The stock market ended the week on a positive note, as investors shrugged off some disappointing economic data and focused on the prospects of a continued recovery. Here are some of the top movers and shakers in the market today.
Kroger beats earnings but warns of inflation
The supermarket chain Kroger (KR) reported better-than-expected earnings for the second quarter, as its digital sales grew by 114% year-over-year. The company also raised its full-year guidance and announced a $1 billion share buyback program. However, Kroger also warned that inflation pressures are rising and that it expects to pass some of the costs to consumers. The stock fell by 1.2% on Friday.
DocuSign surges on strong results and outlook
The electronic signature company DocuSign (DOCU) delivered a strong quarterly report, beating analysts’ estimates on both revenue and earnings. The company also raised its guidance for the third quarter and the full year, citing strong demand for its cloud-based solutions. DocuSign said it added 13,000 new customers in the quarter, bringing its total to 1.16 million. The stock jumped by 1.7% on Friday.
Snowflake gets a buy rating from DA Davidson
The cloud data provider Snowflake (SNOW) received a bullish endorsement from DA Davidson, which initiated coverage of the stock with a buy rating and a $400 price target. The analyst said that Snowflake is in an advantageous position with “best-in-class growth rates” and is set to benefit from increased demand for artificial intelligence applications. The stock rose by 2.7% on Friday.
Adobe gains ahead of earnings report
The software giant Adobe (ADBE) gained 1.9% on Friday, ahead of its earnings report next week. The company is expected to post strong results, driven by its dominant position in the creative and digital marketing segments. Mizuho upgraded Adobe to buy from neutral, saying that accelerating web traffic is reason to become more optimistic on the company.
First Solar shines on Deutsche Bank upgrade
The solar panel maker First Solar (FSLR) soared by 2.5% on Friday, after Deutsche Bank upgraded it to buy from hold and raised its price target to $235 from $200. The analyst cited First Solar’s strong growth message during its investor day, as well as its competitive advantages in terms of technology and cost structure.
Gilead Sciences gets a boost from Bank of America
The biotechnology company Gilead Sciences (GILD) climbed by 1.8% on Friday, after Bank of America upgraded it to buy from neutral and increased its price target to $95 from $88. The analyst said that Gilead’s growing pipeline is unappreciated by investors, especially its potential treatments for HIV, hepatitis B, and COVID-19.
