??Salesforce Shares Drop 16% on Weak Guidance
S&P 500 5,307.00 -14.41 (-0.27%)
Dow Jones 39,671.04 -201.95 (-0.51%)
NASDAQ 16,801.54 -31.08 (-0.18%)
Market close: May 29, 2024
Breaking News
Salesforce Shares Drop 16% on Weak Guidance
Salesforce (NYSE:CRM) shares fell 16% premarket after issuing disappointing guidance due to weak client spending. The company lowered its growth forecast despite CEO Marc Benioff's optimistic outlook on AI. Yahoo Finance reports.
(Source: Wikimedia Commons)
The Warm Up
AngloConcessions: Anglo American rejected BHP Group's last-ditch request for more time to discuss a $49 billion takeover offer. Reuters reports.
PwCAImerge: PwC will become the largest customer and first reseller of OpenAI's enterprise product as part of a new deal. Yahoo Finance reports.
LaborFight: The National Samsung Electronics Union in South Korea has declared a strike, demanding higher wages and fair treatment. Benzinga reports.
NeuroTech: Elon Musk‘s Neuralink has registered a study for its brain implant with the U.S. government. Benzinga reports.
GoldProsper:Goldman Sachs Asset Management's alternative investments platform said its latest fund had raised more than $20 billion for senior direct lending. Reuters reports.
Visionary: Merck & Co., Inc. is reportedly on the verge of acquiring EyeBio, an eye drug company, for a sum of $1.3 billion. Benzinga reports.
Tech Thursday
Here’s how new AI tech could change the iPhone
Imagine asking Apple’s Siri to show you an old photo taken from a child’s second birthday, or summarizing lengthy emails and writing drafts. Then consider Siri learning your schedule, preferences, even your personality, so it can better communicate with you throughout the day. Generative AI, artificial intelligence that can provide thoughtful and thorough responses to questions and prompts, could potentially breathe new life into Apple’s iPhone lineup at a time when competitors are threatening to leave the company behind in the race to shape what could be a world-changing technology.
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Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on May 29.
(All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time)
1. $BNAI: Brand Engagement
Total gain: 101.57%
The company announced a private placement at premium to market price and the promotion of Paul Chang to Co-CEO. Benzinga reports.
2. $ASTSW: AST SpaceMobile
Total gain: 69.42%
The company announced a strategic partnership with a commitment of $100 million from Verizon, to provide direct-to-cellular AST SpaceMobile service when needed for Verizon customers. Benzinga reports.
3. $CHWY: Chewy
Total gain: 27.14%
The company announced first quarter 2024 financial results. Benzinga reports.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
COST Costco Wholesale
3Q 2024
After Market Close Estimate: 3.700 Actual: N/A
GPS Gap
1Q 2024
After Market Close Estimate: 0.140 Actual: N/A
DLL Dell Technologies
1Q 2025
After Market Close Estimate: 1.250 Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
8:30 am Initial jobless claims
8:30 am GDP (first revision) - Q1
10:00 am Pending home sales - April
Extra-Time
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Parting Thoughts
"The fundamental law of investing is the uncertainty of the future." ― Peter Bernstein
Sourced in: Against the Gods: The Remarkable Story of Risk", published in 1996 by Peter Bernstein