iCoreConnect, Chewy, CrowdStrike Holdings, Salesforce, Tesla: Why These 5 Stocks Are Drawing Investor Attention Today

U.S. stocks ended in the green on Wednesday with the Nasdaq Composite marking a gain of around 75 points on Wednesday. The Dow Jones Industrial Average edged up by 0.11%, settling at 34,890.24, while the NASDAQ climbed by 0.54% to reach 14,019.31. Not to be left behind, the S&P 500 also witnessed an uptick, rising by 0.38% to 4,514.87.

This optimistic performance comes amidst a backdrop of private businesses in the U.S. adding 177,000 workers in August, albeit missing the market’s anticipated rise of 195,000. This figure is a significant drop from the revised 371,000 gain observed in July.

These are the top stocks that gained the attention of retail traders and investors throughout the day:

iCoreConnect Inc. ICCT has experienced an impressive surge, ending the day with a 118.89% gain at $12.28. iCoreConnect shares experienced significant volatility, with trading halts observed in both directions. The company recently closed its business combination with FG Merger Corp., a special purpose acquisition corporation (SPAC). A trading halt on ICCT’s securities was initiated on Nasdaq due to discrepancies in share conversion post the business combination. However, the situation was promptly rectified, and trading resumed. The stock witnessed a surge on heavy trading volume, with over 26.6 million shares traded, a stark contrast to its 100-day average of just over 1 million shares. iCoreConnect, a cloud-based software and technology company, focuses on enhancing workflow productivity and customer profitability.

Chewy, Inc. CHWY closed the day at $27.33, up by 0.18%. The pet e-commerce giant reported a 14.3% year-over-year increase in its second-quarter net sales, amounting to $2.78 billion. This figure surpassed the Street’s consensus estimate. Chewy’s earnings per share stood at 15 cents for the quarter, beating the anticipated loss of 5 cents per share. CEO Sumit Singh highlighted the company’s robust growth and the success of its personalized Autoship service.

CrowdStrike Holdings, Inc. CRWD saw a 1.69% increase to end the day at $149.18. Following its second-quarter financial results, CrowdStrike reported revenue of $731.63 million, a 37% increase year-over-year. The company’s earnings per share for the quarter stood at 74 cents, surpassing estimates. George Kurtz, co-founder, president, and CEO of CrowdStrike, emphasized the unique capabilities of the AI-powered Falcon platform and its competitive edge in the market.

Salesforce, Inc. CRM closed the day with a 1.45% gain at $215.04. Salesforce reported an 11% year-over-year increase in its second-quarter revenue, totaling $8.6 billion. The company’s earnings for the quarter were $2.12 per share, beating analyst estimates. Marc Benioff, chair and CEO of Salesforce, highlighted the company’s strong performance and its leadership in ushering customers into a new AI era.

Tesla, Inc. TSLA, on the other hand, experienced a slight decrease of 0.11%, closing at $256.90. Despite being one of the best-performing stocks over the last five years, Tesla’s valuation has been a topic of debate. Cathie Wood, founder and CEO of Ark Invest, believes that Tesla’s valuation could be much higher and should be viewed more as a high-growth tech stock rather than just an automotive entity. Wood emphasized Tesla’s ventures into solar, energy storage, AI, autonomous driving, and robotics as reasons for its tech stock valuation.

Photo by A. Solano on Shutterstock

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