On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains dives into some of the latest U.S. economic news and the T-Mobile TMUS and Sprint S merger. The episode also takes a look at some quarterly earnings results and previews what to expect from Lyft LYFT after the closing bell. And we close with why Splunk SPLK is Zacks Rank #1 (Strong Buy) stock right now.
U.S. stocks climbed again Tuesday, after a strong start to the week Monday. The theme remains the same, as Wall Street shakes off coronavirus fears amid better-than-expected quarterly earnings results, which includes giants such as Apple AAPL and Amazon AMZN.
Wall Street will also pay close attention to Federal Reserve Chairman Jerome Powell’s two days of testimony before Congress that began Tuesday morning.
In company related news, the merger between T-Mobile US and Sprint is finally going to be approved. The deal will create a stronger No. 3 player in the wireless market to challenge AT&T T and Verizon VZ. Both stocks jumped on the news.
Meanwhile, Under Armour UA stock tumbled over 16% on disappointing revenue guidance as its North American struggles continue.
Then after the closing bell, Wall Street will turn its attention to Lyft. The ride-sharing stock is up over 12% in the last week and got a boost after rival Uber UBER shortened its adjusted profitability timetable last week.
The episode then closes with why Splunk and its “Data-to-Everything Platform” is a Zacks Rank #1 (Strong Buy) at the moment.
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AT&T Inc. (T) : Free Stock Analysis Report
Verizon Communications Inc. (VZ) : Free Stock Analysis Report
Under Armour, Inc. (UA) : Free Stock Analysis Report
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
Apple Inc. (AAPL) : Free Stock Analysis Report
Sprint Corporation (S) : Free Stock Analysis Report
Splunk Inc. (SPLK) : Free Stock Analysis Report
T-Mobile US, Inc. (TMUS) : Free Stock Analysis Report
Uber Technologies, Inc. (UBER) : Free Stock Analysis Report
Lyft, Inc. (LYFT) : Free Stock Analysis Report
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