The stock market closed lower on Wednesday, and failed to hold on to the strong gains from the past two days.
On the day, S&P 500 declined 0.2% to 3,783, while NASDAQ fell 0.3% to 11,149.
Tweet of the Day
Hedge funds are short at record levels.
If they gets caught on the wrong side, it’ll lead to a massive short squeeze. pic.twitter.com/u3qincvbfW
— Game of Trades (@GameofTrades_) October 4, 2022
Meanwhile, Crowdstrike (CRWD) is seeing strong demand despite the recession.
Chart of the Day
Our chart of the day is one-year chart of CRWD as of September 23, 2022, when the stock was at $160.
Crowdstrike is a crowd-sourced security, that is learning from cyber attacks. The company has a threat intel platform that is spying on customer traffic. When one customer gets hit by an attempted cyber attack, it sees this first attack and can strike the threat for all its customers.
Crowdstrike continues to see strong demand for its cybersecurity despite weakening economy. Momentum was strong among customers of all sizes last qtr, from large enterprises to small businesses. The company is seeing strength in the public sector too, as 37 states are Crowdstrikc customers.
Last qtr, the company delivered 227% profit growth, which beat estimates of 155% as revenue jumped 58% year-over-year.
CRWD is part of the Aggressive Growth Portfolio. David Sharek’s Fair Value is 18x revenue.
