Diamonds and Dogs
Zoom Video (ZM) zooming higher following earnings. The stock is up 45% today and up 100% in the last three weeks as businesses flocked to the video conferencing over the last five months. Earnings easily beat expectations as sales rose 354% to $663 million. The company also raises guidance basically doubling current year and next years' earnings estimates. With a market cap of $130 billion, Zoom is now bigger than IBM.
A second diamond today goes to Eastman Kodak (KODK). The photograph and chemical company is up 29% after it was disclosed the hedge fund D.E. Shaw bought a 5.2% or $20 million stake in the firm. D.E. Shaw is a well-known hedge fund that takes activist stakes in companies, but this purchase was listed as a passive stake. Hopefully, this is a good sign the $765 million loan for the US government to make drug ingredients is back on.
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