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The cybersecurity specialist's fiscal third-quarter results exceeded expectations, but a closer look reveals a less rosy picture.
Here's why stocks continue to be in rally mode despite the horrors sweeping America right now.
Video game companies are delaying the launch and debut of major titles amid George Floyd and police brutality protests.
Microsoft (NASDAQ: MSFT) has been involved in the news in some form or fashion for far longer than its longtime rival Apple (NASDAQ: AAPL), most prominently with its partnership with NBC for MSNBC that dates back to the mid-'90s; Microsoft exited that pact in 2012. More recently, the software giant revamped its mobile news offerings a couple years ago, including its Microsoft News platform, while still maintaining the MSN network. Meanwhile, Apple has continued to expand its Apple News platform, which now reaches 125 million people every month.
The Dow Jones Industrial Average (DJINDICES: ^DJI) shook off some truly bad news on Monday, up about 0.2% at 11:40 a.m. EDT. Just as the U.S. economy was beginning to recover from the novel coronavirus pandemic, civil unrest in major U.S. cities threatened to impede that recovery. Shares of Apple (NASDAQ: AAPL) and Walmart (NYSE: WMT) made only small moves as the companies closed some stores on Sunday due to the unrest.
(Bloomberg) -- Okta Inc. projected revenue in the current quarter in line with Wall Street estimates, suggesting that a swell of remote workers has created steady demand for its security software.Sales will be $185 million to $187 million in the period ending in July, the San Francisco-based company said Thursday in a statement. Analysts, on average, projected $185 million, according to data compiled by Bloomberg. Okta expects a loss, excluding some items, of 1 cent to 2 cents a share, better than analysts’ projection of a loss of 9 cents.The company affirmed its annual revenue forecast of as much as $780 million. The company now projects a narrower adjusted loss in the fiscal year of as much as 23 cents a share compared with an earlier forecast of 36 cents.Okta makes identity-management software used to log in to various systems. The company has benefited from businesses’ need to have employees remotely access corporate systems in a secure way. Chief Executive Officer Todd McKinnon has sought to integrate his technology with programs from various other companies in a bid to compete against larger rival Microsoft Corp. In April, Okta expanded an alliance with onetime foe VMware Inc. to help protect networks and applications from unsafe software and devices. The company announced similar pacts with CrowdStrike Holdings Inc. and Tanium Inc.“The good news for us is only 12% of our business is in Covid-19 impacted industries,” McKinnon said in an interview. “There are other companies going quickly to remote work and doing contracts that got fast-tracked.”Okta’s revenue climbed 46% to $183 million in the period that ended April 30, beating analysts’ estimates of $172 million. Excluding some items, the company lost $8.1 million in the quarter, or 7 cents a share. Analysts projected a loss of 18 cents.Okta’s remaining performance obligations, a measure of future business, jumped 57% in the quarter to $1.2 billion.(Corrects explanation of remaining performance obligations in final paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of Baozun (NASDAQ: BZUN) were moving higher today after the Chinese e-commerce services provider posted better-than-expected earnings results in its first quarter. Baozun said revenue rose 18.4% in the quarter to $215.2 million, beating estimates at $202.3 million, and higher-margin services revenue increased 22.9% to $116.2 million. Total gross merchandise volume, GMV, increased 17.6%, and the number of its brand partners, which include multinational companies like Nike, Starbucks, and Microsoft, rose from 200 to 239.
The stock surged past the coveted $200 a share mark to an all-time high of $205.87 on Jun 1 as investors await its quarterly results.
Stocks jumped last week, as investors celebrated the resumption of more normal activity across big parts of the economy. Both the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) gained over 3%, which put the S&P at just a 6% decline so far in 2020, while the Dow is lower by 11%. A few big-name stocks will announce earnings results over the next few trading days, including Ambarella (NASDAQ: AMBA), Slack Technologies (NYSE: WORK), and Zoom Video Communications (NASDAQ: ZM).
This is forcing data center operators to upgrade their capacities and capabilities to handle the increased load. Chinese giant Alibaba recently announced that it will spend $28 billion to bolster its data center infrastructure over the next three years in preparation for a post-COVID-19 world. Market research firm TechNavio estimates that spending on data center construction could increase at an annual rate of 10% through 2024.
For retirees or those planning their retirement, stocks that pay their dividends monthly are particularly attractive investments. With its stock 66% below the 52-week high of almost $8.50 per share hit last September -- or even the $7 level it was trading at just before the COVID-19 outbreak struck -- investors have an opportunity to realize significant capital appreciation with Enerplus while continuing to receive their monthly dividend check.
5 Tips to Help You Become a Better Dividend Investor
(Bloomberg Opinion) -- The stock market is not the economy. Perhaps that’s never been as clear as during the 2020 coronavirus pandemic. Even as nations stare down the inevitability of long, deep recessions and unprecedented levels of unemployment, U.S. stocks as measured by the S&P 500 Index have rallied for two straight months after plunging in February and March. There are a few reasons for optimism. First, there was the quick response by the government to pump trillions of dollars into the economy and financial system. And with the rate of new infections slowing, people are emerging from lockdowns into new socially-distanced economies. But the outlook is far from sunny. Covid-19 continues to kill thousands of people globally every day, there is no vaccine, and mandatory social-distancing rules (and fear) are contributing to what is forecast to be the worst recession since the Great Depression and squash corporate earnings for the foreseeable future. And that’s without accounting for a renewed worsening of U.S.-China tensions.Are stocks completely out of control? Bloomberg Opinion columnists have been pondering that very question:Jamie Dimon Captures the Stock Market Moment: “This is a recovery based so far on asset-price inflation rather than any economic data. Central bank and government action may have restored financial valuations but real incomes will still suffer dramatically for a long while to come … The stock market is looking even further into the distance than usual to justify its valuations, which is sometimes hard to square away against a constant stream of dire economic statistics and evaporating company earnings.” — Marcus AshworthFor Markets, It's the Economy's Direction That Matters: “It’s important to recognize that the magnitude of the weakness in the data is not driven by what we would think of as typical business cycle dynamics where a negative shock expands over time throughout the economy. Instead, we literally flipped a switch and told companies to close. You can’t feign surprise at layoffs in the leisure and hospitality sector when restaurants and entertainment venues are all shuttered overnight.” — Tim DuyOptions Market Signals a Dire Picture for Stocks: “The market prices of options play a vital role in informing market participants of what risks lie ahead, and given market efficiency, they often tell a reliable story. When viewed through the lens of options prices, the current equities rally appears tenuous.” — Alankar and ScholesWhat’s Keeping Stocks Afloat? The ‘Microsoft Market’: “No company has defied the pessimism more than Microsoft Corp., and for a lot of sensible reasons. The Seattle-based maker of global business and consumer software led all publicly traded companies most of the year with a $1.4 trillion market valuation.” — Matthew A. Winkler More ReadingStocks Have Reached a Tipping Point: John Authers Stock Prices Make Lofty Promises That Earnings Can’t Keep: Nir Kaissar Bank Stocks Are Either Cheap or Signal More Pain: Brian Chappatta All the Stocks Are the Same Now: Matt Levine Stock Traders Should Heed the Lessons of the 1930s: Gary ShillingThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lara Williams manages Bloomberg Opinion's social media channels.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Microsoft (MSFT) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.