Eating More
By Fri, Aug 7, 2020
Hey Scoopers,
Lower than expected job claims helped the market to go up for one more day. — More on that in the “Overall Market” section.
Beyond the overall market, one company’s acquisition news turned into fuel for another company, while analysts wondered whether a high-flying streaming stock can keep up growing. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, Uber told us, collectively, we ordered and ate more food and went out less. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: All three indices finished in the green. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price continued to hover below the $12,000 level.
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Jobless Claims Helped The Market
The stock market kept going up, and the Nasdaq took the lead again, surpassing the 11,000 level. The new jobless claims shrunk to 1.18 million.The stock market liked the data, and that helped the market to continue its green streak.
Someone’s Win Fueled Another Company’s Stock Price
So, what happened?
Shares of Ontrak (Ticker: OTRK) were up more than 44% on Thursday. The company got a boost from the news that Livongo (Ticker: LVGO) is getting acquired by Teladoc (Ticker: TDOC) for more than $18 billion. Both Livongo and Ontrak are focused on helping patients stick to their treatment and healthcare regimen using technology. Therefore, it is easy to associate the high valuation of Livongo with the potential of Ontrak.
It didn’t hurt when the company announced its quarterly earnings reports too. Revenue was up 124% Year-over-Year and up 40% Quarter-over-Quarter.
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Can The Momentum Last?
So, what happened?
Shares of Roku (Ticker: ROKU) were down by more than 6% on Thursday. As expected, the latest quarterly earnings report was impressive. Revenue was up by 42%, and gross profit was up by 29%. Why is the stock down then?
Analysts are concerned that the price momentum cannot continue. The stock has rocketed nearly 80% since the valley of the pandemic-driven stock market dip.
More Eating, Less Ride-Sharing
So what happened?
Who would have thought UberEats would be a better business than Uber (Ticker: UBER), the ride service company. The company’s latest quarterly earnings showed $3.05 billion in ride-sharing bookings, vs. $6.96 billion in food delivery.
Collectively, we are eating more and getting out less.
Are you getting out to do some exercise as you order more food during the pandemic? Our email address is members@tradestocks.com. Send us a few lines.
About the Author
The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card
