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Order Reprints Text size SAP SuccessFactors and SAP company sign on the facade of company headquarters in California Michael Vi/Dreamstime.com SAP late Thursday pre-announced fourth quarter financial results, as the German enterprise software giant continues an aggressive push to shift its business to the cloud. “In a uniquely challenging environment, 2020 was a record year for cash flow in every single quarter and the full year,” CFO Luka Mucic said in a statement. “Our better-than-anticipated top line performance combined with our quick response on the cost side drove strong operating profit. SAP’s expedited shift to the cloud will drive long-term, sustainable growth while significantly increasing the resiliency and predictability of our business.” ....
Order Reprints Text size U.S. President-elect Joe Biden walks offstage after he laid out his plan for combating the Covid-19 pandemic and jump-starting the nation’s economy. Getty Images Stocks declined on Friday, even after President-elect Joe Biden unveiled details of a $1.9 trillion fiscal stimulus plan and banks reported solid quarterly earnings. The S&P 500 slipped 27.29 points, or 0.7%, to 3,768.25, and the Nasdaq Composite declined 114.14 points, or 0.9%, to 12,998.50. The small-cap For the week, the Dow fell 0.9%, the S&P 500 fell 1.5% and the Nasdaq dropped 1.5% as well. It was the biggest weekly decline for all three benchmarks since October. The S&P 500’s financial sector fell 1.8% after a flurry of banks reported earnings. While the headline results were better than expected, investors found some reason for caution in the details of the reports and in the broader economic picture. ....