Afternoon Coffee: Houston Businesses Return to Work, Coupa Shares Rise on Q2 Earnings

Houston’s government and businesses are slowly returning to work, although officials caution that the recovery will be long and difficult, the Wall Street Journal reports. Some retailers opened their doors for the first time since Hurricane Harvey made landfall, and one local business association estimated that 60% of its members had reopened.

Coupa Earnings

Coupa’s stock price rose more than 8% in after-hours trading after the company reported a second quarter loss of 10 cents per share — 9 cents better than forecast, according to CNBC. Revenue also beat analyst expectations, hitting $44.6 million, an increase of 43% from the same period last year, the company said in a press release.

“The procurement technology market and its subsegments generally have an impressive compound annual growth rate (CAGR) compared with the broader enterprise software market,” said Jason Busch, founder and head of strategy at Spend Matters. “While Coupa benefits from this rising tide, our proprietary market sizing research indicates it is also growing faster than the market average in the core market subsegments in which it primarily competes. And through acquisitions, it also appears to be making investments to get ahead of where the future growth will likely come from."

Self-Driving Car Legislation

Congress is mulling whether to reduce red tape to get self-driving cars on the road sooner. As Reuters reports, the House of Representatives will vote Wednesday on a proposal that would allow automakers to obtain exemptions “to deploy up to 25,000 vehicles without meeting existing auto safety standards in the first year.”

Eurozone Growth

And finally, an economic update: The eurozone economy appeared to lose some steam, as the IHS Markit composite Purchasing Managers Index remained unchanged at 55.7 in August, according to the Wall Street Journal.

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