市场在本周创下多项极端纪录，微软遭遇史上第二大单日市值损失，SAP暴跌16%，白银单日重挫30%…… 高盛交易部门负责人Mark Wilson表示，尽管市场近期出现剧烈波动，但投资者不应过度解读这场"持仓清洗"，因为 年初至今推动市场的核心驱动因素并未发 生实质性改变。 Wilson在周度报告中指出，评估此次调整的严重程度时， 应将其与1月以来的涨幅相提并论。 他强调，美元走势延续、AI投资热情不减、美国经济增长势头强 劲以及地缘政治重塑等关键变量均未改变。年初至今的市场表现依然反映这些核心趋势——稀土涨35%，核能股涨21%，欧洲防务涨20%。 这场调整的直接诱因是投资者持仓过度拥挤。 总敞口已处于99百分位数的极端水平，系统化量化策略的表现显示拥挤度成为突出问题。Wilson认为，此次快速 回调更多是技术性调整，而非基本面逻辑的转变。 市场本周的波动幅度令人瞠目。 微软单日下跌10%，遭遇史上第二大市值损失，但同时创下有史以来最高的名义成交额。SAP暴跌16%，同样伴随创纪录的交易量。涨幅方面同样惊人，Meta 上涨10%，Verizon飙升11%。 贵金属市场的波动更为极端。白银单日暴跌30%，SLV ...

分组1 - The article discusses the author's long position in the shares of DASTY and SAP, indicating a positive outlook on these companies [1] - It emphasizes the importance of conducting due diligence and research before making any investment decisions, highlighting the risks associated with short-term trading and options trading [2] - The article clarifies that past performance does not guarantee future results and that the views expressed may not reflect those of Seeking Alpha as a whole [3]

Market Performance - The pan-European Stoxx 600 closed up by 0.64%, with the U.K.'s FTSE 100 climbing 0.51%, Germany's DAX gaining 0.68%, and France's CAC 40 also increasing by 0.68% [2] - Positive performances were noted in Austria, Belgium, Denmark, Ireland, Netherlands, Norway, Portugal, and Spain, while Greece, Iceland, Poland, Russia, and Sweden ended weak [2] Company Highlights - Lloyds Banking Group gained 3.3% after launching a share buyback program to repurchase up to £1.75 billion of its ordinary shares [3] - Other banks such as Natwest Group, Barclays, Standard Chartered, and HSBC Holdings saw gains between 1.2% and 2% [3] - In the German market, SAP increased by about 4.2%, and Adidas rose 3.7% after reporting record revenues and announcing a €1 billion ($1.2 billion) stock buyback [5] - In the French market, companies like Edenred, Sanofi, and LVMH closed up by 1%-3% [6] Sector Performance - Gains in financials and consumer sectors in the UK market offset losses in the mining sector [2] - The German market saw a mix of performances, with several companies gaining while others like Volkswagen and Continental closed weak [5] Economic Indicators - In Germany, import prices declined by 2.3% in December year-on-year, with a month-on-month decrease of 0.1% [8] - The German economy expanded by 0.3% quarter-on-quarter in the last three months of 2025, marking the strongest performance in three quarters [10] - France's GDP growth was reported at 0.2% for the fourth quarter, with overall economic growth softening to 0.9% in 2025 from 1.1% in 2024 [12][13]

Core Viewpoint - SAP's stock experienced a significant decline of 15% on January 29, attributed primarily to lower-than-expected cloud backlog growth of 16% in Q4, compared to analyst expectations of 26% [2][4]. Financial Performance - Q4 revenue reached €9.7 billion, an increase from €9.4 billion year-over-year, while operating profit surged to €2.6 billion from €2 billion [3]. - Full-year 2025 cloud revenue increased by 26% on a constant currency basis to €21.02 billion, with Cloud ERP Suite revenue rising by 32% to €18.12 billion [3]. - Non-IFRS operating profit grew by 28% to €10.42 billion, and free cash flow nearly doubled, increasing by 95% to €8.24 billion [3][9]. Backlog and Growth Concerns - The current cloud backlog stands at €21.1 billion ($25.3 billion), growing at 16%, which raises concerns about future revenue conversion [4][5]. - Total cloud backlog reached €77.29 billion, up 30%, but the slower growth in backlog has led to doubts about SAP's growth narrative [5]. - CEO Christian Klein indicated that the backlog growth is expected to "slightly decelerate" in 2026, with cloud revenue growth projected between 23-25% [6]. Market Reaction and Valuation - SAP's stock is trading at levels not seen since mid-2024, with a current price of $200, reflecting a 27 times trailing adjusted earnings multiple, lower than its historical average of 35 times [10][11]. - Despite the apparent undervaluation, the market remains skeptical, as a €10 billion share repurchase program initiated in February 2026 is viewed as insufficient to address the underlying growth concerns [12]. Competitive Landscape - SAP competes with major players like Oracle, Salesforce, Microsoft, and Workday, with its primary strength in Cloud ERP [13]. - The 32% increase in Cloud ERP Suite revenue indicates a strong product-market fit, but hesitance from large enterprises to commit may signal broader industry challenges [13]. Investment Dilemma - The recent decline raises questions about whether this represents a buying opportunity or a broken narrative, as the fundamentals remain solid but growth expectations have been reset [14][16]. - Investors must weigh the potential for robust growth in SAP's cloud transition against concerns about economic uncertainties and AI capabilities impacting cloud adoption [15][16].

SAP reported a 19% increase in its cloud revenue for the fourth quarter of 2025 (Q4 2025) to €5.61bn ($6.69bn), compared to €4.71bn ($5.61bn) in the same period of last year. This growth contributed to a total revenue increase of 3% for the reported quarter ended 31 December, reaching €9.68bn, compared to €9.37bn in Q4 2024. SAP’s net income for Q4 2025 rose by 17% to €1.89bn, up from €1.61bn in the same period the previous year. For the full year, SAP's financial performance showed a significant incre ...

We recently published 10 Stock Titans With Massive Losses. ServiceNow Inc. (NYSE:NOW) was one of the worst performers on Thursday. ServiceNow dropped for a third straight day on Thursday, shedding 9.94 percent to close at $116.73 apiece as investors turned cautious over the threats of AI for the broader software-as-a-service (SaaS) industry, overshadowing the company’s strong earnings performance in the fourth quarter of last year. ServiceNow Inc. (NYSE:NOW) declined alongside its counterparts, namely SA ...

Market Overview - The global financial markets experienced significant volatility, with gold and silver prices dropping sharply after reaching historical highs, with maximum intraday declines of over 5% and 8% respectively [1][9][10] - The U.S. stock market also faced turbulence, with the Nasdaq index plunging 2.6% at one point before closing down 0.72% [2][11] Cryptocurrency Market - The cryptocurrency market saw a major sell-off, with Bitcoin dropping over 5% to below $85,000, while Ethereum and other altcoins experienced declines exceeding 6% [3][6] - Cryptocurrency-related stocks also suffered, with Strategy stock falling over 9% and Coinbase Global down more than 4% [5] Gold and Silver Market - Gold prices experienced a sharp decline, falling from a peak of $5,600 per ounce to $5,105.83, marking a maximum drop of 5.7% before rebounding [9] - Silver prices also fell from a historical high of $121.67 per ounce to $106.80, with a maximum intraday decline of 8.5% [9] Investor Sentiment - There is a growing skepticism regarding Bitcoin's status as a macro hedge, as it has underperformed compared to gold and silver despite rising geopolitical tensions [6][7] - Recent data indicates that Bitcoin holders have entered a loss realization phase for the first time in 2023, suggesting a decline in investor confidence [6] Corporate Earnings Impact - Microsoft shares plummeted nearly 12% during trading after reporting a slowdown in cloud business growth, impacting the software sector significantly [11][12] - Other tech stocks reacted variably, with Meta seeing a 10.4% increase after announcing substantial capital expenditure plans, while other companies like ServiceNow and SAP faced declines [12][13]

智通财经1月30日讯（编辑 赵昊）周四（1月29日），微软暴跌拖累美股早盘走低，但三大指数盘中持续缩小跌幅，最终道指收盘转涨。 截至收盘，标普500指数跌0.13%，报6969.01点；纳斯达克综合指数跌0.72%，报23685.12点。盘中，两只指数分别一度跌1.5%和2.6%。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 道琼斯指数 | 0 | 49071.56 | +55.96 | 0.11% | | 标普500指数 | | 6969.01 | -9.02 | -0.13% | | 纳斯达克综合指数 | | 23685.12 | -172.33 | -0.72% | 道琼斯指数涨0.11%，报49071.56点，盘中一度跌0.85%。30只成分股中，22家上涨8家下跌，IBM、霍尼韦尔涨近5%，弥补了微软跌约10%的拖累。 前一交易日，微软发布的业绩报告显示，公司云业务增速从40%放缓至39%；毛利率约为68%，降至三年来最低。微软周四收跌9.99%，盘中一度跌逾12%。 微软的暴跌重创软件板块，季度盈利和营收均好于预期的Se ...

ORLANDO, Florida, Jan 29 (Reuters) - Volatility coursed through world markets on Thursday as fears over a U.S. strike on Iran and threat of another U.S. government shutdown rattled oil and metals, while AI bubble fears hammered tech stocks and pushed the ​Nasdaq and S&P 500 into the red. More on that below. In my column today I look at Federal Reserve Chair Jerome ‌Powell's press conference on Wednesday, and why it was revealing for what he didn't say on Fed independence rather than what he did say on the ...

Microsoft, Meta, Tesla, Joby Aviation, Royal Caribbean, and More Stock Movers - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# These Stocks Are Today's Movers: Microsoft, Meta, Tesla, Joby Aviation, SAP, Royal Caribbean, and MoreBy [Mackenzi ...