In a surprising turn of events, Snowflake’s shares plummeted nearly 20% after weak guidance and the announcement of CEO Frank Slootman’s retirement. Jim Cramer expressed his disappointment at Slootman’s departure, stating that he believes the company’s product mix may suffer as a result. On a more positive note, Best Buy defied expectations with fourth-quarter sales that slowed less than anticipated, leading to a 4.5% increase in stock value. Cramer praised Best Buy’s quarter as “very positive” and noted that multiple expansion is likely in play.
Paramount made waves in the media and entertainment industry by announcing that their revenue from streaming surpassed expectations and projected profitability domestically next year. Despite speculation of a potential takeout, Cramer warned of possible dilution in a deal. On the other hand, Okta saw a drastic 20% increase in shares after issuing a better-than-expected quarter, with CEO Todd McKinnon receiving accolades for his performance. Lastly, Celsius, the energy drink maker, experienced a significant boost in quarterly revenue, causing shares to soar by 11.5%. Cramer highlighted the stock’s volatility due to bears betting against it but reaffirmed his confidence in its potential, especially considering its connection to PepsiCo.
