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Alteryx (AYX) Shares Drop After Rumor of Competitor Being Bought Out: Should You Invest in Data Analytics?
The DOW Jones Index took a sharp dive this morning but traded upwards to join the other indices in the green.
All three major indices ended today’s trading session in the green.
It was a volatile start of the week with the NASDAQ and DOW indices taking opposite directions in the beginning hours of the trading day. As far as my team and I could research, this was without any specific explanation. In the end, it all sorted, and all three indices finished in green. With the promising growth and earnings that we have seen from companies this first quarter, investors are likely optimistic about the upcoming earnings report season.
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Watch my conversion with Simon Erickson from 7Investing portfolio
By the way, before talking about the winners and losers, this morning, we published a new video on our YouTube channel. It's my conversation with Simon Erickson, founder of 7invetsing.com. Simon and his team recently launched a portfolio on Stock Card's Stock Picks page that you should follow if you are a long-term investor.
Click here to watch my conversation with Simon and get to know 7investing's portfolio and investment approach.
Cosmetic stock InMode (INMD) jumps after projected earnings smash predictions once again.
Back in 2019, I looked at a cosmetic IPO that was growing rapidly. The company caught my eyes today because its shares jumped more than 12% by the end of the trading session. So, let's talk about it today.
InMode (INMD) is a company that provides cosmetic surgeries and cutting-edge medical devices for minimally invasive & non-invasive procedures in the beauty and wellness segment. Today I heard that the company’s projected earnings were looking great. In fact, it flew past many predictions by various analysts.
The stock is among the 4-greener watchlist we created last week. If you look at its Stock Card, it has a solid green rating for both Growth Potential and Operations. I'm quite impressed with its sales, profits and cash positions. No wonder why INMD has continually beat analyst predictions for revenue and earnings per share in the past eight quarters since IPO.
Cosmetic surgery is a growing industry with a great outlook, and as you can see on the company's Stock Card, the cosmetic medical device industry is also growing rapidly. The industry's growth is a strong force that pushes InMode's business forward. I expect this will likely not be the last time we discuss this stock. Watchlist worthy to say the least.
Alteryx (AYX) stock drops after rumors of its competitor, the SAS Institute, being bought-out
On to today's losers, let's talk about a few cloud-based and analytics data companies that had tremendous growth during the pandemic. Since the re-opening, these stocks have had a choppy performance. Among them, two of my stocks were in the red today.
Alteryx Inc (AYX) provides analytics solutions to companies trying to wrangle their data and optimize their operations across many different platforms, tools, and data warehouses on the cloud or on-premise.
Today, Alteryx stock fell by more than 4% when rumors broke online that Broadcom was planning to buy the SAS Institute, a direct competitor of Alteryx. Broadcom is a large corporation that serves the software infrastructure needs of other companies. Investors most likely assumed the acquisition of the SAS Institute would likely endanger Alteryx’s hold on its part of the market.
Fastly (FSLY) is another stock that I noticed dropping by more than 3% today. Like Alteryx, Fastly provides cloud-based solutions for companies to deliver their content online rapidly and efficiently. Fastly deals with large enterprises like Pinterest, The New York Times, TikTok. Investors might have been wrongfully spooked by Fastly’s filing to convert Class B stock to Class A.
Both companies are in my portfolio, and I don't think the price drop for either of the companies is problematics. I'm holding, and maybe buying more.
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