US equities are higher in Wednesday morning trading after mainly finishing lower on Tuesday, leaving the S&P and DJIA little changed in May.
Here are some of today's trending stocks:
Salesforce Inc (NYSE: CRM)
The Salesforce Inc (NYSE: CRM) share price is up 10% in pre-market trading after releasing a reassuring earnings update. Salesforce has proven incredibly resilient over the past 23 years and powered through various macroeconomic headwinds.
In its Q1 update, the company raised its annual profit forecast, and EPS of $0.98 beat consensus estimates and company guidance. EPS grew 16.7% Q/Q, according to FactSet.
Meanwhile, sales of $7.4bn narrowly beat consensus too.
Analyst ratings indicate CRM stock is a Buy, but share price targets have been slashed across the board. The consensus share price target is now $246.
Moody's Corporation (NYSE: MCO)
Credit ratings agency Moody's Corporation's (NYSE: MCO) share price is down 12% pre-market. Inflation fears are rocking the market once again, and a highly indebted company like Moody's is fair game. But MCO stock is down on the back of rival company S&P Global Inc (NYSE: SPGI) suspending its full-year financial guidance, citing "extraordinarily weak" market conditions.
vTv Therapeutics Inc (NASDAQ: VTVT)
vTv Therapeutics Inc (NASDAQ: VTVT) is up 78% in pre-market trading. The optimism comes after VTV signed a deal with G42 Investments receiving up to $25m in exchange for shares in vTv Therapeutics. The companies are set to collaborate on clinical trials for pharmaceutical products containing TTP399, a liver selective glucokinase activator, as the active ingredient for treating type 1 diabetes.
Rich Nelson, vT's Interim CEO, said:
G42 Healthcare brings a unique combination of a strong commitment to the development of new impactful drugs and treatments, as demonstrated by their success and their leadership on COVID-19 testing and other product and service offerings in the healthcare spectrum, and substantial resources, making them an ideal partner for this program.
FleetCor Technologies, Inc. NYSE: FLT
FleetCor Technologies, Inc. (NYSE: FLT), the global payment provider, is combining North American and International groups into a new 'global fleet organization' under one president.
Alan King has been promoted to lead the new combined global fleet organization, and Alexey Gavrilenya, prior Group President North America fleet, will depart the company.
Ron Clarke, FLEETCOR Chairman and CEO, said:
Alan King has successfully led a sizeable portion of our global fleet business for years, and his prior Visa and Mastercard commercial payments experience will be very helpful in our efforts to cross sell corporate payments solutions into our fleet client base
FLT stock is up over 6% in pre-market trading.
FLEETCOR is a leading global digital payment solutions provider that enables businesses to control purchases and make payments more effectively and efficiently. Since its incorporation in 2000, FLEETCOR has continued to deliver its mission: to provide businesses with "a better way to pay." FLEETCOR has been a member of the S&P 500 since 2018.
CASI Pharmaceuticals Inc (NASDAQ: CASI)
Biopharma business CASI Pharmaceuticals, Inc. (NASDAQ: CASI) is up 36% in pre-market trading as it issues a 1-for-10 reverse stock split.
CASI is developing therapeutics addressing cancer and other unmet medical needs. The company commercializes oncology drugs and drug candidates in Asia.
Its products include Zevalin, Evomela, and Marqibo. CASI Pharma was founded in 1991 and is headquartered in Rockville, MD.