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UBS upgrades Norfolk Southern to buy from neutral UBS said it sees margin improvement for the railroad. Goldman Sachs initiates Super Micro as neutral Goldman said the stock is an "AI winner" but that valuation is full right now. UBS reiterates Eli Lilly as buy UBS raised its price target on the stock to $910 per share from $810. UBS reiterates Nvidia as buy UBS said it's sticking with its buy rating after a series of investor meetings with the company." Argus upgrades New York Times to buy from neutral Argus said it sees revenue growth for the newspaper company. "
Persons: Morgan Stanley, Disney, Piper Sandler, Piper, Guggenheim, Baird, SQSP, Goldman Sachs, Goldman, Bernstein, Tesla, underperform Bernstein, Eli Lilly, Wells, Melius, Citi downgrades Ferrari, Jefferies, Evercore, it's, Rosenblatt, Snowflake, Slootman's Organizations: BROS, Guggenheim, GSK, UBS, Norfolk Southern, Micro, JPMorgan, Nvidia, Kyverna Therapeutics, FLT, UDR, Conservative, America Health, RBC, Apple, Citi, Ferrari, Jefferies, BP, Barclays, Barclays downgrades, ISI, Toast Inc, Bank of America, Ball Corp, of America, Broadcom, New York Times Locations: Norfolk, China, New
The Federal Reserve's rate-cut signal in December triggered a furious rally to record highs, unleashing animal spirits that are fueling similar speculative activities from the depths of the pandemic. "The animal spirits are reviving," Michael Hartnett, chief investment strategist at BofA Global Research, said in a phone interview. "Animal spirits, they don't necessarily start with the biggest animals in the jungle," Quincy Krosby, chief global strategist at LPL Financial, said by phone. To be sure, others believe the market rally has been justified by the enthusiasm for artificial intelligence, and the contribution it's likely to make to future corporate profits. Billionaire investor Ray Dalio said the U.S. stock market is not in a speculative bubble based on his criteria.
Persons: Bitcoin, Michael Hartnett, Hartnett, Cryptocurrency, Scott Rubner, Goldman Sachs, Quincy Krosby, Ray Dalio Organizations: BofA Global Research, Nasdaq, GameStop, Palo Alto Networks, Research, LPL Locations: Nigeria, Argentina, Snowflake, YOLO, . U.S, U.S
Goldman Sachs reiterates Salesforce as buy Goldman said it's standing by its buy rating following the company's robust earnings report on Wednesday. "Multiple high-profile catalysts should double revs by FY28 & support an Outperform rating with a $54 PT." "We initiate coverage of Gates Industrial (GTES) with a Buy rating and $21 price target. The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance." Goldman Sachs reiterates Microsoft as buy Goldman said it's standing by its buy rating after a meeting with Microsoft investor relations.
Persons: Jefferies, Roth, Roth MKM, Morgan Stanley downgrades Snowflake, Morgan Stanley, Goldman Sachs, Salesforce, Goldman, it's, TD Cowen downgrades Macy's, Telsey, TD Cowen, Wells, Needham, " Jefferies, Tesla, Coupang, Baird, Cantor Fitzgerald, Cantor, Gates, Piper Sandler, Piper, Raymond James, William Blair, Gordon Haskett downgrades, Haskett, Frank Slootman's Organizations: Jefferies, Barrick Gold, NEM, UBS, Apple, Mar, Bitdeer Technologies, BTC, Citi, United Airlines, Delta, Delta Air Lines Inc, DAL, Deere & Company, American Airlines Citi, Catalyst Watch, Reliance, Star India, JV, UBS downgrades Republic Services, Downside, RBC, Xenia Hotels, Resorts, Deutsche Bank, Deutsche, Products, Gates, NTR, LXU, UW, Bank of America, underperform Bank of America, Realty Trust, Fidelity, Korn, Microsoft, Macquarie Locations: U.S, China, American's, DIS's, Xenia, Federal, Korea
It posted earnings of 41 cents per share, excluding items, on revenue of $3 billion. Analysts polled by FactSet had called for earnings of 34 cents per share on $2.91 billion in revenue. C3.ai — The artificial intelligence software stock advanced more than 24% after C3.ai posted a narrower-than-expected adjusted loss per share of 13 cents. Pure Storage — Shares jumped more than 22% after the data storage company posted stronger-than-expected fourth-quarter earnings and upbeat first-quarter guidance. However, fourth-quarter revenue of $1.1 billion did top LSEG estimates of $1.05 billion.
Persons: FactSet, Morgan Stanley, Chemours, , Birkenstock, Snowflake, Frank Slootman, LSEG, Duolingo, Alex Harring, Yun Li, Michelle Fox Theobald Organizations: Beverage, RBC, Bank of America Securities, Bank of America, Paramount, AMC Entertainment
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at how Google has gone from the tech industry's vanguard of cool to just another boring company . AdvertisementGoogle has long stayed atop Silicon Valley's volatile popularity contest — but the best place to work in tech is starting to feel like any other business , Business Insider's Hugh Langley and Lara O'Reilly write. Bureaucracy, an aversion to risk, and deference to Wall Street over employees — things Google long eschewed — have become the norm. The latest example is the debacle surrounding Gemini — its flashy new AI model that faced backlash for being too "woke."
Persons: , Rebecca Zisser, Hugh Langley, Lara O'Reilly, Alistair Barr, Sundar Pichai, Hugh, Lara, Mateusz Wlodarczyk, BI's Peter Kafka, it's, David Rosenberg, Gary Shilling, Snowflake's Frank Slootman, Ozgur Hakan Aslan Toyota, Boxabl, Elon Musk, Tesla, Hewlett Packard, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Google, Business, Gemini, Meta, Big Tech, OpenAI, Corporations, Nvidia, SEC, Universal Music Group, Universal, BI Locations: , New York, London
Snowflake said it expects product revenue to range between $745 million and $750 million in the current period, below the $759 million analysts polled by StreetAccount expected. Okta said its expects revenues to range between $603 million and $605 million, surpassing a FactSet estimate of $583.8 million. Celsius posted 17 cents in earnings per share on $347.4 million in revenue for the fourth quarter. Nutanix posted earnings of 46 cents per share on revenues totaling $565 million. The data storage company posted earnings of 50 cents per share on $790 million in revenue.
Persons: Frank Slootman, Snowflake, StreetAccount, Morgan Stanley, Salesforce — Salesforce, Okta, Duolingo, LSEG, Nutanix, , Alex Harring, Tanaya Macheel, Michelle Fox, Lisa Han, Jesse Pound, Sarah Min, Pia Singh Organizations: Revenue, Bank of America, AMC, AMC Entertainment, Wall, Paramount, LSEG, CNBC Warner Bros, FactSet, HP — Locations: Canada, FactSet .
Jim Cramer explains why the market rallied on Thursday
  + stars: | 2024-02-29 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
CNBC's Jim Cramer told investors why he thinks the market was able to rally on Thursday, citing continued momentum in the tech sector and new inflation data suggesting the economy might be amenable to interest rate cuts. The Nasdaq Composite advanced to its first record high since 2021, popping 0.9% as tech and chip stocks saw gains. Salesforce also issued a light forecast on Wednesday night, but the stock managed to recover and finished up about 3% on Thursday, bringing up other tech stocks with it, Cramer said. And a "usually tempered" Citi analyst indicated on Thursday he was bullish on semiconductors, which bodes well for AI stocks, according to Cramer. "Now, there were some laggards today, of course, I get that—there were plenty of safety stocks that weren't so safe," Cramer said.
Persons: CNBC's Jim Cramer, we've, Cramer, Snowflake, Salesforce, Dell, tech's Organizations: Nasdaq, Dow Jones, Citi, Dell
However, the company also said it sees single-digit revenue growth for fiscal 2025. UBS reiterated a neutral rating alongside its $310 per share price target on Salesforce, or more than 3% upside ahead. Product revenue growth of 33% year over year in the fourth-quarter was also below Wall Street estimates. Murphy noted there's a disconnect between what Barrick has accomplished in the past five years and its stock price. "We see asset disposals and cost improvements as likely to reverse share price weakness as the market recognizes the strength of the asset portfolio."
Persons: Morgan Stanley, Snowflake, Jefferies, TD Cowen downgrades Macy's TD Cowen, Oliver Chen, Macy's, — Brian Evans, Brad Sills, Brian Evans, AutoNation Morgan Stanley, AutoNation, Morgan Stanley's, Mike Manley, Adam Jonas, Salesforce, Amy Weaver, Goldman Sachs, Kash Rangan, Bank of America's Brad Sills, Morgan Stanley downgrades Snowflake, Snowflake's, Frank Slootman, Keith Weiss, Matthew Murphy, Murphy, Fred Imbert Organizations: CNBC, Barrick, Mining, Bank of America, of America, TAM, Bank of America's, UBS, StreetAccount, Jefferies, Barrick Gold, Newmont, Newcrest Locations: Africa, East
While the announcement caused consternation on Wall Street, Slootman told CNBC that he's not worried about a wave of Snowflake employees following him out the door. Slootman, 65, is being succeeded by former Google ad chief Sridhar Ramaswamy, who joined Snowflake in June via the company's $185 million purchase of Neeva, a startup Ramaswamy co-founded in 2019. Snowflake was the third enterprise technology company that Slootman shepherded through the IPO process, following Data Domain in 2007 and ServiceNow in 2012. Before joining Snowflake, Slootman spent about six years as CEO of ServiceNow . ServiceNow's workforce stood at 23,668 by the end of 2023, compared with 603 in December 2011, months after Slootman had joined, according to regulatory filings.
Persons: Frank Slootman's, Slootman's, Slootman, he's, Sridhar Ramaswamy, Snowflake, ServiceNow, , There's, George Floyd, Steve Jobs Organizations: Snowflake, New York Stock Exchange, Mizuho Securities, CNBC, Google Locations: ServiceNow, Snowflake, America
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThursday's rapid fire: Snowflake, Best Buy, Paramount, Okta, CelsiusJim Cramer offers his quick thoughts on these five stock outside the CNBC Investing Club portfolio.
Persons: Jim Cramer Organizations: Paramount, CNBC, Club
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Snowflake : Shares were sinking nearly 20% on weak guidance and CEO Frank Slootman announcing his retirement. Jim Cramer said Thursday he's a big fan of Slootman and the CEO's planned departure is a blow to the company. Cramer said, "Celsius has a lot of bears" betting against the stock, which can lead to volatility. PepsiCo has a large stake in Celsius, Cramer noted, adding the soft drink and snack giant is very pleased with it.
Persons: Jim Cramer's, Frank Slootman, Jim Cramer, Cramer, Todd McKinnon, McKinnon Organizations: CNBC, Club, Paramount, Costco, PepsiCo, Charitable Trust, Amazon
Snowflake said its first-quarter product revenue will total between $745 million and $750 million, compared to analysts' estimates of $759 million, per StreetAccount. The company said adjusted operation margin in the first quarter will be 3%, below the 7.2% analysts expected. mitigate C-suite uncertainty," the analysts wrote to investors in a Thursday memo. The company shut down its product and was acquired by Snowflake for $185 million last year. Before Slootman's tenure, Snowflake was helmed by former Microsoft executive Bob Muglia until his sudden ousting in April 2019.
Persons: Snowflake, Frank Slootman, Sridhar Ramaswamy, Slootman, Morgan Stanley, Ramaswamy, Bob Muglia, — CNBC's Michael Bloom, Jonathan Vanian Organizations: Google, Macquarie Equity Research, Microsoft, CNBC PRO Locations: Snowflake
Chart of the Day: Snowflake having it's worst day ever
  + stars: | 2024-02-29 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChart of the Day: Snowflake having it's worst day everShareholder Stephanie Link, CIO at Hightower, joins CNBC's "Halftime Report" to discuss Snowflake, getting crushed today.
Persons: Stephanie Link, Hightower
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPart of Snowflake's downfall is related to CEO Frank Slootman's retirement: Jefferies' Brent ThillBrent Thill, Jefferies tech analyst, joins 'Squawk on the Street' to discuss Snowflake's quarterly earnings results, what to make of the company's weak forecast and CEO change, Salesforce's earnings results, impact of AI, and more.
Persons: Frank Slootman's, Jefferies, Brent Thill Brent Thill Organizations: Jefferies
Frank Slootman, CEO of Snowflake, on the day of the company's initial public offering on Sept. 16, 2020. Snowflake said Wednesday that billionaire CEO Frank Slootman, who joined the cloud software company in 2019 and took it public the following year, is retiring and will be replaced by former Google ad chief Sridhar Ramaswamy. Slootman, 65, previously led software vendor ServiceNow into the public markets and before that led Data Domain. Operating losses for the fourth quarter were $275.5 million, up from $239.8 million during the fourth quarter of the previous year. As of Feb. 9, Slootman owned 10.6 million Snowflake shares, according to a regulatory filing.
Persons: Frank Slootman, Snowflake, Sridhar Ramaswamy, Slootman, Ramaswamy, Sridhar, Bob Muglia, Muglia, — CNBC's Jennifer Elias, Jordan Novet Organizations: Google, Data, New York Stock Exchange, Microsoft Locations: Snowflake, Neeva, Wednesday's
Snowflake's Frank Slootman just announced his retirement. BI reported last year on rumors of Slootman's impending departure. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhen Business Insider approached Snowflake CEO Frank Slootman in June to ask him if internal chatter about his impending retirement was right, Slootman said it was "completely untrue." You are regurgitating competitive FUD," Slootman wrote in an email to BI in June in his famously direct, no-nonsense style.
Persons: Snowflake's Frank Slootman, , Snowflake, Frank Slootman, Slootman, Sridhar Ramaswamy, Ellen Thomas Organizations: Service Locations: Snowflake
In the fourth quarter, the software company topped Wall Street's fourth-quarter expectations on the top and bottom lines. Snowflake — Snowflake shares plunged 20% after the business software company announced the retirement of its CEO Frank Slootman. The company topped earnings expectations by 12 cents and said it expects revenue for the current period to range between $603 million and $605 million. The company posted revenue of $13.19 billion, falling short of the $13.56 billion analysts polled by LSEG expected. Adjusted earnings per share came in at 5 cents and topped an LSEG estimate of 2 cents per share.
Persons: — Salesforce, Frank Slootman, Duolingo, Okta — Okta, LSEG Organizations: FactSet, Paramount Global, LSEG, Revenue, StreetAccount, HP Inc, AMC Entertainment
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnowflake's outgoing and incoming CEOs talk earnings with Jim CramerSridhar Ramaswamy, incoming Snowflake CEO, and Frank Slootman, outgoing Snowflake CEO, joins 'Mad Money' host Jim Cramer to talk earnings, guidance and more.
Persons: Jim Cramer Sridhar Ramaswamy, Frank Slootman, Jim Cramer Organizations: Snowflake
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street.
Persons: Jim Cramer, Ernie Herman, Macy's, TJX, Nordstrom, Cramer, UnitedHealth, Linde, Jim Cramer's, Jim Organizations: CNBC, Consumer, Communication Services, Health Care, Tech, TJX Companies, Target, Palo Alto Networks, Disney, ESPN, Apple, Paramount, Anheuser, Busch, Jim Cramer's Charitable Locations: Maxx, Palo Alto, India
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGenerative AI will democratize access to enterprise data, says incoming Snowflake CEO RamaswamySridhar Ramaswamy, incoming Snowflake CEO, and Frank Slootman, outgoing Snowflake CEO, joins 'Mad Money' host Jim Cramer to talk earnings, guidance and more.
Persons: Ramaswamy Sridhar Ramaswamy, Frank Slootman, Jim Cramer Organizations: Snowflake
Despite dashed hopes of early rate cuts, growth stocks like Nvidia continue to make new highs. "And here we are today: we've got Apple at multi-trillion dollars, Microsoft at multi-trillion dollars, Nvidia at multi-trillion dollars, and Google at over a trillion dollars." Snowflake (SNOW) helps businesses wrangle their data and build models from that data for multiple purposes, including AI. GitLab (GTLB) is an open-code platform with over a million paid users and programmers who can use AI tools to help with coding. Still, they collect customer data, and they help companies talk to their customers in a relevant and direct manner.
Persons: Jonathan Curtis, Franklin Templeton, Curtis, hadn't, ChatGPT, there's Organizations: Nvidia, Franklin Templeton Institute Global Investment Management Survey, Business, Franklin Equity Group, Apple, Microsoft, Google, Cisco, Meta, Semiconductor, Power Systems, AMD, Arista Networks
Stock futures fell as Wall Street weighed the latest earnings results and looked ahead to the Federal Reserve's favored inflation gauge. Futures tied to the Dow Jones Industrial Average slipped 80 points, or 0.2%. The S&P 500 futures and Nasdaq 100 futures edged down 0.2% and 0.25%, respectively. The 30-stock Dow lost 0.06% and fell for a third consecutive session, while the S&P 500 inched down 0.17%. The S&P 500 has jumped 4.6%, while the Dow has added 2.1%.
Persons: Salesforce, Okta, Joe Mazzola, Charles Schwab's, Dow, John Williams Organizations: New York Stock Exchange, Stock, Federal, Dow Jones, Nasdaq, Dow, Hewlett Packard Enterprises, Bath, Body, New York Federal Reserve Bank Locations: Snowflake, Chicago
CNBC's Jim Cramer on Wednesday spoke with Snowflake 's outgoing CEO Frank Slootman and new leader Sridhar Ramaswamy, who said the company has big plans to make use of generative artificial intelligence. "So I think there's a huge opportunity in the world of data applications and AI that'll keep me busy for many years to come." Ramaswamy joined Snowflake in June of last year when it acquired his company, Neeva. Slootman took the reins at Snowflake in 2019 after he had retired as CEO of ServiceNow . "I don't want to be one of those quarterbacks who doesn't know how to get off the field, you know.
Persons: CNBC's Jim Cramer, Snowflake, Frank Slootman, Sridhar Ramaswamy, I've, Ramaswamy, Neeva, Slootman, doesn't, I'm Organizations: Google, Commerce Locations: Snowflake
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSalesforce's service cloud a space where we expect early AI adoption: Third Bridge's Charlie MinerHilary Frisch, ClearBridge senior research analyst and Charlie Miner, Third Bridge TMT sector analyst, joins 'Closing Bell Overtime' to talk Snowflake and Salesforce earnings.
Persons: Charlie Miner Hilary Frisch, ClearBridge, Charlie Miner
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnowflake has yet to live up to its long-term potential, says BD8's Barbara DoranBarbara Doran, BD8 Capital Partners CEO, and CNBC's Mike Santoli join 'Closing Bell Overtime' to talk Snowflake earnings and the day's market action.
Persons: Barbara Doran Barbara Doran, Mike Santoli Organizations: BD8 Capital Partners
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