The stock market closed higher on Monday to kick off a week full of corporate earnings reports and a Federal Reserve meeting. The central bank is set to release its latest interest rate announcement on Wednesday, with investors anticipating unchanged borrowing cost.
Overall, S&P 500 was up 0.3% to 5,116, while NASDAQ rose 0.4% to 15,983.
Tweet of the Day
$SMCI is up more than 200% YTD and they’re re-investing a lot more into R&D and engineering. Total job openings are up 112% year over year and the # of new engineering job openings at Supermicro in Q1 was up more than 825% from Q1 of last year pic.twitter.com/UHhXU3WHvQ
— Weng (@AznWeng) April 19, 2024
Chart of the Day
Here is the one-year chart of MongoDB (MDB) as of March 26, 2024, when the stock was at $354.
In last quarter’s earnings call, MongoDB lowered guidance due to a reduction in upfront commitments. The company recently changed its sales incentive structure to reduce the importance of upfront commitments. Naturally, there was fewer upfront commitments last year. Now that deals are coming up for renewal, there will be little revenue coming from unused commitments.
The company also increased its hiring late in 2023 and now, payroll will be higher on a year-over-year basis. Annual profit estimates fell from $3.32 to $ 2.50. In addition, 2024 revenue estimates declined from $2.0 billion to $1.9 billion.
MDB is part of the Growth Portfolio. The stock is around $350 this quarter and David Sharek, Founder of School of Hard Stocks, thinks that it can get to $400 this year. However, lowered estimates might keep the stock in check until this quarter’s results are released.
