SNOW - Splunk jumps on heavy volume as tech stocks continue strong start to 2023

2023-06-15 14:01:14 ET

Splunk ( NASDAQ: SPLK ) shares rose more than 7% on Thursday, buoyed by investor optimism that the Federal Reserve will engineer a soft landing and investors continuing to buy stocks related to artificial intelligence.

Shortly before 2 p.m. EST, more than 2M shares of Splunk ( SPLK ) changed hands, more than the average daily volume of just under 1.5M.

San Francisco-based Splunk ( SPLK ) builds software for searching, monitoring, and analyzing machine-generated data. Last month, Splunk topped first-quarter estimates and guidance for the upcoming period.

Earlier in the week, Oracle ( ORCL ) reported fourth-quarter results that beat expectations, aided by strong results in cloud services and license support revenue.

Oracle ( ORCL ) CTO and founder Larry Ellison said Oracle’s Gen2 Cloud has become "the number one choice for running Generative AI workloads."

Oracle ( ORCL ) shares gained more than 3% on Thursday, adding to gains seen earlier in the week.

Other enterprise software stocks also saw strong gains on Thursday, including Salesforce ( CRM ), Hubspot ( HUBS ) and Snowflake ( SNOW ), among others.

Adobe ( ADBE ), which is set to report quarterly results after the close of trading, gained more than 2% in late trading.

More on enterprise software

• Tech has had a strong start to 2023. That bodes well for the rest of the year.
• Splunk: Leading Observability Platform At A Bargain
• Nearly two-thirds of Americans think AI poses a risk for humanity: poll

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