Trading Strategies For Snowflake Stock Post Q1 Print, Spear Alpha Bounces In Uptrend As Nvidia Flies Higher
Portfolio Pulse from Melanie Schaffer
Snowflake, Inc (NYSE:SNOW) experienced volatility after its mixed Q1 earnings report, with revenue beating estimates but EPS missing. In contrast, NVIDIA Corporation (NASDAQ:NVDA) surged over 10% post-earnings. Snowflake's CEO hinted at increased collaboration with Nvidia. The Spear Alpha ETF (NASDAQ:SPRX), which holds significant positions in Snowflake, Nvidia, and AMD, is also highlighted as a diversified investment option.
May 23, 2024 | 4:59 pm
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NEUTRAL IMPACT
Snowflake reported mixed Q1 earnings with revenue beating but EPS missing estimates. The stock was volatile, initially rising 4% before falling 8%. CEO hinted at increased collaboration with Nvidia.
The mixed earnings report caused significant stock volatility. The hint of increased collaboration with Nvidia could be a positive long-term catalyst, but short-term impact remains neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
NVIDIA surged over 10% after reporting strong Q1 earnings. Snowflake's CEO hinted at increased collaboration with Nvidia, which could benefit both companies.
NVIDIA's strong earnings report led to a significant stock surge. The potential for increased collaboration with Snowflake adds a positive outlook.
CONFIDENCE 95
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Spear Alpha ETF, which holds significant positions in Snowflake, Nvidia, and AMD, is highlighted as a diversified investment option. The ETF is up 43% over the last 12 months.
The ETF's strong performance and significant holdings in Snowflake, Nvidia, and AMD make it an attractive diversified investment option.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 60