By Staff Reporters
ABOUT PALANTIR
Palantir Technologies is a public American company that specializes in big data analytics. Headquartered in Denver, Colorado, it was founded by Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen, and Alex Karp in 2003. The company's name is derived from The Lord of the Rings where the magical palantÃri were "seeing-stones," described as indestructible balls of crystal used for communication and to see events in other parts of the world.
According to Wikipedia, the company is known for three projects in particular: Palantir Gotham, Palantir Apollo, and Palantir Foundry. Palantir Gotham is used by counter-terrorism analysts at offices in the United States Intelligence Community (USIC) and United States Department of Defense. In the past, Gotham was used by fraud investigators at the Recovery Accountability and Transparency Board, a former US federal agency which operated from 2009 to 2015. Gotham was also used by cyber analysts at Information Warfare Monitor, a Canadian public-private venture which operated from 2003 to 2012. Palantir Apollo is the operating system for continuous delivery and deployment across all environments. Their SaaS is one of five offerings authorized for Mission Critical National Security Systems (IL5) by the U.S. Department of Defense. Palantir Foundry is used by corporate clients such as Morgan Stanley, Merck KGaA, Airbus, Wejo, Lilium, and Fiat Chrysler Automobiles.
Now, Palantir is coming off a tough year, with its shares falling 65% in 2022. That's a more severe decline than the tech-heavy NASDAQ Composite Index, which fell 33% last year. But, Palanti just announced new commercial customers, including J.D. Power and Dish Network Corp. Palantir is expected to report its year-end financial results on February 13th, 2023.
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U.S. equities came well off the lows of the day to finish higher, as investors shook off the Fed's decision to raise rates for a seventh time. The Central Bank opted to raise its target by only 25 basis points, while in his presser Chairman Powell appeared somewhat dovish, alluding to the possibility that it may be near the end of its rate hike campaign.
Meanwhile, the markets also digested a batch of economic data that showed manufacturing activity continued to contract, ADP private sector employment grew at a slower pace than anticipated, job openings unexpectedly rose, mortgage applications snapped a three-week winning streak, and construction spending surprisingly declined. Q4 earnings season continues to heat up, with Snap reporting a larger-than-expected loss and suggesting current quarter revenues may decline for the first time, though Advanced Micro Devices topped quarterly estimates.
Treasury yields turned lower following the Fed's announcement, and the U.S. dollar accelerated to the downside, while crude oil prices tumbled on reports of a large build in stockpiles, and gold rallied.
Asia finished higher and Europe was mixed as today's Fed decision will be followed by announcements from the European Central Bank and Bank of England tomorrow.
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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283
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