Today is Thursday, August 31, 2023.
The Early Bird Index today is 55.95.
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Salesforce Enters “New AI Era"
Shares of Salesforce (NYSE: CRM) jumped 5.58% in after-hours trading on Wednesday after the technology giant reported better-than-expected financial results.
Financials: Salesforce reported earnings of $2.12 per share in the past quarter and revenue of $8.6 billion; both were better than expected.
Details: Revenue increased 11% and the company achieved record GAAP and non-GAAP operating margins in the quarter.
Outlook: The company is also raising its guidance. Salesforce expects revenue for its full year to be in the range of $34.7 to $34.8 billion.
Quote: “We’re leading our customers into the new AI era.” - Marc Benioff, Chair and CEO of Salesforce.
Stock Price: Salesforce is up 59% this year but down 4% in the last 30 days.
Final Thoughts: These results should make Salesforce investors extremely happy. The only question is how will Salesforce keep growing?
Notables
Notable Earnings Today: Dell Technologies (NYSE: DELL), Lululemon Athletica (Nasdaq: LULU), Dollar General (NYSE: DG), Broadcom (Nasdaq: AVGO), Hormel Foods (NYSE: HRL), Signet Jewelers (NYSE: SIG), MongoDB (Nasdaq: MDB), UBS (NYSE: UBS), VMware (NYSE: VMW), Ollie's Bargain Outlet (Nasdaq: OLLI), Academy Sports + Outdoors (Nasdaq: ASO), SentinelOne (NYSE: S), Campbell Soup (NYSE: CPB), Samsara (NYSE: IOT), Hello Group (Nasdaq: MOMO), Emeren Group (NYSE: SOL), Caleres (NYSE: CAL), Genesco (NYSE: GCO), KE Holdings (NYSE: BEKE), Nutanix (Nasdaq: NTNX), Canadian Imperial Bank of Commerce (NYSE: CM), PageDuty (NYSE: PD).
Notable IPOs Today: American Beacon Select Funds (NYSE Arca: AHLT).
Notable Equity Crowdfunding Campaigns Ending Today: Local Hand (Mainvest), Cooper Greyson (SMBX), Trade Street Social (Vicinity), Timeless Spirits and Drinks (Seed at the Table), FanShark (Netcapital).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Core PCE Price index / PCE Price index (8:30 a.m. ET), Personal Spending (8:30 a.m. ET), Chicago PMI (9:45 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).
Crowdstrike Continues Growing
Cybersecurity company Crowdstrike Holdings (Nasdaq: CRWD) ticked up 0.59% in after-hours trading on Wednesday after posting better-than-expected financial results.
Financials: Crowdstrike reported earnings of 74 cents per share in the past quarter and revenue of $731.6 million; both were better than expected.
But: The reason the stock didn’t surge higher was because the net new annual recurring revenue (ARR) was lower than anticipated.
Final Thoughts: Crowdstrike is up 44% this year. The company also raised its guidance, but the lower ARR is an issue.
Okta Surges Thanks to Good Results
Cloud software company Okta (Nasdaq: OKTA) jumped 9.15% in after-hours trading after the company posted good financial results.
Financials: Okta reported earnings of 31 cents per share in the past quarter and revenue of $556 million; both were better than expected.
Final Thoughts: The company also raised its guidance. Okta is only up 5% this year, lagging behind other tech stocks.
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Trends to Watch
Some Weakness: Bitcoin Slips to $27.2K, Cryptos Dip as Investors Digest Grayscale’s Court Win (CoinDesk)
Good Dog: Chewy says customers are becoming more ‘discerning,’ but shares rally on surprise profit (MarketWatch)
Poorly Kept Secret: Anticipated Decline in Net Sales for Victorias Secret Co in FY23 (Best Stocks)
No Hands Off: Tesla is allowing no-hands driving with Autopilot for longer periods. US regulators have questions (The Associated Press)
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