Salesforce Gains on Upgrade; General Mills Beats; Nike Falls on Outlook | Stock Movers

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

- Shares of Salesforce (CRM) moved higher alongside fellow software companies ServiceNow (NOW) and Check Point Software Technologies (CHKP) after Guggenheim upgraded the trio from buy to neutral, saying fears that artificial intelligence poses a mortal threat to the sector are overdone. Software stocks have been broadly pressured this year, with investors fretting that offerings from AI-native companies like Anthropic PBC or OpenAI will ravage the sector’s long-term prospects. All three stocks have been among the hardest hit from the AI-induced selloff, with declines ranging from a drop of nearly 30% at Check Point to a decline of more than 40% for Salesforce, which fell for 14 straight days last month in its longest losing streak on record.

- Shares of General Mills (GIS) posted their largest intraday gain since March 2020 after posting fourth-quarter profit that beat Wall Street expectations, lifted by higher prices. The Minneapolis-based company reported adjusted earnings per share of 95 cents, topping the average of analyst estimates. The Cheerios cereal maker also posted revenue above analysts’ expectations. General Mills had been working to win over shoppers with lower prices at a time when many are feeling pinched. Last quarter, the company faced sales declines after slashing prices across much of its portfolio, but said it has since stopped lowering prices. The company is also contending with consumers increasingly opting for less-processed options over many packaged foods. General Mills said it planned to seek $3 billion in cost savings by fiscal year 2030.

- Shares of Nike (NKE) slumped Wednesday after executives gave a cautious outlook and warned about elevated consumer anxiety, adding to investor concerns about the sportswear company’s painfully slow turnaround. Nike expects a slowdown in the coming quarter compared to the current period, citing the timing of wholesale shipments in North America among other factors. Chief Executive Officer Elliott Hill has led Nike for almost two years and progress toward recapturing growth has dragged on, sparking frustration. Management faces ever-growing pressure to produce results, with the company’s stock down 36% this year through Tuesday’s close, putting the shares on track for a fifth consecutive annual decline.

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Salesforce Gains on Upgrade; General Mills Beats; Nike Falls on Outlook