University of Connecticut vs Purdue University, 2024 NCAA Men's National Championship

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Sports betting stocks take a big L during market sell-off

DraftKings and Flutter are both down by more than the S&P 500, even as college basketball season approaches.

3/10/25 3:43PM

Bears don’t like to gamble, it turns out.

Stocks that rely on consumers willing to risk their disposable income were particularly hard-hit on Monday, the worst day for the stock market this year, as recession worries mounted.

Sports gambling stocks DraftKings and Flutter Entertainment both fell more than the S&P 500, even as the annual NCAA college basketball tournament, known as March Madness, is set to begin next week. Casino stocks like Caesars Entertainment and MGM Resorts also took a hit.

Matt Phillips10m

Snowflake jumps on Palantir partnership announcement

Snowflake jumped after announcing a partnership deal with AI software and defense data company Palantir Technologies, in which Snowflake’s AI-focused data storage product — called “AI Data Cloud” — is integrated into Palantir’s Foundry and Artificial Intelligence Platform software.

Data storage and management has emerged as a popular market theme this year as an offshoot of the all-things-AI trade.

Providers of relatively cheap, hardware-based storage options like hard disk drives — such as Seagate Technology Holdings and Western Digital — have been some of the S&P 500’s top performers.

Data management software firms like Snowflake and Datadog have also picked up momentum recently. Snowflake has doubled over the last 12 months, while Datadog has seen a 27% gain.

RBC analysts spotlighted Snowflake in a note Wednesday, writing, “We continue to believe Snowflake is well-positioned as an AI beneficiary as organizations turn to the company to prepare their data for AI workloads.”

Snowflake and Palantir Announce Strategic Partnership for Enterprise-Ready AI & Analytics

Providers of relatively cheap, hardware-based storage options like hard disk drives — such as Seagate Technology Holdings and Western Digital — have been some of the S&P 500’s top performers.

Data management software firms like Snowflake and Datadog have also picked up momentum recently. Snowflake has doubled over the last 12 months, while Datadog has seen a 27% gain.

Max Knoblauch1h

Nio plummets after Singapore wealth fund accuses the EV maker of inflating revenue

Court documents indicate that Chinese EV maker Nio has been sued in US courts by Singapore’s sovereign wealth fund, GIC, which alleges the company inflated its revenue, causing “significant losses.”

Nio shares plunged 8% in premarket trading.

The EV maker “issued materially false and misleading statements and omissions that misrepresented... the Company’s true revenue and earnings figures,” the lawsuit alleges. The suit accuses Nio of unlawfully recognizing more than $600 million in leased battery revenue in fiscal year 2021.

Last month, Nio announced a $1 billion share sale to fund development around smart EVs. The company has yet to post a profit in its 11-year history.

Hyunsoo Rim2h

ABAT sinks after the US Department of Energy terminates its grant for lithium facility

American Battery Technology Co. is in a hole early on Thursday, currently trading 20% lower than yesterday’s close price, after the company revealed in an SEC filing that the US Department of Energy has terminated its $57.7 million grant supporting the construction of a lithium hydroxide facility.

The termination follows a May memorandum ordering audits of all grants issued by the DOE's Manufacturing Energy Supply Chain office.

In September 2023, ABAT signed a $115 million funding deal with the DOE for the lithium plant, under which both sides were to contribute $57.7 million each. After the DOE’s audit announcement in May, the agency terminated the grant on October 9. ABAT says that it appealed the decision the next day, and that it plans to seek dispute resolution remedies, according to its 8K filing.

As of last week's grant termination, around $52 million in DOE funds remain unused. The company said it has "already raised over $52 million of funds from the public markets" this year, and intends to keep the project going "without impact to timeline or scope."

In April, the firm also received a $900 million financing letter of interest from the US Export-Import bank to back its Nevada lithium mine and refinery.

Tom Jones3h

Hewlett Packard sinks on disappointing revenue, profit, and free cash flow guidance for fiscal 2026

Hewlett Packard Enterprise is down around 9% in premarket trading, after revealing an outlook at its analyst meeting which came in well below Wall Street’s expectations.

At its Securities Analyst Meeting in New York yesterday, the company revealed that it expected revenue growth of 5-10% next year — analysts were expecting ~18% per Bloomberg data.

HPE also said that earnings per share for FY2026, which runs from next month until October next year, will be $2.20 to $2.40, below analysts’ estimates of $2.41 per share, according to Bloomberg. Meanwhile, it announced that free cash flow for the year would be between $1.5 billion and $2 billion, again falling short of the $2.41 billion that was expected, per Bloomberg’s data.

The company also said it would be increasing its annual dividend for the year ahead by 10% and added that it’s expecting the free cash flow figure to rise to $3.5 billion by FY2028 — news that failed to drown out the negatives.

As a key player in the computing equipment industry, the company’s tighter-than-expected financials reflect the impact the booming AI industry is having on its margins, as HPE and peers source more expensive AI chips for its servers.

Hyunsoo Rim4h

Salesforce rises after forecasting revenue north of $60 billion by 2030, with double-digit sales growth expected to return

Salesforce rose as much as 6% in early trading Thursday, after issuing an upbeat revenue target and projecting a return to "double-digit growth" within the next 12-18 months.

At an investor event Wednesday, the software maker said it expects annual revenue to top $60 billion by fiscal 2030, ahead of Wall Street's $58.37 billion estimate, per CNBC. The forecast excludes any impact from Salesforce's pending $8 billion acquisition of data management firm Informatica, slated to close by mid-2026.

The new outlook comes less than six weeks since Salesforce issued underwhelming Q3 revenue guidance, extending a slowdown to single digit sales growth since mid-2024 — as the company has yet to translate the AI hype into cold hard cash. Chief Financial and Operating Officer Robin Washington acknowledged the company's had "some lower-stage growth for a while," but said it's now "reaccelerating."

Salesforce's biggest bet is Agentforce, the AI assistant launched a year ago that CEO Marc Benioff calls "the core of every product we make now." Still, AI is likely to make up just ~3% of its FY 2026 revenue, with concerns emerging that new AI tools could replace legacy software providers like Salesforce — a notion that Benioff called "nonsense."

Earlier this week, Salesforce rolled out Agentforce Voice, which allows AI agents handle customer calls, and expanded partnerships with Anthropic and OpenAI to integrate their latest models into its platform.

Despite the pre-market bump, shares remain down 26% year-to-date and 32% below their December 2024 peak.