Stocks rose on Tuesday after a survey indicated a healthy expansion of manufacturing activity in the U.S., topping economists' estimates. Meanwhile, Zoom's positive earnings result led other remote-work stocks higher. Here are some of the some tech movers for Sept. 1.
Shares of Zoom (ZM) - Get Report skyrocketed 38.3% to $449.67 on Tuesday following its second quarter earnings release. The video communications platform trounced revenue and earnings estimates, and raised its outlook for the third quarter and full fiscal year, sparking a flurry of analyst upgrades.
Shares of DocuSign (DOCU) - Get Report surged 16.1% to $259.22 on Tuesday following Zoom's big earnings beat, which investors took as a sign that adoption of remote-work technology isn't slowing down. DocuSign is due to report its latest earnings on Thursday. For its second quarter, analysts are expecting earnings of 8 cents per share on sales of $319 million.
Shares of PagerDuty (PD) - Get Report, which sells incident response software for IT departments, rose 9.7% to $35.83 ahead of its second quarter earnings release scheduled for Wednesday. Analysts polled by FactSet are expecting non-GAAP earnings of 7 cents per share on total revenue of $50.7 million.
Shares of HPE (HPE) - Get Report fell 2.7% to $9.41 on Tuesday. Last week, HPE reported declining revenue and earnings, but topped Wall Street's estimates. Shares have underperformed the market this year, dropping 8% year to date.
Shares of Juniper Networks (JNPR) - Get Report, which sells networking and security products, fell 2.6% to $24.35 on Tuesday. In its second quarter earnings release issued in late July, the company reported net profit of 18 cents a share, up from 13 cents a year earlier, and revenue of $1.09 billion, down from $1.1 billion a year earlier. The company attributed the drop in part to COVID-related supply challenges.