Your Wednesday Blip 11/11/20

Your Wednesday Blip 11/11/20

Its Veterans day! Remember to give your favorite veteran a big grateful “Jay Buhner Headlock”.
After two days of trading lower tech stocks rallied and the NASDAQ closed up 2% while the Dow took a breather after gaining about 10% over the past couple weeks. At the close the Dow was off 23 points to 29,397. Trading volume was lower across the board. While BTS indictors have turned more bullish there was an interesting comment today from the head investment guru at Charles Schwab when he said that an effective vaccine for covid could be the spark that starts a new bull market but remember that while this is a possibility there remains multiple economic and political risks which warrant a measured approach forward.
Ride share company Lyft reported earnings that were worse than expected. Revenue was down 48% from a year ago but was up 47% from the last quarter when the lockdown was in full effect. Lyft posted a loss of $239 million and has cash on hand of $2.5 billion. CEO Brian Roberts noted that active riders grew 47% in the quarter and going forward he anticipates a slow recovery. Shares of both Uber and Lyft have rebounded hard the past two weeks and were big beneficiaries of the vaccine news from Pfizer.

Comments are closed.