HomeNewsThursday’s market recap: Here are the top stocks making headlines

Thursday’s market recap: Here are the top stocks making headlines

Ruchi Gupta
  • Xerox and Oracle sign multi-year cloud computing infrastructure and software agreement
  • IronNet and Adobe shares tank on the quarterly earnings release
  • Regeneron working on new COVID-19 cocktail for Delta and Omicron variants of SARS-CoV-2

Xerox and Oracle enter agreement for cloud-computing services

Xerox Holdings (NASDAQ: XRX) has signed a multi-year agreement with Oracle Corp (NYSE: ORCL), under which Xerox's business incubator will access cloud computing infrastructure and software.   The company will use the move to expedite the establishment of new enterprises ranging from start-ups, joint ventures, subsidiaries, and businesses beyond Xerox's flagship and copiers. Additionally, with companies shifting to remote working following the COVID-19 pandemic, Xerox is turning its strategy to create new in-house ventures providing various ad products services focusing on sustainable tech.

IronNet posts revenue of $6.9 million in Q2 2022

IronNet Inc. (NYSE: IRNT) shares tanked 25% after the in-class provider of solutions transforming cybersecurity through Collective Defense reported its Q2 2022 financial results. The company reported revenue of $6.9 million, around $100,000 less than what the company reported a year ago. However, the company's cloud subscriber revenue grew to $3.8 million, increasing around $2.2 million from a year ago. During the quarter, the company reported a lower profit margin relative to Q2 2021.  The company expects full-year revenue of $26 million for the full year.

Regeneron working on COVID-19 cocktail against Delta and Omicron

Regeneron Pharmaceutical Inc. (NASDAQ: REGN) dropped 2% after the biotech company stated that the potency of its COVID-19 cocktail declined against the Omicron SARS-CoV-2.  The company's CEO, Leonard Schleifer, told CNBC’s “Squawk Box” that already new promising cocktails that can be effective against Omicron ad Delta variants are on the pipeline. Schleifer said that the company had tested a range of antibodies against the Delta and Omicron variants. Regeneron expects to commence human trials for its next-generation COVID019 cocktails in Q1 2022.

Adobe drops on weaker than anticipated Q1 2022 guidance.

Shares of Adobe Inc. (NASDAQ: ADBE) dropped 10% on Thursday morning after announcing Q4 2021 financial results with revenue of 20% YoY growth to $4.11 billion, beating expectations by $20 million. Net income was $1.23 billion or $2.57 per share compared to $2.25 billion or $4.45 per share a year ago. The company cited tax impact for the drop in net income. Surprisingly, a weaker than anticipated fiscal Q1 2022 guidance triggered the share drop. The company expects Adjusted EPS of $3.35 on revenue of $4.23 billion.