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JMP Securities analyst reiterated SentinelOne with a Market Outperform and a $33 price target. DA Davidson analyst maintained SentinelOne with a Neutral and raised the price target from $22 to $24. Needham analyst Alex Henderson reiterated SentinelOne with a Buy and a $31 price target. 

SentinelOne Analysts Flag Its AI-Driven Security And Market Growth Potential As Key Catalysts For Optimism

Nyc,ny - usa-may,27,2019:,Nasdaq,Sign,In,Times,Square,Nyc

Earnings

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WDAY

U.S. stocks are poised for a potential rebound on Tuesday after facing concerns about valuations in the previous session.

Nasdaq, S&amp;P 500 Futures Grind Higher After Pause, Bitcoin Tops $56K: Analyst Spotlights &#39;Big Takeaway&#39; That Augurs Well For Market

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Citigourp Global Markets 2% Protected Notes Linked To The Djia

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The Nasdaq 100 Index is poised to conclude a remarkable year, marking its best performance in nearly a quarter of a century.

Nasdaq 100 Eyes Best Year Since Dot-Com Boom: AI, Fed&#39;s Pivot Behind Tech&#39;s Stunning Revival

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Following the Nasdaq 100&#39;s annual rebalancing, Lucid, eBay and four more stocks were kicked out of the index.

Lucid, Zoom, eBay Among 6 Companies Ousted From Nasdaq 100 Index: What This Means For The Stocks

Downgrades

CSCO

Splunk Inc (NASDAQ: SPLK) shares were rising in early trading on Wednesday after the company reported upbeat third-quarter results.

Splunk Reports Strong Quarter On Cybersecurity Demand: These 4 Analysts Deep Dive Into Q3 Print

After-Hours Center

Splunk Inc. (NASDAQ: SPLK) shares were flat in Tuesday&#39;s after-hours session following the release of the company&#39;s third-quarter financial results.

Splunk Beats Top And Bottomline Estimates For Q3: The Details

Nasdaq, New York City

INTU

NTAP

Trading in stock futures suggests sentiment could remain guarded yet again on Tuesday as traders gear up to receive data on consumer confidence and house prices and a slew of Fed speeches.

Nasdaq, S&amp;P 500 Futures Flatline As Traders Play Waiting Game Ahead Of Key Data

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Wall Street up for the fourth straight week, S&amp;P 500 6% away from Jan 2022 peak &amp; Nasdaq 5% below Nov. 2021 high; MSFT records historic high.

US Stocks Advance, Microsoft&#39;s Record Highs, Israel And Hamas Sign Temporary Truce: This Week In The Markets

Media

Splunk Inc (NASDAQ: SPLK) looks to slash 7% of its global workforce, mainly in the U.S., under its latest restructuring plan.

Cisco Acquisition Target Splunk to Cut 500 Jobs in the US - Here&#39;s How Much It Will Cost Them

GOOG

GOOGL

Wells Fargo analyst Andrew Nowinski downgraded Datadog Inc (NASDAQ: DDOG) from Overweight to Equal-Weight and lowered the price target 

Datadog&#39;s FY24 Revenue Consensus Do Not Align With Management&#39;s Historical Guidance Trends - This Analyst Downgrades Stock

SPLUNK INC COM

Cisco and Splunk Enable Unparalleled Visibility and Real-Time Insights to Standardize Observability in One Solution
News Summary:&nbsp;
<ul>
<li>The new Unified&nbsp;Observability Experience offers customers a cohesive experience across Cisco and Splunk observability solutions, while establishing the foundation for future integrations.</li>
<li>Integration and new innovations empower customers with best in class support for both traditional and modern application architectures and visibility across their entire digital footprint.</li>
<li>Through Cisco and Splunk observability solutions, customers can build an observability practice that meets their IT environment needs, on-premises, hybrid and multi cloud.</li>
</ul>
LAS VEGAS, June 5, 2024 /PRNewswire/ -- CISCO LIVE --&nbsp;Cisco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) today unveiled the first of its innovative integrations with Splunk, a Cisco company, as the organizations combine their market-leading observability technologies to accelerate full-stack observability for the entire enterprise, helping customers deliver more performant&nbsp;and secure digital experiences. Through the full-stack observability journey, organizations can unlock unified visibility across any environment (on-premises, hybrid and multi cloud) and any stack while harnessing powerful real-time analytics for faster, more accurate detection, investigation and response.

Cisco And Splunk Unveils Integrated Full-Stack Observability Experience For The Enterprise, Helping Customers Deliver More Performant And Secure Digital Experiences

JMP Securities&nbsp;analyst Trevor Walsh reiterated&nbsp;SentinelOne Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) with a Market Outperform and a&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/S/analyst-ratings" rel="noreferrer noopener">$33 price target</a>.
The company reported solid&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/03/37676966/sentinelone-stock-slides-on-q4-earnings-the-details" rel="noreferrer noopener">fourth-quarter results</a>&nbsp;Wednesday after the market close, with revenue of $174.2 million (consensus $169.4 million), up 38% Y/Y, ending ARR of $724.0 million (consensus $722.7 million), up 39% Y/Y, and RPO up 47% Y/Y and 15% Q/Q (attributable to larger contracts).
CEO Tomer Weingarten commented, &#8220;most of our growth comes from new accounts,&#8221; highlighting a particularly notable deal where a significant energy company replaced&nbsp;Splunk Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>) SIEM with SentinelOne&#8217;s Singularity Data Lake. The stock is down ~5.3% year-to-date (after sliding in the after-market reaction) vs. up 7.7% for the Russell 3000, Walsh said.
The analyst viewed the opportunity in front of SentinelOne as significant as he reiterated a unique endpoint security architecture emphasizing an AI-driven approach to disrupt a $100 billion TAM, a business that continues to integrate new technology tuck-in acquisitions to enhance the product smartly, showcased by 1/3 of new bookings representing products beyond core endpoint and marked improvements in profitability. Walsh guided to revenue of $181.0 million (prior $185.6 million).
DA Davidson&nbsp;analyst Rudy Kessinger maintained SentinelOne with a Neutral and raised the price target from $22 to $24.
The quarterly results were solidly ahead, particularly on operating margins, although the ARR beat was very modest relative to what&nbsp;CrowdStrike Holdings, Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com//node/37494656" rel="noreferrer noopener">just reported last week.</a>&nbsp;
The stock price decline is not enough to get the analyst off the sidelines. Kessinger continues to believe that SentinelOne has robust technology &amp; that they are building a compelling cybersecurity platform. However, they continue to find shares fully valued given the growth &amp; profitability profile. 
While SentinelOne is one of the fastest-growing SaaS companies in the public markets &amp; similar growth, SaaS peers are trading at a much higher valuation; those peers also have significantly higher margins than SentinelOne, thereby inhibiting a re-rating over the near term. Kessinger projects first-quarter revenue of $181.0 million (prior 176.0 million).
Needham analyst Alex Henderson reiterated SentinelOne with a Buy and a $31 price target. Henderson said Sentinel shares are selling off post-print; the results demonstrated real and continuing progress. 
Revenue and ARR, up 38%-39%, beat expectations by 4% and 1%, respectively, even as management delivered a sharp, better-than-forecasted improvement in operating margins, and EPS came in $0.02 ahead at a slight $(0.02) loss.&nbsp;
A strong print all around. However, the guidance for first-quarter and fiscal 2025 ending January are just in line, hence the sell-off. Yet, the analyst noted another strong year of growth, up 36% in the first quarter and 31% at the midpoint of the guide for the year, while operating margins continue to improve. 
Despite absorbing two acquisitions, the combination of solid growth and significant operating margin improvement is impressive and still worthy of investment. Henderson projects first-quarter revenue of $181.0 million.
Price Action: S shares traded lower by 18.12% at $22.88 on the last check Thursday.

Splunk (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>) reported quarterly earnings of $3.43 per share which beat the analyst consensus estimate of $1.95 by 75.9 percent. This is a 68.14 percent increase over earnings of $2.04 per share from the same period last year. The company reported quarterly sales of $1.49 billion which beat the analyst consensus estimate of $1.28 billion by 16.32 percent. This is a 18.78 percent increase over sales of $1.25 billion the same period last year.

Earnings Beats

Splunk Q4 2024 Adj EPS $3.43 Beats $1.95 Estimate, Sales $1.49B Beat $1.28B Estimate

Splunk's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NYSE">SPLK</a>) short percent of float has risen 14.23% since its last report. The company recently reported that it has 4.99 million shares sold short, which is 2.97% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.29 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Splunk Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1709053222_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Splunk has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Splunk's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Splunk's peer group average for short interest as a percentage of float is 3.00%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About Splunk?

U.S. stocks are poised for a potential rebound on Tuesday after facing&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37319621/us-stocks-pause-alphabet-google-falls-on-gemini-woes-tesla-bitcoin-rallies-whats-dr" rel="noreferrer noopener">concerns about valuations</a>&nbsp;in the previous session. Early trading shows modest gains in major index futures, indicating continued market momentum. The day&#8217;s trading direction may be influenced by retail earnings reports, economic data releases, and a scheduled Fed speech. Traders may proceed cautiously ahead of key economic catalysts expected later in the week.
With February recording solid gains, markets could be aiming to close the month on a positive note. Investor sentiment leans towards risk-taking, as reflected in rallying cryptocurrencies, with&nbsp;Bitcoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surpassing the $56,500 mark.
Monday&#8217;s Market Recap:
The market, which had been overbought, opened higher but later relinquished its gains, displaying volatility throughout the session. Monday&#8217;s subdued sentiment occurred as traders paused for a breather following the recent record highs in the broader market.
All three major indices ended the session slightly lower, although small-cap stocks, which had been underperforming, managed to buck the downtrend and finish moderately higher.
Eight of the 11 S&amp;P 500 sector classes closed lower for the day, primarily in the communication services, utility, and real estate sectors. Information technology (IT) stocks remained largely unchanged with a slight positive bias, while the consumer discretionary and energy sectors saw modest gains.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.13%</td>
<td>15,976.25</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.38%</td>
<td>5,069.53</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.16%</td>
<td>39,069.23</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.61%</td>
<td>2,028.97</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Analyst Color:</figcaption></figure>
As February is shaping up to be a strong month, an analyst pointed to historical data that augurs well for the market.
Calling it a &#8220;big takeaway,&#8221; Carson Group&#8217;s Ryan Detrick noted that the market records an average gain of 19.87% on the years when both January and February record gains.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Here&#39;s what the S&amp;P 500 looks like in years it gains in both Jan and Feb. Up 19.87% on average is the big takeaway. <a href="https://t.co/FgHbPfnBU2">pic.twitter.com/FgHbPfnBU2</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1762237651141140709?ref_src=twsrc%5Etfw">February 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
With just three sessions to go for February to end, the S&amp;P 500 is up 4.62%, adding onto the 1.59% gain in January.
Futures Today
 Futures Performance On Tuesday ( as of 5:30 a.m. ET)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.17%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.09%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.04%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.25%</td>
</tr>
</tbody>
</table>
</figure>
<a href="https://www.benzinga.com/premarket/">In premarket trading</a> on Tuesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.11% to $506.55 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.22% to $437.52, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Upcoming Economic Data:
The Commerce Department is due to release its durables goods orders report for January at 8:30 a.m. ET. Economists, on average, expect durable goods orders to dip 4.9% month-over-month, following December&#8217;s unchanged reading. Core durable goods orders excluding the volatile transportation orders, may have risen 0.2%, slower than the previous month&#8217;s 0.6% growth.
The S&amp;P/Case-Shiller as well as the Federal House Finance Agency will release the results of their separate house price surveys for December at 9 a.m. ET. The S&amp;P/Case-Shiller 20-city composite house price index is expected to increase a seasonally unadjusted 6% in December compared to 5.4% growth in November. FHFA&#8217;s house price index is expected to increase at a stable monthly rate of 0.3%.
Fed Vice Chair for Supervision Michael Barr is scheduled to speak at 9:05 a.m. ET.
The Conference Board is due to release its consumer confidence index for February at 10 a.m. ET, with economists, on average, estimating a reading of 115.1, up slightly from January&#8217;s 114.8.
See Also:<a href="https://www.benzinga.com/money/best-futures-brokers"> Best Futures Brokers</a>
Stocks In Focus:
<ul>
<li>Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) climbed nearly 12% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s earnings announcement.</li>
<li>Other stocks moving on earnings are CarGurus, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>) (down about 13%), Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) (down over 7%), CAVA Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) (up about 9%) and Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>) (down about 15.50%).</li>
<li>American Tower Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMT#NYSE">AMT</a>), AutoZone, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>), Cracker Barrel Old Country Store, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBRL#NASDAQ">CBRL</a>), The J. M. Smucker Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJM#NYSE">SJM</a>), Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>), Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) are among the notable <a href="https://www.benzinga.com/calendars/earnings">companies due to release their quarterly results ahead of the market open.</a></li>
<li>Those reporting after the close include Agilent Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>), Ambarella, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMBA#NASDAQ">AMBA</a>), Beyond Meat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BYND#NASDAQ">BYND</a>), eBay, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), Devon Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Splunk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>), Virgin Galactic Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPCE#NYSE">SPCE</a>) and Urban Outfitters, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/URBN#NASDAQ">URBN</a>).</li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures slipped 0.04% to $77.55 in early European session on Tuesday after rallying 1.49% on Monday. The benchmark 10-year Treasury note edged down 0.031 percentage points at 4.268%. 
In Asia, Hong Kong and Chinese markets ended solidly higher, while the sentiment across the rest of the major markets was muted. European stocks held up in early trading, with Germany&#8217;s DAX leading the gains. 
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37328246/this-is-bidenomics-peter-schiff-says-cereal-for-dinner-trend-noted-by-kellogg-ceo-e">&#8216;This Is Bidenomics:&#8217; Peter Schiff Says Cereal-For-Dinner Trend Noted By Kellogg CEO Echoes &#8216;Jimmy Carter Days&#8217; Of Sweater-Wearing Amid High Heating Bills</a>
Photo by Tada Images on Shutterstock

Nasdaq, S&P 500 Futures Grind Higher After Pause, Bitcoin Tops $56K: Analyst Spotlights 'Big Takeaway' That Augurs Well For Market

ACAD

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COMP

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GSX Techedu Inc. American Depositary Shares

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IPAR

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Earnings Scheduled For February 27, 2024

Splunk's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NYSE">SPLK</a>) short percent of float has fallen 14.75% since its last report. The company recently reported that it has 4.37 million shares sold short, which is 2.6% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.86 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Splunk Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1707241517_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Splunk has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Splunk's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Splunk's peer group average for short interest as a percentage of float is 3.07%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(SPLK) - Analyzing Splunk's Short Interest

The Nasdaq 100 Index, often seen as the barometer of the U.S. tech sector&#8217;s health, is poised to conclude a remarkable year, marking its best performance in nearly a <a href="https://www.benzinga.com/topic/nasdaq-100">quarter of a century</a>. 
Let&#8217;s delve into the factors fueling this extraordinary surge, from the rise of <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence (AI) </a>to the <a href="https://www.benzinga.com/federal-reserve">Federal Reserve&#8217;s pivotal role.</a>
The index, which tracks the largest non-financial companies trading on the Nasdaq Stock Market, has seen a 55% increase in its performance since the start of the year, surpassing the 54% return in 2009.
To find a stronger annual return, you&#8217;d need to rewind to 1999, when the tech index soared by a staggering 102%, fueled by the exuberance surrounding the growth of tech stocks during the dot-com revolution.
Investors eagerly embraced the tech rally in 2023, injecting $8.6 billion into the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) and a substantial $42.2 billion into the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), a stark contrast to the outflows observed in the previous year.
Chart: Strongest Year Since 1999
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28094038/NDQ_2023-12-28_14-40-26_7c40c-1024x495.png" alt="" class="wp-image-170562" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28094038/NDQ_2023-12-28_14-40-26_7c40c-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28094038/NDQ_2023-12-28_14-40-26_7c40c-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28094038/NDQ_2023-12-28_14-40-26_7c40c-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28094038/NDQ_2023-12-28_14-40-26_7c40c-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28094038/NDQ_2023-12-28_14-40-26_7c40c.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">AI: The Catalyst Behind Nasdaq Boom</h2>
Industries like generative AI, natural language processing, computer vision, robotics, fintech, gaming, machine learning, and deep learning are all basking in the AI-driven growth of U.S. tech stocks. 
It&#8217;s not surprising that among the top 25 best-performing stocks in 2023, six companies belong to the semiconductor industry, which has experienced an unprecedented surge in demand for chips.
Top 25 Performers In 2023
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Name</th>
<th>Industry</th>
<th>Price Chg. % (YTD)</th>
</tr>
</thead>
<tbody>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>238.1%</td>
</tr>
<tr>
<td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td>
<td>Interactive Media and Services</td>
<td>197.3%</td>
</tr>
<tr>
<td>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>)</td>
<td>Software</td>
<td>144.3%</td>
</tr>
<tr>
<td>Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>125.2%</td>
</tr>
<tr>
<td>Palo Alto Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NYSE">PANW</a>)</td>
<td>Software</td>
<td>113.2%</td>
</tr>
<tr>
<td>MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>)</td>
<td>IT Services</td>
<td>112.5%</td>
</tr>
<tr>
<td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td>
<td>Automobiles</td>
<td>112.2%</td>
</tr>
<tr>
<td>DoorDash, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NYSE">DASH</a>)</td>
<td>Hotels, Restaurants and Leisure</td>
<td>106.2%</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>101.4%</td>
</tr>
<tr>
<td>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>)</td>
<td>Software</td>
<td>101.0%</td>
</tr>
<tr>
<td>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>92.0%</td>
</tr>
<tr>
<td>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>89.1%</td>
</tr>
<tr>
<td>Atlassian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>)</td>
<td>Software</td>
<td>88.8%</td>
</tr>
<tr>
<td>MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>)</td>
<td>Broadline Retail</td>
<td>87.9%</td>
</tr>
<tr>
<td>Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)</td>
<td>Broadline Retail</td>
<td>82.5%</td>
</tr>
<tr>
<td>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>)</td>
<td>Broadline Retail</td>
<td>77.1%</td>
</tr>
<tr>
<td>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>)</td>
<td>Software</td>
<td>77.1%</td>
</tr>
<tr>
<td>Splunk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>)</td>
<td>Software</td>
<td>76.6%</td>
</tr>
<tr>
<td>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>)</td>
<td>Hotels, Restaurants and Leisure</td>
<td>75.3%</td>
</tr>
<tr>
<td>Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>73.3%</td>
</tr>
<tr>
<td>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>)</td>
<td>Software</td>
<td>70.9%</td>
</tr>
<tr>
<td>Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>68.6%</td>
</tr>
<tr>
<td>Datadog, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>)</td>
<td>Software</td>
<td>68.1%</td>
</tr>
<tr>
<td>Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)</td>
<td>Entertainment</td>
<td>66.7%</td>
</tr>
<tr>
<td>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>)</td>
<td>Semiconductors and Semiconductor Equipment</td>
<td>65.3%</td>
</tr>
</tbody>
</table>
</figure>
<h2 class="wp-block-heading">Federal Reserve&#8217;s Year-End Fireworks</h2>
The Federal Reserve, too, played a decisive role in the rally. 
In the final months of 2023, Fed Chair Jerome Powell and fellow policymakers adopted a more accommodative stance, welcoming the declining trend in inflation and paving the way for potential interest rate cuts in 2024.
And the tech sector thrives when it anticipates lower future interest rates. U.S. Treasury yields have dropped significantly as the market started to price in a series of rate cuts in 2024, and stock investments became more attractive relative to bonds. 
This development significantly boosted the valuations of technology sector companies.
These high-growth companies, often projecting cash flows well into the future, have seen their stock values rise primarily due to the effect of lower interest rates, which are used to discount their future revenues into the present. The lower the rate, the higher the current valuation. 
<h2 class="wp-block-heading">Treasury On Track For Strongest 2-Month Rally Since 2008</h2>
In tandem with the surge in technology stocks, the bond market has witnessed its most robust 2-month rally in over fifteen years.
The Invesco Equal Weight 0-30 Year Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOVI#NYSE">GOVI</a>), representing an equally-weighted investment across various Treasury maturities, has posted an impressive 12.3% gain in the past two months.
To find a stronger two-month performance, you have to travel back to November 2008 when, following the collapse of Lehman Brothers, the flight to safe-haven Treasuries triggered a 17% surge over two months.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28095416/GOVI_2023-12-28_14-54-01_99ac7-1024x495.png" alt="" class="wp-image-170571" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28095416/GOVI_2023-12-28_14-54-01_99ac7-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28095416/GOVI_2023-12-28_14-54-01_99ac7-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28095416/GOVI_2023-12-28_14-54-01_99ac7-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28095416/GOVI_2023-12-28_14-54-01_99ac7-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/12/28095416/GOVI_2023-12-28_14-54-01_99ac7.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read More: <a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36403950/treasury-etf-and-real-estate-sector-rise-together-as-30-year-yields-dip-below-4">Treasury ETF And Real Estate Sector Rise Together As 30-Year Yields Dip Below 4%</a>

Nasdaq 100 Eyes Best Year Since Dot-Com Boom: AI, Fed's Pivot Behind Tech's Stunning Revival

Splunk's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NYSE">SPLK</a>) short percent of float has risen 3.61% since its last report. The company recently reported that it has 3.39 million shares sold short, which is 2.01% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.34 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Splunk Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2023/1702480509_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Splunk has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Splunk's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Splunk's peer group average for short interest as a percentage of float is 3.00%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

The following six companies will be added to the Index: CDW Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDW#NASDAQ">CDW</a>), Coca-Cola Europacific Partners plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCEP#NASDAQ">CCEP</a>), DoorDash, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>), MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>), Roper Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NASDAQ">ROP</a>), and Splunk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>).

Reported On December 8, 2023 CDW Corp, Coca-Cola Europacific Partners, DoorDash, MongoDB, Roper Technologies And Splunk Were Announced To Be Added To The Nasdaq-100 Index Effective Prior To Market Open On Monday, December 18, 2023

Struggling electric vehicle maker Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) and e-commerce company eBay, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) were among six stocks that were removed from the <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/03/31581105/nasdaq-100-index-officially-enters-a-bull-market-history-suggests-returns-will-at-least-">Nasdaq 100 Index </a>as part of an annual reconstitution.
What Happened: The Nasdaq exchange announced late Friday the results of the annual reconstitution, which showed that along with Lucid, eBay, Align Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGN#NASDAQ">ALGN</a>),&nbsp;Enphase Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>), JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) would be out of the index, effective prior to the market open on Dec. 18, 2023.
Replacing these stocks in the index would be CDW Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDW#NASDAQ">CDW</a>),&nbsp;Coca-Cola Europacific Partners plc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCEP#NASDAQ">CCEP</a>),&nbsp;DoorDash, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>),&nbsp;MongoDB, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>),&nbsp;Roper Technologies, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROP#NASDAQ">ROP</a>), and&nbsp;Splunk Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>).
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Why It&#8217;s Important: The Nasdaq 100 Index is an index comprising 100 of the largest Nasdaq-listed non-financial companies. The reconstitution is a routine affair done each year in December and is timed to coincide with the quadruple witch expiration Friday of the quarter. 
Index membership is positive for stocks, as indices act as benchmarks for financial products such as options, futures, and funds. Portfolio managers having portfolios mirroring the indices buy the stock in the same proportion as it is part of the index.
Criteria for addition to the index depends on market capitalization and volume, among other things.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/06/33053795/lucids-future-shaky-2-more-ev-makers-at-risk-of-bankruptcy-warns-analyst-after-lord">Lucid has struggled </a>with production ramp and weak deliveries and the company&#8217;s stock price has fallen from a post-IPO high of about $58 to under $5. JD.com has seen its fortunes sag amid the Chinese government&#8217;s clampdown on high-profile tech stocks. 
Zoom Video, a COVID-19 play, which was trading at over $588 level, has now dropped to under $75. eBay, meanwhile, is facing the heat of competitive pressure from Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), while macroeconomic challenges have also posed headwinds. 
The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an exchange-traded fund that tracks the Nasdaq 100 Index, ended Friday&#8217;s session at $392.17, up 0.45%, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/news/large-cap/23/10/35427639/big-tech-woes-drive-nasdaq-100s-worst-session-in-2023-now-approaching-correction-territory">Big Tech Woes Drive Nasdaq 100&#8217;s Worst Session In 2023, Now Approaching Correction Territory</a>
Image Via shutterstock

Splunk Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/splk#NASDAQ">SPLK</a>) shares were rising in early trading on Wednesday after the company<a href="https://www.benzinga.com/news/earnings/23/11/35990884/splunk-beats-top-and-bottomline-estimates-for-q3-the-details"> reported upbeat third-quarter results</a>.
The results came amid an <a href="https://www.benzinga.com/calendars/earnings">exciting earnings season</a>. Here are some key analyst takeaways from the earnings release.
Truist Securities On Splunk
Analyst Joel Fishbein downgraded the rating from Buy to Hold, while keeping the price target unchanged at $157.
Splunk &ldquo;delivered a solid quarter of execution with revenue and non-GAAP operating profit coming in ahead of our expectations and guidance,&rdquo; Fishbein said in the downgrade note.
He added that Cisco Systems Inc.&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csco#NASDAQ">CSCO</a>) <a href="https://www.benzinga.com/news/23/11/35539369/cisco-acquisition-target-splunk-to-cut-500-jobs-in-the-us-heres-how-much-it-will-cost-them">plans to acquire the company for $157 per share</a> in cash is favorable for Splunk&rsquo;s shareholders and could close by the end of 2024.
Mizuho Securities On Splunk
Analyst Gregg Moskowitz reiterated a Neutral rating and price target of $157.
&ldquo;SPLK reported partial F3Q results that were modestly above expectations,&rdquo; Moskowitz wrote in a note. Total ARR growth was in-line with estimates, while Cloud ARR growth modestly exceeded expectations and now comprises more than 50% of total ARR, he added.
&ldquo;Given the rising importance of cybersecurity and observability in today&#39;s increasingly digital and complex IT environment, the logic behind CSCO&#39;s decision to acquire SPLK is understandable, and we believe CSCO is gaining this asset at a reasonable price,&rdquo; the analyst further wrote.
Check out<a href="https://www.benzinga.com/analyst-stock-ratings"> other analyst stock ratings</a>.
Needham On Splunk
Analyst Mike Cikos reaffirmed a Hold rating on the stock.
&ldquo;NG OpEx declined 1% yr-yr despite Total ARR climbing 15% yr-yr,&rdquo; Cikos said. &ldquo;We note expense discipline and efficiency have been Splunk&#39;s hallmark under the tenure of CEO Gary Steele and CFO Brian Roberts,&rdquo; he added.
The company did not provide any guidance due to its pending purchase by Cisco, the analyst further noted.
KeyBanc Capital Markets On Splunk
Analyst Michael Turits maintained a Sector Weight rating on the stock.
Splunk reported strong quarterly results, with ARR slightly higher and EBIT margins nearly 6 points above consensus, Turits said. Cloud ARR drove the upside, while &ldquo;Cloud bookings mix came in at 60% vs. management&#39;s prior expectation for reaching the low end of 55-65%,&rdquo; and Cloud gross margins expanded to 74.6%, from 73.8% in the previous quarter, he added.
&ldquo;Revenue beat consensus by 4%, driven by license upside, partially offset by slight misses on cloud revenue and maintenance/services revenue,&rdquo; the analyst further wrote.
SPLK Price Action: Shares of Splunk were trading almost flat at $151.15&nbsp;at the time of publication Wednesday.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/11/36005512/why-farfetch-stock-ftch-is-getting-hammered">Why Farfetch Stock (FTCH) Is Getting Hammered</a>
Photo: Shutterstock
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Truist Securities analyst Joel Fishbein downgrades Splunk (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>) from Buy to Hold and announces $157 price target.

Truist Securities Downgrades Splunk to Hold, Announces $157 Price Target

Splunk Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/splk#NASDAQ">SPLK</a>) shares were flat in Tuesday&#39;s after-hours session following the release of the company&#39;s third-quarter financial results.
Here&#39;s a <a href="https://www.benzinga.com/pressreleases/23/11/b35989460/splunk-announces-fiscal-third-quarter-2024-financial-results">summary of the details</a>.
What To Know: Splunk reported quarterly earnings of 55 cents per share, beating estimates by 42 cents, a 375% increase over losses of 20 cents per share from the same period last year.
Revenue clocked in at $1.07 billion, surpassing expectations by $40 million. The figure marked&nbsp;a 14.80% increase over sales of $929.77 million from the same period last year.
Total ARR was $4.0 billion, an increase of 15% compared to the same quarter last year.
Also, the company reported that cloud revenue increased 26% in the third-quarter to $469 million.
&quot;Splunk delivered a solid third quarter and marked several milestones in our journey to deliver exceptional customer and shareholder value, including our agreement to join forces with Cisco,&quot; said Gary Steele, president and CEO of Splunk.
&quot;Organizations are continuing to unlock value with Splunk, and in Q3 we saw solid momentum in our cloud business as Cloud ARR grew 26% year-over-year and now represents the majority of Total ARR. Our results demonstrate our accelerated innovation, relentless customer focus and consistent execution, and I&#39;m confident we are well-positioned for the future.&quot;
Related Link: <a href="https://www.benzinga.com/news/earnings/23/11/35990479/workday-q3-results-exceed-estimates-q4-outlook-issued-shares-trading-up-after-hours">Workday Q3 Results Exceed Estimates, Q4 Outlook Issued: Shares Trading Up After Hours</a>
SPLK Price Action: Shares of SPLK were flat at $151.21&nbsp;in the after-hours session at the time of publication, according to <a href="http://pro.benzinga">Benzinga Pro</a>.
Photo:&nbsp;<a href="https://pixabay.com/users/tumisu-148124/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=3194286">Tumisu</a> from <a href="https://pixabay.com//?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=3194286">Pixabay</a>

Splunk Increases Annual Recurring Revenue 15% To $4B

Splunk (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>) reported quarterly earnings of $0.55 per share. This is a 375 percent increase over losses of $(0.20) per share from the same period last year. The company reported $1.07 billion in sales this quarter. This is a 14.80 percent increase over sales of $929.77 million the same period last year.

Splunk Q3 EPS $0.55 Up From $(0.20) YoY, Sales $1.07B Up From $929.77M YoY

Trading in stock futures suggests sentiment could remain guarded yet again on Tuesday as traders gear up to receive data on consumer confidence and house prices and a slew of Fed speeches. With oil rebounding ahead of the <a href="https://www.benzinga.com/news/23/11/35944917/crude-oil-prices-fall-as-opec-meeting-postponed-over-angola-and-nigeria-spat">November 30 OPEC+ meeting, </a>the energy space could see some sparkle. The cautious mood reflected traders&#8217; wariness about the recent market run-up even as they look ahead to the Federal Reserve&#8217;s preferred inflation gauge due on Thursday and speeches by Fed Chair Jerome Powell later this week.
As the market enters a seasonally strong period, especially with the Fed pivot not far away, the trajectory in the near term could be firm to the upside. 
Cues From Monday&#8217;s Trading:
The major averages were lackluster on Monday before closing slightly lower, as traders chose to remain cautious following the recent market run-up. After a positive open, the Nasdaq Composite stayed mostly above the unchanged line before moving decisively lower in the final few minutes of trading. 
The Dow Industrials and the S&amp;P 500 were in the red for the bulk of the session en route to a modestly lower close.
Some degree of profit-taking was expected coming into Monday&#8217;s session as the major averages had recorded their fourth straight week of gains and were perched either at or just shy of their four-month highs
Most S&amp;P 500 sector classes moved lower for the session, with industrial, healthcare, energy, and communication services stocks seeing moderate losses.
 US Index Performance On Tuesday
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index </td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.07%</td>
<td>14,241.02</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.20%</td>
<td>4,550.43</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.16%</td>
<td>35,333.47</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.35%</td>
<td>1,801.15</td>
</tr>
</tbody>
</table>
</figure>
Analyst Color: 
The S&amp;P 500 is trading above the 12-month consensus forecast of analysts, and this is a historically bullish signal, said analysts at Renaissance Macro Research. Strategists are forced to adopt a more accommodating narrative,&#8221; they said, adding, &#8220;Yes, price leads narrative, not vice-versa.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> is well above the 12M price target of consensus strategists on the street. That&#39;s historically bullish for <a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> as strategists are forced to adapt a more accommodating narrative. Yes, price leads narrative, not vice-versa <a href="https://twitter.com/hashtag/knowthedata?src=hash&amp;ref_src=twsrc%5Etfw">#knowthedata</a> <a href="https://t.co/gfcBQyxxGu">pic.twitter.com/gfcBQyxxGu</a>
&mdash; RenMac: Renaissance Macro Research (@RenMacLLC) <a href="https://twitter.com/RenMacLLC/status/1729120654723825722?ref_src=twsrc%5Etfw">November 27, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">    Futures Today Futures Performance On Tuesday Nasdaq 100: -0.01% S&amp;P 500: -0.02% Dow: +0.05% R2k: -0.03% <a href="https://www.benzinga.com/premarket/">In premarket trading</a> on Tuesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.19% to $432.25, and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.42% to $359.20, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> Upcoming Economic Data:</figcaption></figure>
The results of two separate house price surveys are due at 9 a.m. ET. S&amp;P Case-Shiller&#8217;s composite 20-city house price index may have increased a seasonally unadjusted 4% year-over-year in September compared to a 2.2% rise in August. The National House Finance Agency&#8217;s house price index is expected to increase 0.4% month-over-month in September versus 0.6% growth in August.
The Conference Board is scheduled to release its consumer confidence index for November at 10 a.m. ET. The headline index may have declined from 102.6 in October to 101 in November.
Among the Fed speeches scheduled for the day are:
<ul>
<li>Fed Governor Christopher Wallace: 10 a.m. ET</li>
<li>Chicago Fed President Austan Goolsbee: 10 a.m. ET</li>
<li>Fed Governor Michelle Bowman: 10:45 a.m. ET</li>
<li>Fed Governor Michael Barr: 1:05 P.m. ET and 3:30 p.m. ET.</li>
</ul>
The Treasury will auction seven-year notes at 1 p.m. ET.
See also: <a href="https://www.benzinga.com/money/futures-vs-options">Futures Vs. Options</a>
Stocks In Focus:
<ul>
<li>Retail stocks could be in focus amid <a href="https://www.benzinga.com/general/gaming/23/11/35972146/biggest-cyber-monday-ever-consumers-expected-to-splurge-15m-every-minute-here-are-the-top-selling-">positive reports about Cyber Monday sales.</a></li>
<li>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) fell about 6.50% <a href="https://www.benzinga.com/premarket">in premarket trading </a>following the release of its quarterly results.</li>
<li>PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) is the notable name <a href="https://www.benzinga.com/calendars/earnings">reporting earnings ahead of the market open.</a></li>
<li>Those reporting after the bell include CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>), Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>), Splunk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>), NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) and Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>).</li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures rose 1.14% to $75.71 in early European session on Tuesday following Monday&#8217;s nearly 1% retreat.
The benchmark 10-year Treasury note rose 0.012 percentage points to 4.40% on Tuesday.
In the cryptocurrency market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was back above the $37,000 level, although sentiment toward the space remains muted. The U.S. dollar continued to show modest weakness among most major currencies.
The major Asian markets had a mixed session, with Taiwanese and South Korean markets clocking strong gains, while the Japanese, Hong Kong, and Singaporean markets settled in the red. 
European stocks were lower in late-morning trading on Tuesday.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35972231/cathie-wood-juggles-crypto-portfolio-adds-robinhood-offloads-5m-of-this-stock-amid-multi-m">Cathie Wood Juggles Crypto Portfolio: Adds Robinhood, Offloads $5M Of This Stock Amid Multi-Month High, Bitcoin ETF Hype</a>

Nasdaq, S&P 500 Futures Flatline As Traders Play Waiting Game Ahead Of Key Data

<h3>Companies Reporting Before The Bell</h3>
&bull; Elbit Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ESLT#NASDAQ">ESLT</a>) is projected to report quarterly earnings at $1.70 per share on revenue of $1.45 billion.
&bull; Uxin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NASDAQ">UXIN</a>) is expected to report quarterly loss at $0.06 per share on revenue of $103.84 million.
&bull; PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) is estimated to report quarterly earnings at $1.19 per share on revenue of $7.31 billion.
&bull; LightInTheBox Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LITB#NYSE">LITB</a>) is projected to report earnings for its third quarter.
&bull; Canaan (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAN#NASDAQ">CAN</a>) is expected to report quarterly loss at $0.26 per share on revenue of $28.64 million.
&bull; Alarum Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAR#NASDAQ">ALAR</a>) is likely to report earnings for its third quarter.
&bull; Citi Trends (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTRN#NASDAQ">CTRN</a>) is expected to report earnings for its third quarter.
&bull; Nano Dimension (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNDM#NASDAQ">NNDM</a>) is expected to report earnings for its third quarter.
&bull; Cool Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLCO#NYSE">CLCO</a>) is likely to report earnings for its third quarter.
&bull; Nano X Imaging (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNOX#NASDAQ">NNOX</a>) is expected to report quarterly loss at $0.30 per share on revenue of $3.30 million.
&bull; MYT Netherlands Parent (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MYTE#NYSE">MYTE</a>) is likely to report quarterly loss at $0.05 per share on revenue of $188.99 million.
&bull; Bank of Nova Scotia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>) is estimated to report earnings for its fourth quarter.
<h3>Companies Reporting After The Bell</h3>
&bull; Grindrod Shipping Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRIN#NASDAQ">GRIN</a>) is expected to report quarterly loss at $0.22 per share on revenue of $47.88 million.
&bull; Alvotech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALVO#NASDAQ">ALVO</a>) is estimated to report earnings for its third quarter.
&bull; Fluence Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLNC#NASDAQ">FLNC</a>) is expected to report earnings for its fourth quarter.
&bull; Tuya (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TUYA#NYSE">TUYA</a>) is estimated to report earnings for its third quarter.
&bull; Leslies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LESL#NASDAQ">LESL</a>) is projected to report earnings for its fourth quarter.
&bull; Hewlett Packard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) is expected to report earnings for its fourth quarter.
&bull; Workday (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) is likely to report earnings for its third quarter.
&bull; Splunk (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPLK#NASDAQ">SPLK</a>) is projected to report earnings for its third quarter.
&bull; CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) is projected to report quarterly earnings at $0.74 per share on revenue of $777.13 million.
&bull; AZEK Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZEK#NYSE">AZEK</a>) is expected to report quarterly earnings at $0.29 per share on revenue of $366.91 million.
&bull; Intuit (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) is likely to report earnings for its first quarter.
&bull; NetApp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) is expected to report earnings for its second quarter.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

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