These are the Big Movers: Salesforce, HP Inc., and More


The Dow Jones Industrial is likely regretting its move of removing Exxon (XOM) and adding Salesforce (CRM). The energy firm traded at an all-time high of over $120 recently. Salesforce (CRM) erased all of the 2023-24 stock gains on Thursday.

The cloud software pioneer warned that remaining performance obligations are declining. Customers are having second thoughts on renewing their subscriptions at higher prices. Chances are high that the IT department’s leaders shifted the budget for Artificial Intelligence projects.

Corporations have a steep learning curve with AI initiatives. They cannot afford to fund those investments. Open Text (OTEX), a Canadian software firm, is also struggling to win document management renewals.

HP Inc. (HPQ), a PC supplier, rallied by a record 16.95% on Thursday. It posted revenue falling by 0.9% Y/Y to $12.8 billion. For Q3, EPS is up to $0.77, and for 2024, GAAP EPS is up to $2.90.

In the software sector, UiPath (PATH) cratered by 34% on Thursday. Expect bargain hunters to buy shares today at a discount. Still, this strategy has risks. UiPath signaled leadership issues after it abruptly changed its CEO. This could distract the company from performing well next quarter. The firm needs to return to 20% annual recurring revenue growth first. Until then, trade the PATH stock bounce.



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