The stock market slipped on Monday and ended the year on a sour note. This was the third consecutive day of losses for Wall Street.
Overall, S&P was down 1.1% to 5,907, while NASDAQ fell 1.2% to 19,487.
Tweet of the Day
Good rundown of the reason for the stock market selloff today: https://t.co/43WaF4bOiX
— David Sharek (@GrowthStockGuy) December 19, 2024
Chart of the Day
Here is the one-year chart of Confluent (CFLT) as of November 19, 2024, when the stock was at $28.
Confluent stock jumped higher after earnings as the company delivered strong growth and record margins. Last quarter, the company reported 400% profit growth on 25% revenue growth. Profit growth was HUGE because the company made little in profits in the year ago period. Last quarter, profit was $0.10 per share versus $0.02 a year ago. Operating margin was 6.3% compared to -5.5% a year ago.
Management boasted that this is the 9th consecutive quarter of margin improvement. During the quarter, Confluent acquired WarpStream to further differentiate its data streaming platform. WarpStream is a high-performance data processing framework designed for real-time, low-latency streaming and analytics, often used in large-scale distributed systems. Management expects WarpStream to be a growth driver as it expands into more workloads across customer segments. This acquisition could be the next catalyst for Confluent.
CFLT is part of the Growth Portfolio.