Salesforce Sends Stock Markets to New Records; Anaplan Sees Good Times Ahead
Investors have gotten used to seeing tech stocks act as leaders in 2020's market action, and Wednesday brought more of the same. Even as the Dow Jones Industrial Average (DJINDICES: ^DJI) once again lost ground on weakness in old-economy stocks, other indexes climbed to new records. Shortly after 11 a.m. EDT, the Dow was down 60 points to 28,188. However, the S&P 500 (SNPINDEX: ^GSPC) gained 13 points to 3,456, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) soared 113 points to 11,579.
Earnings season is largely behind us, but many companies in the tech arena have fiscal years that don't line up to the usual quarter-end. That's true of salesforce.com (NYSE: CRM), which utterly wowed its shareholders with its financial results late Tuesday. Meanwhile, Anaplan (NYSE: PLAN) isn't nearly as large or well known as Salesforce, but it also got the same reception to its quarterly report.
Salesforce shares skyrocketed 27% Wednesday morning, easily leading the S&P 500. The customer relationship management (CRM) software giant got the good news that it would join the Dow Jones Industrial Average on Monday evening, and it lived up to expectations with a solid quarterly report.
Source Fool.com
