2 Cloud Stocks Rising Up on Friday
The stock market got a bit of unexpected news early Friday that sent stock index futures sharply lower before the start of trading on Friday morning. The latest government employment report showed stronger job growth than many economists had expected, and that threw cold water on the idea that the Federal Reserve might quickly slow its pace of interest rate hikes. Major indexes looked poised for a drop of 1% to 2% at the start of trading.
Even with that downward pressure, though, some stocks managed to post gains. In particular, stocks of cloud companies UiPath (NYSE: PATH) and Samsara (NYSE: IOT) were up significantly after they released their latest financial reports. Below, you'll learn more about what each company said and why shareholders are more excited about their longer-term prospects.
Shares of UiPath rose 8% in premarket trading on Friday morning. The provider of cloud-based automation software released its fiscal third-quarter financial report for the period ending Oct. 31, and it showed signs of ongoing growth even in the difficult macroeconomic environment that software companies currently face.
Source Fool.com
