In the US stock market overnight, the value rally continues as a fourth straight positive month beckons, Salesforce.com (NYSE: CRM) smashed expectations.
Unemployment at record lows
The value rotation continued on Wednesday in the US as unemployment claims hit another pandemic low and the GDP growth estimate was confirmed at 6.4%.
Once again, the industrial, financials and commodity-focused Dow Jones outperformed adding 0.4%. The Nasdaq and S&P500 ultimately ended flat.
Small caps continued to close ground, the Russell 2000 jumping 1.2% with some ‘meme’ stocks contributing to the rally once again.
Salesforce (CRM) stock jumps after hours
Customer relationship management platform Salesforce.com smashed expectations again overnight. As more businesses moved online, Salesforce reported a near fivefold increase in profit to US$469 million despite revenue increasing ‘just’ 20%.
“This marked the ‘best quarter in our company’s history”, said CEO Marc Benioff. CRM shares fell 1.7% on the report but jumped 4% after hours.
Hewlett Packard (NYSE: HP) saw a similarly strong period with sales 27% higher to US$15.9 billion, US$1 billion ahead of expectations. A surge in demand for laptops and printers, which grew 72%, was behind HP’s strength, shares were 0.6% higher.
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