Why Wolfspeed Shares Are Trading Higher By Around 8%; Here Are 20 Stocks Moving Premarket
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 22 2024
0mins
Should l Buy SNOW?
Source: Benzinga
Wolfspeed Financial Results: Wolfspeed, Inc. shares rose 8.2% to $14.62 in pre-market trading despite reporting a quarterly loss of 89 cents per share and missing revenue estimates for both the quarter and fiscal year.
Pre-Market Stock Movements: Several stocks experienced significant movements in pre-market trading, with Staffing 360 Solutions rising 113.5% and Revelation Biosciences falling 30.6%, among other notable gainers and losers.
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Analyst Views on SNOW
Wall Street analysts forecast SNOW stock price to rise
33 Analyst Rating
30 Buy
3 Hold
0 Sell
Strong Buy
Current: 157.600
Low
237.00
Averages
278.19
High
312.00
Current: 157.600
Low
237.00
Averages
278.19
High
312.00
About SNOW
Snowflake Inc. is a data cloud and artificial intelligence company. Its platform is the technology that powers the AI Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful insights, apply artificial intelligence (AI) to solve business problems, build data applications, and share data and data products. It provides its platform through a customer-centric, and consumption-based business model. Its cloud-native architecture consists of three independently scalable but logically integrated layers across compute, storage, and cloud services. The compute layer provides dedicated resources to enable users to simultaneously access common data sets for many use cases with minimal latency. The storage layer ingests massive amounts and varieties of structured, semi-structured, and unstructured data to create a unified data record. Its ClearQuery platform allows users to rapidly search, explore, and analyze their data using natural language queries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Snowflake Set to Release Q4 Earnings Report
- Earnings Expectations: Snowflake is expected to report Q4 earnings of 27 cents per share on revenue of $1.25 billion, having exceeded consensus estimates in the last four quarters, indicating sustained profitability and growth potential.
- Recent Performance: In the most recent quarter, Snowflake delivered earnings of 35 cents per share, surpassing the expected 31 cents, with revenue of $1.21 billion exceeding the $1.18 billion consensus, showcasing the company's competitive strength in the market.
- Technical Analysis: The current stock price is 12.4% below its 20-day SMA and 29.8% below its 100-day SMA, indicating potential resistance and support levels that may influence future price movements, suggesting a bearish trend.
- Market Sentiment: While Snowflake shares are up 2.21% to $161.08, the Benzinga momentum score of 15.27 indicates weak momentum compared to broader market indicators, suggesting investors should monitor future developments cautiously.
See More
Snowflake Set to Release Q4 Earnings with Focus on Guidance and Margins
- Earnings Expectations: Snowflake is projected to report Q4 EPS of $0.27 and revenue of $1.25 billion, reflecting a nearly 27% year-over-year growth, indicating strong performance in the cloud data analytics sector, although investors remain cautious about tangible AI investment results.
- Strategic Partnership: The company has entered into a $200 million multiyear deal with OpenAI to deliver AI models to enterprise customers through joint go-to-market efforts, which is expected to drive future revenue growth and enhance market competitiveness.
- Spending Growth Outlook: A recent Wells Fargo survey indicates a projected spending growth of 10% to 25% related to Snowflake next year, suggesting increasing market confidence in its product demand, despite the stock price having fallen nearly 27% this year.
- Analyst Ratings: While Seeking Alpha analysts express caution with a Hold rating, Wall Street generally views the stock as a Buy, reflecting differing perspectives on the company's future growth potential.
See More
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- Revenue Expectations: Analysts anticipate Snowflake's Q4 revenue to reach $1.25 billion, a 27% increase from last year's $986.8 million, indicating growth amidst significant market pressure.
- Earnings Loss Forecast: The company is expected to report a loss of $0.10 per share in Q4, down from earnings of $0.30 per share last year, highlighting a notable decline in profitability that could impact investor confidence.
- Customer Retention Rate: Snowflake's net revenue retention rate was 125% in Q3, a crucial metric for assessing the company's ability to maintain growth in a competitive market, especially amid potential customer attrition.
- Stock Price Movement: The stock rose 1.9% to $160.63 on Tuesday, despite a 26% decline year-to-date, reflecting cautious market sentiment regarding its future performance, particularly in the context of overall software sector weakness.
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Confidence in the Market: Building confidence in the market takes years, but it can be quickly undermined, particularly in the context of AI advancements.
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Analysis and Outlook: A Surge of Concerns
- Supreme Court Ruling: The Supreme Court's decision that certain tariffs were illegal led to a temporary boost in the markets on Friday.
- Presidential Tariffs: President Donald Trump's announcement of 15% global tariffs caused a decline in the markets on Monday.
See More
Nvidia Earnings Expected to Significantly Impact Market
- Earnings Impact Analysis: Nvidia's upcoming Q4 earnings report is expected to significantly impact the market, with analysts forecasting a 68% year-over-year revenue increase to $66.12 billion, indicating strong business growth potential.
- Market Focus: Analyst Jay Woods noted that Nvidia's 7% stake in the S&P 500 makes the earnings impact particularly crucial, especially given the recent declines in Meta and Palantir shares despite their strong results.
- Technical Support Levels: Woods emphasized that if Nvidia's stock falls below the $173 level, it could trigger a significant market pullback, potentially pushing the S&P 500 down to 6,600, highlighting the market's sensitivity to Nvidia's price movements.
- Market Dynamics Update: Ahead of the earnings release, Nvidia shares rose 0.05% in after-hours trading, with a 47% increase over the past year, while the SPDR S&P 500 ETF and Invesco QQQ Trust ETF also saw slight gains, reflecting ongoing market interest in tech stocks.
See More
Snowflake Set to Release Q4 Earnings Report
- Earnings Expectations: Snowflake is expected to report Q4 earnings of 27 cents per share on revenue of $1.25 billion, having exceeded consensus estimates in the last four quarters, indicating sustained profitability and growth potential.
- Recent Performance: In the most recent quarter, Snowflake delivered earnings of 35 cents per share, surpassing the expected 31 cents, with revenue of $1.21 billion exceeding the $1.18 billion consensus, showcasing the company's competitive strength in the market.
- Technical Analysis: The current stock price is 12.4% below its 20-day SMA and 29.8% below its 100-day SMA, indicating potential resistance and support levels that may influence future price movements, suggesting a bearish trend.
- Market Sentiment: While Snowflake shares are up 2.21% to $161.08, the Benzinga momentum score of 15.27 indicates weak momentum compared to broader market indicators, suggesting investors should monitor future developments cautiously.
See More
Snowflake Set to Release Q4 Earnings with Focus on Guidance and Margins
- Earnings Expectations: Snowflake is projected to report Q4 EPS of $0.27 and revenue of $1.25 billion, reflecting a nearly 27% year-over-year growth, indicating strong performance in the cloud data analytics sector, although investors remain cautious about tangible AI investment results.
- Strategic Partnership: The company has entered into a $200 million multiyear deal with OpenAI to deliver AI models to enterprise customers through joint go-to-market efforts, which is expected to drive future revenue growth and enhance market competitiveness.
- Spending Growth Outlook: A recent Wells Fargo survey indicates a projected spending growth of 10% to 25% related to Snowflake next year, suggesting increasing market confidence in its product demand, despite the stock price having fallen nearly 27% this year.
- Analyst Ratings: While Seeking Alpha analysts express caution with a Hold rating, Wall Street generally views the stock as a Buy, reflecting differing perspectives on the company's future growth potential.
See More
Snowflake Q4 Earnings Outlook Amid Market Pressure
- Revenue Expectations: Analysts anticipate Snowflake's Q4 revenue to reach $1.25 billion, a 27% increase from last year's $986.8 million, indicating growth amidst significant market pressure.
- Earnings Loss Forecast: The company is expected to report a loss of $0.10 per share in Q4, down from earnings of $0.30 per share last year, highlighting a notable decline in profitability that could impact investor confidence.
- Customer Retention Rate: Snowflake's net revenue retention rate was 125% in Q3, a crucial metric for assessing the company's ability to maintain growth in a competitive market, especially amid potential customer attrition.
- Stock Price Movement: The stock rose 1.9% to $160.63 on Tuesday, despite a 26% decline year-to-date, reflecting cautious market sentiment regarding its future performance, particularly in the context of overall software sector weakness.
See More
Markets Should Move Beyond the AI Anxiety: Jamie Dimon Provides Some Optimism and 5 Additional Insights for Today.
Impact of AI on Corporate America: The market is experiencing significant shifts due to the influence of artificial intelligence on businesses.
Confidence in the Market: Building confidence in the market takes years, but it can be quickly undermined, particularly in the context of AI advancements.
See More
Analysis and Outlook: A Surge of Concerns
- Supreme Court Ruling: The Supreme Court's decision that certain tariffs were illegal led to a temporary boost in the markets on Friday.
- Presidential Tariffs: President Donald Trump's announcement of 15% global tariffs caused a decline in the markets on Monday.
See More
Nvidia Earnings Expected to Significantly Impact Market
- Earnings Impact Analysis: Nvidia's upcoming Q4 earnings report is expected to significantly impact the market, with analysts forecasting a 68% year-over-year revenue increase to $66.12 billion, indicating strong business growth potential.
- Market Focus: Analyst Jay Woods noted that Nvidia's 7% stake in the S&P 500 makes the earnings impact particularly crucial, especially given the recent declines in Meta and Palantir shares despite their strong results.
- Technical Support Levels: Woods emphasized that if Nvidia's stock falls below the $173 level, it could trigger a significant market pullback, potentially pushing the S&P 500 down to 6,600, highlighting the market's sensitivity to Nvidia's price movements.
- Market Dynamics Update: Ahead of the earnings release, Nvidia shares rose 0.05% in after-hours trading, with a 47% increase over the past year, while the SPDR S&P 500 ETF and Invesco QQQ Trust ETF also saw slight gains, reflecting ongoing market interest in tech stocks.
See More
