Diamonds and Dogs
Snowflake (SNOW) debuting as the biggest software IPO ever amid frenzied demand for cloud firms during this pandemic. Snowflake is up 100% from the IPO price which was adjusted several times in the last week. With the IPO, Snowflake has become one of the largest software firms in the country, bigger than Workday and DocuSign and in line with VMware, which this year will have revenues about 19 times what Snowflake is likely to report.
Profit-taking in Adobe (ADBE). The software firm is down 3% following strong earnings. Adobe beat by 16 cents as sales rose 14% to $3.23 billion. The company gave in ine guidance with digital media sales expected to grow 18%. The stock initially rose 2% but is now down 3%. Even with the pullback, Adobe trades for 43 times earnings and 15 times sales.
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