Daily Pulse · · 14:00 CET · market · DDOG
The structural read behind today's Morning 10 — the software half of the night's damage, what the three different sell-offs have in common, and the memory test that is running in parallel.
What the pre-market is doing
As of late pre-market, Datadog trades near 232 against a 283.17 close — down about 18% — after beating on every line, raising its full-year outlook, growing revenue 36% year over year to $1.12 billion and printing $279 million of free cash flow. AppLovin is down about 19% at 338. HubSpot has deepened overnight's fall to roughly −23% at 193. Around them: Snowflake −6.1%, Atlassian −5.8%, MongoDB −5.6%, Salesforce and Cloudflare −4.6%, ServiceNow −3.3%. The software ETF IGV is down 2.7%.
And the index is not participating in the drama: QQQ −0.5%, semis −0.3%. This is not a market event. It is a repricing of specific business models, name by name, while the tape around them stays quiet.
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