Salesforce stock rallies to snap longest losing streak in 21 months a day before earnings report

MW Salesforce stock rallies to snap longest losing streak in 21 months a day before earnings report

Shares of Salesforce.com Inc. $(CRM.AU)$ charged up 4.6% in afternoon trading Monday, enough to pace the Dow Jones Industrial Average's gainers, a day before the customer relationship management software company reports fiscal third-quarter results. The stock's $13.09 price gain was adding about 86 points to the Dow's price, while the Dow jumped 281 points, or 0.8%. The stock's rally puts it on track to snap a six-session losing streak, which has been the longest such streak since the six-day stretch that ended Feb. 28, 2020. The stock had shed 7.7% during the latest losing streak.

Salesforce is scheduled to report results for the quarter through October after Tuesday's closing bell, with the average analyst estimates for earnings per share of 92 cents and revenue of $6.80 billion, according to FactSet. The company has beat EPS and revenue expectations for at least the past 20 quarters, but the stock has gained the after earnings were reported 11 times after those past 20 earnings reports. The stock has rallied 11.5% over the past three months while the Dow has slipped 0.8%.