Stocks were mixed on Thursday following comments by Fed chair Jerome Powell that the U.S. central bank would seek inflation that averages 2% over time. Cloud software stocks tracked higher following a spate of well-received earnings reports.
Fastly (FSLY) - Get Report shares rose 10% to $98.71 on Thursday following news that Walmart (WMT) - Get Report is joining Microsoft (MSFT) - Get Report in making a bid for TikTok. Fastly revealed recently that TikTok is its largest customer, accounting for 12% of its revenue last quarter.
Shares of Box (BOX) - Get Report rose 8.4% to $20.93 after it topped estimates for its fiscal second quarter. The file storage firm posted earnings of 18 cents per share, versus zero cents one year ago, while revenues rose 11% of $192.3 million.
Shares of Anaplan (PLAN) - Get Report rose 6.9% to $62.17 on Thursday, continuing a surge since releasing its second quarter earnings late Tuesday. The cloud software firm reported 37% revenue growth at $103.8 million and a non-GAAP loss per share of 4 cents, also issuing robust guidance for the current quarter and full year.
Shares of Overstock (OSTK) - Get Report plunged 15.4% to $92.67 on Thursday, extending a downward trend over the past several trading sessions. Overstock's stock has skyrocketed more than 1,200% year to date, fueled by tailwinds tied to the COVID-19 lockdown and a refocusing of its business on home goods.
Share of Chinese social media firm Bilibili (BILI) - Get Report fell 6.5% to $45.55 after releasing its latest earnings. Revenue grew 70% to $370.5 million, monthly paying users nearly doubled to 12.9 million, but it reported a loss of 19 cents per share. Its shares have more than doubled year to date, signaling high expectations for the stock.