3 Software Stocks on Cloud 9 Today

Cloud-based software stocks are propping up Wall Street today, for no reason in particular

Managing Editor
Jun 27, 2024 at 1:48 PM
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Although there's no specific catalyst, cloud-based software providers making outsized moves today. Three names in particular; Palo Alto Networks Inc (NASDAQ:PANW)Adobe Inc (NASDAQ:ADBE), and Salesforce Inc (NYSE:CRM), are all on the uptrend after suffering steep drops after recent earnings reports. 

PANW is up 5.4% to trade at $343.09, its highest level since a massive post-earnings bear gap of 28.4% on Feb. 21. The shares are up 16.5% in 2024, with support in place at their upward-sloping 200-day moving average. 

ADBE is 3.3% higher to trade at $546.11 at last check, set to close at its highest level since a 13.7% post-earnings bear gap on March 14. The shares are down 8.4% year-to-date, but are forming a bullish flag pattern on the charts after their 14.5% pop in the wake of an upbeat corporate report on June 14. 

CRM is the best Dow stock today by a wide margin, up 6% to trade at $257.65. The shares are still contending with their year-to-date breakeven level after a 19.7% post-earnings drawdown on May 30. Year-over-year, the stock is 21.4% higher. 

 

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