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Today is Wednesday, December 4, 2024.

The Early Bird Index today is 83.22

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Salesforce's AI Sales Forecast

Despite posting mixed financial earnings results on Tuesday, Salesforce (NYSE: CRM) jumped 10.52% in after-hours trading.

Financials: Salesforce reported earnings of $2.41 per share in the past quarter, which was lower than expected. Revenue reached $9.44 billion, which was better than expected.

Outlook: The company raised the low end of its full-year revenue guidance as well as the full-year operating margin guidance and cash flow growth guidance. It appears Salesforce’s artificial intelligence sales strategy is working.

Quote: “Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation.” - Marc Benioff, Chair and CEO.

Early Bird’s Nest Egg Gains: Salesforce initially struggled with its AI strategy, but has since pivoted to a more comprehensive and autonomous approach. To turn things around, Salesforce introduced Agentforce, revised its pricing model, and collaborated with AI innovators.

Final Thoughts: Salesforce was previously up 29% this year. The company is benefiting from the AI craze in a big way.

This Stock is Up 220% and Primed for the Next Breakout

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Notables

Notable Earnings Today: Chewy (NYSE: CHWY), Foot Locker (NYSE: FL), American Eagle Outfitters (NYSE: AEO), Dollar Tree (Nasdaq: DLTR), Five Below (Nasdaq: FIVE), SentinelOne (NYSE: S), PVH (NYSE: PVH), ChargePoint (NYSE: CHPT), Sprinklr (NYSE: CXM), Royal Bank of Canada (TSE: RY), Synopsys (Nasdaq: SNPS), Thor Industries (NYSE: THO), AeroVironment (Nasdaq: AVAV), Hormel Foods (NYSE: HRL), nCino (Nasdaq: NCNO), Greif (NYSE: GEF), Verint Systems (Nasdaq: VRNT), Cracker Barrel Old Country Store (Nasdaq: CBRL), Daktronics (Nasdaq: DAKT), Secureworks (Nasdaq: SCWX).

Notable IPOs Today: Jackson Acquisition Company II (Nasdaq: JACS), Tavia Acquisition Corp. Unit (Nasdaq: TAVIU).

Notable Equity Crowdfunding Campaigns Ending Today: Epi One (StartEngine), KROK (Honeycomb), Inner Space KC (Honeycomb), Fantastic Fuego (Honeycomb), Aydins Jewelry (Honeycomb).

Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), S&P Global Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), ISM Non-Manufacturing PMI / Prices (10:00 a.m. ET), ISM Non-Manufacturing Employment (10:00 a.m. ET), Factory Orders (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Fed Beige Book (2:00 p.m. ET).

Okta's Profitability Swing

The identity and access management company Okta (Nasdaq: OKTA) surged by 15.53% in after-hours trading on Tuesday after posting strong financial earnings results.

Financials: Okta reported earnings of 67 cents per share in the past quarter and revenue of $665 million; both were better than expected.

Powering the Story: During the same quarter last year, Okta lost $81 million. This time, the company reported a profit of $16 million. What a swing!

Final Thoughts: Okta, down 6% this year, is finally turning things around.

Intuitive Machines Posts New Stock Offering

Space exploration company Intuitive Machines (Nasdaq: LUNR) launched a public offering and concurrent private placement on Tuesday, sending shares down 13.07% in after-hours trading.

Final Thoughts: Investors didn’t like the new public offering. Intuitive Machines was up 499% this year.

Trends to Watch

Next Entrant in the Solana ETF Sweepstakes: Grayscale Files To Convert Solana Trust Into ETF (CoinDesk)

Good Times Continue: Marvell Technology Stock Climbs After Better-Than-Expected Q3 Results, Strong Q4 Guidance (Benzinga)

Purely Excellent: Pure Storage Raises FY Revenue View After 3Q Tops Forecast (MarketWatch)

Reward or Risk: Cardano price gains 88% — Is the ADA rally just getting started? (Cointelegraph)

Help Wanted: Intel approaches candidates for CEO role, including former board member Lip-Bu Tan, sources say (Reuters)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}