MongoDB vaults on earnings turnaround

Database software company MongoDB, which has seen its share price sputter badly in recent years, is one of the market’s top gainers after posting much better-than-expected fiscal Q2 numbers on Wednesday.

Year-over-year sales growth — which shrank from 31% in fiscal 2024 to less than 20% last fiscal year — reaccelerated for the second straight quarter, to 23.7%.

Growth at the company’s crucial cloud-based database division, Atlas, also sped up to 29%. Adjusted earnings per share of $1.00 trounced forecasts for $0.67.

The stock, which had been down 8% for the year compared to a 12% gain for the Nasdaq Composite, exploded on the news.

Shortly before noon it was up more than 30%, putting it on track for its best-ever day as a public company.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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