Gratz to all the oil longs. Just dont forget how fast it can disappear. Profits and stops are your friends after parabolic moves.
A company that has not yet followed the pattern of wiping out excess is Snowflake, sales came in last qtr at $334M and the company despite being down $100/share from peak is still valued at $84B. It's sales growth is just so strong still hitting 100% rev growth YoY. Even if it hits projections of $3B Rev in 2024 it would be selling at 28X sales assuming there was no price appreciation in the next 2 yrs. It would have to drop another 50% from this level to even enter the just "very richly priced" valuation range. It seems the high flyers are all being taken to the shed for slaughter one at a time except for the two fan favorites. Retails favorite in TSLA and wall st favorite SNOW
I think SNOW is just being fucked by coming out during the huge move up and now being a hyper growth stock that the market no longer lines up to blow. I am honestly shocked CRM is able keep running with a 140 PE. This is not a kind environment to no profit growth companies right now. This could present some long term buying opportunities for the skilled investor but its gonna be dicey picking winners at the right price.In fairness, SNOW earnings released with an EPS miss, which was later revised to a beat (by 4x).
Initial sell was hugely overdone. Interestingly, it held the all time low pivot nearly to the penny and has been running back since. Still down 18% premarket, but it is just grinding higher. It's going to take time to digest the aquisition details, but there's a chance of some retracement.
(Inverse Cramer lols are always welcome though!)