EarningsBeats.com Digest for May 6, 2020
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Dear Digest Subscriber,
In case you missed it on Monday, click here to check out Tom Bowley's guest appearance on StockCharts TV's "Your Daily 5," where he provided 5 charts and themes that viewers should pay attention to.
Additionally, mark your calendar! This Saturday, May 9th at 2pm eastern, we will be joined by the StockCharts team to discuss powerful tools to implement in your technique - including scans, ChartList organization, ChartStyles, and more. You won't want to miss it!
Picking Winners From A Slew Of Wednesday Earnings Reports
I found several companies that appear to be poised to deliver great results and/or outlooks when they announce their latest quarterly numbers after the bell on Wednesday. Wall Street seems to be betting on these companies, although we've seen plenty of "buy on rumor, sell on news" types of earnings events lately. Five9, Inc. (FIVN) gained 14 cents on Tuesday, but it was down nearly 7 bucks at the opening bell. I mentioned on Tuesday's Trading
Places LIVE that I felt FIVN would be a solid candidate to reverse higher after an initial gap lower and that's exactly what happened. As I look ahead to companies reporting after the closing bell on Wednesday, PayPal (PYPL), Peloton (PTON), and RingCentral (RNG) all show characteristics of companies prepping for a big report. However, I'll take a chance with a lesser known healthcare company, Amedisys, Inc. (AMED):
After the March selloff that so many other companies also experienced, AMED recovered in a big, big way, surging from 135 to nearly 220 in less than a month. Accumulation/distribution was very strong, topping at its most recent price high. AMED has seen profit taking in the past 2-3 weeks and I believe that could set up for an explosive rally in AMED shares. It's a bit of a flyer, but I'm expecting AMED to challenge recent highs later this
month, perhaps even after Wednesday's earnings report.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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