Diamonds and Dogs
Zoom Video Communications (ZM) zooming higher. The teleconferencing service company that provides video meetings, voice, webinars and chats across desktops and mobile devices is up 7% after reporting earnings. Zoom beat by 8 cents as revenue rose 77.9% to $188.25 million. The global coronavirus epidemic may help sales as companies adopt and use more video conferencing platforms during these times with the coronavirus.
Even the cannabis stocks are lower. Canopy Growth (CGC) is lower by 5% not far from a 52 week low after cutting jobs due to oversupply issues. The legal weed sector has had a slower-than-expected start amid a shortage of retail outlets. That has prevented licensed producers from getting their product to consumers and has allowed the black market to continue to thrive. Canopy said it expects to record a pre-tax charge of C$700 million ($521 million) to C$800 million ($596 million) to cover the costs of the closures.