| Major indexes posted their biggest gains in over two years on Thursday after October's CPI report showed inflation cooled from September. The S&P 500 rocketed 5.5% higher, and the Nasdaq spiked 7.3%. The Dow rallied 3.7%, and the small-cap Russell 2K jumped 6.1%. Futures are up heading ahead of the opening bell. S&P 500 and Dow contracts are showing gains of 0.4%. Top 5 Tech Stocks Every Investor Should Buy Right Now
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None Doximity Inc [DOCS] - Last Close: $26.33 Shares of Doximity on the heels of a strong quarterly report. The cloud-based medical platform company put out its fiscal Q2 results after Thursday's closing bell, and the strong numbers gave the stock a big boost. Doximity reported Q2 EPS of $0.17 and beat the consensus estimate of $0.15 per share. Revenues grew 29% YoY to $102.19 million for the quarter, which also surpassed analyst's $100.12 million estimate. Doximity's board has also authorized $70 million buyback of company stock. My Take: DOCS looks like an interesting stock. It's trading near its 52W low, but there's a lot of upside between here and its earlier 52W high of $76.88. It's P/E also looks reasonable at 37.62 per share. Matterport Inc [MTTR] - Last Close: $3.03 Strong earnings results are boosting Matterport today. The data company released its Q3 earnings report after Thursday's closing bell, and the results were better than expected. Matterport posted a thinner-than-expected loss of -$(0.09) against analysts' -$(0.14) estimate. Revenues came in at $38 million and beat the Street's $36 million target. MTTR is up 21.7% in today's premarket. My Take: It was a good quarter for MTTR, but the stock's chart still looks pretty tough. I think there's still a lot of uncertainty ahead for this tiny stock. SoundHound AI Inc. [SOUN] - Last Close: $1.89 SoundHound is trading higher after a strong earnings report. The voice-based AI company's Q3 results surpasses the Street's expectations. SoundHound reported a -$(0.15) per share loss, against the consensus of -$(0.16). The company also reported quarterly revenues of $11.19 million, which topped analysts' $8.95 million target. SOUN is one of today's top performers with a 24.8% gain. My Take: Good report, but SoundCloud is still a long way from profitability. The stock is currently trading very close to its 52-week low. Grove Collaborative Holdings [GROV] - Last Close: $1.20 Grove is moving higher in the wake of an after-hours earnings release. The consumer products retailer posted its Q3 results after Thursday's close, and the results are boosting the stock in Friday's premarket. Grove's quarterly revenues shrank 2% from Q2 to $77.3 million, and the company posted earnings of $0.05 per share. The company also increased its full-year guidance of $302.5 million to $312.5 million. It now expects to generate revenues of $313 million to $320 million in FY2022. GROV is up 18.3% ahead of the opening bell. My Take:The report looks good, but the stock's prolonged down-trend is concerning. However, I see some indications that the slump may have bottomed out at $1 a share, but it remains to be seen if the stock will maintain support at that level. |
