Autodesk Is a Trading 'Beacon' for Stocks on Wednesday

While the stock market is searching for direction Wednesday and trying to shake off the resignation of President Trump's economic advisor Gary Cohn, not all stocks are struggling.

Specifically, Autodesk, Inc. (ADSK) is vaulted higher by 14.9% to $137.70. The company beat on earnings per share and revenue expectations for its fiscal fourth quarter and shares are running to new 52-week highs as a result.

"Autodesk is the star of the day," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.

The company's average revenue per subscription is finally heading higher and that's encouraging for the bulls. It's also key for recurring revenue, another reason investors are excited about the quarter.

That's despite revenue and earnings guidance coming up a bit short for Autodesk's first quarter.

The stock deserves to rally, said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio. It has a "fabulous board" and "fabulous management."

This will likely propel other cloud-based stocks higher, like Workday Inc.  (WDAY) , Salesforce.com, Inc. (CRM) , Red Hat Inc.  (RHT) , ServiceNow Inc.  (NOW) and Adobe Systems Incorporated (ADBE) .

Watch Autodesk," Cramer said, adding "that's the beacon for today's trading."

At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.

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