Zoom's Intelligent Collaboration

Plus, new meme coin BONK surges.

Today is Tuesday, November 21, 2023.

The Early Bird Index today is 60.12.

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Zoom's Intelligent Collaboration

Zoom Video Communications (Nasdaq: ZM) ticked up 0.53% in after-hours trading on Monday after the company posted strong financial earnings results.

Financials: Zoom reported earnings of $1.29 per share in the past quarter and revenue of $1.13 billion; both were better than expected.

Details: Revenue jumped 3.2% in the quarter. The non-GAAP operating margin of 39.3% was better than expected. The number of customers spending more than $100,000 in the past year also increased by 13.5%.

Outlook: The company expects earnings per share in the current quarter to be between $1.13 and $1.15 per share, which was better than expected. Total revenue is expected to be between $1.125 billion and $1.130 billion.

Quote: “In Q3, revenue came in ahead of guidance as we bolstered Zoom’s all-in-one intelligent collaboration platform with advanced new capabilities like Zoom AI Companion and continued to evolve our customer and employee engagement solutions.” - CEO Eric S. Yuan.

Price: Zoom is down about 1% this year, but up about 7% in the last 30 days.

Final Thoughts: Zoom is still trying to prove that it’s more than just a “pandemic darling” stock. But these earnings results were good.

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Notable Earnings Today: Nvidia (Nasdaq: NVDA), Abercrombie & Fitch (NYSE: ANF), Nordstrom (NYSE: JWN), Kohl's (NYSE: KSS), Lowe's (NYSE: LOW), HP (NYSE: HPQ), Autodesk (Nasdaq: ADSK), Best Buy (NYSE: BBY), Baidu (Nasdaq: BIDU), Jack In The Box (Nasdaq: JACK), Burlington Stores (NYSE: BURL), Urban Outfitters (Nasdaq: URBN), Dycom (NYSE: DY), Dick's Sporting Goods (NYSE: DKS), Medtronic (NYSE: MDT), Analog Devices (Nasdaq: ADI), Guess? (NYSE: GES), American Eagle (NYSE: AEO),  TDCX (NYSE: TDCX), Emeren Group (NYSE: SOL), DLocal (Nasdaq: DLO).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Sun & Swell (Wefunder).

Notable Economic Events Today: Existing Home Sales (10:00 a.m. ET), FOMC Meeting Minutes (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

New Meme Coin BONK Surges

Muscle Bonk GIF by DogeBONK

Gif by DogeBONK on Giphy

A new meme coin called BONK is up over 150% in price in the last week and up over 2,000% in the last 30 days.

Background: BONK is a dog-themed meme coin (similar to Dogecoin) built on the Solana blockchain. It came out about a year ago, but recent developments have caused this coin to climb high.

Powering the Story: One report said that BONK recently rolled out single-sided staking on liquidity pools. (Basically, this is good for users).

Also: On Monday, the cryptocurrency trading tool BitMEX listed BONK on its platform.

Big Picture: Despite the spike in price, there is some debate about the practical applications of these so-called meme coins. In other words, some see meme coins as junk.

Final Thoughts: Meme coins are risky as an investment. Be careful.

C3.ai Reportedly Cutting Jobs

C3.ai (NYSE: AI) fell by 4.33% on Monday due to a Bloomberg report suggesting layoffs at the AI company.

Final Thoughts: The stock already had a killer year with a 153% increase.

Trends to Watch

That Was Quick: EV Startup Fisker Has Lost Another Chief Accounting Officer (Wall Street Journal)

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