Stocks Plunging Today: Salesforce, UiPath, and American Airlines
Baystreet.ca – Stocks Plunging Today: Salesforce, UiPath, and American Airlines
Salesforce expects Q2 EPS of up to $2.36, below the $2.40 estimate from analysts. Sales as low as $9.2 billion is below the $9.35 billion estimate.
Salesforce has a sticky business in customer management and is a buy at lower prices. However, corporations are reallocating their budget to AI projects. This hurts Salesforce’s business.
UiPath (PATH), which sells AI-powered automation solutions, posted a non-GAAP EPS of $0.13. The stock will open at around $13.00, down by nearly 30%. Worryingly, the firm’s CEO, Rob Enslin resigned. Its founder, Daniel Dines, will lead the company starting on June 1, 2024.
The founder’s departure and return is a potentially positive development for UiPath. Just as Starbucks’s (SBUX) founder returned and thrived, UiPath may turn the corner.
In the travel sector, American Airlines (AAL) risks falling again after losing 13.54% on Wednesday. The firm expects Q2 EPS of $1.00 to $1.15, below its previous guidance of $1.15 to $1.45.
Markets are short-sighted. AAL stock is attractive after it canceled unnecessary A-350 orders. It cut its JetBlue Northeast Alliance.
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