TMTB: SNOW CRM HPQ AI NTNX OKTA EPS Recaps; TSLA RBC bulls on battery val'n; 3p roundup (RBLX, CRWD); CPNG ug at DB; DRAM Samsung/Hynix up prod; BABA cloud px cuts; AAPL mixed news flow; MSFT GS bulls

Good morning. QQQs are up 60bps after an inline PCE print (many expected it to come in hotter). ARKK/IWM outperforming the QQQs in the pre. BTC getting close to all time highs. Yields are flat. China is up 1%. Some quick new thoughts on SNOW and other names, then we get to research/note recaps below….

SNOW -21%: CEO retires and a big whiff on FY25 product growth.

Not much new to add to last night’s recap (read here). Couple out on sell-side defending this morning while MS downgrades to Hold. Glass full analysts saying that product beat in Q4 was in line with historical average with impressive 42% cRPO an accel from 23% last q, and that these things point to a deliberate reset of the model & the guide is conservative. However, additional bearish chirps I’ve heard since yesterday is why would SNOW pull the LT guide if they were confident the guide was conservative. Overall, was an undeniably bad print. I would guess new range something like 165/195 until we get more clarity. Some se…