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Salesforce was among a number of software stocks falling early Thursday.
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Stocks climbed Thursday, erasing earlier losses, following the House of Representatives passing the debt ceiling bill.
These stocks moved the most Thursday:
C3.ai
stock (ticker: AI) tumbled 13% after the AI software provider’s earnings outlook failed to live up to the hype. The company said it expects revenue for the full year ending April 2024 to be between $295 million and $320 million, compared with Wall Street’s consensus of $317 million.
Shares of
Okta
(OKTA) dropped 18% despite the software provider beating earnings estimates and raising full-year guidance. A warning from CEO Todd McKinnon about increasing macroeconomic pressures appeared to spook investors.
Salesforce
shares (CRM) fell 4.7% after investors were disappointed the cloud-based software company didn’t raise its full-year guidance following better-than-expected first-quarter earnings.
CrowdStrike
stock (CRWD) declined 1.6% as revenue growth slowed and the cybersecurity company’s full-year forecast disappointed. It expects full-year revenue of $3 billion to $3.04 billion, compared with analysts’ expectations of $3 billion, according to FactSet.
It wasn’t all doom and gloom for software providers, as
Veeva Systems
stock (VEEV) climbed 20% after the company beat earnings and revenue estimates in the first quarter.
Pure Storage
(PSTG) jumped 19% after the data-storage software company also topped earnings and revenue expectations.
Chewy
(CHWY) surged 22% after the online pet-supplies retailer beat fiscal first-quarter earnings and sales estimates and provided a strong outlook for the year.
Dollar General
(DG) sank nearly 20% after the discount retailer cut its sales and profit outlook for the year.
Nordstrom
(JWN) was up 4.7% after the department store beat earnings and sales estimates in the first quarter. The company also reiterated its outlook for the full fiscal year.
Chevron
(CVX) gained 1% after analysts from RBC Capital raised their rating on the stock to Outperform from Sector Perform.
Write to Angela Palumbo at angela.palumbo@dowjones.com and Callum Keown at callum.keown@barrons.com
