Your Wednesday Blip 2/10/21

Your Wednesday Blip 2/10/21

Stocks worked both sides of the fence today before closing in mixed fashion with the Dow up 61 points at 31,437 on heavier trading volume while the NASDAQ fell 35 points to 13,972. Both IBD and BTS indicators remain positive and today’s action saw banks and energy lead the way.
Shares of Tweeter bolted higher after the company posted better than expected results. Revenue rose nearly 28% to a record $1.29 billion while profits soared 52%. Margins improved from 12% to 17% and ad revenue was up 31% as Twitter successfully monetized all those eyeballs. While user growth was disappointing at only 27% the company said it performed well with both a national and global reach. Going forward CFO Ned “The Head” Segal said they are expecting to increase headcount by 20% and that the cost of this expansion will be well covered by rising revenues.
General Motors posted strong fourth quarter results but shares fell when the company said a global microchip shortage will hit profits going forward. Sales in the US grew 5% while sales in China gained 14%. Overall revenue was up 22% and net income came in significantly higher. The gurus sold shares because the shortage of chips used in cars is causing slowdowns and extended production cuts in several of its plants.