The stock market closed flat on Tuesday due to mixed quarterly earnings results. Investors weighed the implications of such to the U.S. economy.
Overall, S&P500 and NASDAQ closed at 4,155 and 12,153, respectively.
Tweet of the Day
BAML fund mgrs are still in bear town, overweight bonds, cash and defensives and underweight equities, esp. US. $SPX is up 17% since Oct pic.twitter.com/Lk0lmp8fx7
— Urban Carmel (@ukarlewitz) April 18, 2023
Chart of the Day
Our chart of the day is the one-year chart of MongoDB (MDB) as of March 29, 2023, when the stock was at $217.
MongoDB is a database platform that helps software developers build internet applications that utilize vast volumes of data, while improving developer productivity (which developers like).
The company is seeing usage slow for its software, which is priced by consumption rates. This is a consumption-based business model, so the more companies use the software, the more MongoDB makes.
The slowdown was more pronounced than management anticipated. Management blamed macroeconomic trends as the reason.
On a positive note, MongoDB keeps acquiring new workloads, and these typically grow over time. Revenue grew 36% last quarter, which is slowing growth from 47% two quarters ago. But in terms of profits, it beat the street in a big way last quarter, causing analysts to up 2023 EPS estimates from $0.55 to $1.03 a share.
MDB is on the radar for the Growth Portfolio.
