Today is Thursday, February 29, 2024.

The Early Bird Index today is 70.51.

New to this newsletter? Sign up here

Snowflake's Succession Plan

Despite posting good financial results on Wednesday, the data cloud company Snowflake (NYSE: SNOW) plummeted by 20.26% in after-hours trading.

Financials: Snowflake reported earnings of 35 cents per share in the past quarter and revenue of $774.7 million; both were better than expected.

Powering the Story: CEO Frank Slootman, who led the company’s IPO, surprisingly announced Wednesday that he was stepping down and being replaced by senior vice president Sridhar Ramaswamy. This succession plan worried investors.

Final Thoughts: Snowflake is up 48% in the last year, but with a weaker sales forecast and a new leader, some investors may no longer trust the company.

Notables

Notable Earnings Today: Birkenstock Holding (NYSE: BIRK), Zscaler (Nasdaq: ZS), Fisker (NYSE: FSR), Best Buy (NYSE: BBY), Autodesk (Nasdaq: ADSK), Anheuser-Busch InBev (NYSE: BUD), Hewlett Packard Enterprise (NYSE: HPE), Bath & Body Works (NYSE: BBWI), Veeva Systems (NYSE: VEEV), Dole (NYSE: DOLE), Papa John's (Nasdaq: PZZA), Dell Technologies (NYSE: DELL), Sweetgreen (NYSE: SG), Utz Brands (NYSE: UTZ), Six Flags (NYSE: SIX), GoodRx (Nasdaq: GDRX), Hormel Foods (NYSE: HRL), Melco Resorts & Entertainment (Nasdaq: MLCO), Celsius (Nasdaq: CELH), ACI Worldwide (Nasdaq: ACIW), American Woodmark (Nasdaq: AMWD), Arlo Technologies (NYSE: ARLO), Canadian Natural Resources (NYSE: CNQ), Certara (Nasdaq: CERT), Cogent Communications (Nasdaq: CCOI), CooperCompanies (Nasdaq: COO), Cronos Group (Nasdaq: CRON), CubeSmart (NYSE: CUBE), Elastic NV (NYSE: ESTC), Endava (NYSE: DAVA), Evergy (Nasdaq: EVRG), Everi (NYSE: EVRI), ExlService (Nasdaq: EXLS), First Advantage (Nasdaq: FA), Frontline (NYSE: FRO), Ginkgo Bioworks Holdings (NYSE: DNA), Green Brick Partners (NYSE: GRBK), Hilton Grand Vacations (NYSE: HGV), International Seaways (NYSE: INSW), MasTec (NYSE: MTZ), Navitas Semiconductor (Nasdaq: NVTS), NetApp (Nasdaq: NTAP), Pacira BioSciences (Nasdaq: PCRX), PTC Therapeutics (Nasdaq: PTCT), Quaker Houghton (NYSE: KWR), SoundHound AI (Nasdaq: SOUN), Strategic Education (Nasdaq: STRA), Toronto-Dominion Bank (NYSE: TD), TTEC Holdings (Nasdaq: TTEC), Vertex (Nasdaq: VERX).

Notable IPOs Today: SGI Enhanced Global Income ETF (Nasdaq: GINX), SGI Enhanced Core ETF (Nasdaq: USDX), Roundhill Daily 2X Long Magnificent Seven ETF (Nasdaq: MAGX), Roundhill Daily Inverse Magnificent Seven ETF (Nasdaq: MAGQ).

Notable Equity Crowdfunding Campaigns Ending Today: True Love Body Piercing (Mainvest), Combat Flip Flops (Main Street Bond), CarCarePro (Netcapital), Mo Pie (Mainvest), Palm Springs Bottle Shop (SMBX), Lightning Motorcycle (Netcapital).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), PCE Index / Core PCE Price Index (8:30 a.m. ET), Personal Spending (8:30 a.m. ET), Chicago PMI (9:45 a.m. ET), Pending Home Sales (10:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Salesforce’s First Dividend Ignored

Salesforce (CRM) announced strong financial results and its first-ever dividend on Wednesday, but the stock slipped by 1.59% in after-hours trading due to a weaker sales forecast for 2024.

Details: The dividend from Salesforce is for 40 cents per share. Salesforce is now another tech giant offering dividends to investors.

Final Thoughts: Salesforce is up 79% in the last 12 months, but a weaker sales forecast means that 2024 is cloudy.

EA Plans 5% Layoff

Electronic Arts (Nasdaq: EA) announced plans on Wednesday to lay off 5% of its workforce, becoming the latest video game company to cut staff.

Final Thoughts: EA is up 26% in the last year, but it’s a terrible time for the video game industry.

Trends to Watch

Strong Earnings: Okta’s profit push is paying off as earnings send the stock soaring (MarketWatch)

Swift Results: Taylor Swift, Beyoncé Concert Films Boost AMC Theaters Q4 Revenues as Chains Cut Losses 37% to $182 Million (TheWrap)

Bitcoin Craze: Bitcoin ETFs Break Volume Record Led by BlackRock Amid Wild Crypto Price Action (CoinDesk)

Famous Exit: WeightWatchers Shares Plunge on Oprah Winfrey’s Departure (Bloomberg)

Rotten Apple: Detroit Warned Apple About Making a Car. It Had to Learn the Hard Way. (The Wall Steet Journal)

Thank you for reading!

Forward to a friend and tell them to sign up here.

Be social: Like our Facebook page and follow us on Twitter.

Want more investing tips? Listen to the podcast.

Show Your Support: Buy Me a Coffee.

Questions or comments? Hit reply to reach out.

The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.