Why CBA, Straker, Woodside, & Xero shares are surging higher

Commonwealth Bank of Australia (ASX:CBA) and Xero Limited (ASX:XRO) shares are two of four surging notably higher today…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. The benchmark index is currently up 1.3% to 6,420.8 points.

Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:

Commonwealth Bank of Australia (ASX: CBA) 

The CBA share price is up over 2% to $74.04 following the release of its first quarter update. For the three months ended 30 September, the bank posted an unaudited net profit after tax of $1.8 billion. This decline was driven primarily by lower interest rates and fees. In addition to its Q1 update, the bank released an update on its COVID-19 temporary loan deferrals. That update revealed a sharp reduction in deferrals during October.

Straker Translations Ltd (ASX: STG)

The Straker share price has zoomed almost 44% higher to $1.30. Investors have been buying the translation platform provider’s shares after it announced a major deal with IBM. The global tech giant has appointed Straker as a strategic translation service provider on a two-year agreement. This agreement commences in January and comes with an option for an additional two years. It extends the company’s current relationship with IBM from one language (Spanish) to 55 languages.

Woodside Petroleum Limited (ASX: WPL)

The Woodside Petroleum share price has climbed 3% to $20.31. Today’s gain appears to have been driven by a rise in oil prices and the release of its investor day presentation. In respect to the latter, the company spoke positively about its future and confirmed its full-year output guidance of 99 to 101 million barrels of oil equivalent.

Xero Limited (ASX: XRO)

The Xero share price has surged 8% higher to $124.48. This is despite there being no news out of the business and accounting platform provider. However, with its half year results due to be released on Thursday, some investors may be buying shares in anticipation of a strong result.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has recommended Straker Translations. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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