Snowflake (NYSE:SNOW) stock has been on the rise these last couple of days and we’re diving into what has investors bullish on the shares.
The positive sentiment on SNOW stock this week comes as the company reveals the launch of the Retail Data Cloud. This is a solution that combines the company’s data platform, partner-delivered solutions, as well as industry-specific datasets.
According to a press release from Snowflake, the Retail Data Cloud will act to empower retailers, manufacturers, distributors, and several other industries. That’s due to the wealth of data these companies will gain from the service.
Rosemary Hua, Retail and CPG Industry GTM lead at Snowflake., said this about the news sending SNOW stock higher.
“This package of joint solutions to the Retail & CPG industry in Snowflake’s Retail Data Cloud can fuel the next wave of transformation by providing the data access, governance and sharing required to activate data and drive business value.”
Snowflake notes that several large companies are already making use of Retail Data Cloud for their businesses. Among them are 84.51°, Albertsons (NYSE:ACI), Kraft Heinz (NASDAQ:KHC), and Rakuten (OTCMKTS:RKUNY).
SNOW stock jumped yesterday when this news was announced. While the shares aren’t seeing that same movement today, it’s worth noting that they are pulling back after the rally. That’s a positive sign that means we might see further growth throughout the week.
SNOW stock is up slightly as of Tuesday afternoon.
There’s more stock market news for investors to look into below!
We’ve got all the stock news traders need to know about for Tuesday! Among that is an overview of PayPal (NASDAQ:PYPL) stock, stocks to consider as interest rates increase, as well as why shares of China SXT Pharmaceuticals (NASDAQ:SXTC) stock are up today. You can find all of this news at the following links!
More Tuesday Stock Market News
- Is PayPal Stock a Buy? What 5 Wall Street Pros Have to Say About PYPL.
- 5 Stocks Insiders Are Buying as the Fed Hikes Interest Rates
- Why Is China SXT Pharmaceuticals (SXTC) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.