Why are Okta and MongoDB Up, UNH Down
Investors who took advantage of the downtrend in Okta (OKTA) and MongoDB (MDB) will get rewarded today.
Okta will open up by around 6% after posting strong second-quarter results. The firm earned $0.91 in EPS as revenue increased by 13% Y/Y to $728 million. Okta CEO Todd McKinnon said that new product adoption lifted results. The public sector, Auth0, and strong cash flow are the Q2 highlights.
MongoDB will trade up by around 30% this morning. The cloud database provider reported a $1.00 non-GAAP EPS. Revenue increased by 23.7% Y/Y to $591.4 million. The company is leading in the non-relational database market. This is especially valuable as AI applications proliferate.
For the fiscal year of 2026, MongoDB expects an EPS range of $3.64 - $3.73 (adjusted). It hiked its annual revenue to a range of $2.25 billion - $2.29 billion. This is up from $2.25 billion and $2.29 billion.
The rally in UnitedHealth (UNH) shares paused at around $300. Bloomberg reported widely known news that the Department of Justice would widen its probe. Instead of reviewing its Medicare business practices, it will look at how it reimburses doctors and OptumRx, its pharmacy benefit manager.
Several hedge fund managers bought UNH stock in the second quarter. They are likely accumulating the stock at current levels.
UNH stock fell by 1.45% on Tuesday.
