The major indices are all trading slightly higher, with investors digesting the past 24 hour's barrage of central bank announcements. The Dow scored another all-time high in early trading as both the European Central Bank (ECB) and the Bank of England (BOE) left their benchmark interest rate unchanged, just like the Fed did yesterday, but European stocks closed well below their intraday highs as the two central bank’s delivered a more hawkish message compared to the Fed. On a positive note, the Russell 2000 roared higher by another 3% after the opening bell, after gaining more than 3.5% yesterday, and the small-cap benchmark hit its highest level in 20 months, briefly recapturing the key 2,000 level.
Stock Pick Summary:
We enjoyed our portfolio explode higher last month and patiently watched the rise as other investors rushed in. We believe we are now ready to take the next leap.
Today's Buy recommendation provides general purpose database platform worldwide. The company offers a hosted multi-cloud database-as-a-service solution; a commercial database server for enterprise customers to run in the cloud, on-premise, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started. It also provides professional services comprising consulting and training.
NoSQL databases go above and beyond SQL (a language used to query relational databases) databases, allowing for better management of a more diverse range of big data sets. Large sets of structured and semi-structured data (data that’s not neatly organized in tables) are likely to be more commonplace in the age of AI.
It crushed analyst estimates and its guidance in the third quarter, growing revenue by 30% and more than tripling adjusted earnings per share. It bumped its full year revenue outlook even though growth might slow down in Q4. The company continued to win new customers at a healthy rate, as well as additional workloads from existing customers. AI-related features and capabilities added to Atlas, its managed cloud database platform, should be appealing to developers.
While the stock trades at a premium, we are enthusiastic about the company's position in the fast-growing NoSQL database market and AI related growth opportunities!
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