Stocks fell Thursday as Salesforce issued a weak outlook and rising bond yields weighed on sentiment. Salesforce fell 20% after reporting first-quarter earnings that beat expectations but revenue fell short and the outlook for the current fiscal second quarter missed estimates. Analysts were expecting revenue of $9.35 billion and profit of $2.40, but Salesforce expects revenue of $9.2 billion to $9.25 billion and adjusted earnings of $2.34 to $2.36 a share.
UiPath was down 34% as the automation-software company reported fiscal second-quarter revenue expectations below analysts’ estimates. HP Inc. beat earnings estimates in the second quarter as revenue fell slightly but still surpassed expectations. Foot Locker’s stock jumped 15% after reporting better-than-expected earnings, while Kohl’s fell 23% after swinging to a surprise loss in the first quarter and reducing its fiscal-year outlook.
Best Buy’s stock rose 13% after reporting earnings that beat estimates but posted weaker-than-expected revenue and same-store sales. Burlington Stores surged 18% after surpassing first-quarter earnings estimates and raising guidance for the fiscal year. C3.ai reported better-than-expected revenue and raised revenue guidance for fiscal 2025, leading to a 19% increase in its stock.
Agilent Technologies reduced its fiscal-year forecast for adjusted earnings and revenue, citing slower-than-expected market improvement. Nutanix fell 23% after issuing weak revenue guidance for its fiscal fourth quarter. American Eagle Outfitters was down 7.6% after missing analysts’ estimates for fiscal first-quarter sales.
PayPal was up 2.4% after an upgrade from Mizuho Securities. Earnings reports were expected after the closing bell Thursday from Dell Technologies, Costco Wholesale, Marvell Technology, Zscaler, MongoDB, Ulta Beauty, Gap, NetApp, and Nordstrom. Stocks were impacted by various factors including earnings reports, revenue forecasts, and market conditions. Investors will be watching closely for updates on these companies in the coming days.
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