Snowflake Stock Drops on Downbeat Product Revenue Guidance as CEO Retires

/ / Technology /

Snowflake’s (SNOW) shares tumbled early Thursday after offering a downbeat short- and long-term product revenue outlook, while the company announced the retirement of its chief executive. Frank Slootman will step down from his role as head of the cloud-based data platform company, it said late Wednesday. Sridhar Ramaswamy, who previously served as the firm’s senior vice president of artificial intelligence, will succeed Slootman as CEO, effective immediately. “There is no better person than Sridhar to lead Snowflake into this next phase of growth and deliver on the opportunity ahead in AI and machine learning,” Slootman, who will continue to serve as chairman of the board, said in a statement. The stock dropped 22% in premarket trading. “We have an enormous opportunity ahead to help all customers leverage AI to deliver massive business value,” according to Ramaswamy. “My focus will be on accelerating our ability to bring innovation to our customers

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Snowflake (NYSE:SNOW) Stock Analyst Ratings

/ / Technology /

Snowflake (NYSE:SNOW) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/29/2024 18.85% Oppenheimer $240 → $220 Maintains Outperform 02/29/2024 10.75% Macquarie $182 → $205 Upgrades Neutral → Outperform 02/29/2024 24.26% Canaccord Genuity → $230 Reiterates Buy → Buy 02/29/2024 14.53% B of A Securities $265 → $212 Maintains Neutral 02/29/2024 10.75% Mizuho $255 → $205 Reiterates Buy → Buy 02/29/2024 13.45% Truist Securities $250 → $210 Maintains Buy 02/29/2024 29.66% Needham $265 → $240 Maintains Buy 02/29/2024 -5.46% Morgan Stanley $230 → $175 Downgrades Overweight → Equal-Weight 02/29/2024 29.66% Piper Sandler $250 → $240 Maintains Overweight 02/28/2024 13.45% Wedbush $144 → $210 Maintains Neutral 02/27/2024 35.06% Piper Sandler $250 → $250 Reiterates Overweight → Overweight 02/27/2024 56.67% Citigroup $255 → $290 Maintains Buy 02/22/2024 21.56% UBS $185 → $225 Maintains Neutral 02/21/2024 43.17% Needham $225 → $265 Maintains Buy 02/20/2024 35.06% Truist

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Morgan Stanley Raises ASML Price Target Amid Expected Earnings Growth Rebound

/ / Technology /

ASML’s (ASML.AS,ASML.US) earnings growth is set to accelerate further in the next few years, reflecting the strong recovery of its order book amid better tool utilization and a new product cycle, Morgan Stanley said Tuesday. As such, analysts reiterated their overweight rating on the stock and raised the price target to 1,000 euros from 875 euros. From 2023 to 2026, analysts expect an earnings compound annual growth rate of 23%, resulting in sales of over 39 billion euros at the end of the forecast period. Morgan Stanley views ASML as the “clear winner” among European semiconductor companies, citing its new product cycle, current capex rebound and improved installed base dynamics despite slowing sales growth and diminishing margins in 2024. Analysts noted that the ongoing artificial intelligence boom is contributing to the attractiveness of the semiconductor sector, resulting in a capacity build-out among companies. As a result, the Dutch semiconductor equipment

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ROYAL BANK OF CANADA REPORTS FIRST QUARTER 2024 RESULTS

/ / Financials /

ROYAL BANK OF CANADA REPORTS FIRST QUARTER 2024 RESULTS Canada NewsWire TORONTO, Feb. 28, 2024 All amounts are in Canadian dollars and are based on financial statements presented in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. Effective November 1, 2023, we adopted IFRS 17 Insurance Contracts (IFRS 17). Comparative amounts have been restated from those previously presented. Our Q1 2024 Report to Shareholders and Supplementary Financial Information are available at and on Net income Diluted EPS(1) Total PCL(2) ROE(5) CET1 Ratio(6) $3.6 Billion $2.50 $813 Million 13.1% 14.9% Up 14% YoY Up 12% YoY PCL on loans ratio(3) Up 50 bps YoY Above regulatory requirements up 3 bps4 QoQ Adjusted net income(7) Adjusted Diluted EPS(7) Total ACL(8) Adjusted ROE(7) LCR(10) $4.1 Billion $2.85 $5.7 Billion 14.9% 132% Down 5% YoY Down 6% YoY ACL on loans ratio(9) Down 230 bps YoY Up from 131% last

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Lockheed Martin Takes Next Step in Homeland Missile Defense Interceptor Acquisition Process

/ / Industrials /

Lockheed Martin Takes Next Step in Homeland Missile Defense Interceptor Acquisition Process HUNTSVILLE, Ala., Feb. 28, 2024 Company continues unprecedented progress to advance Next Generation Interceptor program HUNTSVILLE, Ala., Feb. 28, 2024  — In November 2023, Lockheed Martin (NYSE: LMT) successfully completed a Missile Defense Agency (MDA) acquisition milestone for the nation’s modernized long range ballistic missile interceptor. The company completed the first Knowledge Point — known as KP1 — ahead of schedule, taking a major contractual step forward that allows its Next Generation Interceptor (NGI) program to continue development towards the Critical Design Review (CDR). During KP1, the MDA evaluated Lockheed Martin’s development progress to date. This includes completing design review milestones and demonstrating significant maturation across critical technologies, manufacturing readiness, and utility of the company’s NGI Software Factory. This KP1 achievement follows the program’s All Up Round Preliminary Design Review, which Lockheed Martin executed on-schedule in September. “I’m

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