- S&P 500 Index looks to close the day little changed.
- NetApp Inc stock rises sharply on upbeat earnings figures.
- Salesforce.Com Inc suffers heavy losses after company announces Slack acquisition.
After closing at a fresh all-time high on Tuesday, the S&P 500 Index (SPX) started the day in the negative territory but didn’t have a hard time recovering its losses. As of writing, the SPX was virtually unchanged on the day at 3,662.
S&P 500 top movers
NetApp Inc (NTAP: NASDAQ) reported quarterly adjusted earnings of $1.05 per share for the quarter ended in October and beat the market expectation of 73 cents per share. Additionally, data management solutions provider noted its revenue increased by 3.3% to $1.42 billion from a year ago, compared to analysts’ estimate of $1.31 billion. Boosted by these upbeat figures, NTAP is trading at $59.50, gaining 10.7% as the biggest daily percentage gainer on Wednesday.
In the meantime, the S&P 500 Energy Index is up 4% on the day. Among the top energy stocks, HollyFrontier Corp (HFC: NYSE), Apache Corp (APA: NASDAQ), Devon Energy Corp (DVN: NYSE) and Occidental Petroleum Corp (OXY: NYSE) shares are up between 6% and 9%.
On the other hand, Salesforce.Com Inc (CRM: NYSE) stocks are falling sharply after the company announced that it will be buying Slack in a deal worth $27.7 billion. At the moment, CRM is the worst performer of the day, losing 8.45% at $220.97.
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