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Stocks Climb, Uber Earnings Preview & A New Strong Buy Tech Stock - Free Lunch

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On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains takes a look at the latest news from the U.S. and China trade war front. We then break down some quarterly earnings results from firms such as Twitter TWTR.

The episode then dives into an Uber UBER Q4 earnings preview, before it closes with why Western Digital WDC is a Zacks Rank #1 (Strong Buy) stock right now.

All three major U.S. indexes climbed again Thursday to extend their solid start to February, after the S&P 500 and the Nasdaq both closed at new records Wednesday. The recent climb would make it seem like Wall Street has moved on from coronavirus fears, as stronger-than-expected earnings results from the likes of Apple AAPL, Amazon AMZN, and other giants boost confidence.

Meanwhile, the U.S. trade deficit declined in 2019 for the first time in six years, amid the trade fight between the world’s two largest economies. And China announced that they would cuts tariffs on $75 Billion worth of U.S. goods.

In terms of earnings season, Qualcomm QCOM stock dipped, alongside GrubHub GRUB. Twitter TWTR, on the other hand, was Thursday’s big winner, up over 17%.

Uber then takes center stage after the closing bell. Wall Street will be watching for profit guidance as the ride-sharing firm fights to expand in the U.S. alongside Lyft LYFT and internationally. Despite the overall disappointment, Uber stock is up 40% in the last three months.

The episode then closes with a look at why Western Digital is a Zacks Rank #1 (Strong Buy). The data storage devices and solutions firm is set to return to growth within a strong industry, which includes #2 (Buy)-ranked Seagate Technology PLC (STX - Free Report) and others.

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