Why SAP, Slack Technologies, and Lloyds Banking Group Jumped Today
The general mood was upbeat on Wall Street Friday as market participants were swayed by indications that China and the U.S. might be able to reach some sort of resolution to their ongoing trade dispute. Investors have been on edge through multiple cycles of escalation, retaliation, reconciliation, and re-escalation that have gone on for months, but by and large, the conflict hasn't made them act any differently.
Some companies' share prices got especially large boosts, and not solely based on the trade war optimism. SAP (NYSE: SAP), Slack Technologies (NYSE: WORK), and Lloyds Banking Group (NYSE: LYG) were among the day's best performers. Here's why they did so well.
Shares of SAP rose 9.5% after the German cloud infrastructure and technology company reported favorable preliminary results for the third quarter. Total revenue rose approximately 13% on a 37% rise in cloud-related sales, and earnings were higher by 28% year over year. New cloud bookings soared 38%, showing the importance of the segment to SAP's overall results. Investors also seemed pleased that CEO Bill McDermott will leave the company, stepping aside to allow board members Jennifer Morgan and Christian Klein to serve as co-CEOs. The cloud business has been integral to SAP's success for a while now, and shareholders have high hopes that the company's strategic direction will remain fruitful for a long time to come.
Source Fool.com
