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Markets continued to hover close to the zero-line as of Wednesday’s close, with just the Dow finishing in the green among major indexes. The blue-chips rose 0.20% for a new all-time high, while the Nasdaq, S&P 500 and Russell 2000 all took a breather: -0.25%, -0.03% and -0.72% on the day.
One of the major “pot stocks” we discussed yesterday in this space, Tilray (TLRY - Free Report) , continues its big run in what looks more like the latest short-squeeze stock, with Reddit groups now piling into the marijuana-based pharmaceutical company of late. Shares shot up another 51% Wednesday, following a +44% performance yesterday; Tilray is now up 400% in just the last month alone.
For sure, increased acceptance in U.S. states and countries around the world are a reason for the stock to do well. However, its market cap has more than doubled and the company has no P/E because it is forecast for negative earnings both in the upcoming quarterly report and full fiscal year. Tilray is up another 10% in late trading, up near $71 per share. This stock was trading at $19 per share on February 1st.
Uber (UBER - Free Report) followed a nice 6% bump in regular-day Wednesday trading with a worse-than-expected fiscal Q3 report, missing on the bottom line by a penny to -54 cents per share (though still better than the -64 cents the company reported in the year-ago quarter). Revenues grew $3.17 billion in the quarter, well off the expected pace of $3.55 billion in the Zacks consensus. Yet shares are only selling off minimally in the after-market; the company still says it’s on track to its profitability goal in 2021.
Though Uber posted a net loss per year of $6.8 billion on ride-sharing revenues down 52% year over year, its Uber Eats delivery service grew 224% in its fiscal Q3. Monthly active platform consumers gained a million more than predicted in the quarter, +93 million. And when one figures in the ride-sharing comeback seemingly inevitable as the Covid-19 pandemic is finally beaten back with vaccinations, we see that Uber looks to have weathered its worst-possible storm and survived. For more on UBER's earnings, click here.
Speaking of the coronavirus, nearly 45 million vaccination doses have now been administered, and the post-holiday season peak now looks to have been successfully scaled. We are now back to 7-day case rates back where they were in October and, importantly, pointed in the right direction. More than 27 million Americans have reportedly contracted Covid-19, leading to more than 466K fatalities. More good news: the death rate is now flat for those who’ve gotten the worst of the disease.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Shutterstock
Tilray Bought by the Reddit Crowd, Plus UBER's Q3
Markets continued to hover close to the zero-line as of Wednesday’s close, with just the Dow finishing in the green among major indexes. The blue-chips rose 0.20% for a new all-time high, while the Nasdaq, S&P 500 and Russell 2000 all took a breather: -0.25%, -0.03% and -0.72% on the day.
One of the major “pot stocks” we discussed yesterday in this space, Tilray (TLRY - Free Report) , continues its big run in what looks more like the latest short-squeeze stock, with Reddit groups now piling into the marijuana-based pharmaceutical company of late. Shares shot up another 51% Wednesday, following a +44% performance yesterday; Tilray is now up 400% in just the last month alone.
For sure, increased acceptance in U.S. states and countries around the world are a reason for the stock to do well. However, its market cap has more than doubled and the company has no P/E because it is forecast for negative earnings both in the upcoming quarterly report and full fiscal year. Tilray is up another 10% in late trading, up near $71 per share. This stock was trading at $19 per share on February 1st.
Uber (UBER - Free Report) followed a nice 6% bump in regular-day Wednesday trading with a worse-than-expected fiscal Q3 report, missing on the bottom line by a penny to -54 cents per share (though still better than the -64 cents the company reported in the year-ago quarter). Revenues grew $3.17 billion in the quarter, well off the expected pace of $3.55 billion in the Zacks consensus. Yet shares are only selling off minimally in the after-market; the company still says it’s on track to its profitability goal in 2021.
Though Uber posted a net loss per year of $6.8 billion on ride-sharing revenues down 52% year over year, its Uber Eats delivery service grew 224% in its fiscal Q3. Monthly active platform consumers gained a million more than predicted in the quarter, +93 million. And when one figures in the ride-sharing comeback seemingly inevitable as the Covid-19 pandemic is finally beaten back with vaccinations, we see that Uber looks to have weathered its worst-possible storm and survived. For more on UBER's earnings, click here.
Speaking of the coronavirus, nearly 45 million vaccination doses have now been administered, and the post-holiday season peak now looks to have been successfully scaled. We are now back to 7-day case rates back where they were in October and, importantly, pointed in the right direction. More than 27 million Americans have reportedly contracted Covid-19, leading to more than 466K fatalities. More good news: the death rate is now flat for those who’ve gotten the worst of the disease.
Questions or comments about this article and/or its author? Click here>>
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>