The stock market took a step backward Thursday as oil prices hit their highest rates since October. The S&P 500 Index fell o.02% yesterday, while the Dow Jones Industrial Average suffered a 0.13% loss.
Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) was making the news for all the right reasons, while Splunk Inc (NASDAQ:SPLK) and Veeva Systems Inc (NYSE:VEEV) both beat estimates.
Here’s how these stocks did in yesterday’s action:
Alphabet Inc (GOOG,GOOGL)
Google emerged victorious in a court case over Oracle Corporation (NYSE:ORCL) Thursday.
The tech giant had been in a six-year dispute with Oracle over whether Google should have the ability to use Java programming on Android’s code. A two-week trial resulted in a federal jury ruling that the tech company is within its rights to use Java.
Oracle was asking for as much as $9 billion in damages, claiming Google stole its software and used it to make a profit of billions. The company will appeal the case.
GOOG shares fell earlier in the day, but rose 0.1% after the bell, while GOOGL climbed 0.2% higher.
Splunk Inc (SPLK)
Splunk delivered with its fiscal first-quarter results Thursday.
The software products manufacturer reported a loss of 2 cents per share for its most recent period, equaling the earnings estimate analysts expected.
Revenue also beat estimates, coming in at $186 million. This figure amounted to $11.9 million more than the amount that Wall Street had projected.
Splunk increased its full-year outlook to revenue of about $894 million, but SPLK stock fell 6.8% Thursday in afterhours trading.
Veeva Systems Inc (VEEV)
Veeva Systems also reported its quarterly results Thursday.
The company posted first-quarter earnings of 15 cents per share, beating earnings expectations of 11 cents per share. A strong core business helped Veeva have a profitable quarter.
Veeva reported revenue of $119.8 million, topping the consensus estimate by more than $4 million, sending VEEV shares soaring nearly 10% after the bell yesterday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
