Diamonds and Dogs
Lyft (LYFT) picking up business. The ride sharing stock is up 9% after releasing their 8K with an upbeat business forecast in a filing with the SEC. The company said ridership in the last week of February represented the company's best week since March 2020. Average daily rides were up 4% in February from January, even as severe winter storms reduced ridership in multiple states in the week ending Feb. 21. Excluding that week, volumes were up 5.4% from the previous month.
Techs taking a hit. The FAANG stocks are all down 2% or more while the Stay-at-Home stocks like Peloton (PTON) and Zoom Videos (XM) are down 7%. Zoom reported strong earnings two days ago as sales rose 368% to $882 million. However, with a stock trading for 80 times earnings and 20 times sales, you can't blame investors for taking profits.
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