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Today is Thursday, May 30, 2024.

The Early Bird Index today is 73.06.

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Salesforce's Slow Growth 🚨

The less-than-stellar year for Salesforce (NYSE: CRM) continued Wednesday with mixed financial results, causing the stock to fall by 16.02% in after-hours trading.

Financials: Salesforce reported earnings of $2.44 per share in the past quarter, which was better than expected. But revenue only reached $9.13 billion, which was lower than expected.

Outlook: The company only expects sales to grow between 7% to 8% in the current quarter and between 8% to 9% in the fiscal year. Salesforce usually grows by double-digits, so this projection is weak.

Stock Price: Salesforce was up just 6% this year, even as other tech stocks soared. 

Final Thoughts: Investors are fed up with Salesforce. Enterprise sales are a problem and the company can’t seem to capitalize on the growing AI trend.

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Notables

Notable Earnings Today: Dollar General (NYSE: DG), Dell Technologies (NYSE: DELL), Costco Wholesale (Nasdaq: COST), Gap (NYSE: GPS), Nordstrom (NYSE: JWN), Kohl's (NYSE: KSS), Foot Locker (NYSE: FL), Zscaler (Nasdaq: ZS), Marvell Technology (Nasdaq: MRVL), MongoDB (Nasdaq: MDB), Cracker Barrel (Nasdaq: CBRL), Best Buy (NYSE: BBY), Ulta Beauty (Nasdaq: ULTA), Hormel Foods (NYSE: HRL), SentinelOne (NYSE: S), Burlington Stores (NYSE: BURL), NetApp (Nasdaq: NTAP), Birkenstock Holding (NYSE: BIRK), Veeva Systems (NYSE: VEEV), Elastic (NYSE: ESTC), Ambarella (Nasdaq: AMBA), Asana (NYSE: ASAN), Build-A-Bear Workshop (NYSE: BBW), Caleres (NYSE: CAL), Canopy Growth (Nasdaq: CGC), Cooper Companies (Nasdaq: COO), Maxeon Solar Technologies (Nasdaq: MAXN), SpartanNash (Nasdaq: SPTN).

Notable IPOs Today: The First Bancshares, Inc. (NYSE: FBMS).

Notable Equity Crowdfunding Campaigns Ending Today: Rickey Channel Drop (GigaStar Market), Nopalera (Wefunder).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), GDP (8:30 a.m. ET), Goods Trade Balance (8:30 a.m. ET), Core PCE Prices (8:30 a.m. ET), Retail Inventories (8:30 a.m. ET), Pending Home Sales (8:30 a.m. ET), Crude Oil Inventories (11:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

C3.ai Raises 2024 Guidance

Shares of the artificial intelligence provider C3.ai (NYSE: AI) jumped 8.28% in after-hours trading on Wednesday after the company posted strong financial results.

Financials: C3.ai reported a loss of 11 cents per share in the past quarter and revenue of $86.6 million; both were better than expected.

Details: Revenue grew 20% in the quarter thanks to a 41% increase in subscription sales.

Outlook: The company raised its revenue guidance for the current quarter to the range of $84 million to $89 million. It also expects revenue for the full year to reach the range of $370 million to $395 million.

Final Thoughts: C3.ai was down 16% in 2024 before these results came out. The company continues to grow due to increased AI demand.

UiPath CEO’s Sudden Exit

Robotic process automation software company UiPath (NYSE: PATH) plummeted 28.85% in after-hours trading on Wednesday after announcing that CEO Rob Enslin is leaving this week.

Also: On Wednesday, the company announced a financial outlook for the current quarter that is lower than expected.

Final Thoughts: UiPath was already down 23% this year before this news.

Trends to Watch

Potential: NYSE Would Consider Crypto Trading If Regulatory Picture Were Clearer, President Says at Consensus 2024 (CoinDesk)

McFighting Back: McDonald’s says $18 Big Mac meal was an ‘exception’ and news reports overstated its price increases (Associated Press)

Bob Iger Wins: Nelson Peltz sells entire Disney stake weeks after losing proxy battle (CNBC)

Energy Consolidation: ConocoPhillips to Acquire Marathon Oil in $17.1 Billion All-Stock Deal (Wall Street Journal)

Can’t Escape: Why is Bitcoin price stuck? (Cointelegraph)

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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.}