Friday trading came with a couple of stocks gaining surprisingly, even after making losses or missing estimates. The Federal Reserve’s announcement on Thursday in the current macroeconomic situation might be the catalyst that built the investor’s confidence up. The Federal Reserve emphasized on Thursday that economic activity and jobs have begun to rebound, but at the beginning of the year remain well below their peaks. The central bank maintained its highly accommodative monetary policy while reiterating that, if necessary, it was prepared to improve its support for the economy, using the full range of its instruments to support the U.S. economy. “A complete economic recovery is impossible until people have faith that a wide variety of activities can be resumed safely,” said the Fed boss.
On Friday, Uber rose 6.9 percent even after posting a net loss of over $1 billion in the third quarter, marginally less than the $1.2 billion loss recorded in the same period in 2019. Loss per share remained slightly above the consensus of 60 cents per share as the company posted that of 62 cents per share. In the third quarter, the ride-hailing leader also saw its revenues fall by 18 percent to $3.1 billion, weighed down by the health crisis. Still, revenue marginally surpassed expectations of $3.07 billion thanks to the delivery services, which includes Uber Eats as sales in the sector jumped in one year by 125 percent.
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Marriott was also up 2.9 percent after an unexpected third quarter profit and sales less affected by the pandemic. Given the uncertainties associated with the Covid-19 outbreak, the U.S. hotel company does not offer financial guidance. Compared to $387 million a year earlier, quarterly net revenue was $100 million, or 31 cents per share. Adjusted per-share earnings were 6 cents, compared to a forecast of -8 cents. Revenue fell by 57% to $2.25 billion.
The Chinese e-commerce company Alibaba added 4.2 percent after a recent decline faced because of the postponement of the IPO of Ant Group. The company is intending investing $1.1 billion with the Swiss group Richemont in the Farfetch online luxury goods platform and its new market place in China.