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Key Points
Overall market
The stock market indices ended Friday in the green despite April's Jobs report that came out weaker than expected. Based on the declining number of new unemployment claims in the last few weeks and stellar quarterly earnings report, everybody assumed the economy is back on track already.
The expectation was about 1 million employments and the reported number today was 266,000. Even March's employment data was revised down. The good news is that the Fed would most likely keep the interest rate low and maintains its favorable policies now that it is proven the economy still needs help before things go back to normal. That's why you see the market indices finished the day in the green. What's Up
Three stocks (#TLRY, #NKLA, and #QDEL) with a losing streak regained investors' confidence.
Looking at the most viewed Stock Cards on the Winners and Losers page, a few stocks that have been on the losing streak had a good day today. Tilray (TLRY) was up more than 13% after Jefferies analyst Owen Bennett double upgraded stocks because of its potential opportunity in the U.S., Canada, and the E.U.
Nikola (NKLA) jumped more than 13% after smaller losses than expected and promised to ship its first-ever truck in Q4 this year. And Quidel (QDEL) jumped more than 11%. I own some Quidel shares that I have been buying on the way down. This profitable and cash-rich, rapid diagnostic and testing kit manufacturer just posted an incredible 115% quarterly revenue growth. Among the three stocks, the one I would buy more is Quidel, then Tilray, and I'd stay away from Nikola until it proves it can deliver trucks. What's Down
Is Beyond Meat (BYND) stock a Buy after the recent price drop?
From my research dashboard, shares of Beyond Meat (BYND) dropped more than 6%. The alternative meat company managed to disappoint investors with its latest quarterly earnings report.
Revenue grew more than 11% in the quarter. Investors are used to a much faster growth rate and believe the rapidly growing number of competitors in the alternative meat space could be the reason for slower growth. In contrast, Beyond Meat's CEO argued that the restaurants and Food services business continues to suffer from the COVID-19 related closures, and that's why the revenue growth hasn't been as fast as what investors are used to. Generally, Beyond Meat is among the most established alternative meat brands globally and has developed quite a few partnerships with big brands. I have an eye on Beyond as a possible stock pick for our Future of Food portfolio and add it to my watchlist to keep a close on it. Give Stock Card a Try!
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