Crowdstrike x Jerome Powell
CRWD delivered a solid quarter to lift the stock out from the day's gloom.
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Righto. Onto the topic at hand.
Each of the equity indices were down today following a good talking-to by Chairman Powell. There was no new news from the Fed but based on (1) the usual pre-tensioning move by Nick Timiraos of the Wall Street Journal - the unofficial emissary between DC and the market and (2) Powell needing to talk tough in front of lawmakers so that they too can declare they are Tough On Inflation And Tough On The Causes Of Inflation - based on this, the market decided the next rate hike would be 50bps, and with that, promptly dumped. In truth, all but the Russell 2000 put in a standard and not-that-deep retrace of the big moves up they delivered in recent days, so thus far this looks a storm in a teacup. But, down is down and the end of the day saw mostly red on the screen. Not the greatest context against which to report your Q4.
Fortunately, Crowdstrike ( CRWD 0.00%↑ ) had solid numbers and the market lapped it up, pushing the stock higher outside regular trading hours.
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