Salesforce.com Inc (NYSE:CRM) is set to report its second-quarter fiscal 2022 financial results after the market closes on Wednesday.
The Salesforce quarterly report has the potential to reverse the year-to-date underperformance of the stock, Virtus Investment Partners’ Joe Terranova said Wednesday on CNBC’s “Fast Money Halftime Report.”
Salesforce has traded below its 52-week high for nearly 11 months, Terranova said: “This is the moment now where you’re going to see a realization that the contribution from Slack is better than we expected.”
Salesforce completed its acquisition of Slack Technologies on July 21.
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Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT) reported increasing enterprise IT spend during their most recent earnings results, he said.
It’s a clear catalyst for all of the cloud names and it’s clearly going to be a catalyst for Salesforce, Terranova emphasized.
Salesforce CEO Marc Benioff will discuss the company’s financial results with Jim Cramer on “Mad Money” tonight.
CRM Price Action: Salesforce has traded as high as $284.50 and as low as $201.51 over a 52-week period.
The stock was up 0.48% at $260.91.
Photo: courtesy of Salesforce.
