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Today in the Market (5/30/2024)

Good Morning! On Thursday, U.S. equities saw further declines due to ongoing worries about sustained high interest rates and a massive sell-off of Salesforce (CRM). With that, the Dow Jones slipped 0.86%, the S&P 500 fell by 0.60%, and the NASDAQ slid the most by 1.08%.


So why did Salesforce (CRM) get hit so hard today? The company released poor first-quarter earnings and an unattractive forecast. In turn, the stock concluded today’s trading session down 19.70%.

Was Salesforce earnings that bad?  Revenue for Q1 increased by 11%, although it fell below the estimate of $9.15 billion. The money generated from subscriptions and support increased by 12% to reach $8.59 billion. For the bottom line, earnings per share increased from $1.69 to $2.44, slightly above the estimated value of $2.37.

So what is Salesforce’s plan? Management has emphasized the potential of AI-oriented software and features to enhance income. In addition to maintaining favorable sentiment among investors, the corporation has also expanded its share repurchases and implemented a dividend policy.


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Amazon (AMZN) is enhancing its meal delivery benefit under its Prime program by extending its business connection with Grubhub. This move strengthens its offers as merchants and retailers vie for subscription income and bundled services.

What to expect as a prime member? Prime members will now have complimentary access to Grubhub+, a membership service valued at $120 per year, which offers free delivery on qualified orders and reduced service costs. Amazon also announced that its customers and Prime members now have the option to place orders straight from Grubhub via Amazon’s website and app.

What is the big picture for Amazon Prime? Jamil Ghani, Amazon Prime’s vice president, said the business views the Grubhub acquisition as a significant step forward in enhancing the value of Prime. Originating in 2005, Amazon Prime has come a long way into a dominant force in the e-commerce sector. The range of membership privileges have been extended to include streaming and music services, medical services, access to Thursday Night Football, and many more.

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