• Fri. Mar 1st, 2024

Wall Street Weekly Market Report: S&P 500 Surpasses 5,000 Mark, NASDAQ Strengthens: Notable Israeli Stocks in the Spotlight

ByEditor

Feb 11, 2024
Israeli Company Cyberark Surges 16% in Two Days: What Influence Did they Have on Wall Street Over the Weekend?

Wall Street Weekly Market Report: S&P 500 Surpasses 5,000 Mark, NASDAQ Strengthens

The trading week on Wall Street ended with a record in the S&P 500 index, which surpassed the 5,000 point mark for the first time after rising 0.6% in the last two trading days of the week. The NASDAQ index also strengthened by 1.5%, while the Dow Jones index traded in a minor decline. Among Israeli companies listed on Wall Street, there were several notable stocks that made significant gains during this period.

One of the most notable performers was Cyberark, whose stock jumped by 15.7% in the final two days of the week, adding $1.6 billion to its market value. Cyberark is now trading at a record value of $11.8 billion and is currently one of the top five largest Israeli companies listed on Wall Street after Mobileye, Check Point, Nice and Teva. The company’s strong performance was due to its positive financial reports released last Thursday that exceeded analysts’ expectations both in revenue and profit lines. Cyberark’s revenues grew by 31.9% in Q4 to $223 million compared to analysts’ forecasts of $210 million, while its annual revenues increased by 27% to $752 million dollars. Its quarterly net profit was reported at $8.9 million on a GAAP basis and $38 million on a non-GAAP basis per share (81 cents), which beat analysts’ expectations (47 cents). In Q1 next year, Cyberark expects revenues between $209-$215 million with a Non-GAAP net profit per share between $21-$31 cents per share (forecasted vs actual). In 2024, it predicts growth of around 23% for revenues between $920-$930 million dollars with projected net profit per share between $1.63-$1.81 dollars (forecasted vs actual).

Another notable performer was Stixspay which jumped by over 17% on Thursday and Friday as it announced that it had received permission from New York Stock Exchange management to continue trading until May 20th of next year after receiving a warning earlier that they did not meet certain conditions for continued listing on NYSE American exchange listings for small companies earlier this year but has now agreed to implement changes required by NYSE management before they can be delisted from NYSE American listings for small companies earlier this year but has now agreed to implement changes required by NYSE management before they can be delisted from NYSE American listings for small companies earlier this year but has now agreed to implement changes required by NYSE management before they can be delisted from NYSE American listings for small companies earlier this year but has now agreed to implement changes required by NYSE management before they can be delisted from NYSE American listings for small companies earlier this year but has now agreed to implement changes required

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