Following last week’s shortened trading week, markets will turn their attention to companies posting quarterly results.
Cybersecurity firm Okta (OKTA), which lost $2 billion in market cap a month ago after a cybersecurity breach, will post results on Wednesday. On that day, Salesforce (CRM) and Snowflake (SNOW) also reported Q3 results. OKTA stock is -0.68%.
Beaten down for over a year because REIT investors did not anticipate rate hikes, Crown Castle (CCI) is up 5.81%. Elliot Investment Management took a decisive $2 billion stake in CCI stock. It seeks board changes and a shakeup. It believes the owner of wireless towers needs to review its ownership of its fiber business. Jesse Cohn and Jason Genrich, managing partners at Elliot, wrote “The Company’s strategy, led by CEO Jay Brown since 2016, has been a failure, as demonstrated by the breathtaking magnitude of its underperformance.”
In economic news, Brent crude prices broke down again, trading below $80 ahead of the OPEC+ meeting. Markets cannot simultaneously trade higher as oil prices signal a global recession. Yet speculators are betting that a slowdown would end the increase in interest rates. In the energy sector, OPEC+ needs to announce a sharp cut on supplies into 2024. Without that, oil prices could fall further.