Diamonds and Dogs
Uber (UBER) jumps on earnings. The tide-hailing giant is up 15% to a three month high even though the company reported a large quarterly loss. Sales jumped 105% to $8.1 billion, easily topping estimates for $7.4 billion. The best news was the company became cash-flow positive for the first time, posting $382 million in free cash flow. Being cash flow positive points to the capability for Uber to produce profits while navigating inflationary pressures and pockets of driver shortages.
Pullback in Caterpillar (CAT). The industrial giant is down 3% even though earnings were good. Caterpillar easily beat as revenues rose 10.5% to $14.25 billion. Demand remains strong even though supply chain issues remain. The company expects margins to improve later in the year with increased sales in energy and transportation later this year.
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