Stock Plunge Warnings On Snowflake, Salesforce, And More
Date
2/29/2024 10:11:38 AM
(MENAFN- Baystreet)
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Chris La - Thursday, February 29, 2024
Stock Plunge Warnings on Snowflake, Salesforce, and More
When the Dow Jones included Salesforce (CRM) in 2020, the company's rise helped the index. This could unravel after Salesforce (CRM) posted revenue of $9.29 billion, up by 10.9% Y/Y.
Shares pared losses last night after Salesforce initiated a 40-cent-a-share quarterly dividend and a stock buyback increasing by $10 billion. Expect high selling pressure today after shares rose by around 50% in only a few months.
Snowflake (SNOW) lost one-fifth of its value when the firm announced a new CEO. Frank Slootman will retire. Sridhar Ramaswamy will replace him immediately. The firm needs to work on increasing customer satisfaction levels. Its data warehouse as a service uses a new stream/enclave. This increases monthly costs and will likely cause a drop in customer retention levels.
In the bitcoin mining sector, Marathon Digital (MARA) posted a two-cent non-GAAP Q4 EPS loss. Revenue increased by 451.4% Y/Y to $156.7 million. After the halving of Bitcoin, miners will make even less money. Investors should consider taking advantage of the rally in MARA stock in recent weeks.
Baidu (BIDU), a Chinese AI software firm, needs to avoid falling below the $100 level. The company failed to impress investors with its revenue rise in the fourth quarter. Although Baidu advanced ERNIE and ERNIE Bot, those breakthrough innovations have yet to increase profit growth.
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