Stocks Surge to End First Half Strong

The stock market rallied on Friday and ended first half of 2023 on a high note. NASDAQ recorded its first best half of the year since 1983. During the day, it increased 1.5$ to 13,788. Meanwhile, S&P 5oo grew 1.2% to 4,450.

Despite this strong start, investors anticipate volatility in the second half due to profit-taking, coupled with market-moving events.

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Here is the one-year chart of Confluent (CFLT) as of June 14, 2023, when the stock was at $35.

Confluent builds on the open-source Apache Kafka project which the company’s founders created for LinkedIn. Over 70% of Fortune 500 companies use Kafka for data streaming. Confluent makes it easier for these companies to manage Kafka and help bring down operational costs.

The company’s main offerings include Confluent Platform, a self-managed platform with additional features and tools that are not available in the open-source version of Kafka. The company also offers Confluent Cloud, a cloud-based data streaming service that allows companies to use Kafka without the need for managing infrastructure.

Confluent is the heart of “data in motion” which is utilizing data in real time. No waiting for reports to congregate statistics. With Confluent, organizations can see what’s going on as its happening, then immediately react to changes in its business. No waiting around. CFLT is one of the fastest growing software stocks in our universe. Revenue grew 38% last qtr, but the company posted a loss as it was a recent IPO that is focused on growth.

CFLT is on the radar for the Growth Portfolio.

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