The Tell: Stock-market bull who called the bounce off March lows says economy bottoming, now sees S&P 500 at 3,250 by August

Stifel’s Barry Bannister lifts his target for the S&P 500 to 3,250, citing signs the worst of the economic hit from the COVID-19 pandemic are past.

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NewsWatch: The Dow just punched above an important line in the sand that may signal that a record high is next

The Dow closes above a key technical level that is viewed by market technicians as signal that a new bullish trend may be at hand.

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In One Chart: This approach has been a slam dunk for stock-market profits — now that it’s broken, a new trend has emerged

Growing up, you were probably told that nothing good ever happens after 10 p.m. Whoever gave you that advice clearly wasn’t talking about investing in the stock market.

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HP sales dive more than 11% despite work-from-home demand, stock falls in late trading

HP Inc. revenue dove more than 11% as COVID-19 washed across the globe despite greater demand for personal-computer equipment to equip workers suddenly forced to stay home, and shares fell 3% in the extended session Wednesday.

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Market Snapshot: Dow closes 550 points higher, as investors look past dismal economic data and escalating U.S.-China tensions

Major U.S. stock benchmarks roared higher Wednesday, despite the battered state of the economy and rising tensions between Beijing and Washington as investors focused on efforts to reopen more states for business.

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Earnings Results: Box shares climb 6% as large-enterprise deals jump

Box Inc. shares climbed 6% in the extended session Wednesday after the enterprise-content platform reported fiscal first-quarter results that illustrated hunger among large customers for work-collaboration technology that, in turn, exceeded Wall Street estimates.

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Hertz’s stock rockets off record low but remains a fraction of pre-bankruptcy prices

Shares of Hertz Global Holdings Inc. more than doubled on heavy volume Wednesday, but retraced only a fraction of what they lost after the car rental company declared bankruptcy ahead of the long weekend.

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API data show a weekly U.S. crude supply climb of nearly 9 million barrels, sources say

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 8.7 million barrels for the week ended May 22, according to sources. The API data, which were released a day later than usual because of Monday’s Memorial Day holiday, also reportedly showed gasoline stockpiles edged up by 1.1 million barrels, while distillate inventories climbed by 6.9 million barrels. Crude stocks at the Cushing, Okla., storage hub fell by 3.4 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories fell by 1.2 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply decline of 1 million barrels for gasoline and a stockpile increase of 2.5 million barrels for distillates. July West Texas Intermediate crude was at $31.83 a barrel in electronic trading. It was down from its settlement at $32.81 Wednesday on the New York Mercantile Exchange.

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MedMen sales suffer due to coronavirus as losses widen

Cannabis retailer MedMen Enterprises Inc. said late Wednesday that the COVID-19 pandemic has damaged sales in California and Nevada as it reported third-quarter results. MedMen reported a fiscal third-quarter net loss from continuing operations attributable to MedMen shareholders of $39.9 million, which amounts to 10 cents a share, compared with a net loss of $23.7 million, or 20 cents a share in the year-ago period. Revenue rose to $45.9 million from $32.6 million a year ago. The pot store operator said that shelter-in-place orders, social distancing and other measures various governments have implemented to slow the pandemic are among the reasons its sales were hurt. MedMen said it had $31.8 million in cash and equivalents. Not enough analysts rendered estimates to form a reliable FactSet consensus. U.S.-traded shares of MedMen stock have fallen 33% this year, as the S&P 500 index fell 7.4%. The Cannabis ETF , which tracks a basket of marijuana companies, has fallen 10.4%.

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Workday stock jumps on fiscal Q1 sales, Salesforce partnership

Shares of Workday Inc. rose nearly 6% in the extended session Wednesday after the cloud-software company reported sales above Wall Street expectations and announced a partnership with Salesforce.com Inc. . Workday said it lost $158 million, or 68 cents a share, in the quarter, compared with a loss of $116 million, or 52 cents a share, in the year-ago quarter. Adjusted for one-time items, Workday earned 44 cents a share, compared with 43 cents a share a year ago. Revenue rose 23% to $1.02 billion. Analysts polled by FactSet had expected an adjusted profit of 49 cents a share on sales of $1 billion. “The cloud is playing a critical role in today’s climate, with organizations leaning on Workday to pivot,” Chief Executive Aneel Bhusri said in a statement. Workday said that while it was “well positioned” to weather the impact of the coronavirus pandemic, it was lowering its fiscal 2021 subscription revenue guidance to account for the near-term challenges with the pandemic. It said it expects fiscal 2021 subscription revenue in a range between $3.67 billion and $3.69 billion, and fiscal second-quarter subscription revenue between $913 million and $915 million. The partnership with Salesforce involves further integration of Workday and Salesforce’s Work.com, a new suite of applications and resources to help business with their reopening, the company said. Shares of Workday had ended the regular trading day up 1.2%.

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Autodesk shares fall after earnings beat

Autodesk Inc. shares fell 0.8% in the extended session Wednesday after the software company reported earnings that topped consensus estimates. Autodesk reported first-quarter net income of $66.5 million, which amounts to 30 cents a share, versus a net loss of $24.2 million, or 11 cents a share, in the year-ago period. Adjusted for stock-based compensation, among other things, earnings were 85 cents a share. Revenue rose to $885.7 million from $735.5 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 80 cents a share on sales of $871.8 million. Autodesk said it expects adjusted second-quarter earnings of 86 cents to 92 cents and sales of $890 million to $905 million. For the second quarter, analysts model adjusted earnings of 93 cents a share and sales of $912.6 million. Shares of Autodesk have gained 8.9% this year, as the S&P 500 index fell 7.4%.

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Dow ends 550 points higher as rotation into cyclical stocks picks up pace

Stocks ended sharply higher Wednesday, with the Dow Jones Industrial Average closing back above the 25,000 level and the S&P 500 ending above 3,000 as the industrial and financial sectors led the way. The move continued a rotation that has seen investors move into stocks that are more closely tied to the economic cycle, leaving shares of tech companies, which were seen holding up best during the COVID-19 lockdowns, lagged behind. The Dow Jones rose around 553 points, or 2.2%, to end near 25,548, according to preliminary figures, while the S&P 500 advanced around 44 points, or 1.5%, to close near 3,036. The tech-heavy Nasdaq Composite ended near 9,412, a gain of around 72 points, or 0.8%. Financials were the strongest gainer of the S&P 500’s 11 sectors, rising 4.3%, followed by industrials, which rose 3.3%. The information technology and and communications services sectors were laggards, each rising 0.5%.

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