Amazon Upgraded Again Ahead of Earnings
Live Blog Update #1 Published
Bank of America analysts also reiterated a buy rating on Amazon (NASDAQ: AMZN | AMZN Price Prediction) ahead of earnings later this month. The firm says AMZN is an e-commerce and cloud computing leader with market share and higher margin potential from tech platform investments.
According to analysts at Wedbush. AMZN saw robust demand from the enterprise for its artificial intelligence and cloud computing services.
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Aside from those and BYND, meme stocks, like Krispy Kreme (NASDAQ: DNUT), are rallying on a volume spike to 105 million, as compared to its daily average volume of 7.7 million. Even GoPro (NASDAQ: GPRO) is surging on a volume spike to 26.6 million, as compared to its daily average volume of 13.8 million.
As exciting as these are, if you jump into meme stocks, be cautious.
Sure, it’s tough to ignore the dramatic runs with these meme stocks. But you also need to know how dangerous they can be. We’ve seen the bottom fall out on most of these meme stocks.
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Shares of Beyond Meat (BYND) continue to rocket higher.
Last trading at $6.84, it’s up 90% on the day on a volume spike to 834 million, as compared to daily average volume of 69.7 million.
All thanks to short covering, a recently expanded agreement with Walmart, and its addition to the Roundhill Meme Stock ETF.
However, while exciting to watch, this may not end well.
With BYND, despite the run, the company is still a fundamental mess. It just posted a 20% year-over-year revenue decline, which missed by 9%. Net revenues are still falling. It’s still wildly unprofitable, with losses posted for many of the last few earnings reports.
Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
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