Monday, June 24, 2024

Stocks tumble as Salesforce triggers technology sell-off

Stock Market Highlights: Salesforce Plunges, HP and Best Buy Surge

The stock market experienced a mix of ups and downs today, with some companies soaring to new heights while others saw significant losses. Here are some of the key highlights:

1. **Salesforce Plunges**: Cloud-based software company Salesforce saw its shares plummet by 19% after reporting its first quarterly revenue miss in 18 years. The weak outlook for annual sales contributed to the sharp decline in stock value.

2. **Birkenstock Hits Record High**: On the flip side, Birkenstock Holding Plc saw its shares jump to an all-time high after posting record second-quarter revenue. The company’s strong performance and raised revenue growth forecast fueled investor enthusiasm.

3. **HP Inc. Surges**: HP Inc. shares surged more than 17% following the company’s solid earnings report and optimism surrounding AI-powered PCs. The company’s adjusted profits beat estimates, boosting investor confidence.

4. **Kohl’s Tumbles**: Kohl’s Corp. reported an unexpected net loss for the first quarter, leading to a 27% drop in its stock value. The lowered guidance for the full year added to the negative sentiment surrounding the retailer.

5. **Best Buy Beats Estimates**: Best Buy shares jumped after the electronics retailer beat profit forecasts on the back of growing demand for services and laptop computers. The company’s first-quarter earnings per share surpassed analyst estimates.

Overall, the stock market experienced volatility today, influenced by a mix of positive and negative earnings reports and guidance updates from major companies. Investors will be closely watching these developments as they navigate the ever-changing market landscape.

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