Salesforce raised its full-year guidance as its AI product, Agentforce, gained some traction.
Agentforce, which has been the main focus for many Salesforce investors, hit $540 million in annual recurring revenue during the third quarter. More companies, including Williams Sonoma and SharkNinja, are adopting the AI agent to use for customer service and internal operations, Chief Executive Marc Benioff told analysts Wednesday. Shares advanced 1.8% to $243 in after-hours trading, a contrast from previous quarters this year when the stock declined following earnings calls. Despite consistently beating estimates with its financial results, Salesforce shares have lost 29% of their value this year, as investors remain unimpressed with Agentforce. Salesforce raised its full-year revenue outlook to $41.45 billion to $41.55 billion, compared with a previous range of $41.1 billion to $41.3 billion. The new range would represent 9% to 10% sales growth. It also now expects adjusted earnings per share to be $11.75 to $11.77, up from $11.33 to $11.37. Salesforce posted a profit of $2.09 billion, or $2.19 a share, for the third quarter ended Oct. 31, compared with $1.53 billion, or $1.58 a share, a year earlier.

Wednesday, the SMI shed 0.2 percent to 12,858 points. Inflation in Switzerland unexpectedly slowed in November, while the country's central bank is considering cutting its key interest rate below zero next week. According to the statistics authority, consumer prices remained constant compared to the same month last year, after rising by 0.1 percent in October. Economists had expected consumer prices to increase by 0.1 percent. Baloise shares closed down 1.4 percent. Chief Financial Officer Carsten Stolz has decided to leave the company on December 31, 2025, to pursue new professional challenges outside Baloise. Shares in defensive index heavyweights once again showed mixed trends. The two pharmaceutical stocks Novartis and Roche climbed 1.1 and 0.2 percent, respectively. Nestlé shares, on the other hand, gave up 0.6 percent. Holcim was the day's loser in the SMI, declining 2.1 percent.

Europe
European stock markets closed little changed on Wednesday. The Stoxx Europe 600 index gained 0.1% to 576.2 points. In Paris, the CAC 40 and SBF 120 rose 0.2% and 0.1%, respectively. In Frankfurt, the DAX 40 fell 0.1%, as did the FTSE 100 in London. AIRBUS (+3.9%): On Wednesday, the aircraft manufacturer lowered its commercial aircraft delivery target for 2025 due to a quality defect detected on the fuselage panels of certain A320 family aircraft. JCDECAUX (-2%): The outdoor advertising specialist announced on Tuesday evening the renewal of its contract to manage advertising space in the Helsinki metro in Finland. INDITEX (+8.9% in Madrid): The parent company of Zara, Massimo Dutti, and Pull & Bear saw its sales grow by 8.4% at constant exchange rates during the quarter ending in October, with net profit up 9% to €1.83 billion. In addition, the group reported a further acceleration in sales growth in November compared to a year earlier. KERING (-0.2%): The luxury goods group confirmed on Tuesday evening that it would pay an interim dividend for the 2025 financial year. This interim dividend of €1.25 per share will be detached on January 13, 2026, and paid on January 15. The balance of the dividend will be determined by the Board of Directors on February 9. STELLANTIS (+7.6%, to €9.82): The car manufacturer could potentially benefit from a relaxation of vehicle emission standards in the United States.

United States
Stocks rose Wednesday as the market recovered from an earlier bout of pessimism around artificial intelligence. The Dow Jones index added 0.9 percent to 47,883 points. The broad S&P 500 increased by 0.3 percent, while the Nasdaq Composite climbed 0.2 percent. Marvell Technology rose 7.9%. The chip maker beat Wall Street’s third-quarter earnings and revenue targets and forecast stronger-than-expected growth for its data center segment. Marvell also announced that it would be acquiring AI start-up Celestial AI in a cash-and-stock deal valued at approximately $3.25 billion. CrowdStrike gained 1.6%. The cybersecurity company narrowly topped analysts’ estimates for its third-quarter earnings and revenue and issued solid fourth-quarter guidance. Microsoft dropped 2.5% on a report that it was easing sales quotas for enterprise AI products like Microsoft 365 Copilot. Crypto stocks were rallying as Bitcoin gained 1.9% to $92,839 over the past 24 hours, according to CoinDesk. Strategy, a big holder of the coins, advanced 3.9%, adding to a 5.8% gain from the previous session. Trading platforms Coinbase Global and Robinhood Markets were up 5.2% and 6.1%, respectively. American Eagle Outfitters surged 15% after the apparel retailer reported record sales and better-than-expected quarterly earnings. Dollar Tree gained 3.6%. The discount retailer posted fiscal third-quarter adjusted earnings of $1.21 a share, topping analysts’ calls for $1.08. Management raised its earnings outlook for the fiscal year. Delta Air Lines rose 3.6%. The carrier said demand in the final quarter of the year “remains healthy,” and trends are strong for early 2026. Macy’s pared back earlier losses and rose 1.2%. While the department store chain beat earnings expectations in the third quarter and posted its strongest comparable sales growth in 13 quarters, management’s forecast of fourth-quarter earnings fell short of what Wall Street had penciled in.

Asia
Asian indexes diverged for the Thursday trading session. In Tokyo, the Nikkei 225 index rose sharply by 1.8 percent to 50,777 points. Shares in the technology sector, particularly semiconductors, were preferred. Renesas jumped around 10 percent, Tokyo Electron climbed 2.1 percent, and Softbank Group surged more than 8 percent. On the Chinese stock markets, the indices showed little change after recent lackluster economic data, which at the same time fueled speculation about further stimulus measures from Beijing. Seoul lagged behind, with the Kospi giving up 0.7 percent.

Bonds
Long-dated U.S. government debt yields slipped on Wednesday. The 10-year Treasury note yield shed 3 bps to 4.06%. New signs of weakness in U.S. labor markets boosted demand for Treasuries and sent yields lower, backing the idea that U.S. employment is weakening fast enough to secure a third consecutive interest rate cut by the Fed next week.

Analysis
Temenos price target: Vontobel raises to CHF 88 (84) – Buy
Ypsomed rating: Deutsche Bank starts with Hold – Target CHF 345
Sika price target: Jefferies downgrades to CHF 201 (211) – Buy

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