why is snowflake stock falling today

Find the latest Snowflake Inc. (SNOW) stock quote, history, news and other vital information to help you with your stock trading and investing. Brent crude, the pricing basis for international trading, picked up 27 cents to $76.79 per barrel. In addition, both next quarter and full year guidance for product revenue and operating income margin missed expectations--this is the major driver of the stock move down. Investors were watching for updates from U.S. Treasury Secretary Janet Yellens visit to Beijing, where she was meeting with senior Chinese officials to try to soothe antagonisms over a host of issues and promote global financial stability. SNOW stock is up 37% in 2023. If you gamble for a long time, you will lose," it warned. Here's Where It Says Stocks Will End the Year. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. China still plays a really critical role in terms of growth, so any disappointment has implications globally, said Hani Redha, a multiasset portfolio manager at PineBridge Investments. Investors would prefer to see a company's leadership purchasing stock rather than unloading it. Most Americans, if they logged on at home at all, they likely did so on a dial-up modem. Asian shares slipped Friday after another decline on Wall Street, where hopes for an end to interest rate hikes have been dashed by strong economic data. The Shanghai Composite index lost 0.4% to 3,194.19, while Australias S&P/ASX 200 sank 1.6% to 7,049.30. The PBOC sets a daily reference point, from which the yuan can move within a certain range. Comparatively, Snowflakes growth in the years ahead is among the very best. Though the first quarter saw growth spike to 4.5%, more recent data have pointed to sharp slowdowns in industrial production, retail sales, and investment. Several software names are trading lower in. our Subscriber Agreement and by copyright law. *Average returns of all recommendations since inception. Major stock indexes finished Wednesday lower after data showed China's services sector expanded slower than expected and the Fed released minutes from its June meeting. The S&P 500 and Nasdaq 100 benchmarks notched losses on Thursday after ADP Research Institute numbers showed US companies added the most jobs in over a year in June, underscoring the ongoing strength of the labor market. So the prices investors are willing to pay to own unprofitable tech stocks such as Snowflake may come down. One said employers advertised fewer job openings in May than expected. Major stock indexes finished Wednesday lower after data showed Chinas services sector expanded slower than expected and the Fed released minutes from its June meeting. management expects $568 million to $573 million in product revenue in the first quarter, while the FactSet consensus called for $582 million. Adobe issued first-quarter and fiscal year 2022 earnings per share and sales guidance below analyst estimates. Last week, the PBOC mouthpiece said the yuan will be stable through the second half of year and cautioned against currency speculation. Keith Noonan has no position in any of the stocks mentioned. Hear the latest economic, business and market news, as well as global, national, and local news. Fridays jobs report will likely have a much bigger impact on Wall Street than anything else this week. Snowflake (NYSE:SNOW) shares fell on Thursday as the data warehousing company reported first-quarter results that missed expectations, prompting some analysts to question the business model. Copyright 2023 The Associated Press. Snowflake's stock fell to a low near $215 before closing the day at $227.54. Treasury bonds rose. Here's How Big Joe Biden's Social Security Check Is -- To the Dollar, 3 Changes to Social Security You Probably Didn't Know, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. In other trading Friday, U.S. benchmark crude oil added 26 cents to $72.06 per barrel in electronic trading on the New York Mercantile Exchange. One block east from the Vegas strip, the record-breaking Sphere sits at 366 feet tall and 516 feet wide. Global Jets ETF, which tracks several airline stocks, among others, saw its highest close since April 2022. Currency in USD 176.21 +0.23 (+0.13%) At close: 01:00PM EDT 176.65. Swap contracts linked to future policy decisions almost fully priced in a quarter-point increase by July 26 and showed a growing likelihood of an additional hike by year end. On Thursday, some investors seemingly decided to book some profits. The company also published a disclosure showing that Dageville had proposed to sell 6,591 shares at an approximate value of $944.75 million. Want $10,000 in Annual Dividend Income? China's central bank is caught between trying to support the yuan and the country's economy. Cost basis and return based on previous market day close. Some commodity prices weakened. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares) and Salesforce.com and recommends the following options: long January 2021 $200 calls on Berkshire Hathaway (B shares), short January 2021 $200 puts on Berkshire Hathaway (B shares), and short September 2020 $200 calls on Berkshire Hathaway (B shares). Its back to where it was in early March, before the failures of several U.S. banks rattled confidence across financial markets. JetBlue will focus instead on salvaging its proposed purchase of Spirit Airlines. NEW YORK, NY - AUGUST 07: A 'now hiring' sign is viewed in the window of a fast food restaurant on August 7, 2012 in . .css-9d8khp-TimeTag{display:inline-block;}July 5, 2023 at 6:31 PM EDT. has lost about 8%. Why Snowflake Stock Jumped Almost . Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. For the quarter ended April 30, Snowflake ( SNOW ) lost $0.53 a share, on revenue of $422 . The S&P 500, Dow Jones Industrial Average and Nasdaq Composite were all lower. He wants to travel. China's central bank is caught in a pickle between trying to prop up the falling yuan while also boosting an economy that's losing momentum. This Bull Market Indicator Has Been Right 82% of the Time Since 1950. That in turn could mean more pressure down the line on the economy and financial markets worldwide. Snowflake (NYSE: SNOW) stock is down 12% today after the cloud computing company issued quarterly results that disappointed investors. "Adobe's record performance inQ4resulted in fiscal 2021 revenue exceeding$15 billion," said Shantanu Narayen, chairman and CEO, Adobe. Benzinga does not provide investment advice. As the growth trajectory of the U.S. economy improves, it becomes increasingly more challenging to envision what would cause the Fed to CUT rates anytime soon, as many market participants have been anticipating, Stephen Innes of SPI Asset Management said in a commentary. Shares eventually closed at $253.93, or more than twice their offering price. Large stimuli cannot address deep-rooted structural issues," she said. Snowflake's stock price skyrocketed as high as $319 shortly after it began trading on the New York Stock Exchange on Wednesday afternoon. As inflation is rising, the Federal Reserve is signaling an intention to raise interest rates (making bonds more attractive versus stocks), and slim down its balance sheet (slowing the flow of new money into stocks, and potentially reversing the run-up in tech stocks over the past few years). The Federal Reserve has raised its federal funds rate by 5 percentage points from virtually zero in the past year, trying to smother the worst inflation in decades by slowing the entire economy. Meanwhile, the Nasdaq Composite was down roughly 0.5%. Snowflake and Nvidia Partner Up on AI, but There's a Lot More to This Story, Snowflake Partners With Nvidia and Microsoft for Huge Generative AI Move, 1 Reason to Buy Snowflake, and 1 Reason to Sell. The software services provider published disclosures yesterday with. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. This copy is for your personal, non-commercial use only. Asian shares slipped Friday after another decline on Wall Street, where hopes for an end to interest . Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. AstraZeneca and Moderna rose. The Dow Jones Industrial Average dropped 366 . That being said, the bank believes it's time for investors to adopt "a healthy respect for the market and macro backdrop.". The economy has changed radically in the 26 years since the last UPS strike in 1997. Indias Sensex edged 0.1% higher and Bangkoks SET index also was down 0.1%. US stocks fell for the second day straight while Treasury yields spiked after surprisingly strong private hiring data. Why Snowflake's Stock Is Falling Today by Adam Eckert, Benzinga Staff Writer August 20, 2021 10:55 AM | 1 min read Snowflake Inc SNOW is trading significantly lower Friday after Cleveland. Learn More. Do they question the slowing growth of the other 90%+ of tech companies next year? Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Yellen Says US-China Ties on Surer Footing After Her Visit, Wall Street Soothsayers AreBewildered About Whats Next, Chinas Flood of Plastic, Yellen Departs: Sunday Asia Briefing, CEO Who Grew Up in Poverty Builds Rare $1.4 Billion Fish Startup. Insider selling doesn't inherently signal a stock is on track for poor performance. The dollar slipped to 143.74 Japanese yen from 144.06 yen. Snowflake Inc. (SNOW) Latest Stock News & Headlines - Yahoo Finance SNOW - Snowflake Inc. NYSE - Nasdaq Real Time Price. Please disable your ad-blocker and refresh. The driving factors behind Snowflake's outsized stock decline appear to be insider selling and charitable share donations. Similarly, the bank said in May that the yuan has a "solid foundation" with an exchange rate the "can have a basic stability at a reasonable and balanced level.". Another filing by the company yesterday showed that John McMahon had sold 1,000 shares of company stock at a price of $144.59 per share on April 6. -0.92% Meta Platforms, the parent company of Facebook, Instagram and WhatsApp, wavered between small gains and losses after unveiling its new app Threads, a rival to Twitter, which has had a bumpy ride under new owner Elon Musk. Several software names are trading lower in sympathy with Adobe Inc ADBE. After China lifted its pandemic-era restrictions, observers had high hopes for a robust rebound to take hold. Emily Bary 'Change in existing customer purchasing behavior' leads to decrease for Snowflake's new product revenue forecast, shares dive 7% in extended session Snowflake shares are down about. Stocks have been losing ground in July after a strong first half of the year as continued hawkishness from central banks dampens hopes of a soft landing for the global economy. SPX, Snowflake has a 52-week high of $405.00 and a 52-week low of $184.71. We have $1.5 million in retirement accounts. Invest $94,000 in These 5 High-Yield Stocks. Hong Kongs Hang Seng Index lost 1.6% and the Shanghai Composite Index fell 0.7%, snapping a three-day winning streak. fell 13.4% in the after-market session after the company reported first-quarter revenue, product revenue, and earnings per share (EPS) that surpassed analysts' expectations. Snowflake also disclosed that it has received authorization for a share-repurchase program of up to $2 billion, and increased its guidance for cash flow. The social media giant's shares were up about 3% ahead of the expected Thursday launch of its Twitter competitor. The Motley Fool has a disclosure policy. Snowflake posted $589 million in revenue, up from $384 million a year before, while analysts were expecting $576 million. The Motley Fool has positions in and recommends Snowflake. "The selloff is . Cost basis and return based on previous market day close. This update corrects the FactSet consensus for Snowflakes fiscal first-quarter and fiscal 2024 product revenue. U.S. futures fell and oil prices were higher. Image source: Getty Images. Shares of Snowflake Inc. fell more than 7% in after-hours trading Wednesday after the data-software company forecast lower revenue growth than analysts had anticipated. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. (Ep.2) ASEAN is preparing for a generational change, positioning renewables and EVs for the energy transition, in this new series with Haslinda Amin. Snowflake has over 3,000 customers including nearly 30% of the Fortune 500 as its customers. JetBlue Airways sank 7.2% after it said it will end a partnership with American Airlines in the northeastern United States after losing a court fight over the deal. By clicking Sign up, you agree to receive marketing emails from Insider The software ETF fell more than 35% in 2022.. News of recent share sales and donations may look more concerning to investors in the face of the unfavorable macro backdrop for growth stocks. Invest $94,000 in These 5 High-Yield Stocks. Shares of data warehouse-as-a-service Snowflake (NYSE:SNOW) AstraZeneca bounced back after mixed results from a cancer drug trial sparked a selloff Monday. Get the inside scoop on todays biggest stories in business, from Wall Street to Silicon Valley delivered daily. US stocks fall as private payroll data suggests more Fed rate hikes are coming. BECAUSE its trading at crazy valuation. Snowflake is up 13.1% since the beginning of the year, but at $153.60 per share it is still trading 22.4% below its 52-week high of $197.98 from September 2022. China's central bank is caught between trying to support the yuan and the country's economy. Access our full analysis of the earnings results here, it's free. If you have an ad-blocker enabled you may be blocked from proceeding. Distribution and use of this material are governed by This Bull Market Indicator Has Been Right 82% of the Time Since 1950. News that company insiders have sold shares is often interpreted as a bearish signal, but it's not necessarily a sign that a stock or business is on track for poor performance. The driving factors behind Snowflake's outsized stock decline appear to be insider selling and charitable share donations. It helps set rates for mortgages and other important loans. as well as other partner offers and accept our, sufficient methods for stabilizing currency markets, PBOC cut various short- and medium-term rates, Registration on or use of this site constitutes acceptance of our. Snowflake is an impressive company with notable backers that include Warren Buffett's Berkshire Hathaway and cloud software giant salesforce.com, but that's a steep price to pay for any business. "Willingly or not, China is transitioning away from growth led by property and local government, which is a painful process.". And that could be bad news for growth stocks like Snowflake. Analyst always find problems when stock is falling and it continues to fall as price goes down and analyst become more negative. Tokyos Nikkei 225 shed 0.6% to 32,593.87 and the Hang Seng in Hong Kong dropped 1% to 18,341.87. Chinese stocks retreated. Other reports on Thursday offered a nuanced picture. Have a tip? Although Snowflake certainly has some things going for it -- positive free cash flow, for example, and analyst predictions of a fivefold increase in revenue over the next four years -- according to generally accepted accounting principles (GAAP), Snowflake currently has no profits to speak of. Here's How Big Joe Biden's Social Security Check Is -- To the Dollar, 3 Changes to Social Security You Probably Didn't Know, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Retail stocks, Levi Strauss and Costco, fall postmarket, Focus turns to payrolls and unemployment data on Friday, ADP Chief Economist: Jobs Market Strong But Fragmented. To make the world smarter, happier, and richer. Gross margin also improved. On Wall Street, Exxon Mobil was one of the heaviest weights on the market after it tumbled 3.7%. Copper, which is heavily affected by Chinese demand, fell 0.7%. Copyright 2023 MarketWatch, Inc. All rights reserved. Invest better with The Motley Fool. Global stock market trading was light on Tuesday given the Independence Day . Snowflake published disclosures yesterday showing that company leadership had sold and donated stock. Stock market today: Asian shares fall as strong US data dash hopes for an end to rate hikes. Snowflake's shares, in turn, are likely to remain volatile as investors attempt to properly evaluate and value the young, high-growth company. I will look at SNOW when price is lot lower. The change in existing customer purchasing behavior, lower-than-expected new logo bookings, and [a] slower expected ramp from our youngest cohorts has led us to reevaluate our FY 24 outlook, Chief Financial Officer Mike Scarpelli said on the earnings call, according to a FactSet transcript. On Wednesday, the central bank-backed publication Financial News ran a commentary that said the PBOC has sufficient methods for stabilizing currency markets even if the yuan crashes in a "panic.". To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. While we are not surprised by the initial reaction to the lowered FY24 guidance, we think setting a lower bar is prudent in this economy (we were already below the initial 47% guide) and likely leaves room for upside, Evercore ISI analyst Kirk Materne wrote in a note to clients. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. It also said the current economic environment is. The Motley Fool has a disclosure policy. Gross margin also improved. However, there are some understandable explanations for why Snowflake shareholders might be jumpy right now. Product revenue rose to $555 million from $360 million and ahead of the FactSet consensus, which was for $542 million. The price of Snowflake shares dropped after investment firm Cleveland Research expressed caution on the stock after hearing reports from Snowflake partners of longer sales cycles due to.

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