July 29, 2020
At Home With At Home
Shares of At Home spiked more than 45% after releasing preliminary second quarter results that saw comparable store sales rise by 42% relative to last quarter.
The home decor company cited “pent-up demand and stimulus spending” related to the pandemic for its growth in the quarter, which saw net sales of $515 million.
Analysts surveyed by FactSet expected revenue of only $360.9 million. Looks like they were off by more than a hair...
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Qual Come On
After hours, shares of Qualcomm (NASDAQ: QCOM) soared 12% following the release of their third-quarter financial results. The company posted a beat on earnings and revenue, reporting earnings of 86 cents per share, excluding some items, on revenues of $4.89 billion.
Analysts polled by Refinitiv estimated earnings of 71 cents per share on revenues of $4.81 billion. Qualcomm also announced a patent deal with Huawei.
Big Tech Testifies
In the latest edition of “Governments vs Corporations,” we’ve got the CEO’s of Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), and Google (NASDAQ: GOOGL) all being questioned by a House Judiciary Subcommittee.
The whole point of the event is to cap off a year long investigation into whether or not US antitrust laws are adequate to police these new tech behemoths, or if there needs to be some change to empower the law to fight against the modern monopolies.
Even though he’s up there with some seasoned vets, this is the first time Bezos has ever had to testify to congress; we’re willing to bet that he didn’t take any tips from the Zuck on how to do it right.
A Pessimistic But Hesitant Powell
Jerome was a little hesitant to say anything significant today, but we’re getting the feeling that he’s preparing for some kind of move in the weeks to come.
With a couple comments about the possible contents of the next stimulus package from Congress, it sounds like Powell might be waiting for clarity on what his friends over on The Hill plan on doing before he makes any decision himself.
With that in mind, we don’t see a future in which interest rates are spiked anytime soon--on the other hand, be sure to pray to your gods that we don’t take the path of Europe and its negative rates….
Something’s Fishy..
Kodak shares are up another 300% today. Yeah. 300%.
But there’s something fishy going on. Kodak chairman Jim Continenza purchased 46,737 shares of the stock at a mere $2.22 on June 23rd. With the stock now trading at $33.20, that makes his stocks worth more than $1.5 million.
Did someone say “insider trading”???
We at EVO certainly are not lawyers by any means but you make your own judgment…. Is Jim guilty of insider trading or did he just make a lucky buy.
Tweet us @EVO_Trading with your opinion!
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