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Dow Jones Futures: Salesforce Earnings Lift Salesforce Stock, Workday Stock, Palo Alto Stock

Dow Jones futures rose slightly late Tuesday, along with S&P 500 futures and Nasdaq futures, after the stock market rallied modestly in the regular session. Earnings reports from Salesforce.com (CRM) and Nutanix (NTNX) provided good news after hours for the software sector and the stock market rally. Salesforce stock and Nutanix stock rallied late. So did Palo Alto Networks (PANW), Splunk (SPLK) and Workday (WDAY), which also report earnings this week, along with other software stocks.




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Dow Jones Futures Today

Dow Jones futures were 0.1% above fair value. S&P 500 futures rose 0.1%. Nasdaq 100 futures climbed 0.3%, helped by Salesforce stock and other software names. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular session.

Stock Market Rally

The Dow Jones rose 0.4% in Tuesday’s stock market trading, with the S&P 500 index closing 0.3% higher. The Nasdaq composite rallied in the final minutes to finish with a gain of less than one point.

The Dow Jones and other major averages advanced even with President Donald Trump threatening to escalate the China trade war. But there has been no follow-through day to confirm the stock market rally attempt. It’s still a stock market correction for now.

Salesforce Earnings

Salesforce earnings shot up 45% to 61 cents a share, beating views by 11 cents. Revenue for the cloud-based on-demand pioneer rose 26% to $3.39 billion, modestly topping. Salesforce earnings guidance for Q4 was slightly below adjusted estimates, but it guided higher for Q4 revenue and the next fiscal year.

Salesforce stock spiked 8.8% in late trading. That suggests a move back above its 200-day moving average. Salesforce stock, which rose 0.9% to 127.54 in regular trading, hit a record 161.19 on Oct. 1.

Nutanix Earnings

Nutanix lost 13 cents a share, beating by 14 cents. Revenue climbed 14% to $313.3 million, modestly topping. Guidance was roughly in line.

Nutanix targets the “hyperconvergence” market. Its software manages network, storage and server infrastructure in private cloud-computing platforms.

Nutanix stock jumped 8.7% late. That signals a move back above the 50-day line, a Nutanix stock resistance area for several months.

Other Software Stocks

The software sector, a leader for much of 2018, has struggled in the stock market correction. Salesforce earnings and guidance, along with Nutanix results, are a positive for software stocks, business IT spending and the stock market rally.

Salesforce rival Workday rose 3.1% late. Workday stock is in a consolidation with a 157.22 buy point. Workday stock fell 1.1% Tuesday but is trading above its 50-day and 200-day lines.

Cybersecurity specialist Palo Alto stock climbed about 1% late. Shares of Big Data firm Splunk rose 2.3%.

Workday, Palo Alto and Splunk earnings are due Thursday. Veeva Systems (VEEV) is due Wednesday; the medical software stock was not active.

Microsoft (MSFT), Adobe (ADBE) and Autodesk (ADSK) also edged higher in late trade.

Autodesk stock moved above its 50-day line Tuesday, working on the right side of a consolidation.

Microsoft stock is nearing that key support within a flat base. The relative strength line, which tracks a stock’s performance vs. the S&P 500 index, has been near record highs throughout the stock market correction. Microsoft’s market cap is also on the verge of overtaking that of fellow Dow stock Apple (AAPL), which edged lower Tuesday.

Apple stock, which did tick higher late, closed with a market cap of $826.84 billion. Microsoft stock has a market cap of $822.42 billion. Salesforce stock finished Tuesday at $96.51 billion.

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