The stock market rose on Monday as investors looked ahead to the Congressional Midterm Elections and October inflation data.
Overall, S&P 500 grew 1.0% to 3,806, while NASDAQ increased 0.9% to 10,565.
Tweet of the Day
.@ServiceNow is surging on its quarterly beat. Chairman & CEO Bill McDermott tells @carlquintanilla that while the economy is tough, the enterprise software company is "built for all-weather conditions." $NOW@jimcramer @davidfaber @carlquintanilla pic.twitter.com/dfpCejf95l
— Squawk on the Street (@SquawkStreet) October 27, 2022
Chart of the Day
Our chart of the day is the one-year chart of ServiceNow (NOW) as of October 29, 2022, when the stock was at $420.
ServiceNow builds applications that help automate processes and create efficient workflows, to enable work to flow naturally across different departments of a business. Its product portfolio is on a single cloud platform called the Now Platform.
ServiceNow impressed investors with its quarterly results. Last qtr, NOW delivered 26% profit growth on 21% revenue growth.
Overall, the company closed an impressive 69 deals of $1 million or more in annual contract value. In addition, the number of customers paying $10 million or more a year jumped 60% year-over-year.
NOW is a core holding in the Growth Portfolio. David Sharek’s Fair Value on the stock is a P/E of 55, as we are in a bear market and valuations are getting reduced.
