Diamonds and Dogs

8/25/22

Snowflake (SNOW) heating up. The cloud based data warehousing company is up 22% following strong sales numbers with revenue up 84% to $394 million. The company actually reported a quarterly loss and trades for 20 times sales, but for now investors are biding up the stock.

Salesforce (CRM) is down 4% not far from a 52 week low following earnings. The Dow component beat on earnings and sales numbers, but then lowered guidance for the quarter and full year seeing customers take a cautious stance over the near-term direction of the economy. This is reflected in the company's guidance, where management now expects third-quarter revenue growth to decelerate to 18% year over year on a constant-currency basis. Longer term, the shift to digital services is a top spending priority for many companies.

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