SoFi Technologies, AMC, Salesforce, Snowflake: What to Watch in the Stock Market Today
Wall Street stocks are up as the crisis in Ukraine continues to unfold (live coverage), with crude prices hovering near $110 a barrel. Here’s what we’re watching in Wednesday’s trading:
- Financial services provider SoFi Technologies reported better-than-expected revenue in the fourth quarter and raised its guidance for 2022.
- Shares of crude producers were broadly higher as oil prices extended their recent gains, including Exxon Mobil , ConocoPhillips and Occidental Petroleum . Exxon said it is halting operations at a multibillion-dollar oil and gas project in Russia and will make no further investments in the country.
- Theater chain AMC Entertainment reported a better-than-expected profitability metric for the latest quarter as it welcomed back moviegoers.
- Business software provider Salesforce . com logged higher revenue in the fourth quarter and raised its annual sales outlook.
- Ross Stores topped Wall Street expectations for its fourth quarter, said it plans to open more stores, and announced a dividend increase.
- Dollar Tree provided a 2022 earnings forecast ahead of analysts’ consensus estimates, but with a revenue view slightly below expectations.
- Clothing and accessories retailer Abercrombie & Fitch reported fourth-quarter earnings and sales that missed expectations.
- Hewlett Packard Enterprise raised its earnings forecast for the year after reporting stronger-than-expected earnings for the January quarter.
- Solar-panel maker First Solar ’s quarterly sales fell short of Wall Street expectations and its 2022 sales guidance was lower than estimates.
- Snowflake , Okta and Splunk are among the companies reporting earnings after Wednesday’s close.
Chart of the Day
- Money managers are taking extraordinary steps to steady exchange-traded funds exposed to Russia. The closure of the country’s stock market this week has created a rift between the pricing of some funds and the value of their underlying assets. That essentially leaves investors guessing at the value of the Russian assets.
Write to James Willhite at james.willhite@wsj.com
