S&P 500 top movers: NetApp Inc (NTAP stock) gains more than 10% on strong earnings

S&P 500 Index looks to close the day little changed.
NetApp Inc stock rises sharply on upbeat earnings figures.
Salesforce.Com Inc suffers heavy losses after company announces Slack acquisition.

Eren Sengezer FXStreet

After closing at a fresh all-time high on Tuesday, the S&P 500 Index (SPX) started the day in the negative territory but didn't have a hard time recovering its losses. As of writing, the SPX was virtually unchanged on the day at 3,662.

S&P 500 top movers

NetApp Inc (NTAP: NASDAQ) reported quarterly adjusted earnings of $1.05 per share for the quarter ended in October and beat the market expectation of 73 cents per share. Additionally, data management solutions provider noted its revenue increased by 3.3% to $1.42 billion from a year ago, compared to analysts' estimate of $1.31 billion. Boosted by these upbeat figures, NTAP is trading at $59.50, gaining 10.7% as the biggest daily percentage gainer on Wednesday.

In the meantime, the S&P 500 Energy Index is up 4% on the day. Among the top energy stocks, HollyFrontier Corp (HFC: NYSE), Apache Corp (APA: NASDAQ), Devon Energy Corp (DVN: NYSE) and Occidental Petroleum Corp (OXY: NYSE) shares are up between 6% and 9%.

On the other hand, Salesforce.Com Inc (CRM: NYSE) stocks are falling sharply after the company announced that it will be buying Slack in a deal worth $27.7 billion. At the moment, CRM is the worst performer of the day, losing 8.45% at $220.97.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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