On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains dives into some of the latest U.S. economic news and the T-Mobile (TMUS - Free Report) and Sprint (S - Free Report) merger. The episode also takes a look at some quarterly earnings results and previews what to expect from Lyft (LYFT - Free Report) after the closing bell. And we close with why Splunk (SPLK - Free Report) is Zacks Rank #1 (Strong Buy) stock right now.
U.S. stocks climbed again Tuesday, after a strong start to the week Monday. The theme remains the same, as Wall Street shakes off coronavirus fears amid better-than-expected quarterly earnings results, which includes giants such as Apple (AAPL - Free Report) and Amazon (AMZN - Free Report) .
Wall Street will also pay close attention to Federal Reserve Chairman Jerome Powell’s two days of testimony before Congress that began Tuesday morning.
In company related news, the merger between T-Mobile US and Sprint is finally going to be approved. The deal will create a stronger No. 3 player in the wireless market to challenge AT&T (T - Free Report) and Verizon (VZ - Free Report) . Both stocks jumped on the news.
Meanwhile, Under Armour stock tumbled over 16% on disappointing revenue guidance as its North American struggles continue.
Then after the closing bell, Wall Street will turn its attention to Lyft. The ride-sharing stock is up over 12% in the last week and got a boost after rival Uber (UBER - Free Report) shortened its adjusted profitability timetable last week.
The episode then closes with why Splunk and its “Data-to-Everything Platform” is a Zacks Rank #1 (Strong Buy) at the moment.
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