On this episode of Stock Movers:
- Salesforce (CRM) sales have declined after projected quarterly sales growth that was lackluster, suggesting its artificial intelligence product isn’t yet paying off as quickly as hoped. The company's shares fell before markets opened in New York, as investors have been anxious that incumbent software makers will be outshined by new AI-based vendors.
- American Eagle (AEO) shares are higher after the clothing retailer reported better-than-expected 2Q revenue, boosted by demand following its Sydney Sweeney ad campaign. It also gave comparable sales guidance for fiscal 2025.
- Goldman Sachs (GS) will invest as much as $1 billion in T. Rowe Price Group Inc. and team up with the asset manager to sell private-market products to retail investors. The companies will collaborate on a range of investments for retirement savers and wealthy investors, with Goldman making a series of open-market purchases to amass up to 3.5% of T. Rowe’s stock. The partnership is part of a broader trend of financial firms competing to win over wealthy Americans and those with 401(k) plans with private equity, credit and infrastructure strategies.