Zoom Video (ZM, $82.80) to layoff 15% of workforce
Zoom Video Communications shares climbed on Tuesday, after the video conferencing company announced plans to layoff around 15% of its global workforce.
The job cuts of 1,300 would be accompanied by a 98% pay cut for CEO Eric Yuan, who will also be giving up his fiscal 2023 bonus. Zoom's leadership team will also see their salaries get reduced by 20% for the coming fiscal year, and forego bonuses too.
'We have made the tough but necessary decision to reduce our team by approximately 15% and say goodbye to around 1,300 hardworking, talented colleagues," Yuan mentioned in a blog post . "I know this is a difficult message to hear, and certainly not one I ever wanted to deliver."
ZM saw its Stochastic Oscillator peaks and leaves the overbought zone
The Stochastic Oscillator for ZM moved out of overbought territory on September 05, 2024. This could be a bearish sign for the stock and investors may want to consider selling or taking a defensive position. A.I.dvisor looked at 55 similar instances where the indicator exited the overbought zone. In of the 55 cases the stock moved lower. This puts the odds of a downward move at .
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Notable companies
The most notable companies in this group are Microsoft Corp (NASDAQ:MSFT), Oracle Corp (NYSE:ORCL), Salesforce (NYSE:CRM), Adobe (NASDAQ:ADBE), Intuit (NASDAQ:INTU), Uber Technologies (NYSE:UBER), SERVICENOW (NYSE:NOW), Shopify (NYSE:SHOP), Palo Alto Networks (NASDAQ:PANW), CrowdStrike Holdings (NASDAQ:CRWD).
Industry description
Packaged software comprises multiple software programs bundled together and sold as a group. For example, Microsoft Office includes multiple applications such as Excel, Word, and PowerPoint. In some cases, buying a bundled product is cheaper than purchasing each item individually[s20] . Microsoft Corporation, Oracle Corp. and Adobe are some major American packaged software makers.
Market Cap
The average market capitalization across the Packaged Software Industry is 10.91B. The market cap for tickers in the group ranges from 291 to 3.15T. MSFT holds the highest valuation in this group at 3.15T. The lowest valued company is BLGI at 291.
High and low price notable news
The average weekly price growth across all stocks in the Packaged Software Industry was -2%. For the same Industry, the average monthly price growth was 2%, and the average quarterly price growth was -4%. YQAI experienced the highest price growth at 1,260%, while NEWUF experienced the biggest fall at -83%.
Volume
The average weekly volume growth across all stocks in the Packaged Software Industry was -10%. For the same stocks of the Industry, the average monthly volume growth was -36% and the average quarterly volume growth was -31%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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This is particularly evident in the recent performance of bots accessible via "Day Trader: High Volatility Stocks for Active Trading (TA&FA)." These bots, often likened to efficient bot factories, have demonstrated remarkable proficiency, yielding a notable +4.08% gain while actively trading LRCX over the past week.
One notable example comes from "Swing Trader: Stocks from Financial Sector (TA&FA)," where these AI trading robots have proven their mettle, securing a commendable +4,07% gain while trading WABC over the past week. This achievement underscores the potential of AI-driven strategies in navigating the complexities of the financial markets.
The 'metabolic' category within the biotechnology industry has been witnessing remarkable growth, particularly in companies focused on developing drugs for gastrointestinal and metabolism disorders.
The portable device sector, encompassing companies involved in the production and sale of portable devices, witnessed a notable performance surge of +8.63% over the past week. This surge was led by prominent players including Apple (AAPL), CEVA, and Generac Holdings (GNRC). Despite this recent uptick, however, the sector currently faces a negative outlook, as indicated by various technical indicators and market sentiment analyses.
The Pulp & Paper industry, encompassing companies involved in the production of pulp, paper, and specialty paper products, has witnessed an impressive average stock gain of 11.68% over the last week.
In the whirlwind of the current mergers and acquisitions frenzy, investors are reaping substantial rewards as stocks within the merger industry theme surged by an impressive 20.9% on average over the past month.
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