5 Hot Stocks to Trade
Once a Covid lockdown favorite, Zoom Communications (ZM) is the first stock to watch today. The company posted first-quarter results after markets closed.
Zoom grew revenue by 2.6% Y/Y to $1.17 billion. It earned $1.43 per share. In Q2, Zoom expects revenue of up to $1.2 billion. For the year, it expects to earn between $5.56 and $5.59 a share.
Watch out for the market’s reaction to TD Bank (TD) in its fiscal Q2 results posted this morning. The market may not react to its net interest income and provision for credit loss results.
At number three, Canada Goose (GOOS) is a good trade. GOOS stock gained 19.62% after posting direct-to-consumer sales growth of 15.7% to $314.1 million. It reduced its capital expenditures and eliminated its stock buyback. Debt fell by 30% while cash rose.
XPeng (XPEV) is stock #4. For the first time in its history, it almost earned a profit in the first quarter. After gross margin was 15.6%, a record, it lost just $0.04 a share.
At #5, Lumen Technologies (LUMN) will rise by at least 10% today. AT&T (T) is buying its fiber business for $5.75 billion. This is a good deal for AT&T. Lumen will continue with its turnaround plan.
As for stocks to avoid, beware of Wolfspeed (WOLF). The media reported rumors of the company filing for bankruptcy. WOLF stock traded as low as $0.82 on Wednesday, ending the day at $1.28. The stock once traded at over $100 in 2022.
