Stocks to Watch: Salesforce, Splunk, Okta, Sturm Ruger, Orthofix Medical
November 30 2022 - 7:35PM
Dow Jones News
By Patrick Chu
Salesforce Inc. issued fourth-quarter revenue guidance on
Wednesday that was about $900 million short of analysts'consensus.
The customer-relations cloud software giant sees fourth-quarter
earnings of 23 cents to 25 cents a share on revenue in the range of
$7.93 billion to $8.03 billion, and adjusted earnings of $1.35 to
$1.37 a share. Analysts had forecast adjusted earnings of $1.44 a
share on revenue of $8.94 billion, according to Factset. Add to
that, the surprise exit of co-Chief Executive Bret Taylor, who will
leave on Jan. 31, leaving Marc Benioff as sole CEO once again.
Chief Strategy Officer Gavin Patterson had already booked his
departure on Jan. 31 as well. Salesforce shares slid 6.6% in
after-hours trading.
Splunk Inc. boosted its full-year outlook for sales and cash
flow, following third-quarter results that beat expectations. The
data software company expects full-year sales of between $3.455
billion and $3.485 billion, up from a prior forecast for between
$3.35 billion and $3.4 billion. Shares increased 8.2% in the
after-hours session.
Okta Inc. guided for profitability for all of its next fiscal
year. On the earnings conference call, Chief Financial Officer
Brett Tighe Okta projects adjusted profits for the full year on
revenue of $2.13 billion to $2.15 billion. Analysts expected
adjusted losses of 30 cents a share on sales of $2.3 billion,
according to Factset. Shares of the cyber identity cloud app
climbed 13% in after hours.
Sturm, Ruger & Co. Inc. declared a special dividend of $5 a
share payable on Jan. 5 and cited a current cash balance of $220
million. Shares of the gunmaker climbed 5.5% in the after-hours
session.
Orthofix Medical Inc. said it received an unsolicited
$23-a-share takeover offer from two private equity firms. The back
surgery medical device maker said it will stick with its current
deal to acquire SeaSpine Holdings Corp. in a $285 million stock
swap because it's "unable to conclude" the latest offer is
superior. Orthofix shares jumped 11% to $20 in after-hours
trading.
Write to Patrick Chu at Patrick.Chu@WSJ.com
(END) Dow Jones Newswires
November 30, 2022 19:20 ET (00:20 GMT)
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