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The first trading day after Election Day 2020 was a success, with market indexes coming in strongly higher, albeit off session highs: the Dow rose 367 points or 1.3%, the S&P 500 +74 points or +2.2% and the Nasdaq taking home the lion’s share, +430.2 points or +3.85%. The Russell 2000 barely registered in positive territory, +0.05%. With the presidency still in doubt — and possible litigation to follow — as well as a Senate remaining in the GOP’s hands, this can only mean one thing for Congress going forward: gridlock.
“You can’t be serious,” you say? How could contested results and the two bodies of the Legislature checking each other be a good thing? Just take another gander at the nearly 4% gain on the Nasdaq — don’t plan on a government bust-up of FAANG stocks any time in the future. Facebook rose 8% today alone. Also, no fast-track government healthcare appears in anyone’s crystal ball at this stage — UnitedHealthcare (UNH - Free Report) was up 10% today.
Healthcare rose 4.5% and Communications +4.25%, while Materials fell 1.7% and Utilities -1.6%. Perhaps the major stock with the biggest gains today were Uber (UBER - Free Report) and Lyft (LYFT - Free Report) , up 14% and 11%, respectively, which did not gain from the General Election results (or lack thereof), but the passage of Prop 22 in California. This measure approaches a sweet-spot of sorts for the ride-share companies and their drivers; they won’t be considered full-time employees of the companies, allowing themselves a modicum of independence, but they also won’t be completely independent, without access to healthcare insurance and the like.
Qualcomm (QCOM - Free Report) put up a big beat in its fiscal Q4, rising 5% in the post-market as a result: earnings of $1.45 per share was a big step beyond the $1.19 in the Zacks consensus, double the year-ago’s 78 cents per share. This was on $6.5 billion in sales, which sped past the $5.93 billion expected. Its quarterly guidance for fiscal Q1 pushed the EPS to $2.05 per share from the $1.64 in the Zacks consensus, on $7.8-8.6 billion in revenues, well ahead of the $7.16 billion anticipated. The company has posted no earnings misses for at least the past three years.
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Image: Bigstock
Post-Election Rally Welcomes Capitol Gridlock
The first trading day after Election Day 2020 was a success, with market indexes coming in strongly higher, albeit off session highs: the Dow rose 367 points or 1.3%, the S&P 500 +74 points or +2.2% and the Nasdaq taking home the lion’s share, +430.2 points or +3.85%. The Russell 2000 barely registered in positive territory, +0.05%. With the presidency still in doubt — and possible litigation to follow — as well as a Senate remaining in the GOP’s hands, this can only mean one thing for Congress going forward: gridlock.
“You can’t be serious,” you say? How could contested results and the two bodies of the Legislature checking each other be a good thing? Just take another gander at the nearly 4% gain on the Nasdaq — don’t plan on a government bust-up of FAANG stocks any time in the future. Facebook rose 8% today alone. Also, no fast-track government healthcare appears in anyone’s crystal ball at this stage — UnitedHealthcare (UNH - Free Report) was up 10% today.
Healthcare rose 4.5% and Communications +4.25%, while Materials fell 1.7% and Utilities -1.6%. Perhaps the major stock with the biggest gains today were Uber (UBER - Free Report) and Lyft (LYFT - Free Report) , up 14% and 11%, respectively, which did not gain from the General Election results (or lack thereof), but the passage of Prop 22 in California. This measure approaches a sweet-spot of sorts for the ride-share companies and their drivers; they won’t be considered full-time employees of the companies, allowing themselves a modicum of independence, but they also won’t be completely independent, without access to healthcare insurance and the like.
Qualcomm (QCOM - Free Report) put up a big beat in its fiscal Q4, rising 5% in the post-market as a result: earnings of $1.45 per share was a big step beyond the $1.19 in the Zacks consensus, double the year-ago’s 78 cents per share. This was on $6.5 billion in sales, which sped past the $5.93 billion expected. Its quarterly guidance for fiscal Q1 pushed the EPS to $2.05 per share from the $1.64 in the Zacks consensus, on $7.8-8.6 billion in revenues, well ahead of the $7.16 billion anticipated. The company has posted no earnings misses for at least the past three years.
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Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Click Here, See It Free >>