Salesforce's results are here |
The cloud giant's latest results beat expectations. Jim Cramer spoke with CEO Marc Benioff on all the key topics on "Mad Money" tonight. The company expanded its share buyback. Is there a story on tech companies and buybacks? For instance, Meta just did it. What does the Salesforce beat mean for the activists? The stock is up 15% after hours. Salesforce is up now 46% in 2023, when accounting for the after-hours action. The SPDR S&P Software & Services ETF (XSW), which tracks software-as-a-service names, is up 9.5% in 2023. A few other leaders this year: Fortinet is up nearly 20%. ServiceNow is up 10%, and Global Payments is up 12.4%. Oracle and Autodesk are up 5% in 2023.
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ESG funds' performance and a showdown in Washington |
The Senate voted to overturn a federal rule on ESG investments, and President Joe Biden vows to veto the bill. The S&P Energy sector is up more than 20% in a year All of the top ESG funds are down in the last year The Parnassus Core Equity Fund (PRBLX) is down nearly 16% in the past year. The Putnam Sustainable Leaders Fund (PNOPX) is also down about 16% in a year. The Vanguard FTSE Social Index Fund (VFTAX) is down 11% in a year.
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Mortgage demand hits a 28-year low |
The SPDR S&P Homebuilders ETF (XHB) is down 5.5% in a month. LGI Homes is down 11.5% in a month. D.R. Horton is down 9% in a month. Masco is down 5% in a month. Lennar is down 8.6% in a month. Floor and Décor is down 7.2% in a month. PulteGroup is down 7% in a month. Century Communities is down 6.3% in a month.
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Retail and the Great American Consumer |
Lowe's is "cautious" on the consumer: "Inflation, interest rates, we are seeing a bit more of a cautious consumer, one that's anticipating and responding to value." Dollar Tree: "The current economic climate is driving more higher-income consumers into value retail. What we're seeing is the consumer making $80,000 a year is trading down." Ross Stores: "The buyers are out looking for really great deals. It's always been critical for us delivering branded bargains. And I think today it's even more important than it's been before." The SPDR S&P Retail ETF (XRT) is down 1.7% today, and down 9.6% in a month. Big Lots is down 21% in a month. Kohl's is down 17% in a month. Advance Auto Parts is down 11.5%. Gap is down 11% in a month. Dillard's is down 10% in a month. -
Dollar General is down 9% in a month.
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Developments in real estate investment trusts |
Columbia Property Trust reportedly defaulted on a mortgage on Tuesday. Brookfield reportedly defaulted on two Los Angeles office towers. The office REITs were beat up in February. Vornado fell about 19% last month. SL Green dropped 17%. Boston Properties fell 12%. Brookfield Property fell 7%. The big winner was CBRE which has a fair amount of property out West. Shares were flat in February.
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