May 20, 2019

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Stocks seek more gains | Fed Chair Powell speaks

Stocks seek more gains | Fed Chair Powell speaks
Spread the love (CRM) reported adjusted quarterly profit of 61 cents per share, beating consensus estimates by 11 cents. The business software maker’s revenue also beat forecasts, but it gave a mixed outlook. Salesforce’s current quarter earnings guidance is below expectations, but it is forecasting 2020 revenue above consensus as more companies subscribe to its cloud-based service.

Sleep Number (SNBR) will have to face a defamation lawsuit first filed 11 years ago by rival mattress retailer Mattress Firm. A federal appeals court has revived the lawsuit, overturning a dismissal by a lower court judge.

Teva Pharmaceutical (TEVA) is recalling certain combinations involving its blood pressure drug valsartan in the U.S. That follows the detection of an impurity that could cause cancer, although the FDA said there that Teva had not received any reports of adverse events related to the issue. (AMZN) has begun selling software that scrutinizes medical records for information that could be used to generate more effective treatment as well as cut costs.

Alaska Air (ALK) was added to the “Conviction Buy List” at Goldman Sachs, which points to several positive factors for the airline including a favorable 2019 cost outlook.

Nutanix (NTNX) lost 13 cents per share for its fiscal first quarter, less than half of the 27 cent loss that analysts had anticipated, and the cloud software provider also saw revenue come in above estimates. However, the company did give weaker than expected current quarter guidance.

Campbell Soup (CPB) could name food industry veteran Mark Clouse as its next CEO, according to the Wall Street Journal quoting people familiar with the food company’s search. Clouse had been CEO of Pinnacle Foods prior to its acquisition by Conagra Brands (CAG). Clouse is said to be the leading candidate, although the paper says there’s no guarantee he’ll ultimately be chosen or that he’ll accept the job.

Whirlpool (WHR) was downgraded from “outperform” to “neutral” at Credit Suisse, which notes that a solid pricing environment for appliances appears to be already reflected in Whirlpool’s stock price.

Delta Air Lines (DAL) and American Airlines Group (AAL) were rated “positive” in new coverage at Susquehanna Financial, which also assigns “neutral” ratings to United Continental (UAL) and Southwest Airlines (LUV). It rates Delta the best among legacy carriers helped by a structural advantage provided by its Atlanta hub, and it feels American has strengthened its overall network.

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