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We recently compiled a list of the 10 Stocks Drop Double Digits as Investor Caution Lingers. In this article, we are going to take a look at where Snowflake Inc. (NYSE:SNOW) stands against the other stocks.
The stock market fell into the negative territory on Thursday, as investor caution lingered over the ongoing trade tensions among some of the world’s largest economies.
The tech-heavy Nasdaq posted the largest loss, down 2.61 percent, followed by the S&P 500 with 1.78 percent, and the Dow Jones with 0.99 percent.
Ten companies mirrored a broader market decline, dropping by as much as double digits during the end of the session. In this article, we named Thursday’s 10 biggest losers and detailed the reasons behind their decline.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A software engineer at work, surrounded by a wall of computer monitors connected to a 'Data Cloud' platform.
Snowflake Inc. (NYSE:SNOW)
Snowflake Inc. (NYSE:SNOW) dropped its share prices by 11.89 percent on Thursday to close at $156.22 apiece following news that its chief revenue officer Chris Degnan, who was integral in taking the company to a $3.4-billion revenue firm, is stepping down from his post to pursue retirement.
Degnan will be replaced by Mike Gannon effective March 14, 2025.
Gannon is set to join SNOW from VMware by Broadcom, where he most recently served as President of America Sales.
Prior to VMware, he also held sales leadership roles at EMC Corporation and Isilon Systems, where he played a key role in building and expanding sales operations, driving market adoption, and strengthening customer engagement. Gannon holds a Bachelor of Arts degree from Oswego State University.
Overall SNOW ranks 10th on our list of Thursday's biggest losers. While we acknowledge the potential of SNOW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SNOW but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.