NEW YORK, September 7, 2018 /PRNewswire/ --
U.S. stocks closed lower on Thursday as they were affected by the drop in technology stocks throughout the week. Facebook Inc. and Twitter Inc. testified at Capitol Hill regarding online misinformation, dragging down the S&P 500 and the Nasdaq Composite, as they edged lower throughout the week. The S&P 500 closed at a low of 288.16, falling 0.3%. The Nasdaq Composite closed lower as well, at 7,922.73 or 0.91% lower. The Dow Jones gained throughout the week, rising from 25,820.00 to 25,998.27, despite fear revolving around trade tensions between the U.S. and China, as well as the U.S.'s trade discussions with Canada. Palo Alto Networks, Inc. (NYSE:PANW), GameStop Corp. (NYSE:GME), Workday, Inc. (NASDAQ:WDAY), DocuSign (NASDAQ:DOCU), Cloudera, Inc. (NYSE:CLDR)
"I don't see any specific catalyst pushing tech lower, and it's pretty quiet from the perspective of news about these stocks, which makes me think this is a classic sector rotation," said Douglas DePietro, Managing Director for Trading at Evercore ISI, in a MarketWatch report. "These groups have been outperforming, and this could be an example of investors taking profits, particularly since September is a historically turbulent month and a lot of big banks and brokerage houses have been encouraging their clients to lighten up on their tech exposure."
Palo Alto Networks, Inc. (NYSE:PANW) reported Thursday after market financial results for its fiscal fourth quarter and fiscal year 2018, ended July 31st, 2018. The global cybersecurity company reported revenue for the fiscal fourth quarter 2018 grew 29 percent year over year to USD 658.1 Million, compared with total revenue of USD 509.1 Million for the fiscal fourth quarter 2017. GAAP net loss for the fiscal fourth quarter 2018 was USD 2.3 Million, or USD 0.02 per diluted share, compared with GAAP net loss of USD 38.2 Million, or USD 0.42 per diluted share, for the fiscal fourth quarter 2017. "We had a strong fourth quarter, continuing our global momentum at a growth rate that outpaces our peers and the cybersecurity market," said Nikesh Arora, Chief Executive Officer of Palo Alto Networks. "Enterprises are in the early stages of the cloud revolution. This poses new security challenges for businesses worldwide. We are becoming the strategic partner of choice to help businesses embrace the cloud and protect their digital information by reducing complexity and providing the same level of consistency, integration, and automation that we brought to network security."
GameStop Corp. (NYSE:GME) reported Thursday aftermarket sales and earnings for the second quarter ended August 4th , 2018. Consistent with the company's expectations, total global sales decreased 2.4% to USD 1.65 Billion (decreased 2.9% in constant currency), resulting in a consolidated comparable store sales decrease of 0.5% (2.4% increase in the U.S. and 6.4% decrease internationally). New hardware sales increased 20.1%, driven by the launch of the Xbox One X and continued strong sales of the Nintendo Switch and PS4. Rob Lloyd, Chief Operating Officer and Chief Financial Officer, said, "Our second quarter results were in line with our expectations and highlighted by solid growth in new hardware, accessories and collectibles. As we enter the back half of the year, we are focused on preparing our organization, particularly our stores and associates, to deliver the best customer experience in the video game industry to support an exciting slate of titles launching this fall, starting tomorrow and through the holiday season.
Workday, Inc. (NASDAQ:WDAY) announced results for the fiscal 2019 second quarter ended July 31st, 2018 on Tuesday. Total revenue increased 27.9% to USD 671.6 Million from the second quarter. Net loss per basic and diluted share was flat at USD 0.40 when compared to previous year. For the trailing twelve months, operating cash flows were USD 512.4 Million and free cash flows were USD 337.8 Million, representing year over year growth of 36.1% and 36.5%, respectively. "Q2 was another strong quarter. We once again increased the number of both finance and HR customers in the Fortune 500 and made significant progress on our acquisition of Adaptive Insights to further enable customers to plan, execute, and analyze all in one system," said Aneel Bhusri, Co-Founder and CEO, Workday. "With our focused product strategy, continued investment in opening our platform, and relentless commitment to customer success, we continue to add levers that drive enduring growth and our long-term position as the trusted partner for finance, HR, and business transformation."
DocuSign (NASDAQ:DOCU) announced results for its fiscal quarter ended July 31st, 2018 on Wednesday. Total revenue was USD 167.0 Million, an increase of 33% year-over-year. Net cash provided by operating activities was USD 22.7 Million, compared to USD 12.1 Million in the same period last year. Cash, cash equivalents and restricted cash was USD 819.2 Million at the end of the quarter. "We had a strong second quarter, driven by 35% year-over-year growth in subscription revenue. We added more than 25,000 customers, bringing our customer base to almost 430,000 worldwide," said Dan Springer, CEO of DocuSign. "And this week, we also closed our previously-announced acquisition of SpringCM, which accelerates our vision to modernize the world's Systems of Agreement-all the way from preparing to signing, acting-on, and managing agreements. With SpringCM, we have a broader set of products to sell, additional technologies to commercialize and a team whose experience complements ours almost perfectly."
Cloudera, Inc. (NYSE:CLDR) reported on Wednesday during after-hours its results for its second quarter fiscal 2019, ended July 31st, 2018. Total revenue was USD 110.3 Million, an increase of 23% as compared to the second quarter of fiscal 2018. Cloudera shares rose by 23% after releasing its results. "In Q2 we made substantial progress in our product and go-to-market transitions, delivering strong financial results in the quarter and accomplishing many of our goals for sustained success in our market," said Tom Reilly, chief executive officer. "We continue to innovate in highly differentiating ways. With three new modern data warehouse offerings, we are well-positioned to disrupt the legacy data warehouse industry."
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