US OPEN: Wall Street continues to rally

• US Stock rally for third day
• US Companies shed 2.76 million jobs
• Ambarella (AMBA.US) stock fell 4%

US indices opened higher on Wednesday as optimism around reopening businesses overshadowed concerns about the global pandemic, U.S.-China trade tensions and nationwide protests. Chicago will enter the next phase of its reopening plan on Wednesday. Investors sentiment improved after ADP reported private payrolls fell by another 2.76 million last month, while analysts expected a 8.75M drop. Meanwhile, protests over police brutality and the death of George Floyd continued in several American cities and many including NY and LA imposed curfews.

S&P500 (US500) is up 1% so far in June, bringing its gain from its pandemic low in March to more than 40%. Should upbeat moods prevail, an upward impulse towards 3159.7 pts could be launched. On the other hand, once sellers regain control, the support at 2968.3 pts may be at risk. Source: xStation5

Ambarella (AMBA.US) stock fell 4% in extended trading after the company  reported its first-quarter results. The semiconductor company earned 4 cents per share excluding some items on revenue of $54.6 million, while FactSet analysts forecasted a loss of 1 cent per share on revenue of $54.3 million.

Ambarella (AMBA.US) launched today’s session lower. Should downbeat moods prevail, support at $51.63 per may come into play. Source: xStation5

 

Zoom Video (ZM.US) shares dropped 4%   in extended trading  after the company posted its first-quarter financial results. The video conferencing platform’s  earned 20 cents per share excluding some items on revenue of $328.2 million, while Wall Street expected earnings of 9 cents per share with revenue of $202.7 million. The company said it had about 265,400 customers with more than 10 employees, a 354% increase from last year. Zoom also presented strong guidance for the second quarter. “The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom,” said CEO Eric Yuan in a company statement.

 

CrowdStrike (CRWD.US) stock rose 5% in extended trading after the company reported first-quarter financials. Company earned 2 cents per share excluding some items on revenue of $178.1 million, while analysts polled by Refinitiv expected a loss of 6 cents per share with revenue of $165.4 million. Cyber-security company announced105% surge in number of subscription customers compared to last year and achieved. Also company reported non-GAAP operating profitability for the first time in its history, according to its earnings release.

 

Twitter (TWTR.US) stock rose  1% in extended trading after company appointed Patrick Pichette as the new chair of its board of directors, taking over for Omid Kordestani, who stepped down as executive chairman of the company. Kordestani will stay with the company as a non-employee director.

 

Alphabet (GOOGL.US) – Alphabet’s Google unit received a $5 billion lawsuit for allegedly tracking user browsing habits even when the users are in “private browsing” mode. Company announced it would vigorously defend itself against the claim.

 

Amazon.com (AMZN.US) company is planning a “Summer Sale” event which would start June 22, which aims to provide support to sellers which businesses been affected by the coronawirus pandemic. according to CNBC.

 

Campbell Soup (CPB.US) reported quarterly earnings of 84 cents per share, 9 cents a share above analysts’ forecasts. Revenue also came in above expectations.  Company raised its full-year guidance, noting an increase in demand across all its brands amid the Covid-19 pandemic.

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