Lyft earnings snapshot
Gary Christie August 7, 2020 5:50 PM
Can Lyft pick up its own stock price after earnings on Wednesday?
On Wednesday, Lyft (LYFT) is anticipated to announce a second quarter loss per share of $1.03 vs LPS of $0.68 a year ago on revenue of $335M compared to $867M last year.
The company has put focus on a temporary program to deliver essential items such as groceries, meals and medical supplies to people in need during the pandemic. The Co has also invested heavily into autonomous technology. This latest earnings report will give us key insights into how the company is controlling expenses during the pandemic.
Lyft has an expected move of 14.6% in either direction based on front month options pricing. The last time Lyft reported earnings the stock jumped 21%.
Looking at a daily chart, we anticipate a short term rebound towards $37.80. The stock is challenging a rising trend line support area. If $27.45 can hold as support, we may see a move higher towards $37.80 and $41.20 resistance. A failure of $27.45 support could mean a test of multiple support areas all the way down to March lows at $14.55.
Source: GAIN Capital, TradingView
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.