the $275.5 million estimate. Loan origination grew +168% in the quarter, with new members growing +39% quarter over quarter. Again, there’s lots of room to make up: shares of SOFI are -40.33% from a year ago. Questions or comments about this article and/or its author? Click here>>
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Markets Sink Again; CRM, JWN and SOFI Beat Estimates
Markets dropped another rung down the ladder in regular trader Tuesday, starting a new month basically where the first two for 2022 left us. We were once again off session lows, however: the Dow, which had been -785 points at its low point finishes -598, or -1.77%. The S&P 500 dunked another -1.55% while the Nasdaq fell -218 points, -1.59%. Worst of the bunch was the small-cap Russell 2000, -1.93%.
Once again, Energy led the way of the 11 sectors on the S&P today, with WTI crude rising +10% on the day and closing above $100 per barrel for the first time in seven years. A new OPEC+ meeting tomorrow should get lots of attention, especially in light of Russia’s dilemma. Financials hit the skids today, -3.7%, while Tech dropped another -1.9%.
Russia has announced it is ratcheting up its offensive on neighboring Ukraine, including it capital city, Kyiv. This promises to be a bloody, drawn-out event which will keep strict sanctions on Russia in both its energy and financial spaces. With Russian investments now seen as toxic in most corner of the world — and President Biden with a chance to articulate U.S. policy toward sanctioning Russia tonight — the pressure is on the country to back off its aggression. Instead, it looks to be doubling-down.
salesforce.com (CRM - Free Report) shares are up +4% in late trading on beats for both top and bottom lines in the company’s Q4 report Tuesday afternoon. Earnings of 84 cents per share were 9 cents higher than the Zacks consensus, with $7.33 billion in sales bettering the $7.23 billion expected for the customer relationship management tech giant.
Guidance was up nicely for revenues both next quarter and full fiscal year for salesforce, even if earnings guidance for next quarter is lower than expected. The stock still has a long way to go to be whole again: shares are -18.2% year to date and -2.15% from this time a year ago. The company has averaged a +44% positive earnings surprise in the trailing four quarters.
Nordstrom (JWN - Free Report) shares are rocketing +32% in after-hours trading on beats on its Q4 earnings and sales report: $1.23 per share on $4.49 billion outpaced the $1.04 and $4.42 billion expected. Gross margins rose +38.4% year over year and are up sequentially. Guidance for the full fiscal year on the bottom line nearly double expected earnings per share to $3.15-3.50. Nordstrom has made up lots of lost ground; shares had been -48% from this time a year ago.
And San Francisco-based fintech firm SoFi (SOFI - Free Report) shares are +16.7% following its outperformance in Q4, with a loss of -15 cents per share beating expectations by a penny on $279.9 million, which topped the $275.5 million estimate. Loan origination grew +168% in the quarter, with new members growing +39% quarter over quarter. Again, there’s lots of room to make up: shares of SOFI are -40.33% from a year ago.
Questions or comments about this article and/or its author? Click here>>