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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Eight weeks in a row of consecutive gains for the Benchmark index is another record after record after record this week, and it looks like we could put in the ninth week of games now and some of the stocks that we're following for you have been soaring.
Soaring, yeah, into the stratosphere.
Let's talk about that with Isabelle, Bloomberg News Cross Asset reporter and my good friend, I tell you what I overnight was thinking about Snowflake, and this morning it has been one of the most important stories because the narrative over the last year has been that AI is going to eat software's lunch, and this company has has been hit with those fears. But now it turns out AI is going to push it into the stratospheres, become an
absolute tailwind. And because of the deal with Amazon, they were off like what forty percent today.
Almost forty percent. The pie is getting bigger met But why were you thinking of Snowflake?
That's what I wonder.
Why are you super your dedication to this job.
Because the producer Talia sends us notes that show notes the night before and she included the Snowflake.
Story and I was like, wow, that's awesome.
Okay, so the Snowflake ticker snow They also won there, They're up forty percent. They led a broad rally of software companies. They reported results that beat estimates and raised the full year forecast. So that's the most in five years. And Snowflake is a maker of software that helps organize, analyze, store corporate data. I feel like maybe you don't encounter with day to day, but it's a very important company on the back end. And you're right, the company gave
us wronger than expected outlook. Product rebelinue will increase thirty one percent. That's an increase from previous outlook. Product sales makeup about ninety percent of the company's total revenue. And they also made a commitment to spending and additional six billion dollars to Amazon US. You alluded, so lots of good news there. They're really writing the tailwinds. I think the pies getting bigger. It's not just the Magnificent seven who's going to benefit.
One of the silliest names though, don't.
Yeah it is, but you know what you remember it, so I see smart marketing.
It's an insult to call someone a snowflake, right, that's in They're trying.
To change that narrative out there, Matt, I mean Mongo dB. Yeah, there is a name, is a worse name.
We come on, poor Mongo dB.
They chose that name for themselves, we did. All right, let's go to Dollar Tree because really, Matt and I were talking earlier, their name doesn't really hold true anymore to what they do because a lot of their products that they sell are not for a dollar or not.
For a dollar anymore. The stock is up by around eighteen percent. Company also reported better than expected result and boosted EPs guidance. But yes, they shifted away from a dollar items. Honestly, where can you find that. I was just talking about a dollar pizza yesterday, and if you gave me a pizza worth a dollar, I would not eat it.
It should because something's wrong.
Y d LTR is the multi dollar Tree.
Yeah, DLTR is the ticker.
But I guess that's part of the deal. Now they're selling items for more, yes, so each basket is bringing in more money.
Yes, and they're looking to attract wealthier customers looking for deals at a time of economic uncertainty. I mean, if you're wealthy and your shop and Dollar Tree, I mean there's really something up there. And I feel like, again it's the k shape economy, right, the wealthy is spending the lower income or not. But this actually, I guess contrast that narrative because again, why would you be shopping a Dollar Tree.
But still because they saw a decline in customer traffic, but they're getting shoppers to spend more. Right, that's the bottom for.
Come entry less often, but spend more money when you do come on each visit. You must shop occasionally at discount change just for fun. Right Do you never go into like TJ Max and just go through.
I've gone to a family is it family Dollar? Gone into a family Dollars? Sometimes they have such a neglected group of products. You can almost find anything these stores.
I give Jeff Bezos all my money. Everything is delivered. So Dollar Tree they've shifted away from one dollar. They're now three to five dollars, so it's still affordable, but definitely not a Dollar Tree brand anymore. They have a lot of toys and party supplies. I don't even think I've been to a Dollar Tree, even if they're nine thousand locations.
Nope, I've never been to one either.
But I wouldn't not go in. You know.
Yeah.
What I'm not here is we're going to do the show. We're going to do the show from a Dollar Tree one day.
I just have a field trip much more of my money with the Ford Motor Company, and they have had a stellar run, not because of the cars and trucks that I buy, but because of big batteries.
I know, I chose this for you because I knew you would be here.
I knew she did that.
Doc is up five percent, seventh straight day of gains. That's longest stretch since July twenty twenty four, and it's outperformed Tesla.
This stock Movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to bloom Berg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.