EarningsBeats.com Digest

Published: Wed, 06/03/20

EarningsBeats.com Digest for June 3, 2020

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A Software Stock That Might Fool Ya

There are some very interesting companies that will be reporting their quarterly results on Thursday. We're always interested in trading the "best of the best" and we have a couple of those on deck for Thursday. Software ($DJUSSW) has been an exceptionally strong area of the stock market and two key companies in that space report tomorrow. Most traders follow Docusign (DOCU) and understand the relative strength there, but few likely follow MongoDB (MDB), which has been a major relative winner in this key industry group:

MDB has moved higher nearly every day since the mid-March low. The key breakout occurred on May 11th and MDB hasn't looked back since. While MDB certainly has been overbought, many technical signals point to higher prices. Momentum remains very strong, as evidenced by the rising PPO. The accumulation/distribution line has been rising throughout the pandemic and MDB has been soaring relative to the strong software group. While I expect to see sparkling results from DOCU, I wouldn't at all be surprised if MDB produced the best quarterly earnings report of the day.

Happy trading!

Tom Bowley

Chief Market Strategist

EarningsBeats.com
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