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At least Matthew McConaughey got out of the rain.
The actor appears in a series of commercials for Salesforce (CRM) , including one where McConaughey is seated at a restaurant's outdoor patio in the pouring rain because a booking app without an AI agent handled his preferences.
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It was looking bad for the star of "The Wolf of Wall Street," "True Detective" and "The Lincoln Lawyer," but fortunately fellow actor Woody Harrelson offers McConaughey a seat at his much drier table across the street.
While McConaughey escaped the rotten weather, analysts sees dark clouds on the horizon for the software sector, a list that includes such names as Salesforce, data analytics software company Snowflake (SNOW) and e-commerce giant Amazon (AMZN) .
DA Davidson analyst Gil Luria lowered the firm's price target on Salesforce to $250 from $275 and affirmed a neutral rating on the shares. He pared his price target on Snowflake to $200 from $225 and maintained a buy rating, according to The Fly.
The price target revisions are part of a broader research note updating estimates within the firm's coverage of the software group.
Software and services from Salesforce and Snowflake both sit in the cloud and focus on data management. Salesforce is primarily a customer relationship management platform, while Snowflake is a data warehouse that offers scalable and secure data storage for analytics.
DA Davidson: Weaker economic growth ahead
DA Davidson said that it was now assuming a base case of one or two quarters of negative GDP in the US this year, which would translate to lower growth and has already translated to lower valuations.
The firm noted that regardless of how the current tariff regime plays out, it sees consumer activity and corporate investment slowing, at least for the next couple of quarters.
The tech sector was excluded from President Donald Trump's sweeping tariff agenda, but Commerce Secretary Howard Lutnick said the plan to exempt electronic devices — like smartphones, iPhones and laptops — from tariffs was a temporary reprieve and these products would face separate levies.
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In addition, the Trump administration is reportedly kicking off investigations into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors on national security grounds, Reuters reported, citing notices posted to the Federal Register.