Zeroed-In: The Market at a Glance, 06/02/2020

By: KS Anthony | Published: June 02, 2020 | Be the First to Comment

Tuesday June 2, 2020.

Stock That Zooms

It should come as no surprise that Zoom (ZM: US) has been thriving in the work-from-home economy. The company reported a massive beat on their Q1 estimated revenue and earnings after market close today, with EPS coming out at $0.20 Adj. vs. $0.09 est. and revenue up 169% YoY, bringing in $328.2M against a $202.7M estimate. Zoom founder and CEO Eric S. Yuan said the video platform has seen huge adoption as the COVID-19 pandemic has forced millions to work remotely. “We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1. The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives,” Yuan said in a statement. “I am proud of our Zoom employees who dedicated themselves to support customers and the global community during this crisis. With their tremendous efforts, we were able to provide high-quality video services to new and existing customers.”

Stocks That Boom
Two other companies that are serving a decidedly different American need are also doing quite well. Gun manufacturer Smith and Wesson Brands (SWBI: US), formerly known as American Outdoor Brands Corp. (AOBC: US), surged 10% today to close at a 20-month high, while fellow firearms company Sturm, Ruger & Co. (RGR: US) climbed 4.3%, closing at its highest price since 2016. Marketwatch reports that firearms sales have been at their highest level since Donald Trump’s election, largely fueled by the COVID-19 outbreak and the continuing unrest spurred by the death of George Floyd, who died during a use of force encounter with now-fired officers from Minneapolis Police Department.

Tech Legend on Deck

Finally, if you haven’t seen it, check out Rebellion Research's interview with SumZero founder Divya Narendra.

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