☁️ $SNOW-ing on FAANMG parade
[Week 38 | +1.3% vs. -1.0%] $SNOW IPO, $ZM is now Slack-ing, and $FSLY up on TikTok/ORCL/WMT deal
[Week 38 | +1.3% vs. -1.0%]: Cloud stocks increased +1.3% for the week ending 9/18, strongly outperforming the S&P 500 (-1.0%) which was weighed down by a steep sell-off in the FAANMG gang (-3.9%).
🦠 Zoom is now Slack-ing: $ZM (+14.6%) outperformed on chatter of a possible COVID second wave and reports the company is investing heavily in Slack-like messaging features. $WORK was meh (-0.6%). Bad news? You may be stuck inside longer. Good news? The company has yet to develop a feature to alert coworkers when you're not wearing 👖. See also: CMSWire & MyTechDecisions.
🏓 Fastly bounced around on TikTok news: $FSLY (+10.2%) staged a quick rebound as the stock continues to get smacked around on any news related to a TikTok deal. This week? Oracle and Walmart (two US tech behemoths known for their social media prowess??) outmaneuvered Microsoft to become the platform's "Secure Cloud Provider". $FSLY disclosed on its 2Q 2020 earnings call that TikTok represents ~12% of its revenue, with less than 50% of that in the US.
❄️ $SNOW on 🔥: Everyone, your mother, and Warren Buffet wanted in on the Snowflake IPO. The company disclosed Warren Buffet and $CRM would be taking a massive stake further peaking Robinhood's Ritalin-fueled day traders interest. The IPO was originally targeting a $75-85 range before finally pricing at $120, opening at $250 and top-ticking at $319. Needless to say it's the most-expensive Software stock on the market – by a long shot.
😂 Bonus! Goldman Sachs MD appeared to fall asleep while remotely interviewing $SPOT CFO, Paul Vogel, at the Goldman Sachs Communacopia conference 9/16. This used to happen all the time at live conferences (pre-COVID). A true sell-side analyst is marked by an ability to take clients out until 3am and trooper through an 8am CEO interview the following morning without anyone telling. Apparently "he was just looking down". You can decide. Originally posted by @Finance_God (now private) on Instagram, check out a bootleg version on Twitter.